Valeo

LETTER TO STOCKHOLDERS
FROM THE CHAIRMAN, PRESIDENT AND CEO

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

PROXY STATEMENT

2015 ANNUAL REPORT

In connection with the 2016 Annual Meeting of Stockholders,
we have collected the Letter to Stockholders from the Chairman,
President and CEO, Notice of Annual Meeting of Stockholders,
Proxy Statement and 2015 Annual Report under one cover. 

First Industrial Realty Trust, Inc.
www.firstindustrial.com

Table of Contents

Letter to Stockholders from the Chairman, President and CEO
Notice of Annual Meeting of Stockholders
Proxy Statement for the 2016 Annual Meeting of Stockholders
Broker Non-Votes
Proposal 1 — Election of Directors

Information Regarding the Nominees
Information Regarding Executive Officers and Other Senior Management
The Board of Directors and Corporate Governance
Director Compensation
Director Compensation Table
Compensation Discussion and Analysis
Compensation Committee Report
Summary Compensation Table
2015 Grants of Plan-Based Awards Table
Outstanding Equity Awards at Fiscal Year-End 2015
2015 Option Exercises and Stock Vested
Potential Payments Upon Termination or Change of Control
Compensation Committee Interlocks and Insider Participation
Report of the Audit Committee
Transactions with Related Persons, Promoters and Certain Control Persons
Section 16(a) Beneficial Ownership Reporting Compliance
Security Ownership of Management and Certain Beneficial Owners

Proposal 2 — Advisory Vote on Executive Compensation
Proposal 3 — Ratification of Appointment of Independent Registered Public
Accounting Firm

Fees
Pre-Approval of Services

Other Matters

Solicitation of Proxies
Stockholder Proposals
Incorporation by Reference
Important Notice Regarding the Availability of Proxy Materials for the Stockholders
Meeting to be Held on May 11, 2016
Other Matters

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Appendix A 2015 Annual Report

To My Fellow Stockholders,

2015 was another very successful year for First Industrial, as reflected in our operating performance,
portfolio improvement via both quality investments and targeted dispositions, and balance sheet strength. We
delivered total return to shareholders of 10.3%, ranking us second among industrial REITs and 30th out of the
142 real estate companies tracked by REITZone Publications. Our accomplishments during the year were the
result of a true team effort, with contributions from each and every member of our organization. So, many thanks
to all of my teammates around the country.

Strong Operating Performance

Our portfolio metrics are a critical window into the leasing performance of our team, the strength of our
portfolio, and the health of our industry. Chief among these is occupancy. Back at our Investor Day in November
2013, we set a goal of reaching 95% occupancy by year-end 2015. At that time, many in the marketplace were
skeptical of our ability to reach that level. In fact, we achieved 96.1% occupancy at year-end, growing 180 basis
points for the year. Surpassing this goal by a wide margin was a major point of pride within our organization.

Our strong 2015 performance was also exhibited in other metrics. Same store cash net operating income was
up 5.2% on a cash basis, excluding termination fees and a large one-time restoration fee in 2014. Same store
growth was primarily the result of higher average occupancy, contractual rent bumps, increased rental rates on
leasing, and lower free rent. Cash rental rates for new and renewal leases combined were up 3.5% for the year.
2015 marks the first full year that rental rate change has been positive for both new and renewal leasing since
2008.

We were also proud once again to deliver industry leading customer service scores as measured by leading
independent research firm Kingsley Associates. We believe tenant satisfaction is a competitive advantage and
helps us retain and attract tenants. Our tenant retention by square footage was a solid 76.5% in 2015 and we aim
to be near that level again in 2016.

Healthy Business Fundamentals, Maintaining a Focus on Risk Management

Overall industrial real estate demand is strong. It is being driven by modest GDP growth that is creating new
requirements for businesses across our regions. Above and beyond this primary source of demand, the industrial
real estate sector is benefiting from the structural demand driver of e-commerce-related space needs. E-
commerce companies, both established and emerging ones as well as traditional retailers reconfiguring their
supply chains for omnichannel distribution, are requiring more industrial space. That comes in the form of
strategically located distribution centers that house a wide range of product SKUs and buildings near population
centers that handle “the last mile” of distribution in a world where customers are expecting what they want when
they want it.

With demand for industrial real estate exceeding new supply for the 23rd quarter in a row, market rates
continued their upward trend. While supply has increased over the past several years, it is just now trending
towards the 20-year historical average and is well below the peak levels of the prior cycle.

Given the relatively short construction period for industrial assets, a central part of our underwriting
discipline for new investments is keeping a keen eye on macro supply levels as well as drilling down to the
fundamentals for individual submarkets. We believe we are in the later stages of the cycle, so risk management in
our development efforts is even more critical. As we have discussed on our quarterly calls, we have a self-
imposed $325 million revolving cap on total development commitments and acquisitions with vacancy. The
dollar amount of exposure included in the cap for each asset is pro rata based on its leasing levels. Simply put,
once we are at this cap, we would not start new developments or buy buildings with vacancy until we free up
enough cap space through lease-up. We think this $325 million level is appropriate at approximately 8% of our

enterprise value, and it is also supported by our low leverage and high portfolio occupancy levels. While we are
excited about our growth opportunities, we will take care not to add too much operating leverage to our system
so that we are protected in the event of a shock to overall demand or a general downward turn in the economy.

Notwithstanding which inning of the cycle we are in, the environment remains healthy for industrial

landlords and we expect overall cash rental rates to be positive once again in 2016.

Enhancing Our Portfolio through Active Management

Our platform and our people are essential in our efforts to create value through active portfolio management

via developments and acquisitions as well as targeted dispositions.

Development continues to offer us the best opportunity to create value by targeting yields 100 to 150 basis
points above prevailing acquisition yields. Importantly, we are also able to build the types of buildings that can
meet tenants’ needs for the long-term, with leading features like wider truck courts, ample dock doors and car
parking and individual security fencing. We were successful in doing so in 2015, and we have a number of
projects in our pipeline where we look to build upon our track record.

Our 2015 “graduating class” of developments placed in service was comprised of seven buildings, totaling
1.8 million square feet with an estimated investment of $109.2 million. These investments were located in
Southern California, Dallas, Houston and Minneapolis. As a group, they were 95% leased at year-end, with a
weighted average expected GAAP yield of 7.3%, which reflects the expected first year cash yield over the GAAP
investment basis.

At year-end, we had 1.2 million square feet of developments that are in lease-up, with a total estimated
investment of $82.4 million. These projects were located in Southern California, Dallas, the Lehigh Valley, and
Phoenix. As a group, they were 35% leased at year-end and have a targeted weighted average GAAP yield of
7.0%.

Finally, we also had four developments under construction at year-end, comprised of three speculative
projects located in Southern California, Chicago and Dallas and a built-to-suit in Atlanta. These developments
total 1.4 million square feet and were 28% leased as of December 31st, with an estimated investment of $78.7
million and a targeted weighted average GAAP yield of 7.5%.

In the first quarter, we started a redevelopment project in the South Bay submarket of Los Angeles. We
demolished an inefficient 162,000 square-foot building and are now constructing a state-of-the-art 63,000 square-
foot transload facility pre-leased to a third party logistics provider for seven years. The initial GAAP yield on our
cumulative investment of $17.6 million is 5.2%, although the economic yield will be lower.

With an eye towards replenishing our future supply of development opportunities, we are also excited about
two new development sites we acquired in the first quarter of 2016. One is in Southern California in the Inland
Empire West submarket of Chino, where we plan to build six buildings of varying sizes totaling 936,000 square
feet to serve strong tenant demand. Total investment will be approximately $90 million and our targeted GAAP
yield in the low sixes, which compares favorably to market cap rates in the low-to-mid fours for acquisitions. We
also acquired a site in Phoenix where we initially will build a 600,000 square-foot facility with a targeted GAAP
yield in the mid-to-high sevens. This site also has potential for another 500,000 square-foot stand-alone building
or expansion, plus we have an option on an adjacent site. We hope to commence these developments in the
second half of 2016.

While the acquisition market is challenging, which helps explain our focus on development, our platform
uncovered a number of attractive opportunities in 2015. Acquisitions totaled $169.2 million, comprised of $143.1
million of buildings and $26.1 million of key land sites, some of which are in production. The buildings were
67% leased at acquisition at an expected weighted average stabilized GAAP yield of 5.9%. These acquisitions
added to our holdings in key markets, including Southern California which is our largest market and growing.

In the first quarter of 2016, we acquired a high quality, 126,000 square-foot building in Orlando that was
100% leased. The purchase price for this building was $9.3 million and the in-place yield was 7.8%, reflecting
above-market rental rates. This is our second asset in Orlando, a market which has seen fundamentals strengthen,
and we look to add to our holdings there over time.

We continued our disciplined program of selling assets that have lower expected cash flow growth to fund
our investments. Thus far, we have been able to do so with minimal dilution, particularly when evaluated on an
AFFO basis.

For all of 2015, sales totaled $158.4 million, comprised of 66 buildings totaling 3.8 million square feet plus
four land parcels. The weighted average in-place cap rate for the buildings was 6.7% with an expected stabilized
NOI yield of 7.5%.

Since we started our sales effort in 2010 through the date of our fourth quarter earnings call, we have
disposed of more than $650 million of buildings and land. We have used these proceeds to help fund new
investments of more than $850 million,
including developments in process. This represents a significant
enhancement to our portfolio.

The transaction market remains active and we expect to sell $150 to $200 million of properties in 2016 as
we continue our active portfolio management strategy. While the financing market has seen some turbulence thus
far this year, especially for CMBS, our sales are typically bite-sized and targeted to local investors that obtain
financing from banks, as well as users who often can access the SBA market.

We may suffer some near-term dilution from these sales, as we expect to use most of the proceeds to fund
our investment program, which has been focused on developments where income can lag given our typical
allowance for one-year lease-up from construction completion. As we are focused on long-term cash flow growth
and enhancing our portfolio, we think it is worth the wait.

Sound Balance Sheet

Our balance sheet is very strong and we aim to ensure it stays that way. At the end of the fourth quarter, our
Net Debt plus Preferred Stock to EBITDA was 6.1 times, excluding acquisition costs. This is at the low end of
our target range of six to seven times.

We continued to position the balance sheet to lower interest costs and to provide us flexibility. We executed
a new unsecured credit facility in March 2015 that matures in March of 2019, and we have the ability to extend
the maturity for an additional year subject to certain conditions. We also closed on a $260 million, 7-year
unsecured term loan in September for which we locked the interest rate at 3.39% via swap agreements. This term
loan effectively pre-funded our first quarter 2016 debt payoffs comprised of $160 million of our 5.75%
unsecured notes and $58 million of secured debt with an interest rate of 7.75%.

Driving Cash Flow and the Dividend

All of our efforts are aligned with driving cash flow for investors, and along with it, the dividend. In 2015,
we delivered AFFO of $0.98 per share, representing 20% growth from 2014. At our Investor Day in November
of 2015, we outlined a path to generate strong AFFO growth with several potential drivers, namely:

• contractual rent escalations;

• higher rental rates on new and renewal leasing;

• lower debt costs;

• lease-up of our development

investments in process where we have already funded much of the

construction costs;

• our portfolio improvement efforts, which drive lower recurring cap ex;

• higher average occupancy levels, which mean more revenue and less expense leakage; and

• redeployment of excess cash flow, after paying the dividend, into high quality assets with strong cash

flow growth potential.

In February 2016, our board of directors increased our quarterly dividend per share to $0.19, a 49%
increase. This dividend is at a higher AFFO payout ratio than what we have targeted in the past three years. This
is being driven by the growth in taxable income, primarily resulting from our growth in cash flow, combined
with some potential impact from our planned asset sales in 2016. We believe growing cash flow and increasing
dividends is a high class problem.

Positioning Our Company for the Future

As we announced in January, I plan to retire by year-end 2016, so this is my final annual letter to
stockholders as CEO. I was honored to be appointed Chairman of the Board, and look forward to continuing to
serve my fellow shareholders now and after we determine my successor.

I am proud of what the First Industrial team has achieved during my tenure as CEO. As long-time
shareholders know, I joined the Company during the depths of the financial crisis in 2009. Together with my
teammates, day-in and day-out, we have focused on executing on our plan to drive cash flow, transform our
portfolio, and deliver value to shareholders. We have done so, and a fitting symbol of how far we have come is
that were selected to be added as a constituent in the S&P MidCap 400 Index in the first quarter of 2016.
However, as I like to say, there is no future in the past.

I am excited about what is ahead for the Company with our attractive opportunity to deliver significant cash
flow growth. It is a perfect time for this transition because our Company and our industry are in great shape. Our
balance sheet is strong. We have a high quality portfolio — as reflected in our metrics — that we continue to
enhance every day. Most importantly, we have a great team that has brought us where we are today and will take
us further in the future.

In Conclusion

Here at First Industrial, it is business as usual. We are focused on delivering value for shareholders by
realizing the cash flow growth opportunity we outlined at our November 2015 Investor Day and continuing to
demonstrate the quality of our portfolio and the strength of our platform.

We also have the opportunity to add value by further closing the gap in valuation to the pricing of private
market transactions and to our public peers. We believe our performance and our metrics do not warrant such a
gap.

As always, our team is focused on meeting — and more importantly — exceeding our goals. We thank you

for your continuing support.

Sincerely,

Bruce W. Duncan
Chairman, President and Chief Executive Officer

FIRST INDUSTRIAL REALTY TRUST, INC.
311 South Wacker Drive
Suite 3900
Chicago, Illinois 60606

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

To Be Held on May 11, 2016

NOTICE IS HEREBY GIVEN that the 2016 Annual Meeting of Stockholders (the “Annual Meeting”) of
First Industrial Realty Trust, Inc. (the “Company”) will be held on Wednesday, May 11, 2016 at 9:00 a.m. in the
2nd Floor Conference Center, 311 South Wacker Drive, Chicago, Illinois 60606 for the following purposes:

1. To elect six directors to the Board of Directors to serve until the 2017 Annual Meeting of

Stockholders, and until their successors are duly elected and qualify;

2. To approve, on an advisory (i.e. non-binding) basis, the compensation of the Company’s named

executive officers as disclosed in this Proxy Statement;

3. To ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered

public accounting firm for the fiscal year ending December 31, 2016; and

4. To consider and act upon any other matters that may properly be brought before the Annual Meeting

and at any adjournments or postponements thereof.

Any action may be taken on the foregoing matters at the Annual Meeting on the date specified above, or on
any date or dates to which, by original or later adjournment, the Annual Meeting may be adjourned, or to which
the Annual Meeting may be postponed.

The Board of Directors has fixed the close of business on March 21, 2016 as the record date for the Annual
Meeting. Only stockholders of record of the Company’s common stock at the close of business on that date will
be entitled to notice of and to vote at the Annual Meeting and at any adjournments or postponements thereof.

You are requested to fill in and sign the enclosed Proxy Card, which is being solicited by the Board of
Directors, and to mail it promptly in the enclosed postage-prepaid envelope. Any proxy may be revoked by
delivery of a later dated proxy. Stockholders of record who attend the Annual Meeting may vote in person, even
if they have previously delivered a signed proxy. “Street name” stockholders who wish to vote in person will
need to obtain a duly executed proxy form from the institution that holds their shares prior to the Annual
Meeting.

By Order of the Board of Directors

Bruce W. Duncan
Chairman of the Board, President and Chief Executive Officer

Chicago, Illinois
April 8, 2016

WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, PLEASE COMPLETE, SIGN,
DATE AND PROMPTLY RETURN THE ENCLOSED PROXY CARD IN THE POSTAGE-PREPAID
ENVELOPE PROVIDED.

FIRST INDUSTRIAL REALTY TRUST, INC.
311 South Wacker Drive
Suite 3900
Chicago, Illinois 60606

PROXY STATEMENT

FOR THE 2016 ANNUAL MEETING OF STOCKHOLDERS

To Be Held on May 11, 2016

This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Directors of
First Industrial Realty Trust, Inc. (“First Industrial” or the “Company”) for use at the 2016 Annual Meeting of
Stockholders of the Company to be held on Wednesday, May 11, 2016, and at any adjournments or
postponements thereof (the “Annual Meeting”). At the Annual Meeting, stockholders will be asked to vote (i) to
elect six directors to the Board of Directors to serve until the 2017 Annual Meeting of Stockholders, and until
their successors are duly elected and qualify, (ii) to approve, on an advisory (i.e. non-binding) basis, the
compensation of the Company’s named executive officers as disclosed in this Proxy Statement, (iii) to ratify the
appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm
for the current fiscal year and (iv) to act on any other matters properly brought before them.

This Proxy Statement and the accompanying Notice of Annual Meeting and Proxy Card are first being sent
to stockholders on or about April 8, 2016. The Board of Directors has fixed the close of business on March 21,
2016 as the record date for the Annual Meeting (the “Record Date”). Only stockholders of record of our common
stock (“Common Stock”) at the close of business on the Record Date will be entitled to notice of and to vote at
the Annual Meeting. As of the Record Date, there were 111,247,508 shares of Common Stock outstanding and
entitled to vote at the Annual Meeting. Holders of Common Stock outstanding as of the close of business on the
Record Date will be entitled to one vote for each share held by them on each matter presented to the stockholders
at the Annual Meeting.

Stockholders of the Company are requested to complete, sign, date and promptly return the
accompanying Proxy Card in the enclosed postage-prepaid envelope. Shares represented by a properly
executed Proxy Card received prior to the vote at the Annual Meeting and not revoked will be voted at the
Annual Meeting as directed on the Proxy Card. If a properly executed Proxy Card is submitted and no
instructions are given, the persons designated as proxy holders on the Proxy Card will vote (i) FOR the
election of the six nominees for director named in this Proxy Statement, (ii) FOR the approval, on an
advisory basis, of the compensation of our named executive officers, (iii) FOR the ratification of the
appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting
firm for the current fiscal year and (iv) in their own discretion with respect to any other business that may
properly come before the stockholders at the Annual Meeting or at any adjournments or postponements
thereof. We have not received notice of any matters other than those set forth in this Proxy Statement and,
accordingly, it is not anticipated that any other matters will be presented at the Annual Meeting.

The presence, in person or by proxy, of holders of at least a majority of the total number of outstanding
shares of Common Stock entitled to vote is necessary to constitute a quorum for the transaction of business at the
Annual Meeting. The affirmative vote of the holders of a majority of the votes cast with a quorum present at the
Annual Meeting is required (i) for the election of directors, (ii) for the approval, on an advisory basis, of the
compensation of our named executive officers and (iii) for the ratification of the appointment of the Company’s
independent registered public accounting firm. Abstentions will not be counted as votes cast and, accordingly,
will have no effect on the result of the vote, although they will be counted for quorum purposes.

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PROXY STATEMENT

A stockholder of record may revoke a proxy at any time before it has been exercised by filing a written
revocation with the Secretary of the Company at the address of the Company set forth above, by filing a duly
executed proxy bearing a later date, or by appearing in person and voting by ballot at the Annual Meeting. Any
stockholder of record as of the Record Date attending the Annual Meeting may vote in person whether or not a
proxy has been previously given, but the presence (without further action) of a stockholder at the Annual
Meeting will not constitute revocation of a previously given proxy. “Street name” stockholders who wish to vote
in person will need to obtain a duly executed proxy form from the institution that holds their shares prior to the
Annual Meeting.

Appendix A to this Proxy Statement contains the Company’s 2015 Annual Report, including the Company’s
financial statements for the fiscal year ended December 31, 2015 and certain other information required by the
rules and regulations of the Securities and Exchange Commission (the “SEC”). However, the Company’s 2015
Annual Report is not part of the proxy solicitation material. See “Other Matters — Incorporation by Reference”
herein.

BROKER NON-VOTES

Stockholders of the Company who have received this Proxy Statement from their broker or other fiduciary
should have received instructions for directing how that broker or fiduciary should vote the stockholder’s shares.
It will be the broker’s or fiduciary’s responsibility to vote the stockholder’s shares for the stockholder in the
manner directed. The stockholder must complete, execute and return the voting instruction form in the envelope
provided by the broker.

Under the rules of the New York Stock Exchange (the “NYSE”), brokers generally may vote on routine
matters, such as the ratification of an independent public accounting firm, but may not vote on non-routine
matters unless they have received voting instructions from the person for whom they are holding shares. If there
is a non-routine matter presented to stockholders at a meeting and the stockholder’s broker or fiduciary does not
receive instructions from the stockholder on how to vote on that matter, the broker or fiduciary will return the
Proxy Card to the Company, indicating that he or she does not have the authority to vote on that matter. This is
generally referred to as a “broker non-vote” and may affect the outcome of the voting on those matters, as
discussed below.

for

the ratification of

The proposal described in this Proxy Statement

the appointment of
PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the fiscal year
ended December 31, 2016 is considered a routine matter under the NYSE rules. Each of the other proposals is
considered a non-routine matter under NYSE rules and could result in broker non-votes. Broker non-votes will
not be counted as votes cast and, accordingly, will have no effect on the result of the vote. However, broker non-
votes will be counted for quorum purposes. We therefore encourage stockholders to provide directions to their
broker as to how the stockholder wants their shares voted on all matters to be brought before the Annual
Meeting. The stockholder should do this by carefully following the instructions the broker gives the stockholder
concerning its procedures. This ensures that the stockholder’s shares will be voted at the meeting.

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PROXY STATEMENT

PROPOSAL 1

ELECTION OF DIRECTORS

Pursuant to the Company’s Charter, the maximum number of members allowed to serve on the Company’s
Board of Directors is twelve. The Board of Directors of the Company currently consists of six seats. Each of the
directors is serving for a term of one year and until his successor is duly elected and qualifies. The Company’s
Nominating/Corporate Governance Committee identifies and recommends individuals for service on the Board
of Directors, and the Board of Directors then either approves or rejects in whole all of such nominees.

The Board of Directors has nominated Matthew S. Dominski, Bruce W. Duncan, H. Patrick Hackett, Jr.,
John Rau, L. Peter Sharpe and W. Ed Tyler to serve as directors (the “Nominees”). All of the Nominees are
currently serving as directors of the Company. Each of the Nominees has consented to be named as a nominee in
this Proxy Statement. The Board of Directors anticipates that each of the Nominees will serve as a director if
elected. However, if any person nominated by the Board of Directors is unable to accept election, the proxies will
vote for the election of such other person or persons as the Board of Directors may recommend.

The Board of Directors recommends a vote FOR each of the Nominees.

INFORMATION REGARDING THE NOMINEES

The following biographical descriptions set forth certain information with respect to the six Nominees for
election as directors and certain executive officers, based on information furnished to the Company by such
persons. The following information is as of the Record Date unless otherwise specified.

Matthew S. Dominski

Director since 2010

Mr. Dominski, 61, has been a director of the Company since March 2010. He also presently serves as a
director of CBL & Associates Properties, Inc., a shopping mall real estate investment trust in the United States.
From 1993 through 2000, Mr. Dominski served as Chief Executive Officer of Urban Shopping Centers
(“Urban”), formerly one of the largest regional mall property companies in the country and also a publicly traded
real estate investment trust. Following the purchase of Urban by Rodamco North America in 2000, Mr. Dominski
served as Urban’s President until 2002. In 2003, Mr. Dominski formed Polaris Capital, LLC, a Chicago, Illinois
based real estate investment firm of which he was joint owner through 2013. From 1998 until 2004,
Mr. Dominski served as a member of the Board of Trustees of the International Council of Shopping Centers.
Mr. Dominski’s extensive experience leading other public and private real estate companies, both as a senior
executive and a director, is a valuable asset to the Board of Directors.

Bruce W. Duncan

Director since 2009

Mr. Duncan, 64, has been President, Chief Executive Officer and a director of the Company since January
2009 and the Chairman of the Board of Directors since January 2016. Since September 2013, Mr. Duncan has
also served as a director of the T. Rowe Price Funds. In addition, Mr. Duncan presently serves as the chairman of
the Board of Directors of Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) (“Starwood”), a leading
worldwide hotel and leisure company, a position he has held since May 2005. From April 2007 to September
2007, Mr. Duncan served as Chief Executive Officer of Starwood on an interim basis. Mr. Duncan has served as
a director of Starwood since 1999 and as a trustee of the REIT subsidiary of Starwood from 1995 to 2006. He
also was a senior advisor to Kohlberg Kravis & Roberts & Co. from July 2008 until January 2009. From May
2005 to December 2005, Mr. Duncan was Chief Executive Officer and Trustee of Equity Residential (NYSE:
EQR) (“EQR”), a publicly traded apartment company. From January 2003 to May 2005, he was President, Chief
Executive Officer and Trustee, and from April 2002 to December 2002, President and Trustee of EQR. From
December 1995 until March 2000, Mr. Duncan served as Chairman, President and Chief Executive Officer of
Cadillac Fairview Corporation, a real estate operating company. From January 1992 to October 1994,
Mr. Duncan was President and Co-Chief Executive Officer of JMB Institutional Realty Corporation providing

3

PROXY STATEMENT

advice and management for investments in real estate by tax-exempt investors and from 1978 to 1992, he worked
for JMB Realty Corporation where he served in various capacities, culminating as Executive Vice President and
a member of the Board of Directors. Mr. Duncan also currently serves on the Advisory Board of Governors of
the National Association of Real Estate Investment Trusts (“NAREIT”). Mr. Duncan’s extensive experience
leading other publicly traded real estate companies, both as a senior executive and a director, is critical to his
ability to lead the Company as its Chief Executive Officer, and is a valuable asset to the Board of Directors.
Moreover, as the Company’s Chief Executive Officer, Mr. Duncan brings to our Board of Directors his in-depth
knowledge of our business, strategy, operations, competition and financial position. Mr. Duncan’s membership
on the Board of Directors is critical to ensuring appropriate coordination and communication between the
Company’s executive officers and the Board of Directors.

H. Patrick Hackett, Jr.

Director since 2009

Mr. Hackett, 64, has been a director of the Company since December 2009. Mr. Hackett is the Principal of
HHS Co., an investment company located in the Chicago area. Previously, he served as the President and Chief
Executive Officer of RREEF Capital, Inc. and as Principal of The RREEF Funds, an international commercial
real estate investment management firm. Mr. Hackett taught real estate finance at the Kellogg Graduate School of
Management for 15 years when he also served on the real estate advisory boards of Kellogg and the
Massachusetts Institute of Technology. He also currently serves on the board of Wintrust Financial Corporation
(NASDAQ: WTFC) and Wintrust Bank and is a trustee of Northwestern University. Mr. Hackett provides the
Board of Directors with valuable real estate investment and finance expertise, and the Board of Directors further
benefits from Mr. Hackett’s experience on other boards in the financial services sector. In addition, Mr. Hackett’s
financial expertise is valuable to the Company’s Audit Committee, which he has chaired since June 2010, and he
has been determined to be an “audit committee financial expert.”

John Rau

Director since 1994

Mr. Rau, 67, has been a director of the Company since June 1994 and Lead Independent Director since
January 2016. Since December 2002, Mr. Rau has served as President and Chief Executive Officer and as a
director of Miami Corporation, a private asset management firm. From January 1997 to March 2000, he was a
director, President and Chief Executive Officer of Chicago Title Corporation (NYSE: CTZ), and its subsidiaries,
Chicago Title and Trust Co., Chicago Title Insurance Co., Ticor Title Insurance Co. and Security Union Title
Insurance Co. Mr. Rau was a director of BorgWarner, Inc. from 1997 to 2006, a director of William Wrigley Jr.
Company from March 2005 until the company was sold to Mars, Inc. in September 2008 and a director of Nicor,
Inc. from 1997 until it was sold to AGL Resources Inc. in December 2011, and continues as a director of AGL
Resources Inc. Mr. Rau is a director of BMO Financial Corp. and BMO/Harris Bank, and served as a director of
LaSalle Bank, N.A. until its 2007 sale to Bank of America. From July 1993 until November 1996, Mr. Rau was
Dean of the Indiana University School of Business. From 1991 to 1993, Mr. Rau served as Chairman of the
Illinois Economic Development Board and as special advisor to Illinois Governor Jim Edgar. From 1990 to 1993,
he was Chairman of the Banking Research Center Board of Advisors and a Visiting Scholar at Northwestern
University’s J.L. Kellogg Graduate School of Management. During that
time, he also served as Special
Consultant to McKinsey & Company, a worldwide strategic consulting firm. From 1989 to 1991, Mr. Rau served
as President and Chief Executive Officer of LaSalle National Bank. From 1979 to 1989, he was associated with
The Exchange National Bank, serving as President from 1983 to 1989, at which time The Exchange National
Bank merged with LaSalle National Bank. Prior to 1979, he was associated with First National Bank of Chicago.
Mr. Rau’s extensive experience in the banking and title insurance industries provides the Board of Directors with
valuable insight into the matters of corporate and real estate finance, as well as financial services management
and risk management. Moreover, Mr. Rau’s financial expertise is valuable to the Company’s Audit Committee,
on which he currently serves.

L. Peter Sharpe

Director since 2010

Mr. Sharpe, 69, has been a director of the Company since November 2010. He served as President and Chief
Executive Officer of Cadillac Fairview Corporation from March 2000 through December 31, 2010. Prior to

4

PROXY STATEMENT

March 2000, Mr. Sharpe held various positions at Cadillac Fairview Corporation, including serving as its
Executive Vice President of Operations from 1990 to 2000. Mr. Sharpe currently serves as a director of
Postmedia Network Canada Corp., Morguard Corporation, Allied Properties Real Estate Investment Trust and
Multiplan Empreendimentos Imobiliários S.A. (Bovespa: MULT3), one of the leading developers, owners and
operators of shopping centers in Brazil. From 2009 through 2010, Mr. Sharpe served as Chairman of the Board of
Directors of the International Council of Shopping Centers, the global trade association of the shopping center
industry. Previously, Mr. Sharpe served as a director on the boards of Legacy REIT, from 1997 to 2001, and
Fairmont Hotels & Resorts, from 2001 to 2006. Mr. Sharpe’s experience managing large real estate development
companies, and serving on the boards of real estate investment trusts, has provided him with real estate
knowledge and corporate organizational skills that benefit our Board of Directors tremendously. In addition to
his executive experience, inclusive of managing a substantial real estate entity for an institutional ownership
constituency, Mr. Sharpe has a substantial background in real estate investment leasing and operations activities.
Moreover, Mr. Sharpe’s financial expertise, and his experience serving on the Audit Committees of other
publicly traded real estate companies, is valuable to the Company’s Audit Committee.

W. Ed Tyler

Director since 2000

Mr. Tyler, 63, has been a director of the Company since March 2000, served as Lead Director from October
2008 to January 2009 and served as non-executive Chairman of the Board of Directors from January 2009 to
January 2016. Mr. Tyler also served as the Company’s interim Chief Executive Officer from October 2008 to
January 2009. Mr. Tyler is a director of Nanophase Technologies Corporation (NASDAQ: NANX). Mr. Tyler
was appointed CEO of Ideapoint Ventures in 2002. Ideapoint Ventures is an early stage venture fund that focuses
on nanotechnologies. Prior to joining Ideapoint Ventures, Mr. Tyler served as Chief Executive Officer and a
director of Moore Corporation Limited, a provider of data capture, information design, marketing services,
digital communications and print solutions, from 1998 to 2000. Prior to joining Moore Corporation, Mr. Tyler
served in various capacities at R.R. Donnelley & Sons Company, most recently as Executive Vice President and
Chief Technology Officer, from 1997 to 1998, and as Executive Vice President and Sector President of
Donnelley’s Networked Services Sector, from 1995 to 1997. Mr. Tyler’s extensive experience as a senior
executive and director of other companies, both private and publicly traded, is extremely valuable to the Board of
Directors.

INFORMATION REGARDING EXECUTIVE OFFICERS AND OTHER SENIOR MANAGEMENT

Scott A. Musil

Mr. Musil, 48, has been Chief Financial Officer of the Company since March 2011. He served as acting
Chief Financial Officer of the Company from December 2008 to March 2011. Mr. Musil has also served as
Senior Vice President of the Company since March 2001, Treasurer of the Company since May 2002 and
Assistant Secretary of the Company since August 2014. Mr. Musil previously served as Controller of the
Company from December 1995 to March 2012, Assistant Secretary of the Company from May 1996 to March
2012 and July 2012 to May 2014, Vice President of the Company from May 1998 to March 2001, Chief
Accounting Officer from March 2006 to May 2013 and Secretary from March 2012 to July 2012 and May 2014
to August 2014. Prior to joining the Company, he served in various capacities with Arthur Andersen &
Company, culminating as an audit manager specializing in the real estate and finance industries. Mr. Musil is a
non-practicing certified public accountant. His professional affiliations include the American Institute of
Certified Public Accountants and NAREIT.

Johannson L. Yap

Mr. Yap, 53, has been the Chief Investment Officer of the Company since February 1997 and Executive
Vice President — West Region since March 2009. From April 1994 to February 1997, he served as Senior Vice
President — Acquisitions of the Company. Prior to joining the Company, Mr. Yap joined The Shidler Group, a
former affiliate of the Company, in 1988 as an acquisitions associate, and became Vice President in 1991, with

5

PROXY STATEMENT

responsibility for acquisitions, property management,
financing, sales and construction
management functions. His professional affiliations include Urban Land Institute, NAREIT and the Council of
Logistics Management, and he serves as a member of both the Board of Advisors for the James Graaskamp
Center for Real Estate at the University of Wisconsin and the Advisory Board of the Center for Real Estate at the
Kelley School of Business of the University of Indiana.

leasing, project

David G. Harker

Mr. Harker, 57, has been Executive Vice President — Central Region of the Company since March 2009.
From April 2005 to March 2009 he served as Executive Director — Investments of the Company. From 2002 to
April 2005, he served as a Senior Regional Director of the Company and from 1998 to 2002 he served as a
Regional Director of the Company, with responsibility for the Company’s portfolio in Nashville, St. Louis,
Louisville and Memphis. Prior to joining the Company, Mr. Harker was a Vice President of the Trammell Crow
Company from 1992 to 1998.

Peter O. Schultz

Mr. Schultz, 53, has been Executive Vice President — East Region of the Company since March 2009.
From January 2009 to March 2009 he served as Senior Vice President — Portfolio Management of the Company.
From November 2007 to December 2008, he served as a Managing Director of the Company, with responsibility
for the Company’s East Region. From September 2004 to November 2007, he served as a Vice President —
Leasing of the Company, with responsibility for the Company’s leasing team and asset management plan
implementation in the East Region. From January 2001 to September 2004, he served as a Senior Regional
Director of the Company, with responsibility for the Company’s portfolio in Eastern Pennsylvania and Southern
New Jersey. From March 1998 to December 2000, he served as a Regional Director of the Company, with
responsibility for the Company’s portfolio in Eastern Pennsylvania. Prior to joining the Company, Mr. Schultz
served as President and Managing Partner of PBS Properties, Inc. from November 1990 to March 1998, prior to
which time he was Director of Marketing and Sales for the Pickering Group and Morgantown Properties. His
professional affiliations include the National Association of Industrial and Office Properties.

THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

The Board of Directors. The Board of Directors currently consists of six seats. A majority of the members
of the Board of Directors are independent as affirmatively determined by the Board of Directors. In determining
the independence of its members, the Board of Directors applied the independence standards and tests set forth in
Sections 303A.02(a) and (b) of the Listed Company Manual of the NYSE.

Applying such standards,

the Board of Directors has affirmatively determined that each of Messrs.

Dominski, Hackett, Rau, Sharpe and Tyler are independent directors.

The Board of Directors held eleven meetings and acted four times by unanimous consent during 2015. Each
of the directors serving in 2015 attended at least 75% of the total number of meetings of the Board of Directors
and of the respective committees of the Board of Directors of which he was a member. Although the Company
does not have a formal policy regarding director attendance at Annual Meetings of Stockholders, all of the
directors then serving attended the 2015 Annual Meeting of Stockholders. During 2015, Mr. Tyler, in his
capacity as Chairman of the Board, presided at meetings of non-management directors.

The Board of Directors has adopted Corporate Governance Guidelines to reflect the principles by which it
operates. These guidelines, as well as the charters of the Audit Committee, Compensation Committee and
Nominating/Corporate Governance Committee of the Board of Directors, are accessible at the investor relations
pages of the Company’s website at www.firstindustrial.com and are available in print free of charge to any
stockholder or other interested party who requests them. The Company has adopted a Code of Business Conduct
and Ethics, which includes the principles by which the Company expects its employees, officers and directors to
conduct Company business and which is accessible at the investor relations pages of the Company’s website at

6

PROXY STATEMENT

www.firstindustrial.com and is available in print free of charge to any stockholder or other interested party who
requests it. The Company intends to post on its website amendments to, or waivers from, any provision of the
Company’s Code of Business Conduct and Ethics. The Company also posts or otherwise makes available on its
website from time to time other information that may be of interest to investors and other interested parties.
However, none of the information provided on the Company’s website is part of the proxy solicitation material.
See “Other Matters — Incorporation by Reference” herein.

The Board of Directors has appointed an Audit Committee, a Compensation Committee, an Investment

Committee and a Nominating/Corporate Governance Committee.

Audit Committee. The Audit Committee is directly responsible for

the appointment, discharge,
compensation, and oversight of the work of any independent registered public accounting firm employed by the
Company for the purpose of preparing or issuing an audit report or related work. In connection with such
responsibilities, the Audit Committee approves the engagement of independent public accountants, reviews with
the independent public accountants the audit plan,
the audit scope, and the results of the annual audit
engagement, pre-approves audit and non-audit services and fees of the independent public accountants, reviews
the independence of the independent public accountants and reviews the adequacy of the Company’s internal
control over financial reporting.

The Audit Committee currently consists of Messrs. Hackett, Sharpe and Rau. Each of Messrs. Hackett,
Sharpe and Rau is, in the judgment of the Company’s Board of Directors, independent as required by the listing
standards of the NYSE and the rules of the SEC. Also, in the judgment of the Company’s Board of Directors,
each member is financially literate as required by the listing standards of the NYSE. Further, in the judgment of
the Company’s Board of Directors, Mr. Hackett is an “audit committee financial expert,” as such term is defined
in the SEC rules, and has “accounting or related financial management expertise,” as defined in the listing
standards of the NYSE. See Mr. Hackett’s biography on page 4. Mr. Hackett is also the current Chairman of the
Audit Committee. The Audit Committee met five times in 2015.

Compensation Committee. The Compensation Committee has overall responsibility for approving and
evaluating the compensation plans, policies and programs relating to the executive officers of the Company. The
Compensation Committee administers the First Industrial Realty Trust, Inc. 2011 Stock Incentive Plan (the “2011
Stock Plan”) and the First Industrial Realty Trust, Inc. 2014 Stock Incentive Plan (the “2014 Stock Plan”), and
has the authority to grant awards under the 2014 Stock Plan. The Compensation Committee currently consists of
Mr. Tyler and Mr. Sharpe, both of whom are, in the judgment of the Company’s Board of Directors, independent
as required by the listing standards of the NYSE. Mr. Sharpe currently serves as the Chairman of the
Compensation Committee. The Compensation Committee met three times in 2015.

Investment Committee. The Investment Committee provides oversight and discipline to the investment
process. Investment opportunities are described in written reports based on detailed research and analyses in a
standardized format applying appropriate underwriting criteria. The Investment Committee meets with the
Company’s investment personnel,
reviews each submission thoroughly and approves acquisitions and
dispositions of land of greater than $5 million and all other acquisitions, dispositions and development projects of
greater than $20 million. The Investment Committee makes a formal recommendation to the Board of Directors
for all acquisitions, dispositions and development projects in excess of $50 million. The membership of the
Investment Committee currently consists of Messrs. Hackett, Dominski and Duncan. The Investment Committee
met eight times in 2015.

Nominating/Corporate Governance Committee. The Nominating/Corporate Governance Committee
recommends individuals for election as directors at the Annual Meeting of Stockholders of the Company and in
connection with any vacancy that may develop on the Board of Directors. In turn, the Board of Directors as a
whole either approves by a majority vote all of the nominations so recommended by the Nominating/Corporate
Governance Committee or rejects all of the nominations in whole, but not in part. In the event that the Board of
Directors rejects the recommended nominations,
the Nominating/Corporate Governance Committee would
develop a new recommendation. In addition, the Nominating/Corporate Governance Committee develops and

7

PROXY STATEMENT

oversees the Company’s corporate governance policies. The membership of
the Nominating/Corporate
Governance Committee currently consists of Messrs. Dominski, Hackett and Rau, each of whom, in the judgment
of the Board of Directors, is independent as required by the listing standards of the NYSE. Mr. Rau is the current
the Nominating/Corporate Governance Committee. The Nominating/Corporate Governance
Chairman of
Committee met once during 2015 and met in March 2016 to determine its nominations for this Proxy Statement.

The Nominating/Corporate Governance Committee will consider nominees recommended by stockholders
of the Company. In order for a stockholder to nominate a candidate for election as a director at an Annual
Meeting, proper notice must be given in accordance with our Bylaws and applicable SEC regulations to the
Secretary of the Company. Pursuant to our Bylaws and applicable SEC regulations, such notice of a director
nominee must be provided to the Secretary of the Company not more than 150 days and not less than 120 days
prior to the first anniversary of the date the Company’s proxy statement for the prior year’s Annual Meeting of
Stockholders was released to stockholders. The fact that the Company may not insist upon compliance with these
requirements should not be construed as a waiver by the Company of its right to do so at any time in the future.

In general, it is the Nominating/Corporate Governance Committee’s policy that, in its judgment, its
recommended nominees for election as members of the Board of Directors of the Company must, at a minimum,
have business experience of a breadth, and at a level of complexity, sufficient to understand all aspects of the
Company’s business and, through either experience or education, have acquired such knowledge as is sufficient
to qualify as financially literate. In addition, recommended nominees must be persons of integrity and be
committed to devoting the time and attention necessary to fulfill their duties to the Company. While the
Nominating/Corporate Governance Committee has not adopted a formal diversity policy, diversity is one of the
factors that the Nominating/Corporate Governance Committee considers in identifying director nominees. As
part of the nomination process, the Nominating/Corporate Governance Committee evaluates how a particular
individual would affect the diversity of the Company’s Board of Directors in terms of how that person may
contribute to the Board of Directors’ overall balance of perspectives, backgrounds, knowledge, experience, skill
sets and expertise in matters pertaining to the Company’s business.

The Nominating/Corporate Governance Committee may identify nominees for election as members of the
Board of Directors through its own sources (including through nominations by stockholders made in accordance
with our Bylaws), through sources of other directors of the Company, and through the use of third-party search
firms. Subject to the foregoing minimum standards, the Nominating/Corporate Governance Committee will
evaluate each nominee on a case-by-case basis, assessing each nominee’s judgment, experience, independence,
understanding of the Company’s business or that of other related industries, and such other factors as the
Nominating/Corporate Governance Committee concludes are pertinent in light of the current needs of the
Company’s Board of Directors.

Communications by Stockholders and Other Interested Parties. Stockholders of the Company and other
interested parties may send communications to the Board of Directors as a whole, its individual members, its
committees or its non-management members as a group. Communications to the Board of Directors as a whole
should be addressed to “The Board of Directors;” communications to any individual member of the Board of
Directors should be addressed to such individual member; communications to any committee of the Board of
Directors should be addressed to the Chairman of such committee; and communications to non-management
members of the Board of Directors as a group should be addressed to the Lead Independent Director. In each
case, communications should be further addressed “c/o First Industrial Realty Trust, Inc., 311 South Wacker
Drive, Suite 3900, Chicago, Illinois 60606.” All communications will be forwarded to their respective addressees
and, if a stockholder marks his or her communication “Confidential,” will be forwarded directly to the addressee.

Board Leadership Structure and Lead Independent Director. Our Board of Directors recognizes that one
of its key responsibilities is to evaluate and determine its optimal leadership structure so as to provide effective
oversight of management and a fully-engaged, high-functioning Board of Directors. As previously announced,
Mr. Duncan has informed us that he plans to retire as the Company’s Chief Executive Officer by year-end 2016,
and the Board of Directors is currently conducting a process to choose his successor. As a result of these

8

PROXY STATEMENT

developments, the Board of Directors has re-evaluated the leadership structure of the Board of Directors and
believes that having Mr. Duncan serve as both Chairman and Chief Executive Officer is currently in the best
interests of the Company. Our Board of Directors believes that appointing Mr. Duncan as Chairman before he
retires as Chief Executive Officer will both provide for an orderly transition when Mr. Duncan’s successor as
Chief Executive Officer is identified and ensure that Mr. Duncan continues to be an asset to the Company
following his retirement as our Chief Executive Officer.

In establishing the structure of the Board of Directors, we believe that the objective is to strengthen the
independence and general role of the Board of Directors with appropriate checks and balances on the power,
actions and performance of our Chief Executive Officer. Because Mr. Duncan is currently serving as both our
Chairman and as our Chief Executive Officer, the Board of Directors has established the Lead Independent
Director position to provide leadership to our independent directors and liaise on their behalf with our Chief
Executive Officer and Chairman as may be appropriate. The Board of Directors has chosen Mr. Rau, the
Chairman of its Nominating/Corporate Governance Committee, to serve as Lead Independent Director. The Lead
Independent Director chairs the executive sessions of the independent directors and is empowered to call
meetings of the independent directors of the Board of Directors. The Lead Independent Director also approves
information sent to the Board of Directors and has the authority to approve information sent to the Board of
Directors, as well as meeting agendas and schedules, to ensure that there is sufficient time for discussion of all
agenda items.

Board Oversight of Risk Management. The Board of Directors oversees the business of the Company and
our stockholders’ interests in the long-term financial strength and overall success of the Company’s business. In
this respect, the Board of Directors is responsible for overseeing the Company’s risk management. The Board of
Directors delegates many of these functions to the Board’s committees. Each committee of the Board of
Directors is responsible for reviewing the risk exposure of the Company related to the committees’ areas of
responsibility and providing input to the Board of Directors on such risks. The Board of Directors and its
committees regularly review material strategic, operational, financial, compensation and compliance risks with
management.

For example, under its charter, the Audit Committee is required to assist the Board of Directors in fulfilling
its oversight responsibilities by reviewing the financial information that will be provided to the stockholders, the
systems of internal controls that management and the Board of Directors have established and the audit process.
The Audit Committee is responsible for facilitating communication between the Company’s independent auditors
and the Board of Directors and management, and for reviewing with the independent auditors the adequacy of the
Company’s internal controls. The Audit Committee also reviews with management the Company’s major
financial risk exposures and the steps management has taken to monitor and control such exposures, including
the Company’s risk assessment and risk management policies.

Similarly,

the Compensation Committee strives to adopt compensation incentives that encourage
appropriate risk-taking behavior that is consistent with the Company’s long-term business strategy. We do not
believe that our compensation policies and practices are reasonably likely to have a material adverse effect on the
Company. The Compensation Committee has focused on aligning our compensation policies with our
stockholders’ long-term interests and avoiding short-term rewards for management or awards that encourage
excessive or unnecessary risk taking. For example, a substantial amount of compensation provided to the
Company’s executive officers is in the form of equity awards for which the ultimate value of the award is tied to
the Company’s stock price and which are subject to long-term vesting schedules. In addition, annual cash and
equity bonuses provided to management under the 2015 Employee Bonus Plan (as defined on page 14) were
contingent, among other factors, upon the Company’s satisfaction of prescribed levels of funds from operations
(“FFO”), same store net operating income growth and fixed charge coverage ratio. Because these awards are
directly tied to increased financial performance and stock price, in line with our stockholders’ interests, we
believe that none of these types of awards contribute to excessive or unnecessary risk taking.

9

PROXY STATEMENT

DIRECTOR COMPENSATION

Compensation of non-employee directors is reviewed annually by the Compensation Committee of the
Board of Directors, which makes any recommendations of compensation changes to the entire Board of
Directors. Non-employee directors are not entitled to retirement benefits, incentive compensation or perquisites
for their service, although they are reimbursed for their out-of-pocket expenses for meeting attendance.

Compensation for non-employee directors of the Company currently consists of an annual cash director’s
fee of $70,000 and an annual grant of restricted Common Stock with a grant date fair value of approximately
$70,000. No fees are paid for attendance at in-person or telephonic meetings of the Board of Directors and its
committees. Additional annual fees are paid in cash for service as Chairman of the Audit Committee, Chairman
of the Compensation Committee and Chairman of the Nominating/Corporate Governance Committee in amounts
the
of $30,000, $20,000 and $15,000, respectively, and for non-chair service on the Audit Committee,
Compensation Committee, the Investment Committee and the Nominating/Corporate Governance Committee in
amounts of $9,000, $7,500, $7,500 and $6,000, respectively. No additional fee is currently paid for service as
Lead Independent Director.

Mr. Duncan, our Chief Executive Officer, receives no additional compensation for his service as a director
or his service as Chairman of our Board of Directors. Prior to Mr. Duncan’s appointment as Chairman, the
Company paid Mr. Tyler, our prior Chairman, an annual fee equal to $50,000 for such service.

Name

DIRECTOR COMPENSATION TABLE

Fees Earned
or Paid in
Cash ($)

Stock
Awards ($)(1)(2)

Total
Compensation ($)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Matthew S. Dominski
H. Patrick Hackett, Jr.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
John Rau . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
L. Peter Sharpe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
W. Ed Tyler . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

83,500
113,500
94,000
99,000
120,000

69,992
69,992
69,992
69,992
69,992

153,492
183,492
163,992
168,992
189,992

(1) Amounts reflect the aggregate grant date fair value of each award as determined under FASB ASC Topic

718.

(2) Represents 3,477 shares of restricted Common Stock granted to Messrs. Dominski, Hackett, Rau, Sharpe
and Tyler during 2015. In addition to the restricted Common Stock granted in 2015 reflected in the above
table, as of December 31, 2015, Mr. Rau held an additional 185 shares of unvested restricted Common
Stock and Mr. Tyler held an additional 371 shares of unvested restricted Common Stock.

10

COMPENSATION DISCUSSION AND ANALYSIS

PROXY STATEMENT

2015 ACCOMPLISHMENTS

2015 was a successful year for the Company, marked by continued execution of our strategy: driving long-
term cash flow growth and value for shareholders through leasing; enhancing our portfolio through new
developments; acquiring and selling select properties; and maintaining our strong balance sheet.

Decisions by the Board of Directors on executive compensation are reflective of the Company’s strong

performance during the year, including:

‰ Delivering total return to stockholders of 10.3%;

‰ Growing our Common Stock dividend by 24.4%;

‰ Increasing in-service portfolio occupancy to 96.1% at year-end 2015, up 180 basis points from year-end

2014;

‰ Growing rental rates on new and renewal leases by 3.5% on a cash basis;

‰ Placing in service seven buildings totaling 1.8 million square feet, three of which are located in Southern
California, two in Dallas, and one each in Houston and Minneapolis, that were 95% leased on average at
December 31, 2015, with a total estimated investment of $109.2 million;

‰ Completing four additional developments totaling 1.2 million square feet located in Dallas, Eastern

Pennsylvania, Phoenix and Southern California, with an estimated total investment of $82.4 million;

‰ Starting four additional developments totaling 1.4 million square feet, one of which is a 100% leased
build-to-suit located in Atlanta and the remainder of which are speculative developments located in
Chicago, Dallas and Southern California, with an estimated total investment of $78.7 million;

‰ Acquiring eight industrial properties comprising 1.9 million square feet plus several development sites for

a total of $169.2 million; and

‰ Selling 66 industrial properties totaling 3.8 million square feet plus four land parcels for a total of $158.4

million.

OBJECTIVES AND DESIGN OF COMPENSATION PROGRAM

The Company maintains the philosophy that compensation of its executive officers and other employees
should serve the best interests of the Company’s stockholders. Accordingly, the Company believes that its
executive compensation program should not only serve to attract and retain talented and capable individuals, but
should also provide them with proper incentives linked to performance criteria that are designed to maximize the
Company’s overall performance. To this end, the Company’s compensation program consists of a mix of
compensation that is intended to compensate executive officers for their contributions during the year, and to
reward them for achievements that lead to increased Company performance and increases in stockholder value.

THE EXECUTIVE COMPENSATION PROCESS AND THE ROLE OF EXECUTIVE OFFICERS IN
COMPENSATION DECISIONS

The Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) has
overall responsibility for approving and evaluating the compensation plans, policies and programs relating to the
executive officers of the Company. The Compensation Committee typically formulates compensation beginning
in December of the prior fiscal year and continuing through the first quarter of the applicable fiscal year, by
setting that year’s salary and, if applicable, maximum cash and equity bonuses for the Company’s employees,
including those named executive officers listed in the Summary Compensation Table on page 22 (the “Named
the Compensation
Executive Officers”). Also,

typically in the first quarter of the applicable fiscal year,

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PROXY STATEMENT

Committee adopts, and the full Board of Directors ratifies, the performance criteria to be used for that year in
determining the incentive compensation of the Company’s employees, including the Named Executive Officers,
other than those covered by separate plans or agreements. Then, after the end of the applicable fiscal year, the
Compensation Committee meets to determine incentive compensation to be paid to the Company’s employees,
including the Named Executive Officers, with respect to that year, pursuant to the performance criteria or, as
applicable, pursuant to separate plans or agreements. Per such determination, the Company pays cash bonuses
and issues restricted Common Stock, typically in February or March.

Historically, the Company’s Chief Executive Officer and Chief Financial Officer have participated in
meetings with the Compensation Committee at various times throughout the year. During the first quarter of the
applicable fiscal year,
they typically meet with the Compensation Committee to present and discuss
recommendations with respect to the applicable fiscal year’s salaries and maximum cash and equity bonuses for
the Named Executive Officers, other than themselves. Also, in the first quarter of each year, they typically meet
with the Compensation Committee to present and discuss recommendations with respect
to incentive
compensation for the year just ended. In addition, they traditionally meet with the Compensation Committee
regarding employment agreements that the Company has entered into (if any) and, if a compensation consultant
has been engaged to evaluate the Company’s compensation programs, assist the Compensation Committee in
providing compensation information to such consultant. However, neither our Chief Executive Officer nor our
Chief Financial Officer participate in any decisions with respect to their own compensation.

Periodically, though not every year, the Company and the Compensation Committee engage the services of
outside consultants to evaluate the Company’s executive compensation program. In 2012 and 2013,
the
Compensation Committee retained FPL Associates, L.P. (“FPL”), a nationally-recognized compensation
consulting firm specializing in the real estate industry, to review the appropriateness of our compensation,
including that of the Named Executive Officers. The Compensation Committee retains the discretion to work
again with FPL or an alternative compensation consultant to review our executive compensation program.
Consistent with SEC rules, the Company assessed whether the work of FPL raised any conflict of interest and
determined that the retention of FPL to advise the Compensation Committee concerning executive compensation
matters did not create a conflict of interest. Neither the Compensation Committee nor the Company has any other
professional relationship with FPL.

The Compensation Committee directed FPL to, among other things: (1) assist the Compensation Committee
in applying our compensation philosophy for the Named Executive Officers, including the determination of the
incentives and equity-based
portion of total compensation awarded in the form of base salary, annual
compensation, as well as selecting the appropriate performance metrics and levels of performance; (2) analyze
current compensation conditions among the Company’s peers, and assess
the competitiveness and
appropriateness of compensation levels for the Named Executive Officers; (3) recommend to the Compensation
Committee any modifications or additions to the Company’s existing compensation programs that it deems
advisable; (4) make specific recommendations to the Compensation Committee for base salary, annual incentives
and equity-based awards for the Named Executive Officers; and (5) assist with the establishment of the Long-
Term Incentive Program (as described in greater detail on page 17 under “Long-Term Incentive Program”).

12

PROXY STATEMENT

As part of its review, FPL surveyed the compensation programs of 30 real estate companies. This peer
group, which was referenced primarily to gauge the general appropriateness of the Company’s overall executive
compensation structure, included the following companies, 15 of which at such time had a total capitalization
smaller than the Company’s and 15 of which had a total capitalization larger than the Company’s:

Acadia Realty Trust
Colonial Properties Trust
DiamondRock Hospitality Company
EPR Properties
Felcor Lodging Trust Incorporated
LaSalle Hotel Properties
Omega Healthcare Investors, Inc.
PS Business Parks, Inc.
Sovran Self Storage, Inc.
Sunstone Hotel Investors, Inc.

American Assets Trust, Inc.
CubeSmart
Dupont Fabros Technology, Inc.
Equity One, Inc.
Glimcher Realty Trust
Lexington Realty Trust
Pennsylvania Real Estate Investment Trust
RLJ Lodging Trust
Strategic Hotels & Resorts, Inc.
W. P. Carey Inc.

Ashford Hospitality Trust, Inc.
DCT Industrial Trust Inc.
EastGroup Properties, Inc.
Extra Space Storage Inc.
Hersha Hospitality Trust
Medical Properties Trust, Inc.
Post Properties, Inc.
Saul Centers, Inc.
Sun Communities, Inc.
Washington Real Estate Investment Trust

The Compensation Committee used the data provided in connection with FPL’s survey not as a benchmark
per se, but rather as a reference point to gauge generally the appropriateness of the Company’s executive
compensation programs.

EXECUTIVE COMPENSATION COMPONENTS

The components of the Company’s executive compensation program are base salary, cash and equity
incentive bonuses and benefits and perquisites. Each component of the Company’s executive compensation
program is intended to attract and retain talented, capable individuals to the Company’s executive ranks.

Base salary and benefits and perquisites are intended to provide a level of fixed compensation to the Named
Executive Officers for services rendered during the year. Increases to base salary are typically a function of
individual performance and general economic conditions. Benefits and perquisites available generally to the
Company’s employees, including the Named Executive Officers, currently include: premiums paid by the
Company on term life insurance and long-term disability insurance; standard health, life and disability insurance;
car allowances; and 401(k) matching contributions.

Incentive bonuses, by contrast, are linked to, and are a function of, the achievement of performance criteria
that are designed with the intention of incentivizing the Named Executive Officers to maximize the Company’s
overall performance. Incentive bonuses are awarded as either cash or equity. The Compensation Committee does
not have a specific policy regarding the mix of cash and non-cash compensation awarded to the Named
Executive Officers. Although the exact percentages vary among individuals, equity comprises approximately 45-
50% of the potential incentive bonuses for the Named Executive Officers as a group. For our Chief Executive
Officer, the mix of cash and equity compensation he is entitled to receive is set forth in his employment
agreement. Additionally, his annual incentive bonuses will typically be payable in a combination of cash and
shares of restricted Common Stock, and it is expected that the portion paid in restricted Common Stock will be
proportionate to the equity incentive compensation received by the Company’s executive officers generally.

Historically, base salary and benefits and perquisites have made up approximately 20-30% of a Named
Executive Officer’s compensation in a typical year, while incentive bonuses have comprised the remaining
portion. Although this mix may vary from year to year, the Compensation Committee strives to ensure that the
Named Executive Officers’ compensation is largely performance-based.

The Compensation Committee believes that restricted Common Stock awards and Performance Unit (as
defined on page 17) awards play an important role in aligning management’s interests with those of the
Company’s stockholders in that restricted Common Stock and Performance Units (other than the vesting and
transfer restrictions applicable to them) are economically identical to stockholders’ Common Stock. For this
reason, restricted Common Stock and Performance Unit awards have been a significant part of executive
compensation, although the Compensation Committee may use other forms of equity compensation in the future.

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PROXY STATEMENT

ADVISORY VOTE ON EXECUTIVE COMPENSATION

We have determined that our stockholders should vote on a say-on-pay proposal each year, consistent with
the preference expressed by our stockholders at our 2011 Annual Meeting of Stockholders. While the results of
each of these votes is non-binding, we believe that presenting this matter to our stockholders annually is an
important means of obtaining investor feedback on our compensation policies.

At our 2015 Annual Meeting of Stockholders, 98.8% of the votes cast in the vote on the compensation of
our Named Executive Officers as disclosed in the proxy statement for that meeting were in favor of such
compensation and, as a result, the compensation of our Named Executive Officers was approved by our
stockholders on an advisory basis. In light of this support, the Board of Directors and Compensation Committee
elected not to make any changes to our executive compensation policies at this time.

To the extent that the advisory vote conducted at our 2016 Annual Meeting indicates a lack of support for
the compensation of our Named Executive Officers as disclosed in this Proxy Statement, we plan to consider our
stockholders’ concerns and expect that the Compensation Committee will evaluate whether any actions are
necessary to address those concerns.

SETTING EXECUTIVE COMPENSATION

Base Salary

The Company provides the Named Executive Officers with base salary to compensate them for services
rendered during the fiscal year. The base salaries of the Named Executive Officers are a function of either the
minimum base salaries specified in their employment agreements or the base salary negotiated at the time of an
executive’s initial employment, and any subsequent
increases to such base salaries approved by the
Compensation Committee. In determining increases to such base salaries for any year, the Compensation
Committee considers individual performance of the Named Executive Officers in the most recently completed
year, including organizational and management development and leadership exhibited from year-to-year. The
Compensation Committee also considers, but does not specifically benchmark compensation to, peer information
provided by compensation consultants. The Compensation Committee also considers general economic
conditions prevailing at the end of such year, when the increases for the following year are typically determined.
The Company does not guarantee annual base salary increases to anyone. In December 2012, the Company
entered into an employment agreement with Mr. Duncan that provides, among other things, for a minimum
annual base salary of $850,000. Mr. Duncan voluntarily agreed to reduce his base salary to $832,000 during
2013, 2014 and 2015. For 2015, the base salaries paid to the Named Executive Officers remained the same as in
2014 as reflected in the Summary Compensation Table of this Proxy Statement.

Annual Incentive Bonuses

The Company provides its senior executives with annual incentive compensation, which currently includes
cash and equity awards, in the form of restricted Common Stock, to incentivize and reward them for Company
and individual performance. The Company does not guarantee annual bonuses to anyone.

2015 Employee Bonus Plan

For 2015, each Named Executive Officer participated in the incentive compensation plan generally available
to the Company’s employees (the “2015 Employee Bonus Plan”), which plan was recommended by the
Compensation Committee and adopted by the Board of Directors on March 11, 2015.

Under the 2015 Employee Bonus Plan, a “bonus pool” is established based on the achievement by the
Company of certain identified thresholds of four performance categories. These categories are (i) FFO per share
(as described below), (ii) same store NOI (“SS NOI”) growth (as described below), (iii) fixed charge coverage
ratio (as described below) and (iv) discretionary financial and non-financial objectives determined by the
Company’s Chief Executive Officer. The Compensation Committee believes that FFO per share is an important
measure of the Company’s performance because, by excluding gains or losses related to sales of previously

14

PROXY STATEMENT

depreciated real estate assets, real estate asset depreciation and amortization and impairment charges (reversals)
recorded on depreciable real estate, FFO captures the operating results of the long-term assets that form the core
of the Company’s business and makes comparison of the Company’s operating results with those of other REITs
more meaningful. The Compensation Committee believes that, because our success depends largely upon our
ability to lease space and to recover the operating costs associated with those leases from our tenants, SS NOI is
also an important measure of the Company’s performance. Finally, the Compensation Committee believes that
fixed charge coverage ratio is an important measure of the Company’s performance because it is critical to
maintaining and improving the rating on the Company’s unsecured debt.

Each of these performance categories may be adjusted by the Compensation Committee in its discretion to
exclude the effects of certain items. The Compensation Committee assigned weighting factors to each of the
performance categories, such that performance in certain categories had a more pronounced impact on the bonus
pool under the 2015 Employee Bonus Plan than did performance in other categories. The weighting factors were
as follows:

Category

Weighting Factor

FFO(1) per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SS NOI(2) growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed charge coverage ratio(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Discretionary objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

65%
10%
10%
15%

(1) FFO is a non-GAAP financial measure created by NAREIT as a supplemental measure of REIT operating
performance that excludes certain items from net income (loss) determined in accordance with GAAP. FFO
is calculated by us in accordance with the definition adopted by the Board of Governors of NAREIT and
therefore may not be comparable to other similarly titled measures of other companies. Please see the
reconciliation of FFO to net income available to common stockholders contained in our Annual Report on
Form 10-K filed on February 25, 2016.

(2) SS NOI is a non-GAAP financial measure that provides a measure of rental operations, and does not factor
in depreciation and amortization, general and administrative expense, acquisition costs, interest expense,
impairment charges, interest income, equity in income from joint ventures, income tax expense/benefit,
gains and losses on retirement of debt, sale of real estate and mark-to-market and settlement loss on interest
rate protection agreements. The Company defines SS NOI as revenues minus property expenses such as real
estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses, minus
the net operating income of properties that are not same store properties and minus the impact of straight-
line rent, the amortization of lease inducements, the amortization of above/below market rent and lease
termination fees. As so defined, SS NOI may not be comparable to same store net operating income or
similar measures reported by other REITs that define same store properties or net operating income
differently. The major factors influencing SS NOI are changes in occupancy levels, rental rates, tenant
recoveries and free rent periods. Please see the reconciliation of same store revenues and property expenses
to SS NOI contained in our Annual Report on Form 10-K filed on February 25, 2016.

(3) The Company is a party to certain lending arrangements that require the Company to maintain a specified
fixed charge coverage ratio. For purposes of the 2015 Employee Bonus Plan, the Company defined fixed
charge coverage ratio in accordance with that certain Second Amended and Restated Unsecured Revolving
Credit Agreement, dated as of March 10, 2015, a copy of which was filed with our Current Report on
Form 8-K filed on March 12, 2015.

15

PROXY STATEMENT

The Compensation Committee established performance targets relating to each performance category for the
2015 Employee Bonus Plan. The Company’s 2015 performance in the identified performance categories resulted
in the following funding of the bonus pool associated with that performance category:

Category

Performance Target

Actual Result

Bonus Pool Funding%

FFO per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SS NOI growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed charge coverage ratio . . . . . . . . . . . . . . . . . . . . . .

$1.32(1)
4.0%(2)
2.57x

$1.37(1)
5.5%(2)
2.66x(3)

106.3%
125.0%
125.0%

(1) Amount excludes an accrual for cash bonuses and certain other items.
(2) The Compensation Committee calculated SS NOI growth using a cumulative quarterly average as opposed
to the methodology traditionally utilized in our financial reporting, which measures the year-over-year
growth of our properties.

(3) Amount adjusted to account for the timing of certain debt issuances.

The Compensation Committee determined that the funding percentage for the bonus pool with respect to the
discretionary objectives should be 80% based on the Company’s overall performance in 2015, as described in
greater detail on page 11 under “2015 Accomplishments.” The Company’s 2015 performance in the identified
performance categories resulted in the Compensation Committee authorizing an aggregate bonus pool available
under the 2015 Employee Bonus Plan in an amount up to 100% of the aggregate target maximum cash and equity
bonuses of all eligible employees, including the Named Executive Officers. After determining the aggregate
bonus pool available under the 2015 Employee Bonus Plan, the Compensation Committee and our Chief
Executive Officer allocated individual awards based on the individual award recipients’ performance.

The target maximum bonuses for the Named Executive Officers for purposes of the 2015 Employee Bonus

Plan were as follows:

Executive Officer

Target Maximum
Cash Bonus
(% of Base Salary)

Target Maximum
Equity Bonus
(% of Base Salary)

Bruce W. Duncan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Scott A. Musil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Johannson L. Yap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
David G. Harker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Peter O. Schultz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

225%
150%
200%
150%
150%

200%
100%
140%
100%
100%

The actual percentage of cash and equity bonuses (the “Individual Cash Percentage” and the “Individual

Equity Percentage”) awarded to the Named Executive Officers were determined as described below.

The actual individual bonuses paid to the Named Executive Officers (other than our Chief Executive
Officer) from the bonus pool were determined by the Compensation Committee, after recommendations from our
Chief Executive Officer, based upon the respective officer’s achievement of
the following individual
performance objectives that were approved by the Board of Directors and communicated to the officer:

Executive Officer

Individual Performance Objectives

Scott A. Musil

. . . . . . . . . Progress with respect to leverage and fixed charge coverage ratios, execution of the

Company’s unsecured line of credit and term loan and overall investor relations

Johannson L. Yap . . . . . . . Progress with respect to investments and divestitures, completing and leasing

developments and overall performance of the West Region of the Company

David G. Harker . . . . . . . . Progress with respect to investments, completing and leasing developments and

overall performance of the Central Region of the Company

Peter O. Schultz . . . . . . . . Progress with respect to investments, completing and leasing developments and

overall performance of the East Region of the Company

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PROXY STATEMENT

The actual individual bonus paid to our Chief Executive Officer from the bonus pool was determined by the
Compensation Committee based upon its assessment of the Company’s overall performance and the Company’s
achievement of the corporate performance goals under the 2015 Employee Bonus Plan.

The aggregate amount of cash and equity bonuses paid to the Named Executive Officers under the 2015
Employee Bonus Plan was $6,210,099. The cash bonus payments and equity grants made in the first quarter of
2016 to each of our Named Executive Officers in settlement of awards under the 2015 Employee Bonus Plan,
together with the applicable Individual Cash Percentage and Individual Equity Percentage, are reflected in the
following table:

Executive Officer

Bruce W. Duncan . . . . . . . . . . . . . . .
Scott A. Musil
. . . . . . . . . . . . . . . . .
Johannson L. Yap . . . . . . . . . . . . . . .
David G. Harker . . . . . . . . . . . . . . . .
Peter O. Schultz . . . . . . . . . . . . . . . .

Individual Cash
Percentage (%)(1)

Cash Bonus
Paid ($)

Individual
Equity
Percentage (%)(1)

Shares of
Restricted
Stock(2)

Grant Date
Fair Value
of Award ($)

81
94
73
97
91

1,550,000
375,000
550,000
350,000
340,000

94
113
108
125
112

81,081
15,300
29,322
15,300
14,280

1,589,998
300,033
575,004
300,033
280,031

(1) The Individual Cash Percentage and Individual Equity Percentage each reflect the actual cash bonus or

equity issuance as a percentage of the respective target maximum amount for each individual.

(2) The number of shares approved by the Compensation Committee was determined based on the $19.61
closing price of the Common Stock on February 9, 2016, which was the date the Compensation Committee
approved awards under the 2015 Employee Bonus Plan.

For 2013 and 2014, the Named Executive Officers participated in an incentive compensation plan similar to

the 2015 Employee Bonus Plan.

Long-Term Incentive Program

On June 25, 2013, upon recommendation from the Compensation Committee, the Board of Directors
adopted the Long-Term Incentive Program (the “LTIP”), effective as of July 1, 2013. The purpose of the LTIP is
to provide incentives for the achievement of longer-term sustained value creation metrics and retention by
focusing on longer-term fundamentals. Awards under the LTIP are predicated on the achievement of
performance metrics, which ensures that the Company is able to base awards on measurable performance factors
and business results.

The Board of Directors has authorized grants of awards in 2013, 2015 and 2016 under the LTIP (the “LTIP
Awards”). Other than the performance periods, each of the LTIP Awards have identical vesting criteria and other
terms and conditions. Grantees of LTIP Awards were issued a specified number of performance units
(“Performance Units”), each of which represents the right to receive, upon vesting, one share of Common Stock
plus dividend equivalents representing any dividends that accrued with respect to such share after the issuance of
the Performance Units and prior to the date of vesting. All vested Performance Units and dividend equivalents will
be settled in shares of Common Stock. Only those dividend equivalents that have accrued prior to the vesting date
with respect to the shares underlying the Performance Units that actually vest will be paid to grantee upon vesting.

17

PROXY STATEMENT

Each LTIP Award vests based upon the relative total stockholder return of our Common Stock as compared
to the MSCI U.S. REIT Index, with respect to 75% of the total Performance Units, and the NAREIT Industrial
Index, with respect to the remaining 25% of the Performance Units, over the pre-established performance
measurement period, as follows:

MSCI U.S. REIT Index Performance Units

Total Company Stockholder Return for Performance
Period Relative to Total Return for Performance Period of
MSCI US REIT Index (RMS G)

Percentage of
Performance Units Vested

Threshold . . . MSCI US REIT Index minus 2%
Target
. . . . . . MSCI US REIT Index plus 1%
Stretch . . . . . . MSCI US REIT Index plus 4%
Maximum . . . MSCI US REIT Index plus 7%

NAREIT Industrial Index Performance Units

25%
40%
85%
100%

Total Company Stockholder Return for Performance
Period Relative to Total Return for Performance Period of
NAREIT Industrial Index (FNINDTR)

Percentage of
Performance Units Vested

Threshold . . . NAREIT Industrial Index minus 2%
. . . . . . NAREIT Industrial Index plus 1%
Target
Stretch . . . . . . NAREIT Industrial Index plus 4%
Maximum . . . NAREIT Industrial Index plus 7%

25%
40%
85%
100%

Upon the consummation of a change of control of the Company, each grantee of an LTIP Award would
become vested in a number of Performance Units based on the level of achievement of the applicable
performance targets through the date of the change of control. In the event of a termination of a grantee’s
employment due to death or disability, the grantee would become vested in a pro rata number of Performance
Units based on the level of achievement of the applicable performance targets through the date of death or
disability. In the event of termination of a grantee’s employment due to voluntary retirement, the grantee would
become vested in a pro rata number of Performance Units based on the level of achievement of the applicable
performance targets through the end of the original performance period.

On June 25, 2013, the Board of Directors authorized two equal grants under the LTIP to be made to certain
employees of the Company, including each Named Executive Officer, effective as of July 1, 2013 (the “2013
LTIP Awards”). The performance period for all of the 2013 LTIP Awards began on July 1, 2013. The
performance period for one-half of the awards ended on June 30, 2014 and the performance period for the other
half ended on December 31, 2015. For the period July 1, 2013 through June 30, 2014, the total stockholder return
of our Common Stock outperformed the MSCI U.S. REIT Index and the NAREIT Industrial Index by 11.00%
and 9.21%, respectively. For the period July 1, 2013 through December 31, 2015, the total stockholder return of
our Common Stock outperformed the MSCI U.S. REIT Index and the NAREIT Industrial Index by 9.48% and
10.67%, respectively. Accordingly, 100% of the 2013 LTIP Awards vested.

18

PROXY STATEMENT

The 2013 LTIP Awards awarded to each of our Named Executive Officers and the number of shares of
Common Stock earned by such Named Executive Officers on June 30, 2014 and December 31, 2015,
respectively, including in each case Common Stock issued due to dividend equivalents that accrued with respect
to such 2013 LTIP Awards, were as follows:

Executive Officer

2013
LTIP Awards

Shares of
Common Stock
Earned
June 30, 2014

Shares of
Common Stock
Earned
December 31, 2015

Bruce W. Duncan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Scott A. Musil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Johannson L. Yap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
David G. Harker
Peter O. Schultz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

81,700
81,700
81,700
65,360
81,700

41,441
41,441
41,441
33,153
41,441

42,627
42,627
42,627
34,101
42,627

Effective January 1, 2015, the Board of Directors authorized an additional grant of Performance Units under
the LTIP to be made to certain employees of the Company, including each Named Executive Officer (the “2015
LTIP Awards”). The performance period for the 2015 LTIP Awards began on January 1, 2015 and ends on
December 31, 2017. The 2015 LTIP Awards awarded to each of our Named Executive Officers were as follows:

Executive Officer

2015
LTIP Awards

Bruce W. Duncan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Scott A. Musil
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Johannson L. Yap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
David G. Harker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Peter O. Schultz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24,039
24,039
24,039
22,837
24,039

Effective January 1, 2016, the Board of Directors authorized an additional grant of Performance Units under
the LTIP to be made to certain employees of the Company, including each Named Executive Officer (the “2016
LTIP Awards”). The performance period for the 2016 LTIP Awards began on January 1, 2016 and ends on
December 31, 2018. The 2016 LTIP Awards awarded to each of our Named Executive Officers were as follows:

Executive Officer

2016
LTIP Awards

Bruce W. Duncan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Scott A. Musil
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Johannson L. Yap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
David G. Harker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Peter O. Schultz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21,981
21,981
21,981
21,981
21,981

Broad-Based Benefits

All full-time employees, including the Named Executive Officers, are eligible to participate in our health
and welfare benefit programs, including medical, dental and vision care coverage, disability insurance and life
insurance, and our 401(k) plan. We also provide car allowances to certain of our employees, including certain of
the Named Executive Officers.

Termination and Change-in-Control Triggers

Mr. Duncan has an employment agreement and separate agreements with respect to his restricted Common
Stock and Performance Unit awards granted pursuant to the Company’s 2011 and 2014 Stock Plans, which
agreements specify events, including change-in-control and, in the case of his restricted Common Stock awards,
involuntary termination other than for cause, that trigger the payment of cash and vesting in restricted Common
Stock and, as discussed above, Performance Units. Each of the other Named Executive Officers have agreements

19

PROXY STATEMENT

with respect to their restricted Common Stock and Performance Unit awards granted pursuant to the Company’s
2011 and 2014 Stock Plans that specify events, including change-in-control, that trigger the vesting of such
awards. The Company believes having such events as triggers for the payment of cash and/or vesting in restricted
Common Stock and Performance Units promotes stability and continuity of management. See “Potential
Payments Upon Termination or Change of Control” on page 27 for more information on the payments triggered
by such events.

Stock Ownership Guidelines and Other Policies

The stock ownership guidelines for the Company’s directors and senior executive officers are as follows:

Position

Retainer/
Base Salary
Multiple

Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Chief Executive Officer
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Chief Financial Officer, Chief Investment Officer and Executive Vice Presidents . . . . . . . . . . . . . . . .

3x
5x
4x

The stock ownership goal for each person subject to the ownership guidelines is determined on an individual
basis, using their current retainers or base salaries and using the greater of (i) the market price on the date of
purchase or grant of such Common Stock (or equity valued by reference to Common Stock) or (ii) the market
price of such Common Stock (or equity valued by reference to Common Stock) as of the date compliance with
the stock ownership guidelines is measured. For persons assuming a director or senior executive officer level
position, the stock ownership goal must be achieved within five years after the date they assume such position. A
copy of the Stock Ownership Guidelines can be found on the Investor Relations/Corporate Governance section of
the Company’s website at www.firstindustrial.com.

The Company’s insider trading policy prohibits, among other things, its directors and employees from
entering into hedging or monetization transactions with respect to the Company’s securities and from holding the
Company’s securities in margin accounts or otherwise pledging such securities as collateral for loans.

Stock Retention Requirements

Until the directors and senior executive officers reach their respective stock ownership goal, they will be
required to retain shares that are owned on the date they became subject to the Stock Ownership Guidelines and
at least seventy-five percent (75%) of “net shares” delivered through the Company’s executive compensation
plans. “Net shares” deducts from the number of shares obtained by exercising stock options or through the
vesting of awards the number of shares the director or senior executive officer sells to pay exercise costs or taxes.
If the director or senior executive officer transfers an award to a family member, the transferee becomes subject
to the same retention requirements. Until the director and senior executive officer stock ownership goals have
been met, shares may be disposed of only for one or more of the exclusion purposes as set forth in the
Company’s Stock Ownership Guidelines.

Tax Implications

Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), generally limits the
deductible amount of annual compensation paid by a public company to a “covered employee” (the chief
executive officer and three other most highly compensated executive officers of the company other than the chief
financial officer) to no more than $1 million. The Company does not believe that Section 162(m) of the Code is
applicable to its current arrangements with its executive officers.

20

COMPENSATION COMMITTEE REPORT

PROXY STATEMENT

The Compensation Committee of the Board of Directors of the Company has reviewed, and discussed with
management, the Compensation Discussion and Analysis included in this Proxy Statement. Based on such review
and discussions, the Compensation Committee recommended to the Board of Directors of the Company that the
Compensation Discussion and Analysis be included in this Proxy Statement and, through incorporation by
reference from this Proxy Statement, the Company’s Annual Report on Form 10-K for the Company’s fiscal year
ended December 31, 2015.

Submitted by the Compensation Committee:

L. Peter Sharpe, Chairman
W. Ed Tyler

21

PROXY STATEMENT

SUMMARY COMPENSATION TABLE

The Summary Compensation Table below sets forth the aggregate compensation for Bruce W. Duncan, the
Company’s President and Chief Executive Officer; Scott A. Musil, the Company’s Chief Financial Officer; and
certain of the Company’s other highly compensated executive officers as required by SEC rules. The 2015 Grants
of Plan-Based Awards table following the Summary Compensation Table provides additional information
regarding incentive compensation granted by the Company to these officers in 2015.

Name and Principal Position

Bruce W. Duncan . . . . . . . . . . . . .
President and Chief Executive
Officer
Scott A. Musil

. . . . . . . . . . . . . . .

Chief Financial Officer

Johannson L. Yap . . . . . . . . . . . . .
Chief Investment Officer and
Executive Vice President –
West Region

David G. Harker . . . . . . . . . . . . . .
Executive Vice President –
Central Region

Peter O. Schultz . . . . . . . . . . . . . .
Executive Vice President –
East Region

Year

2015
2014
2013
2015
2014
2013
2015
2014
2013

2015
2014
2013
2015
2014
2013

Salary
($)

832,000
832,000
834,250
265,000
265,000
265,000
379,000
379,000
379,000

240,000
240,000
240,000
250,000
250,000
250,000

Bonus
($)(1)

—
—
—
—
—
135,555
—
—
193,650

—
—
135,555
—
—
135,555

Stock
Awards
($)(2)

1,480,103(5)
1,450,546
1,622,916

480,102(5)
320,641
884,926
630,093(5)
519,166
1,074,932

463,586(5)
325,767
771,944
475,089(5)
264,683
874,922

Non-Equity
Incentive Plan
Compensation
($)(3)

All Other
Compensation
($)(4)

1,550,000
1,325,000
1,500,000
375,000
340,000
400,000
550,000
530,000
659,000

350,000
330,000
400,000
340,000
340,000
360,000

19,453
18,523
16,858
9,853
8,923
7,258
19,453
20,123
26,372

17,053
16,123
14,458
18,253
17,323
15,658

Total
($)

3,881,556
3,626,059
3,974,024
1,129,955
934,564
1,692,739
1,578,456
1,448,289
2,332,954

1,070,639
911,890
1,561,957
1,083,342
872,006
1,636,135

(1) Amounts for 2013 reflect awards paid in July 2013 under the 2012 Retention Bonus Plan, pursuant to which
service-based incentive awards were paid to certain employees of the Company, including the Named
Executive Officers other than Mr. Duncan, to promote retention of employees that were important to the
ongoing repositioning of the Company.

(2) Amounts reflect the aggregate grant date fair value of each award as determined under FASB ASC Topic
718. See note 10 to our consolidated financial statements included in our Annual Report on Form 10-K for
the year ended December 31, 2015 for a discussion of the assumptions used in valuing the 2015 awards.
Amounts reflected were not actually received in the year reported and do not necessarily reflect the amounts
that will actually be realized under the respective awards.

(3) Amounts for 2015 reflect cash awards paid in March 2016 under the 2015 Employee Bonus Plan. The
terms of awards under the 2015 Employee Bonus Plan are described in the Compensation

material
Discussion and Analysis under “2015 Employee Bonus Plan.”

(4) For 2015, includes car allowances paid on behalf of Messrs. Duncan, Yap, Harker and Schultz and a term
life insurance premium, short-term and long-term disability insurance premium and 401(k) matching
payments paid on behalf of each Named Executive Officer.

(5) Amount reflects (a) awards of 57,606, 11,523, 18,435, 11,292, and 11,292 shares of service-based restricted
Common Stock granted to Messrs. Duncan, Musil, Yap, Harker and Schultz, respectively, in 2015 in
connection with the 2014 Employee Bonus Plan, valued at $21.70 per share under FASB ASC Topic 718
and (b) awards of 24,039, 24,039, 24,039, 22,837 and 24,039 Performance Units with a 36-month
performance period granted in 2015 to Messrs. Duncan, Musil, Yap, Harker and Schultz, respectively,
valued at 9.57 per unit under FASB ASC Topic 718.

22

PROXY STATEMENT

2015 GRANTS OF PLAN-BASED AWARDS

Estimated Future Payouts Under
Non-Equity Incentive
Plan Awards

Estimated Future Payouts
Under Equity Incentive
Plan Awards

Grant
Date(1)
(b)

Threshold
($)
(c)

Target(2)
($)
(d)

Maximum(3)
($)
(e)

Threshold
(#)
(f)

Target
(#)
(g)

Maximum
(#)
(h)

All Other
Stock
Awards:
Number
of Shares
of Stock
or Units
(#)(4)
(i)

Grant Date
Fair Value
of Stock
and Option
Awards
($)(5)
(l)

Name (a)

—

Scott A. Musil

Bruce W. Duncan . . . . . . . . . . 1/1/2015 —

— 6,010
2/9/2015 — 1,275,000 1,912,500
—
—
—
2/9/2015 —
—
— 6,010
. . . . . . . . . . . . 1/1/2015 —
—
—
2/9/2015 —
— 397,500
—
—
—
2/9/2015 —
— 6,010
—
Johannson L. Yap . . . . . . . . . 1/1/2015 —
—
— 758,000
2/9/2015 —
—
—
—
2/9/2015 —
— 5,709
—
David G. Harker . . . . . . . . . . . 1/1/2015 —
—
— 360,000
2/9/2015 —
—
—
—
2/9/2015 —
— 6,010
—
Peter O. Schultz . . . . . . . . . . . 1/1/2015 —
—
— 375,000
2/9/2015 —
—
—
—
2/9/2015 —

9,616
—
—
9,616
—
—
9,616
—
—
9,135
—
—
9,616
—
—

— 230,053(6)
24,039
—
—
— 57,606

—
1,250,050
— 230,053(6)
24,039
—
—
— 11,523

—
250,049

— 230,053(6)
24,039
—
—
— 18,435

—
400,040

22,837
— 218,550(6)
—
—
— 11,292

—
245,036

— 230,053(6)
24,039
—
—
— 11,292

—
245,036

(1) Reflects the date such awards were made effective by the Compensation Committee or the Board of

Directors, as applicable.

(2) For Mr. Duncan, amount reflects the target annual cash incentive bonus to which he is entitled pursuant to
the terms of his employment agreement. No threshold or target amounts were established with respect to
awards under the 2015 Employee Bonus Plan for the other Named Executive Officers.

(3) Amounts reflect the target maximum cash incentive bonus that could become payable to the recipient under
the 2015 Employee Bonus Plan. The material terms of awards under the 2015 Employee Bonus Plan are
described in the Compensation Discussion and Analysis under “2015 Employee Bonus Plan.”

(4) Amounts reflect the shares of service-based restricted Common Stock granted in 2015 for service in 2014
under the 2014 Employee Bonus Plan. Such restricted Common Stock awards vest ratably over a period of
three years.

(5) Amounts reflect the aggregate grant date fair value of each stock award as determined under FASB ASC

Topic 718.

(6) Amounts reflected were not actually received in 2015 and do not necessarily reflect the amounts that will
actually be realized with respect to the 2015 LTIP Awards. The amounts actually earned with respect to the
2015 LTIP Awards, if any, would not be earned until the end of the applicable performance period.

Employment Agreement with Mr. Duncan

On December 17, 2012, Mr. Duncan entered into an employment agreement with the Company and its
operating partnership, First Industrial L.P., which reflects the terms and conditions of Mr. Duncan’s employment.
The agreement had an initial term expiring on December 31, 2014, unless otherwise terminated, with up to three
one-year extensions that will automatically be effective provided that neither Mr. Duncan nor the Company
provides notice to the other at least six months prior to the expiration of the initial term or any subsequent

23

PROXY STATEMENT

renewal term of their respective intent not to renew. As neither party has delivered a termination notice,
Mr. Duncan’s employment agreement currently expires December 31, 2016, subject to one remaining automatic
one-year extension. As discussed above, Mr. Duncan has announced his intention to retire as our Chief Executive
Officer by the end of this year and we are currently conducting a process to choose his successor.

Mr. Duncan’s employment agreement provides for a minimum annual base salary of $850,000. Under the
agreement, Mr. Duncan is also eligible for annual cash performance bonuses under the Company’s incentive
bonus plan, based on the satisfaction of performance goals established by the Compensation Committee in
accordance with the terms of such plan, with a target annual bonus of 150% of Mr. Duncan’s base salary, and a
target maximum annual bonus of 225% of his base salary. Mr. Duncan is also entitled to participate in all long-
term cash and equity incentive plans generally available to the senior executives of the Company with a target
annual award of 150% of Mr. Duncan’s base salary, and a target maximum annual award of 200% of his base
salary. Equity awards granted to Mr. Duncan in connection with any long-term cash and equity incentive plan
will vest in accordance with the vesting terms set forth in the restricted stock agreement he entered into on
December 17, 2012 in connection with his employment agreement.

Mr. Duncan’s employment agreement also provides for payments and benefits to Mr. Duncan by the
Company in some circumstances in the event of a termination of employment or of a change of control (which
payments and benefits are described on page 27 under “Potential Payments Upon Termination or Change of
Control.”)

24

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2015

Stock Awards

PROXY STATEMENT

Number of Shares
or Units of Stock
That Have
Not Vested
(#)
(g)

Market Value
of Shares or
Units of Stock
That Have
Not Vested
($)(1)
(h)

Equity Incentive
Plan Awards:
Number of
Unearned
Shares, Units or
Other Rights
That Have
Not Vested
(#)(2)
(i)

Equity Incentive
Plan Awards:
Market or
Payout Value of
Unearned
Shares, Units or
Other Rights
That Have
Not Vested
($)(1)
(j)

Name (a)

Bruce W. Duncan . . . . . . . . . . . . . . . . . . . . . . . . . . . .

131,051(3)

2,900,159

—

—

—

—

24,593

544,243

Scott A. Musil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28,706(4)

635,264

Johannson L. Yap . . . . . . . . . . . . . . . . . . . . . . . . . . . .

David G. Harker . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—

46,715(5)
—

28,864(6)

—

—

1,033,803
—

638,760

—

24,593

—
24,593

—

—

544,243

—
544,243

—

—

23,363

517,023

Peter O. Schultz . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

26,222(7)

580,293

—

—

—

—

24,593

544,243

(1) The dollar amounts shown in columns (h) and (j) are approximately equal to the product of the number of
shares or units reported in columns (g) and (i), respectively, multiplied by $22.13, which was the closing
price of the Common Stock on December 31, 2015, the last trading day of the year. This valuation does not
take into account any diminution in value that results from the restrictions applicable under the respective
awards.

(2) Amounts reflect unvested Performance Units granted in 2015 and dividend equivalents accrued through
December 31, 2015 with respect to such Performance Units. The vesting and other material terms of the
2015 LTIP Awards are described in the Compensation Discussion and Analysis under “Long-Term
Incentive Plan.” The number of unvested Performance Units, and accrued dividend equivalents, reflected is
based on maximum achievement of the performance measures applicable to the 2015 LTIP Awards, as the
Company achieved maximum performance through December 31, 2015 with respect to such performance
measures.

(3) Of the shares of unvested restricted Common Stock reported here, 66,051 vested in January 2016, 45,798
vest in January 2017 and 19,202 vest in January 2018. All shares reflected in this footnote were fully
transferable by Mr. Duncan as of their grant date pursuant to and subject to the terms of the applicable
award agreements, and all such shares have been so transferred to a revocable trust of which Mr. Duncan is
the sole trustee and sole beneficiary.

(4) Of the shares of unvested restricted Common Stock reported here, 15,145 vested in January 2016, 9,720 vest

in January 2017 and 3,841 vest in January 2018.

(5) Of the shares of unvested restricted Common Stock reported here, 24,906 vested in January 2016, 15,664

vest in January 2017 and 6,145 vest in January 2018.

(6) Of the shares of unvested restricted Common Stock reported here, 15,363 vested in January 2016, 9,737 vest

in January 2017 and 3,764 vest in January 2018.

(7) Of the shares of unvested restricted Common Stock reported here, 13,841 vested in January 2016, 8,617 vest

in January 2017 and 3,764 vest in January 2018.

25

2015 OPTION EXERCISES AND STOCK VESTED

In 2015, no options were exercised by the Named Executive Officers and an aggregate of 424,957
Performance Units (inclusive of accrued dividend equivalents related thereto) and shares of restricted
Common Stock held by the Named Executive Officers vested, as described more fully in the table below.

PROXY STATEMENT

Name
(a)

Stock Awards

Number of Shares
Acquired on Vesting
(#)(1)
(d)

Value Realized
on Vesting
($)
(e)

Bruce W. Duncan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Scott A. Musil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Johannson L. Yap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
David G. Harker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Peter O. Schultz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

181,656(1)
59,810(2)
73,034(3)
51,776(4)
58,681(5)

3,915,139
1,300,742
1,575,801
1,122,295
1,277,259

(1) The shares of Common Stock reported herein were acquired as a result of the vesting of (a) 72,362 restricted
shares on January 1, 2015, the value of which is based on the closing price of the Common Stock as
reported by the NYSE for January 2, 2015 ($20.80), the first trading day following the date of vesting of
such award; (b) 66,667 restricted shares on December 17, 2015, the value of which is based on the closing
price of the Common Stock as reported by the NYSE for such date ($22.00) and (c) 42,627 Performance
Units and accrued dividend equivalents related thereto on December 31, 2015, the value of which is based
on the closing price of the Common Stock as reported by the NYSE for such date ($22.13).

(2) The shares of Common Stock reported herein were acquired as a result of the vesting of (a) 17,183 restricted
shares on January 1, 2015, the value of which is based on the closing price of the Common Stock as
reported by the NYSE for January 2, 2015 ($20.80), the first trading day following the date of vesting of
such award and (b) 42,627 Performance Units and accrued dividend equivalents related thereto on
December 31, 2015, the value of which is based on the closing price of the Common Stock as reported by
the NYSE for such date ($22.13).

(3) The shares of Common Stock reported herein were acquired as a result of the vesting of (a) 30,407 restricted
shares on January 1, 2015, the value of which is based on the closing price of the Common Stock as
reported by the NYSE for January 2, 2015 ($20.80), the first trading day following the date of vesting of
such award and (b) 42,627 Performance Units and accrued dividend equivalents related thereto on
December 31, 2015, the value of which is based on the closing price of the Common Stock as reported by
the NYSE for such date ($22.13).

(4) The shares of Common Stock reported herein were acquired as a result of the vesting of (a) 17,675 restricted
shares on January 1, 2015, the value of which is based on the closing price of the Common Stock as
reported by the NYSE for January 2, 2015 ($20.80), the first trading day following the date of vesting of
such award and (b) 34,101 Performance Units and accrued dividend equivalents related thereto on
December 31, 2015, the value of which is based on the closing price of the Common Stock as reported by
the NYSE for such date ($22.13).

(5) The shares of Common Stock reported herein were acquired as a result of the vesting of (a) 16,054 restricted
shares on January 1, 2015, the value of which is based on the closing price of the Common Stock as
reported by the NYSE for January 2, 2015 ($20.80), the first trading day following the date of vesting of
such award and (b) 42,627 Performance Units and accrued dividend equivalents related thereto on
December 31, 2015, the value of which is based on the closing price of the Common Stock as reported by
the NYSE for such date ($22.13).

26

PROXY STATEMENT

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE OF CONTROL

Employment Agreement with Mr. Duncan

The Company has entered into a written employment agreement with Mr. Duncan that provides for certain
lump sum payments and post-termination benefits to Mr. Duncan by the Company in some circumstances in the
event of a termination of employment or of a change of control.

In addition to the events of termination of employment identified in the following table, Mr. Duncan’s
employment agreement provides for payments in the event of his death or disability. Upon death or disability,
Mr. Duncan is entitled to (i) his base salary and vacation pay accrued through the date of his death or disability,
(ii) his accrued bonus for the fiscal year prior to the year of his death or disability, to the extent not paid, (iii) his
unreimbursed business expenses incurred through the date of his death or disability and (iv) certain health care
benefits and any other benefits he may be eligible for under the Company’s plans, policies or practices.

Mr. Duncan’s employment agreement also contains important non-financial provisions that apply in the
event of a termination of employment or of a change of control. Mr. Duncan has agreed to a one-year covenant
not to compete after his termination. His employment agreement does not provide for a gross-up payment in the
event of any excise tax.

Stock Incentive Plans

Under the 2011 and 2014 Stock Plans, unvested restricted Common Stock vests in the event of a change of
control. In addition, such Stock Plans empower the Compensation Committee to determine other vesting events
in the individual restricted Common Stock awards, including vesting events such as involuntary termination of
employment without cause and termination due to disability or death. Assuming that the triggering event
occurred on December 31, 2015, each Named Executive Officer would have vested in restricted Common Stock
having the respective values set forth in the table below.

With respect to the 2015 LTIP Awards and the 2016 LTIP Awards, upon the consummation of a change of
control of the Company, each grantee would become vested in a number of Performance Units based on the level
of achievement of the applicable performance targets through the date of the change of control. In the event of a
termination of a grantee’s employment due to death or disability, the grantee would become vested in a pro rata
number of Performance Units based on the level of achievement of the applicable performance targets through
the date of death or disability. In the event of termination of a grantee’s employment due to voluntary retirement,
the grantee would become vested in a pro rata number of Performance Units based on the level of achievement of
the applicable performance targets through the end of the original performance period.

Life Insurance

In addition to the events of termination of employment identified in the following table and above, each
Named Executive Officer is covered by a Company-provided life insurance policy generally available to the
Company’s employees. Such policy would entitle the respective Named Executive Officer’s beneficiary to a
payment of $400,000 in the event of such Named Executive Officer’s death.

27

Termination and Change of Control Payments

The following table includes estimated payments owed and benefits required to be provided to our Named
Executive Officers under the employment agreements and Stock Plans described above, exclusive of benefits
available on a non-discriminatory basis generally, in each case assuming that the triggering event described in the
table occurred on December 31, 2015.

PROXY STATEMENT

Name

Triggering
Event

Bruce W. Duncan . . . . . . . Change of Control(3)

Termination Following Change of Control
Termination w/o Cause(4)

Scott A. Musil(5) . . . . . . . . Change of Control(3)

Termination w/o Cause

Johannson L. Yap(5)

. . . . . Change of Control(3)

Termination w/o Cause

David G. Harker(5)

. . . . . . Change of Control(3)

Termination w/o Cause

Peter O. Schultz(5) . . . . . . . Change of Control(3)

Termination w/o Cause

Severance
($)

Accelerated
Equity
Awards
($)(1)

Medical
Insurance
Premiums
($)(2)

— 3,444,402

$6,862,500
$5,800,000 2,900,159
— 1,179,507
—
—
— 1,578,046
—
—
— 1,155,783
—
—
— 1,124,536
—
—

—
— 39,329
39,329
—
—
—
—
—
—
—
—

(1) For purposes of estimating the value of awards of restricted Common Stock which vest, the Company has
considered any applicable employment agreement limitations and assumed a price per share of its Common
Stock of $22.13, which was the closing price of the Common Stock on December 31, 2015, the last trading
day of the year.

(2) Present value of estimated premiums required to be paid by the Company or cash payments in lieu of

benefits required to be provided.

(3) Upon a change of control of the Company, the vesting of any unvested restricted Common Stock held by the
officer will accelerate, and the 2015 LTIP Awards will vest based on the level of achievement of the
applicable performance targets through the date of the change of control. The amounts reflected in this table
for the unvested 2015 LTIP Awards are based on the highest level of achievement of the applicable
performance targets and include accrued dividend equivalents through December 31, 2015.

(4) Includes constructive discharge under the terms of Mr. Duncan’s employment agreement.

(5) None of Messrs. Musil, Yap, Harker or Schultz was a party to an employment agreement with the Company
as of December 31, 2015. As such, the amounts disclosed in this table relate only to awards of restricted
Common Stock and Performance Units granted to Messrs. Musil, Yap, Harker and Schultz under the 2014
Stock Plan.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

The Compensation Committee currently consists of Mr. Tyler, who served as the Company’s interim Chief
Executive Officer from October 22, 2008 until January 9, 2009, and Mr. Sharpe. Except for Mr. Tyler’s and
Mr. Sharpe’s services as directors, neither Mr. Tyler nor Mr. Sharpe had any other business relationship or
affiliation with the Company in 2015 requiring disclosure by the Company under Item 404 of Regulation S-K.

28

PROXY STATEMENT

REPORT OF THE AUDIT COMMITTEE

Pursuant to a meeting of the Audit Committee on February 16, 2016, the Audit Committee reports that it
has: (i) reviewed and discussed the Company’s audited financial statements with management; (ii) discussed with
the independent registered public accounting firm the matters (such as the quality of the Company’s accounting
principles and internal controls) required to be discussed by Statement on Auditing Standards No. 16,
Communications with Audit Committees; and (iii) received written confirmation from PricewaterhouseCoopers
LLP that it is independent and written disclosures as required by applicable requirements of the Public Company
Accounting Oversight Board regarding the independent accountant’s communications with the Audit Committee
concerning independence, and discussed with PricewaterhouseCoopers LLP its independence. Based on the
review and discussions referred to in items (i) through (iii) above, the Audit Committee recommended to the
Board of Directors that the audited financial statements be included in the Company’s annual report for the
Company’s fiscal year ended December 31, 2015.

Submitted by the Audit Committee:

H. Patrick Hackett, Jr., Chairman
John Rau
L. Peter Sharpe

TRANSACTIONS WITH RELATED PERSONS, PROMOTERS AND CERTAIN CONTROL PERSONS

Transactions involving the Company and its executive officers and directors that are reportable under
Item 404 of Regulation S-K are required by the Company’s written policies to be reported to and approved by the
Nominating/Corporate Governance Committee of
the Board of Directors. The Nominating/Corporate
Governance Committee addresses such transactions on a case-by-case basis, after considering the relevant facts
and circumstances.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange Act of 1934 (as amended, the “Exchange Act”) requires the
Company’s officers and directors, and persons who own more than ten percent of a registered class of the
Company’s equity securities, to file reports of ownership and changes in ownership with the SEC and the NYSE.
Officers, directors and “greater than ten-percent” stockholders are required by SEC regulations to furnish the
Company with copies of all Section 16(a) forms so filed.

Based solely on review of the copies of such forms furnished to the Company for 2015, all of the
Company’s officers, directors and “greater than ten-percent” stockholders timely filed all reports required to be
filed by Section 16(a) of the Exchange Act during 2015, except that Mr. Yap filed a Form 4 on August 11, 2015
related to a 401(k) transaction occurring August 5, 2015 due to a delay in the Company’s 401(k) plan
administrator reporting such transaction to the Company.

29

PROXY STATEMENT

SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS

The following table presents information concerning the ownership of Common Stock of the Company and
limited partnership units (“Units”) of First Industrial, L.P. (which generally are redeemable for Common Stock
on a one-for-one basis or cash at the option of the Company) by:

‰ all directors named and nominees named in this Proxy Statement (the “named directors”);
‰ all Named Executive Officers identified in the Summary Compensation Table;
‰ all named directors and Named Executive Officers of the Company as a group; and
‰ persons and entities known to the Company to be beneficial owners of more than 5% of the Company’s

Common Stock.

The information is presented as of the Record Date, unless otherwise indicated, and is based on
representations of officers and directors of the Company and filings received by the Company on Schedule 13G
under the Exchange Act. As of the Record Date, there were 111,247,508 shares of Common Stock and 4,295,884
Units outstanding.

Names and Addresses of 5% Stockholders

Common Stock/Units
Beneficially Owned

Number

Percent of
Class

The Vanguard Group(1)
100 Vanguard Blvd.
Malvern, PA 19355

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16,158,838

14.53%

BlackRock, Inc.(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8,076,690

7.26%

55 East 52nd Street
New York, NY 10022

Vanguard Specialized Funds – Vanguard REIT Index Fund(3) . . . . . . . . . . . . . . . . . . . . .

7,977,711

7.17%

100 Vanguard Blvd.
Malvern, PA 19355
The London Company(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7,586,439

6.82%

1800 Bayberry Court, Suite 301
Richmond, Virginia 23226

Invesco Ltd.(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6,565,899

5.90%

1555 Peachtree Street NE, Suite 1800
Atlanta, GA 30309

Names and Addresses of Directors and Officers*

Bruce W. Duncan(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Matthew S. Dominski(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
H. Patrick Hackett, Jr.(8)
John Rau(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
L. Peter Sharpe(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
W. Ed Tyler(7)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Scott A. Musil(9)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Johannson L. Yap(10)
David G. Harker(11)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Peter O. Schultz(12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All named directors and currently-serving executive officers as a group (10

1,003,968
24,227
74,750
54,719
57,327
89,559
138,045
338,971
117,722
132,160

**
**
**
**
**
**
**
**
**
**

persons)(13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,031,448

1.83%

30

PROXY STATEMENT

* The business address for each of the directors and Named Executive Officers of the Company is 311 South

Wacker Drive, Suite 3900, Chicago, Illinois 60606.

** Less than 1%

(1) Pursuant to a Schedule 13G/A filed February 10, 2016 of The Vanguard Group (“Vanguard Group”). Of the
shares reported, Vanguard Group has the sole power to vote 302,929 shares, the shared power to vote
91,000 shares, the sole power to dispose of 15,925,659 shares and the shared power to dispose of 233,179
shares.

(2) Pursuant to a Schedule 13G/A filed January 26, 2016 of Blackrock, Inc. (“Blackrock”). Blackrock has the

sole power to vote 7,808,744 shares and sole power to dispose of all 8,076,690 shares.

(3) Pursuant to a Schedule 13G/A filed February 9, 2016 of Vanguard Specialized Funds – Vanguard REIT
Index Fund (“Vanguard REIT”). Of the shares reported, Vanguard REIT has the sole power to vote and
dispose of all 7,977,711 shares.

(4) Pursuant to a Schedule 13G/A filed February 9, 2016 of The London Company (“London”). London has the

sole power to vote and dispose of 6,914,238 shares and the shared power to dispose of 672,201 shares.

(5) Pursuant to a Schedule 13G filed February 16, 2016 of Invesco Ltd. (“Invesco”). Invesco has the sole power

to vote 5,082,417 shares and the sole power to dispose of all 6,565,899 shares.

(6) Includes 146,081 shares of restricted Common Stock issued under the 2014 Stock Plan.

(7) Includes 3,477 shares of restricted Common Stock issued under the 2014 Stock Plan.

(8) Includes 3,477 shares of restricted Common Stock issued under the 2014 Stock Plan. Also includes 71,273

shares of Common Stock held jointly with his wife.

(9) Includes 28,861 shares of restricted Common Stock issued under the 2014 Stock Plan.

(10) Includes 1,680 Units. Also includes 51,131 shares of restricted Common Stock issued under the 2014 Stock

Plan.

(11) Includes 28,801 shares of restricted Common Stock issued under the 2014 Stock Plan.

(12) Includes 26,661 shares of restricted Common Stock issued under the 2014 Stock Plan.

(13) Includes 1,680 Units. Also includes 298,920 shares of restricted Common Stock issued under the 2014

Stock Plan.

31

PROXY STATEMENT

PROPOSAL 2

ADVISORY VOTE ON EXECUTIVE COMPENSATION

Pursuant to Section 14A of the Exchange Act, our stockholders are entitled to vote to approve, on an
advisory or non-binding basis, the compensation of our Named Executive Officers as disclosed in this Proxy
Statement in accordance with SEC rules.

The Board of Directors believes that its executive compensation program serves the best interests of the
Company’s stockholders by not only attracting and retaining talented, capable individuals, but also providing
them with proper incentives linked to performance criteria that are designed to maximize the Company’s overall
performance. To this end, the Company’s compensation program consists of a mix of compensation that is
intended to compensate the Named Executive Officers for their contributions during the year and to reward them
for achievements that lead to increased Company performance and increases in stockholder value. Please refer to
“Compensation Discussion and Analysis” for a discussion of the compensation of our Named Executive Officers.

We are asking for stockholder approval of the compensation of our Named Executive Officers as disclosed
in accordance with SEC rules, which disclosures include the disclosures under
in this Proxy Statement
“Compensation Discussion and Analysis” and the compensation tables and the narrative discussion following the
compensation tables. This vote is not intended to address any specific item of compensation, but rather the
overall compensation of our Named Executive Officers and the policies and practices described in this Proxy
Statement.

This vote is advisory and therefore not binding on the Company, the Compensation Committee or the Board
of Directors. The Board of Directors and the Compensation Committee value the opinions of the Company’s
stockholders and to the extent there is any significant vote against the compensation of our Named Executive
Officers as disclosed in this Proxy Statement, we will consider those stockholders’ concerns, and the
Compensation Committee will evaluate whether any actions are necessary to address those concerns.

Accordingly, we ask our stockholders to vote on the following resolution at the Annual Meeting:

“RESOLVED, that the Company’s stockholders approve, on an advisory basis, the compensation of the
named executive officers, as disclosed in the Company’s Proxy Statement for the 2016 Annual Meeting of
Stockholders pursuant to the compensation disclosure rules of the Securities and Exchange Commission under
‘Compensation Discussion and Analysis’ and the compensation tables and the narrative discussion following the
compensation tables.”

The affirmative vote of the holders of a majority of the votes cast with a quorum present at the Annual

Meeting is required for advisory approval of this proposal.

The Board of Directors recommends an advisory vote FOR the approval of the compensation of the
Named Executive Officers as disclosed in this Proxy Statement.

32

PROPOSAL 3

RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

PROXY STATEMENT

The accounting firm of PricewaterhouseCoopers LLP (or its predecessor, Coopers & Lybrand L.L.P.) has
served as the Company’s independent auditors since the Company’s formation in August 1993. On October 23,
2015, the Audit Committee of the Board of Directors appointed PricewaterhouseCoopers LLP as the Company’s
of
independent
PricewaterhouseCoopers LLP will be present at the Annual Meeting, will be given the opportunity to make a
statement if he or she so desires and will be available to respond to appropriate questions.

year. A representative

accounting

registered

firm for

public

fiscal

2016

the

Our Charter and Bylaws do not require that our stockholders ratify the appointment of our independent
registered certified public accounting firm. We are doing so because we believe it is a matter of good corporate
practice. If our stockholders do not ratify the appointment, the Audit Committee will reconsider whether to retain
PricewaterhouseCoopers LLP but may still retain them. Even if the appointment is ratified, the Audit Committee,
in its discretion, may change the appointment at any time during the year if it determines that a change in
registered certified public accounting firm would be in the best interests of the Company and its stockholders.

FEES

During 2015 and 2014, the aggregate fees for services provided by PricewaterhouseCoopers LLP in the

following categories and amounts are:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Audit Fees(1)
Audit-Related Fees(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax Fees(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All Other Fees(4)

$1,067,600
32,008
27,300
2,862

$1,099,745
75,707
26,500
1,944

Total Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,129,770

$1,203,896

2015

2014

(1) Audit Fees include amounts related to the audits of the Company’s annual financial statements, the reviews
of our quarterly financial statements and internal control over financial reporting and other services that are
normally provided by the auditor in connection with securities offerings and other filings with the SEC.

(2) Audit-Related Fees include amounts related to joint venture audits and certain agreed-upon procedures.

(3) Tax Fees include amounts related to tax services related to federal and state tax return preparation.

(4) All Other Fees include amounts related to technical research tools.

PRE-APPROVAL OF SERVICES

The Audit Committee pre-approves all audit, audit-related, tax and other services proposed to be provided
by the Company’s independent registered public accounting firm. Consideration and approval of such services
generally occur at the Audit Committee’s regularly scheduled meetings. In situations where it is impractical to
wait until the next regularly scheduled meeting, the Audit Committee has delegated the authority to approve the
audit, audit-related, tax and other services to each of its individual members. Approvals of audit, audit-related,
tax and other services pursuant to the above-described delegation of authority are reported to the full Audit
Committee.

The Board of Directors recommends a vote FOR ratification of the appointment of
PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for
fiscal 2016.

33

PROXY STATEMENT

OTHER MATTERS

SOLICITATION OF PROXIES

The cost of solicitation of proxies in the form enclosed herewith will be borne by the Company. In addition
to the solicitation of proxies by mail, the directors, officers and employees of the Company may also solicit
proxies personally or by telephone without additional compensation for such activities. The Company will also
request persons, firms and corporations holding shares in their names or in the names of their nominees, which
are beneficially owned by others, to send proxy materials to and obtain proxies from such beneficial owners. The
Company will reimburse such holders for their reasonable expenses.

Georgeson Shareholder Services, Inc. acts as the Company’s proxy solicitor at a cost of $8,000, plus

reasonable out of pocket expenses.

STOCKHOLDER PROPOSALS

Under applicable SEC rules, stockholder proposals intended to be presented at the 2017 Annual Meeting of
Stockholders must be received by the Secretary of the Company no later than December 9, 2016, in order to be
considered for inclusion in the proxy statement and on the proxy card that will be solicited by the Board of
Directors in connection with such meeting. Additionally, under our Bylaws, stockholder proposals intended to be
presented at the 2017 Annual Meeting of Stockholders must be received by the Secretary of the Company no
later than December 9, 2016, and no earlier than November 9, 2016, in order to be considered timely and must
comply with certain additional requirements contained in our Bylaws in order to be proper.

INCORPORATION BY REFERENCE

Appendix A to this Proxy Statement is the Company’s 2015 Annual Report, which includes its consolidated
financial statements and management’s discussion and analysis of financial condition and results of operations,
as well as certain other financial and other information required by the rules and regulations of the SEC.
Information contained in Appendix A to this Proxy Statement shall not be deemed to be “filed” or “soliciting
material,” or subject to liability for purposes of Section 18 of the Exchange Act to the maximum extent permitted
under the Exchange Act.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE
STOCKHOLDERS MEETING TO BE HELD ON MAY 11, 2016

The Proxy Statement, Notice of Annual Meeting, Proxy Card and the Company’s 2015 Annual Report are
available on the “Proxy Statement” tab of the Investor Relations page on the Company’s website, at
www.firstindustrial.com.

For directions to attend the Annual Meeting in person, please contact Arthur J. Harmon, the Company’s

Vice President of Investor Relations and Marketing, at (312) 344-4320.

OTHER MATTERS

The Board of Directors does not know of any matters other than those described in this Proxy Statement that
will be presented for action at the Annual Meeting. If other matters are presented, it is the intention of the persons
named as proxies in the accompanying Proxy Card to vote in their discretion all shares represented by validly
executed proxies.

REGARDLESS OF THE NUMBER OF SHARES YOU OWN, YOUR VOTE IS IMPORTANT TO
THE COMPANY. PLEASE COMPLETE, SIGN, DATE AND PROMPTLY RETURN THE
ENCLOSED PROXY CARD TODAY.

34

APPENDIX A

2015 Annual Report

Explanatory Note
Selected Financial Data

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Business Overview

Summary of Significant Transactions During 2015

Results of Operations

Critical Accounting Policies

Liquidity and Capital Resources

Supplemental Earnings Measure

Subsequent Events

Risk Factors

Controls and Procedures

Reports of Independent Registered Public Accounting Firm

First Industrial Realty Trust, Inc.

Consolidated Balance Sheets

Consolidated Statements of Operations

Consolidated Statements of Comprehensive Income

Consolidated Statements of Changes in Stockholders’ Equity

Consolidated Statements of Cash Flows

First Industrial, L.P.

Consolidated Balance Sheets

Consolidated Statements of Operations

Consolidated Statements of Comprehensive Income

Consolidated Statements of Changes in Partners’ Capital

Consolidated Statements of Cash Flows

Notes to Consolidated Financial Statements

Market Information

Table of
Contents
A-1
A-2

A-4

A-4

A-6

A-6

A-13

A-15

A-19

A-21
A-22

A-32

A-34

A-36

A-37

A-38

A-39

A-40

A-42

A-43

A-44

A-45

A-46

A-48

A-99

A-101

A-102

Corporate Management and Directors

Corporate and Stockholder Information

EXPLANATORY NOTE

This 2015 Annual Report discusses the financial performance and results of operations of both First
Industrial Realty Trust, Inc., a Maryland corporation (the “Company”), and the operating partnership of which
the Company serves as general partner, First Industrial, L.P., a Delaware limited partnership (the “Operating
Partnership”). At December 31, 2015, the Company owned an approximate 96.3% common general partnership
interest in the Operating Partnership. The remaining approximate 3.7% common limited partnership interests in
the Operating Partnership are owned by certain limited partners. As the sole general partner of the Operating
Partnership, the Company exercises exclusive and complete discretion over the Operating Partnership’s day-to-
day management and control.

The Company and the Operating Partnership are managed and operated as one enterprise. The financial
results of the Operating Partnership are consolidated into the financial statements of the Company. The Company
has no significant assets other than its investment
in the Operating Partnership. Substantially all of the
Company’s assets are held by, and its operations are conducted through, the Operating Partnership and its
subsidiaries. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially
the same.

We have chosen to discuss the financial performance results of operations of both the Company and the
Operating Partnership in this 2015 Annual Report. To help you understand the differences between the Company
and the Operating Partnership, this 2015 Annual Report provides the following separate disclosures for each of
the Company and the Operating Partnership:
‰ consolidated financial statements;
‰ a single set of consolidated notes to such financial statements that includes separate discussions of each

entity’s stockholders’ equity or partners’ capital, as applicable; and

‰ a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations

section that includes distinct information related to each entity.

The main areas of difference between the consolidated financial statements of the Company and those of the
Operating Partnership, as well as the benefits of combined reporting, are further explained in the Company’s and
the Operating Partnership’s Form 10-K for the period ended December 31, 2015 filed with the Securities and
Exchange Commission on February 25, 2016, a copy of which may be obtained by following the procedures set
forth on page A-102 of this 2015 Annual Report.

Unless stated otherwise in this 2015 Annual Report or the context otherwise requires, the terms “we,” “our”
and “us” refer to the Company and its subsidiaries, including the Operating Partnership and its consolidated
subsidiaries.

A-1

SELECTED FINANCIAL DATA

The following tables set forth the selected financial and operating data for the Company and the Operating
Partnership on a consolidated basis. The following selected consolidated financial data should be read in
conjunction with the Consolidated Financial Statements and Notes thereto and Management’s Discussion and
Analysis of Financial Condition and Results of Operations included elsewhere in this 2015 Annual Report.

The Company

Statement of Operations Data:

Year Ended
12/31/15

Year Ended
12/31/14

Year Ended
12/31/13

Year Ended
12/31/12

Year Ended
12/31/11

(In thousands, except per share data)

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 365,762 $ 344,599 $ 318,454 $ 304,517 $ 292,757
Income (Loss) from Continuing Operations . . . . . . .
(35,571)
Net Income (Loss) Available to First Industrial

(21,286)

23,182

76,705

4,862

Realty Trust, Inc.’s Common Stockholders and
Participating Securities . . . . . . . . . . . . . . . . . . . . . .

Basic Per Share Data:

Income (Loss) from Continuing Operations

Available to First Industrial Realty Trust, Inc.’s
Common Stockholders . . . . . . . . . . . . . . . . . . . . . . $

Net Income (Loss) Available to First Industrial

73,802

46,629

25,907

(22,069)

(27,010)

0.67 $

0.18 $

(0.09) $

(0.44) $

(0.65)

Realty Trust, Inc.’s Common Stockholders . . . . . .

0.67

0.42

0.24

(0.24)

(0.34)

Diluted Per Share Data:

Income (Loss) from Continuing Operations

Available to First Industrial Realty Trust, Inc.’s
Common Stockholders . . . . . . . . . . . . . . . . . . . . . . $

Net Income (Loss) Available to First Industrial

Realty Trust, Inc.’s Common Stockholders . . . . . .
Dividends/Distributions Per Share . . . . . . . . . . . . . . . $
Basic Weighted Average Shares . . . . . . . . . . . . . . . .
Diluted Weighted Average Shares . . . . . . . . . . . . . . .

Balance Sheet Data (End of Period):

0.66 $

0.18 $

(0.09) $

(0.44) $

(0.65)

0.66
0.51 $

0.42
0.41 $

0.24
0.34 $

(0.24)
0.00 $

110,352
110,781

109,922
110,325

106,995
106,995

91,468
91,468

(0.34)
0.00
80,616
80,616

Real Estate, Before Accumulated Depreciation . . . . . $3,293,968 $3,183,369 $3,119,547 $3,121,448 $2,992,096
2,666,657
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,479,483
Indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,072,595
Total Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,608,842
1,335,766
1,145,653

2,581,995
1,349,846
1,090,827

2,718,051
1,442,411
1,115,135

2,597,510
1,296,806
1,171,219

Cash Flow Data:

Cash Flow From Operating Activities . . . . . . . . . . . . $ 162,149 $ 137,176 $ 125,751 $ 136,422 $
Cash Flow From Investing Activities . . . . . . . . . . . .
Cash Flow From Financing Activities . . . . . . . . . . . .

(197,074)
29,426

(42,235)
(99,407)

(61,313)
(61,748)

(69,069)
(66,166)

87,534
(3,779)
(99,504)

Other Data:

Funds from Operations Available to First Industrial
Realty Trust, Inc.’s Common Stockholders and
Participating Securities (1) . . . . . . . . . . . . . . . . . . . . $ 140,841 $ 127,890 $ 105,011 $

80,640 $

72,151

(1) Funds from operations (“FFO”) is a non-GAAP measure used in the real estate industry. See definition and
a complete reconciliation of FFO to Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s
Common Stockholders and Participating Securities under the caption “Supplemental Earnings Measure” on
pages A-19 through A-21.

A-2

The Operating Partnership

Statement of Operations Data:

SELECTED FINANCIAL DATA

Year Ended
12/31/15

Year Ended
12/31/14

Year Ended
12/31/13

Year Ended
12/31/12

Year Ended
12/31/11

(In thousands, except per Unit data)

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . $ 365,762 $ 344,599 $ 318,454 $ 304,517 $ 292,916
(35,282)
Income (Loss) from Continuing Operations . . .
Net Income (Loss) Available to Unitholders

(21,142)

76,820

23,434

4,908

and Participating Securities . . . . . . . . . . . . . .

76,682

48,704

27,033

(23,169)

(28,527)

Basic Per Unit Data:

Income (Loss) from Continuing Operations

Available to Unitholders . . . . . . . . . . . . . . . . $

Net Income (Loss) Available to Unitholders . .

Diluted Per Unit Data:

Income (Loss) from Continuing Operations

Available to Unitholders . . . . . . . . . . . . . . . . $

Net Income (Loss) Available to Unitholders . .
Distributions Per Unit . . . . . . . . . . . . . . . . . . . . $
Basic Weighted Average Units . . . . . . . . . . . . .
Diluted Weighted Average Units . . . . . . . . . . .

Balance Sheet Data (End of Period):
Real Estate, Before Accumulated

0.67 $
0.67

0.18 $
0.42

(0.09) $
0.24

(0.43) $
(0.24)

(0.64)
(0.33)

0.66 $
0.66
0.51 $

0.18 $
0.42
0.41 $

(0.09) $
0.24
0.34 $

(0.43) $
(0.24)
0.00 $

114,709
115,138

114,388
114,791

111,646
111,646

96,509
96,509

(0.64)
(0.33)
0.00
85,913
85,913

Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . $3,293,968 $3,183,369 $3,119,547 $3,121,448 $2,992,096
2,677,287
1,479,483
1,083,215

Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . .
Total Partners’ Capital

2,728,766
1,442,411
1,125,850

2,592,708
1,349,846
1,101,590

2,619,445
1,335,766
1,156,257

2,608,111
1,296,806
1,181,817

Cash Flow Data:

Cash Flow From Operating Activities . . . . . . . $ 162,286 $ 137,918 $ 126,410 $ 136,611 $
Cash Flow From Investing Activities . . . . . . . .
Cash Flow From Financing Activities . . . . . . .

(197,074)
29,304

(69,724)
(66,253)

(61,926)
(61,800)

(42,235)
(99,567)

88,135
(3,779)
(100,083)

A-3

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with “Selected Financial Data” and the

Consolidated Financial Statements and Notes thereto appearing elsewhere in this 2015 Annual Report.

In addition, the following discussion may contain 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 (the
“Exchange Act”). 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. Forward-looking
statements are based on certain assumptions and describe our future plans, strategies and expectations, and are
generally identifiable by use of the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,”
“project,” “seek,” “target,” “potential,” “focus,” “may,” “will,” “should” or similar words. Although we believe
the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no
assurance that our expectations will be attained or that results will not materially differ. 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) and
changes in interest rates; the availability and attractiveness of terms of additional debt repurchases; changes in
our credit agency ratings; our ability to comply with applicable financial covenants; our competitive
environment; changes in supply, demand and valuation of industrial properties and land in our current and
potential market areas; difficulties in identifying and consummating acquisitions and dispositions; our ability to
manage the integration of properties we acquire; potential liability relating to environmental matters; defaults on
or non-renewal of leases by our tenants; decreased rental rates or increased vacancy rates; higher-than-expected
real estate construction costs and delays in development or lease-up schedules; changes in general accounting
principles, policies and guidelines applicable to real estate investment trusts; and those additional factors
described in “Risk Factors” and elsewhere in this 2015 Annual Report and in the Company’s Form 10-K for the
year ended December 31, 2015 and other 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 2015 Annual
Report. We assume no obligation to update or supplement forward-looking statements.

Business Overview

The Company is a self-administered and fully integrated real estate company which owns, manages,
acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized
on August 10, 1993 and a real estate investment trust as defined in the Code.

We believe our financial condition and results of operations are, primarily, a function of our performance in
four key areas: leasing of industrial properties, acquisition and development of additional industrial properties,
disposition of industrial properties and access to external capital.

We generate revenue primarily from rental income and tenant recoveries from operating leases of our
industrial properties. Such revenue is offset by certain property specific operating expenses, such as real estate
taxes, repairs and maintenance, property management, utilities and insurance expenses, along with certain other
costs and expenses, such as depreciation and amortization costs and general and administrative and interest
expenses. Our revenue growth is dependent, in part, on our ability to: (i) increase rental income, through
increasing either or both occupancy rates and rental rates at our properties; (ii) maximize tenant recoveries; and
(iii) minimize operating and certain other expenses. Revenues generated from rental
income and tenant
recoveries are a significant source of funds, in addition to income generated from gains/losses on the sale of our
properties (as discussed below), for our liquidity. The leasing of property, in general, and occupancy rates, rental

A-4

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

rates, operating expenses and certain non-operating expenses, in particular, are impacted, variously, by property
specific, market specific, general economic and other conditions, many of which are beyond our control. The
leasing of property also entails various risks, including the risk of tenant default. If we were unable to maintain or
increase occupancy rates and rental rates at our properties or to maintain tenant recoveries and operating and
certain other expenses consistent with historical levels and proportions, our revenue would decline. Further, if a
significant number of our tenants were unable to pay rent (including tenant recoveries) or if we were unable to
rent our properties on favorable terms, our financial condition, results of operations, cash flow and ability to
make distributions to our stockholders and Unitholders, the market price of the Company’s common stock and
the market value of the Units would be adversely affected.

Our revenue growth is also dependent, in part, on our ability to acquire existing, and develop new industrial
properties on favorable terms. We seek to identify opportunities to acquire existing industrial properties on
favorable terms, and, when conditions permit, also seek to acquire and develop new industrial properties on
favorable terms. Existing properties, as they are acquired, and acquired and developed properties, as they are
leased, generate revenue from rental income, tenant recoveries and fees, income from which, as discussed above,
is a source of funds for our distributions to our stockholders and Unitholders. The acquisition and development of
properties is impacted, variously, by property specific, market specific, general economic and other conditions,
many of which are beyond our control. The acquisition and development of properties also entails various risks,
including the risk that our investments may not perform as expected. For example, acquired existing and acquired
and developed new properties may not sustain and/or achieve anticipated occupancy and rental rate levels. With
respect to acquired and developed new properties, we may not be able to complete construction on schedule or
within budget, resulting in increased debt service expense and construction costs and delays in leasing the
properties. Also, we face significant competition for attractive acquisition and development opportunities from
other well-capitalized real estate investors, including publicly-traded REITs and private investors. Further, as
discussed below, we may not be able to finance the acquisition and development opportunities we identify. If we
were unable to acquire and develop sufficient additional properties on favorable terms, or if such investments did
not perform as expected, our revenue growth would be limited and our financial condition, results of operations,
cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the
Company’s common stock and the market value of the Units would be adversely affected.

We also generate income from the sale of our properties (including existing buildings, buildings which we
have developed or re-developed on a merchant basis and land). The gain/loss on, and fees from, the sale of such
properties are included in our income and can be a significant source of funds, in addition to revenues generated
from rental income and tenant recoveries. Proceeds from sales are being used to repay outstanding debt and,
market conditions permitting, may be used to fund the acquisition of existing, and the acquisition and
development of new, industrial properties. The sale of properties is impacted, variously, by property specific,
market specific, general economic and other conditions, many of which are beyond our control. The sale of
properties also entails various risks, including competition from other sellers and the availability of attractive
financing for potential buyers of our properties. Further, our ability to sell properties is limited by safe harbor
rules applying to REITs under the Code which relate to the number of properties that may be disposed of in a
year, their tax bases and the cost of improvements made to the properties, along with other tests which enable a
REIT to avoid punitive taxation on the sale of assets. If we are unable to sell properties on favorable terms, our
income growth would be limited and our financial condition, results of operations, cash flow and ability to make
distributions to our stockholders and Unitholders, the market price of the Company’s common stock and the
market value of the Units could be adversely affected.

We utilize a portion of the net sales proceeds from property sales, borrowings under our Unsecured Credit
Facility and proceeds from the issuance, when and as warranted, of additional debt and equity securities to
refinance debt and finance future acquisitions and developments. Access to external capital on favorable terms

A-5

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

plays a key role in our financial condition and results of operations, as it impacts our cost of capital and our
ability and cost to refinance existing indebtedness as it matures and to fund acquisitions and developments. Our
ability to access external capital on favorable terms is dependent on various factors, including general market
conditions, interest rates, credit ratings on our debt, the market’s perception of our growth potential, our current
and potential future earnings and cash distributions and the market price of the Company’s common stock. If we
were unable to access external capital on favorable terms, our financial condition, results of operations, cash flow
and ability to make distributions to our stockholders and Unitholders, the market price of the Company’s
common stock and the market value of the Units could be adversely affected.

Summary of Significant Transactions During 2015

During 2015, we completed the following significant transactions and financing activities:

• We acquired eight industrial properties comprising approximately 1.9 million square feet of GLA and
several land parcels for an aggregate purchase price of approximately $169.2 million, excluding costs
incurred in conjunction with the acquisitions.

• We placed in-service six developments totaling approximately 1.8 million square feet of GLA at a total

cost of approximately $109.2 million.

• We sold 66 industrial properties comprising approximately 3.8 million square feet of GLA and several

land parcels for total gross sales proceeds of approximately $158.4 million.

• We amended our existing $625.0 million revolving credit agreement, extending the maturity to March,
2019 (with an option to extend an additional one year at our election). The interest rate on our Unsecured
Credit Facility is currently LIBOR plus 115 basis points subject to a pricing grid for changes in our
leverage ratio or credit ratings. The weighted average interest rate at December 31, 2015, is 1.57%.

• We entered into a seven-year, $260.0 million unsecured loan (the “2015 Unsecured Term Loan”) with a
syndicate of financial institutions. The interest rate is currently LIBOR plus 160 basis points subject to a
pricing grid for changes in our leverage ratio or credit ratings. We also entered into interest rate protection
agreements to effectively convert the variable rate to a fixed rate, providing a weighted average effective
rate of 3.39% as of December 31, 2015.

• We paid an annual cash dividend of $0.51 per common share or Unit, an increase of 24% from 2014.

Results of Operations

Comparison of Year Ended December 31, 2015 to Year Ended December 31, 2014

The Company’s net income was $76.7 million and $51.0 million for the years ended December 31, 2015
and 2014, respectively. The Operating Partnership’s net income was $76.8 million and $51.3 million for the
years ended December 31, 2015 and 2014, respectively.

The tables below summarize our revenues, property expenses and depreciation and other amortization by
various categories for the years ended December 31, 2015 and 2014. Same store properties are properties owned
prior to January 1, 2014 and held as an in-service property through December 31, 2015 and developments and
redevelopments that were placed in service prior to January 1, 2014 or were substantially completed for the
12 months prior to January 1, 2014. Properties which are at least 75% occupied at acquisition are placed in
service. Acquisitions that are less than 75% occupied at
the date of acquisition, developments and
redevelopments are placed in service as they reach the earlier of a) stabilized occupancy (generally defined as
90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion.
Properties are moved from the same store classification to the redevelopment classification when capital

A-6

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property.
Acquired properties are properties that were acquired subsequent to December 31, 2013 and held as an operating
property through December 31, 2015. Sold properties are properties that were sold subsequent to December 31,
2013. (Re)Developments include developments and redevelopments that were not: a) substantially complete
12 months prior to January 1, 2014; or b) stabilized prior to January 1, 2014. Other revenues are derived from
operations of properties not placed in service under one of the categories discussed above, the operations of our
maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Other expenses
are derived from the operations of properties not placed in service under one of the categories discussed above,
operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses.

During the period between January 1, 2014 and December 31, 2015, one industrial property previously
classified within same store, comprising approximately 0.2 million square feet, was reclassified and is included
in the Other classification as of December 31, 2015. This property was taken out of service during the fourth
quarter of 2015. We intend to demolish the existing industrial property and construct a new industrial property, at
which time the property will be reclassified from Other to the (Re) Developments classification. The newly
constructed property will return to the same store classification following a complete calendar year of in service
classification.

Our future financial condition and results of operations, including rental revenues, may be impacted by the
future acquisition, development and sale of properties. Our future revenues and expenses may vary materially
from historical rates.

For the years ended December 31, 2015 and 2014, the average occupancy rates of our same store properties

were 94.2% and 93.2%, respectively.

REVENUES
Same Store Properties . . . . . . . . . . . . . . . . . . . . . . .
Acquired Properties . . . . . . . . . . . . . . . . . . . . . . . . .
Sold Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Re) Developments . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Discontinued Operations . . . . . . . . . . . . . . . . . . . . .

2015

2014

$ Change

% Change

($ in 000’s)

$324,165
8,828
13,751
14,124
4,894

$365,762
—

$318,420
2,896
24,203
2,131
3,956

$ 5,745
5,932
(10,452)
11,993
938

1.8%
204.8%
(43.2)%
562.8%
23.7%

$351,606
(7,007)

$ 14,156
7,007

4.0%
(100.0)%

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . .

$365,762

$344,599

$ 21,163

6.1%

Revenues from same store properties increased $5.7 million primarily due to an increase in occupancy as well
as an increase in rental rates during the year ended December 31, 2015 as compared to December 31, 2014, partially
offset by a decrease in restoration fees. Revenues from acquired properties increased $5.9 million due to the 16
industrial properties acquired subsequent to December 31, 2013 totaling approximately 3.0 million square feet of
GLA. Revenues from sold properties decreased $10.5 million due to the 95 industrial properties sold subsequent to
December 31, 2013 totaling approximately 5.8 million square feet of GLA. Revenues from (re)developments
increased $12.0 million due to an increase in occupancy. Other revenues increased $0.9 million primarily due to an
increase in occupancy related to a property acquired in 2013 that was placed in service during 2014.

A-7

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

PROPERTY EXPENSES
Same Store Properties . . . . . . . . . . . . . . . . . . . . . . . .
Acquired Properties . . . . . . . . . . . . . . . . . . . . . . . . . .
Sold Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Re) Developments . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other

Discontinued Operations . . . . . . . . . . . . . . . . . . . . . .

2015

2014

$ Change % Change

($ in 000’s)

$ 92,244
2,494
6,245
3,521
10,124

$ 93,205
869
10,905
1,934
10,370

$ (961)
1,625
(4,660)
1,587
(246)

(1.0)%
187.0%
(42.7)%
82.1%
(2.4)%

$114,628
—

$117,283
(2,784)

$(2,655)
2,784

(2.3)%
(100.0)%

Total Property Expenses . . . . . . . . . . . . . . . . . . . .

$114,628

$114,499

$

129

0.1%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities,
insurance and other property related expenses. Property expenses from same store properties decreased $1.0
million primarily due to lower snow removal costs incurred during the year ended December 31, 2015 as
compared to the year ended December 31, 2014 due to the harsh 2014 winter. Property expenses from acquired
properties increased $1.6 million due to properties acquired subsequent to December 31, 2013. Property expenses
from sold properties decreased $4.7 million due to properties sold subsequent to December 31, 2013. Property
expenses from (re)developments increased $1.6 million primarily due to an increase in real estate tax expense
related to the substantial completion of developments. Other expenses remained relatively unchanged.

General and administrative expense for the Company increased by $1.9 million, or 8.3% and increased for
the Operating Partnership by $2.1 million, or 9.0%, primarily due to an increase in employee compensation and
incentive compensation.

For the years ended December 31, 2015 and 2014, we recognized $1.4 million and $1.0 million,

respectively, of expense related to costs associated with acquiring industrial properties from third parties.

The impairment charge for the year ended December 31, 2015 of $0.6 million is due to marketing certain

properties for sale and our assessment of the likelihood of a potential sale transaction.

DEPRECIATION AND OTHER

AMORTIZATION

Same Store Properties . . . . . . . . . . . . . . . . . . . . . . . .
Acquired Properties . . . . . . . . . . . . . . . . . . . . . . . . . .
Sold Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Re) Developments . . . . . . . . . . . . . . . . . . . . . . . . . .
Corporate Furniture, Fixtures and Equipment and

2015

2014

$ Change % Change

($ in 000’s)

$ 98,107
5,567
3,993
4,008

$100,758
1,723
8,257
1,843

$(2,651)
3,844
(4,264)
2,165

(2.6)%
223.1%
(51.6)%
117.5%

Other

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,139

1,704

435

25.5%

Discontinued Operations . . . . . . . . . . . . . . . . . . . . . .

$113,814
—

$114,285
(2,388)

$ (471)
2,388

(0.4)%
(100.0)%

Total Depreciation and Other Amortization . . . . .

$113,814

$111,897

$ 1,917

1.7%

A-8

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Depreciation and other amortization from same store properties decreased $2.7 million primarily due to
accelerated depreciation and amortization taken during the year ended December 31, 2014 attributable to certain
tenants who terminated their lease early. Depreciation and other amortization from acquired properties increased
$3.8 million due to properties acquired subsequent to December 31, 2013. Depreciation and other amortization
from sold properties decreased $4.3 million due to properties sold subsequent
to December 31, 2013.
Depreciation and other amortization from (re)developments increased $2.2 million primarily due to an increase
in developments that were placed in service. Depreciation from corporate furniture, fixtures and equipment and
other increased $0.4 million primarily due to additional furniture, fixtures and equipment asset purchases as well
as an increase related to additional leasing costs incurred for a property that was placed in service during 2014.

For the year ended December 31, 2015, we recognized $48.9 million of gain on sale of real estate related to
the sale of 66 industrial properties comprising approximately 3.8 million square feet of GLA and several land
parcels. For the year ended December 31, 2014, we recognized $0.1 million of loss on sale of real estate related
to the sale of land parcels that did not meet the criteria for inclusion in discontinued operations.

Interest income decreased $2.0 million, or 97.1%, primarily due to the receipt of prepayment fees of $0.7
million related to notes receivable that were paid off early during the year ended December 31, 2014 and a
decrease in the weighted average note receivable balance outstanding for the year ended December 31, 2015 as
compared to the year ended December 31, 2014.

Interest expense decreased $4.8 million, or 6.6%, primarily due to a decrease in the weighted average
interest rate for the year ended December 31, 2015 (4.99%) as compared to the year ended December 31, 2014
(5.33%) and an increase in capitalized interest of $1.0 million for the year ended December 31, 2015 as
compared to the year ended December 31, 2014 due to an increase in development activities, offset by an
increase in the weighted average debt balance outstanding for the year ended December 31, 2015 ($1,399.9
million) as compared to the year ended December 31, 2014 ($1,380.6 million).

Amortization of deferred financing costs remained relatively unchanged.

In August 2014, we entered into three interest rate protection agreements in order to maintain our flexibility
to pursue an offering of unsecured debt. During the year ended December 31, 2015, we settled the interest rate
protection agreements and reclassified the fair market value loss recorded in other comprehensive income
relating to the three interest rate protection agreements to earnings as a result of determining the forecasted
offering of unsecured debt was no longer probable to occur within the time period stated in the respective hedge
designation memos. For the year ended December 31, 2015, we recorded $11.5 million in mark-to-market and
settlement loss on the three interest rate protection agreements.

For the year ended December 31, 2014, we recognized a loss from retirement of debt of $0.7 million due to

the early payoff of certain mortgage loans.

Equity in income of joint ventures decreased $3.4 million during the year ended December 31, 2015 as
compared to the year ended December 31, 2014 primarily due to a decrease in our pro rata share of gain and earn
outs from the sales of industrial properties from the 2003 Net Lease Joint Venture.

The income tax provision is not significant.

As discussed in Note 2 to the Consolidated Financial Statements, we adopted the new accounting standard
relating to discontinued operations on January 1, 2015. There were no sales of industrial properties during the
year ended December 31, 2015 that met the criteria to be classified as discontinued operations. The industrial

A-9

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

properties sold prior to January 1, 2015 that met the criteria to be classified as discontinued operations continue
to be presented as discontinued operations in the Consolidated Statements of Operations. The following table
summarizes certain information regarding the industrial properties included in discontinued operations for the
year ended December 31, 2014.

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on Sale of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2014

($ in 000’s)
$ 7,007
(2,784)
(2,388)
25,988

Income from Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$27,823

Income from discontinued operations for the year ended December 31, 2014 reflects the results of
operations and gain on sale of real estate relating to 29 industrial properties that were sold during the year ended
December 31, 2014.

Comparison of Year Ended December 31, 2014 to Year Ended December 31, 2013

The Company’s net income was $51.0 million and $41.4 million for the years ended December 31, 2014
and 2013, respectively. The Operating Partnership’s net income was $51.3 million and $41.5 million for the
years ended December 31, 2014 and 2013, respectively.

The tables below summarize our revenues, property expenses and depreciation and other amortization by
various categories for the years ended December 31, 2014 and 2013. Same store properties are properties owned
prior to January 1, 2013 and held as an in-service property through December 31, 2014 and developments and
redevelopments that were placed in service prior to January 1, 2013 or were substantially completed for the
12 months prior to January 1, 2013. Properties which are at least 75% occupied at acquisition are placed in
service. Acquisitions that are less than 75% occupied at
the date of acquisition, developments and
redevelopments are placed in service as they reach the earlier of a) stabilized occupancy (generally defined as
90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion.
Properties are moved from the same store classification to the redevelopment classification when capital
expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property.
Acquired properties are properties that were acquired subsequent to December 31, 2012 and held as an operating
property through December 31, 2014. Sold properties are properties that were sold subsequent to December 31,
2012. (Re)Developments include developments and redevelopments that were not: a) substantially complete
12 months prior to January 1, 2013; or b) stabilized prior to January 1, 2013. Other revenues are derived from
operations of properties not placed in service under one of the categories discussed above, the operations of our
maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Other expenses
are derived from the operations of properties not placed in service under one of the categories discussed above,
operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses.

Our future financial condition and results of operations, including rental revenues, may be impacted by the
future acquisition and sale of properties. Our future revenues and expenses may vary materially from historical
rates.

A-10

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

For the years ended December 31, 2014 and 2013, the average occupancy rates of our same store properties

were 92.5% and 90.9%, respectively.

2014

2013

$ Change % Change

($ in 000’s)

REVENUES
Same Store Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $331,594 $315,118 $ 16,476
Acquired Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sold Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Re) Developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

453
20,727
1,163
1,720

6,894
7,007
3,966
2,145

(13,720)
2,803
425

5.2%
6,441 1,421.9%
(66.2)%
241.0%
24.7%

Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$351,606 $339,181 $ 12,425
13,720

(20,727)

(7,007)

3.7%
(66.2)%

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $344,599 $318,454 $ 26,145

8.2%

Revenues from same store properties increased $16.5 million primarily due to an increase in occupancy, an
increase in tenant recoveries and a one-time restoration fee recognized in 2014, partially offset by an increase in
the straight-line rent reserve for doubtful accounts. Revenues from acquired properties increased $6.4 million due
to the 10 industrial properties acquired subsequent to December 31, 2012 totaling approximately 2.2 million
square feet of GLA. Revenues from sold properties decreased $13.7 million due to the 96 industrial properties
sold subsequent to December 31, 2012 totaling approximately 5.0 million square feet of GLA. Revenues from
(re)developments increased $2.8 million due to an increase in occupancy. Other revenues increased $0.4 million
primarily due to an increase in maintenance company revenues.

2014

2013

$ Change % Change

($ in 000’s)

PROPERTY EXPENSES
Same Store Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,468 $ 93,542 $ 6,926
2,193
Acquired Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,342)
Sold Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,913
(Re) Developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(247)
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,647
2,784
2,414
8,970

454
8,126
501
9,217

Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$117,283 $111,840 $ 5,443
5,342

(8,126)

(2,784)

7.4%
483.0%
(65.7)%
381.8%
(2.7)%

4.9%
(65.7)%

Total Property Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . $114,499 $103,714 $10,785

10.4%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities,
insurance and other property related expenses. Property expenses from same store properties increased $6.9
million primarily due to higher snow removal costs incurred during the year ended December 31, 2014 as
compared to the year ended December 31, 2013 due to the harsh 2014 winter, an increase in real estate tax
expense and an increase in bad debt expense. Property expenses from acquired properties increased $2.2 million
due to properties acquired subsequent to December 31, 2012. Property expenses from sold properties decreased
$5.3 million due to properties sold subsequent to December 31, 2012. Property expenses from (re)developments
increased $1.9 million primarily due to an increase in real estate tax expense related to the substantial completion
of developments. Other expenses remained relatively unchanged.

A-11

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

General and administrative expense for both the Company and the Operating Partnership remained

relatively unchanged.

For the years ended December 31, 2014 and 2013, we recognized $1.0 million and $0.3 million,

respectively, of expense related to costs associated with acquiring industrial properties from third parties.

2014

2013

$ Change % Change

($ in 000’s)

DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $104,120 $104,676 $ (556)
3,771
Acquired Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5,339)
Sold Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,832
(Re) Developments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(101)
Corporate Furniture, Fixtures and Equipment and Other . . . . .

871
7,727
567
837

4,642
2,388
2,399
736

Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$114,285 $114,678 $ (393)
5,339

(7,727)

(2,388)

(0.5)%
433.0%
(69.1)%
323.1%
(12.1)%

(0.3)%
(69.1)%

Total Depreciation and Other Amortization . . . . . . . . . . . . $111,897 $106,951 $ 4,946

4.6%

Depreciation and other amortization from same store properties

remained relatively unchanged.
Depreciation and other amortization from acquired properties increased $3.8 million due to properties acquired
subsequent to December 31, 2012. Depreciation and other amortization from sold properties decreased $5.3
million due to properties sold subsequent to December 31, 2012. Depreciation and other amortization from
(re)developments increased $1.8 million primarily due to an increase in developments that were placed in
service. Depreciation from corporate furniture, fixtures and equipment and other remained relatively unchanged.

The $0.1 million loss and $1.1 million gain on sale of real estate for the years ended December 31, 2014 and
2013, respectively, resulted from the sale of land parcels that did not meet the criteria for inclusion in
discontinued operations.

Interest income decreased $0.2 million, or 10.4%, primarily due to a decrease in the weighted average note
receivable balance outstanding for the year ended December 31, 2014 as compared to the year ended
December 31, 2013 partially offset by the receipt of prepayment fees of $0.7 million related to note receivables
that were paid off early during the year ended December 31, 2014.

Interest expense decreased $1.4 million, or 1.9%, primarily due to a decrease in the weighted average
interest rate for the year ended December 31, 2014 (5.33%) as compared to the year ended December 31, 2013
(5.77%), partially offset by an increase in the weighted average debt balance outstanding for the year ended
December 31, 2014 ($1,380.6 million) as compared to the year ended December 31, 2013 ($1,338.5 million) and
a decrease in capitalized interest of $2.2 million for the year ended December 31, 2014 as compared to the year
ended December 31, 2013 due to a decrease in development activities.

Amortization of deferred financing costs remained relatively unchanged.

In October 2008, we entered into an interest rate protection agreement to mitigate our exposure to floating
interest rates related to the coupon reset of one of our series of preferred stock. During the year ended
December 31, 2013, we recorded $0.1 million in mark-to-market net gain associated with this interest rate
protection agreement, which matured on October 1, 2013.

A-12

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

For the year ended December 31, 2014, we recognized a loss from retirement of debt of $0.7 million due to
the early payoff of certain mortgage loans. For the year ended December 31, 2013, we recognized a loss from
retirement of debt of $6.6 million due to the partial repurchase of certain series of our senior unsecured notes, the
early payoff of certain mortgage loans and the write-off of certain unamortized loan fees associated with the
amendment of our revolving line of credit.

Equity in income of joint ventures increased $3.4 million during the year ended December 31, 2014 as
compared to the year ended December 31, 2013 primarily due to an increase in our pro rata share of gain and
earn outs from the sales of industrial properties from the 2003 Net Lease Joint Venture.

The income tax provision is not significant.

The following table summarizes certain information regarding the industrial properties included in

discontinued operations for the years ended December 31, 2014 and 2013.

2014

2013

($ in 000’s)

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Impairment of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on Sale of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,007
(2,784)
—
(2,388)
25,988

$20,727
(8,126)
(2,652)
(7,727)
34,344

Income from Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$27,823

$36,566

Income from discontinued operations for the year ended December 31, 2014 reflects the results of
operations and gain on sale of real estate relating to 29 industrial properties that were sold during the year ended
December 31, 2014.

Income from discontinued operations for the year ended December 31, 2013 reflects the results of
operations and gain on sale of real estate relating to 67 industrial properties that were sold during the year ended
December 31, 2013 and the results of operations of 29 industrial properties that were sold during the year ended
December 31, 2014. The impairment loss for the year ended December 31, 2013 of $2.7 million primarily relates
to an impairment charge recorded due to carrying values of certain properties exceeding the estimated fair value
based upon third party purchase contracts for properties held for sale during 2013.

Critical Accounting Policies

Our significant accounting policies are described in more detail in Note 2 to the Consolidated Financial
Statements. We believe the following critical accounting policies relate to the more significant judgments and
estimates used in the preparation of our consolidated financial statements.

• Accounts Receivable: We are subject to tenant defaults and bankruptcies that could affect the collection
of rent due under our outstanding accounts receivable, including straight-line rent. In order to mitigate
these risks, we perform credit reviews and analyses on our major existing tenants and all prospective
tenants meeting certain financial thresholds before leases are executed. We maintain an allowance for
doubtful accounts which is an estimate that is based on our assessment of various factors including the
accounts receivable aging, customer credit-worthiness and historical bad debts.

• Investment in Real Estate: We allocate purchase price of acquired properties to tangible (land, building,
in-place leases, tenant

tenant improvements) and identified intangible assets (leasing commissions,

A-13

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

relationships, above and below market leases and below market ground lease obligations). Above-market
and below-market lease and below market ground lease obligation values for acquired properties are
recorded based on the present value (using a discount rate which reflects the risks associated with the
leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place
lease and (ii) our estimate of fair market lease rents for each corresponding in-place lease. Acquired
above market leases are amortized as a reduction of rental revenue over the remaining non-cancelable
terms of the respective leases and acquired below market leases are amortized as an increase to rental
income over the remaining initial terms plus the terms of any below market fixed rate renewal options of
the respective leases. Leasing commission, in-place lease and tenant relationship values for acquired
properties are recorded based on our evaluation of the specific characteristics of each tenant’s lease and
our overall relationship with the respective tenant. The value allocated to leasing commission and in-
place lease intangible assets is amortized to depreciation and amortization expense over the remaining
lease term of the respective lease. The value allocated to tenant relationships is amortized to depreciation
and amortization expense over the expected term of the relationship, which includes an estimate of the
probability of lease renewal and its estimated term. We also must allocate purchase price on multi-
property portfolios to individual properties. The allocation of purchase price is based on our assessment
of various characteristics of the markets where the property is located and the expected cash flows of the
property.

• Capitalization of Costs: We capitalize costs incurred in developing and expanding real estate assets as
part of the investment basis. During the construction period, we capitalize interest costs, real estate taxes
and certain costs of the personnel performing development up to the time the property is substantially
complete. The interest rate used to capitalize interest is based upon our average borrowing rate on
existing debt. Costs incurred in making repairs and maintaining real estate assets are expensed as
incurred. We also capitalize internal and external costs incurred to successfully originate a lease that
result directly from, and are essential to, the acquisition of that lease. Leasing costs that meet the
requirements for capitalization are presented as a component of prepaid expenses and other assets. The
determination and calculation of certain costs requires estimates by us.

• Impairment of Real Estate Assets: We review our real estate assets for possible impairment whenever
events or changes in circumstances indicate that their carrying amounts may not be recoverable. We
utilize the guidelines established under the Financial Accounting Standards Board’s (the “FASB”)
guidance for accounting for the impairment of long lived assets to determine if impairment conditions
exist. We review the expected undiscounted cash flows of the property to determine if there are any
indications of impairment. If the expected undiscounted cash flows of a particular property are less than
the net book basis of the property, we will recognize an impairment charge equal to the amount of
carrying value of the property that exceeds the fair value of the property. Fair value is generally
determined by discounting the future expected cash flows of the property. The preparation of the
undiscounted cash flows and the calculation of fair value involve subjective assumptions such as
estimated occupancy, rental rates, ultimate residual value and hold period. The discount rate used to
present value the cash flows for determining fair value is also subjective. To the extent applicable
marketplace data is available, we generally use the market approach in estimating the fair value of
undeveloped land. Real estate assets that are classified as held-for-sale are reported at the lower of their
carrying value or their fair value, less estimated costs to sell.

• Deferred Tax Assets and Liabilities: In the preparation of our consolidated financial statements,
significant management judgment is required to estimate our current and deferred income tax liabilities.
Our estimates are based on our interpretation of tax laws. These estimates may have an impact on the
income tax expense recognized. Adjustments may be required by a change in assessment of our deferred
income tax assets and liabilities, changes due to audit adjustments by federal and state tax authorities, the

A-14

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Company’s inability to qualify as a REIT and changes in tax laws. Adjustments required in any given
period are included within the income tax provision. In assessing the need for a valuation allowance
against our deferred tax assets, we estimate future taxable income, considering the feasibility of ongoing
tax planning strategies and the realizability of tax loss carryforwards. In the event we were to determine
that we would not be able to realize all or a portion of our deferred tax assets in the future, we would
reduce such amounts through a charge to income in the period in which that determination is made.
Conversely, if we were to determine that we would be able to realize our deferred tax assets in the future
in excess of the net carrying amounts, we would decrease the recorded valuation allowance through an
increase to income in the period in which that determination is made.

Liquidity and Capital Resources

At December 31, 2015, our cash and cash equivalents and restricted cash were approximately $4.0 million
and $23.0 million, respectively. Restricted cash is comprised of gross proceeds from the sales of certain
industrial properties. These sale proceeds will be disbursed as we exchange industrial properties under
Section 1031 of the Code. We also had $571.6 million available for additional borrowings under our Unsecured
Credit Facility.

We have considered our short-term (through December 31, 2016) liquidity needs and the adequacy of our
estimated cash flow from operations and other expected liquidity sources to meet these needs. Our 5.75% 2016
Notes, in the aggregate principal amount of $159.7 million, are due January 15, 2016 (see Subsequent Events).
Also, we have $58.1 million in mortgage loans payable outstanding at December 31, 2015 that mature prior to
December 31, 2016. We expect to satisfy these payment obligations prior to December 31, 2016 with borrowings
under our Unsecured Credit Facility. With the exception of these payment obligations, we believe that our
principal short-term liquidity needs are to fund normal recurring expenses, property acquisitions, developments,
renovations, expansions and other nonrecurring capital improvements, debt service requirements, the minimum
distributions required to maintain the Company’s REIT qualification under the Code and distributions approved
by the Company’s Board of Directors. We anticipate that these needs will be met with cash flows provided by
operating activities as well as the disposition of select assets. These needs may also be met by the issuance of
additional equity securities or long-term unsecured indebtedness, subject to market conditions and contractual
restrictions or borrowings under our Unsecured Credit Facility.

to meet

We expect

long-term (after December 31, 2016) liquidity requirements such as property
acquisitions, developments, scheduled debt maturities, major renovations, expansions and other nonrecurring
capital improvements through the disposition of select assets, long-term unsecured and secured indebtedness and
the issuance of additional equity securities, subject to market conditions.

At December 31, 2015, borrowings under our Unsecured Credit Facility bore interest at a weighted average
interest rate of 1.57%. As of February 24, 2016, we had approximately $356.6 million available for additional
borrowings under our Unsecured Credit Facility. Our Unsecured Credit Facility contains certain financial
covenants including limitations on incurrence of debt and debt service coverage. Our access to borrowings may
be limited if we fail to meet any of these covenants. We believe that we were in compliance with our financial
covenants as of December 31, 2015, and we anticipate that we will be able to operate in compliance with our
financial covenants in 2016.

Our senior unsecured notes have been assigned credit ratings from Standard & Poor’s, Moody’s and Fitch
Ratings of BBB-/Baa3/BBB-, respectively. In the event of a downgrade, we believe we would continue to have
access to sufficient capital; however, our cost of borrowing would increase and our ability to access certain
financial markets may be limited.

A-15

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Year Ended December 31, 2015

income of approximately $76.7 million (the Operating Partnership’s net

Net cash provided by operating activities for the Company of approximately $162.1 million (net cash
provided by operating activities for the Operating Partnership of approximately $162.3 million) for the year
ended December 31, 2015 was comprised primarily of the non-cash adjustments of approximately $82.5 million,
the Company’s net
income of
approximately $76.8 million) and the Company and the Operating Partnership’s net change in operating assets
and liabilities of approximately $3.0 million, offset by equity in income of Joint Ventures of approximately $0.1
million. The adjustments for the non-cash items of approximately $82.5 million are primarily comprised of
depreciation and amortization of approximately $124.5 million, mark-to-market and settlement loss on interest
rate protection agreements of approximately $11.5 million, the impairment of real estate of approximately $0.6
million and the provision for bad debt of approximately $1.0 million, offset by the gain on sale of real estate of
approximately $48.9 million and the effect of the straight-lining of rental income of approximately $6.2 million.

Net cash used in investing activities for both the Company and the Operating Partnership of approximately
$197.1 million for the year ended December 31, 2015 was comprised primarily of the acquisition of certain land
parcels and eight
the
development of real estate, capital expenditures related to the improvement of existing real estate, payments
related to leasing activities, an increase in escrows, net contributions to our Joint Ventures and the settlement of
interest rate protection agreements, offset by the net proceeds from the sale of real estate and repayments on our
notes receivable.

industrial properties comprising approximately 1.9 million square feet of GLA,

During the year ended December 31, 2015, we sold 66 industrial properties comprising approximately
3.8 million square feet of GLA and several land parcels. Proceeds from the sales of the 66 industrial properties
and several land parcels, net of closing costs, were approximately $154.0 million. We are in various stages of
discussions with third parties for the sale of additional properties and plan to continue to selectively market other
properties for sale in 2016.

Net cash provided by financing activities for the Company of approximately $29.4 million (net cash
provided by financing activities for the Operating Partnership of approximately $29.3 million) for the year ended
December 31, 2015 was comprised primarily of net proceeds from the origination of the 2015 Unsecured Term
Loan, offset by the repayments on our mortgage loans payable, common stock and Unit distributions, payments
of debt issuance costs, net repayments on the Unsecured Credit Facility, the repurchase and retirement of
restricted stock and restricted Units and the Operating Partnership’s net distributions to noncontrolling interests.

On September 11, 2015, we entered into the 2015 Unsecured Term Loan with a syndicate of financial
institutions. The 2015 Unsecured Term Loan requires interest only payments and bears interest at a variable rate
based on LIBOR, as defined in the loan agreement, plus a specified spread based on our leverage ratio or credit
ratings. We also entered into interest rate protection agreements to effectively convert the variable rate to a fixed rate.

During the year ended December 31, 2015, we paid off and retired prior to maturity a mortgage loan in the
amount of $22.9 million. We may from time to time repay additional amounts of our outstanding debt. Any
repayments would depend upon prevailing market conditions, our liquidity requirements, contractual restrictions
and other factors we consider important. Future repayments may materially impact our liquidity, taxable income
and results of operations.

A-16

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Contractual Obligations and Commitments

The following table lists our contractual obligations and commitments as of December 31, 2015:

Payments Due by Period
(In thousands)

Total

Less Than
1 Year

1-3 Years

3-5 Years Over 5 Years

Operating and Ground Leases(1)(2) . . . . . . $
Real Estate Development Costs(1)(3) . . . .
Long Term Debt . . . . . . . . . . . . . . . . . . . . .
Interest Expense on Long Term

32,035 $
59,700
1,442,493

1,993 $

59,700
229,024

3,109 $
—
337,064

1,067
—
219,778

$ 25,866
—
656,627

Debt(1)(4) . . . . . . . . . . . . . . . . . . . . . . . .

272,877

59,648

94,490

64,800

53,939

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,807,105 $350,365 $434,663 $285,645

$736,432

(1) Not on balance sheet.

(2) Operating lease minimum rental payments have not been reduced by minimum sublease rentals of $3.9

million due in the future under non-cancelable subleases.

(3) Represents estimated remaining costs on the completion of development projects under construction.

(4)

Includes interest expense on our unsecured term loans, inclusive of the impact of interest rate protection
agreements which effectively swap the variable interest rate to a fixed interest rate. Excludes interest
expense on our Unsecured Credit Facility.

Off-Balance Sheet Arrangements

At December 31, 2015, we had letters of credit and performance bonds outstanding amounting to $6.7
million in the aggregate. The letters of credit and performance bonds are not reflected as liabilities on our balance
sheet. We have no other off-balance sheet arrangements, as defined in Item 303 of Regulation S-K, other than
those disclosed on the Contractual Obligations and Commitments table above that have or are reasonably likely
to have a current or future effect on our financial condition, results of operation or liquidity and capital resources.

Environmental

We paid approximately $1.1 million and $0.7 million during the years ended December 31, 2015 and 2014,
respectively, related to environmental expenditures. We estimate 2016 expenditures of approximately $0.3
million. We estimate that the aggregate expenditures which need to be expended in 2016 and beyond with regard
to currently identified environmental issues will not exceed approximately $1.2 million.

Inflation

For the last several years, inflation has not had a significant impact on us because of the relatively low
inflation rates in our markets of operation. Most of our leases require the tenants to pay their share of operating
expenses, including common area maintenance, real estate taxes and insurance, thereby reducing our exposure to
increases in costs and operating expenses resulting from inflation. In addition, many of the outstanding leases
have lease terms of six years which may enable us to replace existing leases with new leases at higher base
rentals if rents of existing leases are below the then-existing market rate.

A-17

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Market Risk

The following discussion about our risk-management activities includes “forward-looking statements” that
involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking
statements. Our business subjects us to market risk from interest rates, as described below.

Interest Rate Risk

The following analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the
financial instruments and derivative instruments which are held by us at December 31, 2015 that are sensitive to
changes in interest rates. While this analysis may have some use as a benchmark, it should not be viewed as a
forecast.

In the normal course of business, we also face risks that are either non-financial or non-quantifiable. Such

risks principally include credit risk and legal risk and are not represented in the following analysis.

At December 31, 2015, $1,389.9 million of our debt (96.4% of total debt at December 31, 2015) was fixed
rate debt. This includes $460.0 million of variable-rate debt that has been effectively swapped to a fixed rate
through the use of interest rate protection agreements. As of the same date, $52.5 million of our debt (3.6% of
total debt at December 31, 2015) was variable rate debt. At December 31, 2014, $1,164.8 million of our debt
(86.3% of total debt at December 31, 2014) was fixed rate debt. This includes $200.0 million of variable-rate
debt that has been effectively swapped to a fixed rate through the use of interest rate protection agreements. As of
the same date, $185.0 million of our debt (13.7% of total debt at December 31, 2014) was variable rate debt.

For fixed rate debt, changes in interest rates generally affect the fair value of the debt, but not our earnings
or cash flows. Conversely, for variable rate debt, changes in the base interest rate used to calculate the all-in
interest rate generally do not impact the fair value of the debt, but would affect our future earnings and cash
flows. The interest rate risk and changes in fair market value of fixed rate debt generally do not have a significant
impact on us until we are required to refinance such debt. See Note 4 to the Consolidated Financial Statements
for a discussion of the maturity dates of our various fixed rate debt.

Our variable rate debt is subject to risk based upon prevailing market interest rates. As of December 31,
2015 and 2014, we had approximately $52.5 million and $185.0 million, respectively, of variable rate debt
outstanding indexed to LIBOR rates (excluding the $460.0 and $200.0 million of variable-rate debt that has been
effectively swapped to a fixed rate through the use of interest rate protection agreements). If the LIBOR rates
relevant to our variable rate debt were to have increased 10%, we estimate that our interest expense during the
years ended December 31, 2015 and 2014 would have increased by approximately $0.07 million and $0.03
million, respectively, based on our average outstanding floating-rate debt during the years ended December 31,
2015 and 2014. Additionally, if weighted average interest rates on our fixed rate debt were to have increased by
10% due to refinancing, interest expense would have increased by approximately $6.7 million and $7.2 million
during the years ended December 31, 2015 and 2014.

As of December 31, 2015 and 2014, the estimated fair value of our debt was approximately $1,495.7 million

and $1,422.5 million, respectively, based on our estimate of the then-current market interest rates.

The use of derivative financial instruments allows us to manage risks of increases in interest rates with
respect to the effect these fluctuations would have on our earnings and cash flows. As of December 31, 2015, we
had interest rate protection agreements with a notional aggregate amount outstanding of $460.0 million, which
mitigate our exposure to our unsecured term loans’ variable interest rates, which are based upon LIBOR, as
defined in the loan agreements. During the year ended December 31, 2015, we settled certain interest rate

A-18

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

protection agreements, which were entered into in August 2014, to maintain our flexibility to pursue an offering
of unsecured debt, for a payment of $11.5 million made to our derivative counterparties. We have recognized
such payment as mark-to-market and settlement loss on interest rate protection agreements. See Note 11 to the
Consolidated Financial Statements for a more detailed discussion of these interest rate protection agreements.
Currently, we do not enter into financial instruments for trading or other speculative purposes.

Supplemental Earnings Measure

Investors in and industry analysts following the real estate industry utilize funds from operations (“FFO”)
and net operating income (“NOI”) as supplemental operating performance measures of an equity REIT.
Historical cost accounting for real estate assets in accordance with accounting principles generally accepted in
the United States of America (“GAAP”) implicitly assumes that the value of real estate assets diminishes
predictably over time through depreciation. Since real estate values instead have historically risen or fallen with
market conditions, many industry analysts and investors prefer to supplement operating results that use historical
cost accounting with measures such as FFO and NOI, among others. We provide information related to FFO and
same store NOI (“SS NOI”) both because such industry analysts are interested in such information, and because
our management believes FFO and SS NOI are important performance measures. FFO and SS NOI are factors
used by management in measuring our performance, including for purposes of determining the compensation of
our executive officers under our 2015 incentive compensation plan.

Neither FFO nor SS NOI should be considered as a substitute for net income, or any other measures derived
in accordance with GAAP. Neither FFO nor SS NOI represents cash generated from operating activities in
accordance with GAAP and neither should be considered as an alternative to cash flow from operating activities
as a measure of our liquidity, nor is either indicative of funds available for our cash needs, including our ability
to make cash distributions.

Funds From Operations

The National Association of Real Estate Investment Trusts (“NAREIT”) has recognized and defined for the
real estate industry a supplemental measure of REIT operating performance that excludes historical cost
depreciation, among other items, from net income determined in accordance with GAAP. FFO is a non-GAAP
financial measure. FFO is calculated by us in accordance with the definition adopted by the Board of Governors
of NAREIT and therefore may not be comparable to other similarly titled measures of other companies.

Management believes that the use of FFO available to common stockholders and participating securities,
combined with net income (which remains the primary measure of performance), improves the understanding of
operating results of REITs among the investing public and makes comparisons of REIT operating results more
meaningful. Management believes that, by excluding gains or losses related to sales of previously depreciated
real estate assets, real estate asset depreciation and amortization and impairment charges recorded on depreciable
real estate, investors and analysts are able to identify the operating results of the long-term assets that form the
core of a REIT’s activity and use these operating results for assistance in comparing these operating results
between periods or to those of different companies.

A-19

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following table shows a reconciliation of net

income available to common stockholders and
participating securities to the calculation of FFO available to common stockholders and participating securities
for the years ended December 31, 2015, 2014, 2013, 2012 and 2011.

Year Ended December 31,

2015

2014

2013

2012

2011

(In thousands)

Net Income (Loss) Available to First Industrial Realty Trust,

Inc.’s Common Stockholders and Participating
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 73,802 $ 46,629 $ 25,907 $ (22,069) $ (27,010)

Adjustments:

Depreciation and Other Amortization of Real Estate . . . .
Depreciation and Other Amortization of Real Estate

113,126

111,371

106,333

109,784

110,055

Included in Discontinued Operations . . . . . . . . . . . . . . .

—

2,388

7,727

11,648

12,268

Equity in Depreciation and Other Amortization of Joint

Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Impairment of Depreciated Real Estate . . . . . . . . . . . . . . .
Impairment of Depreciated Real Estate Included in

Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . .
Non-NAREIT Compliant Gain . . . . . . . . . . . . . . . . . . . . .
Non-NAREIT Compliant Gain from Joint Ventures . . . . .
Gain on Change in Control of Interests . . . . . . . . . . . . . . .
Noncontrolling Interest Share of Adjustments . . . . . . . . . .

17
626

117
—

273
—

(20)
(192)

551
(1,457)

—
(44,022)
(63)
—
(2,645)

—
(25,988)
(3,346)
—
(3,281)

2,652
(34,344)
(111)
—
(3,426)

1,438
(12,665)
(902)
(776)
(5,606)

5,916
(20,419)
(616)
(689)
(6,448)

Funds from Operations Available to First Industrial Realty
Trust, Inc.’s Common Stockholders and Participating
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,841 $127,890 $105,011 $ 80,640 $ 72,151

Same Store Net Operating Income

SS NOI is a non-GAAP financial measure that provides a measure of rental operations, and does not factor
in depreciation and amortization, general and administrative expense, acquisition costs,
interest expense,
impairment charges, equity in income from joint ventures, income tax benefit and expense, gains and losses on
retirement of debt, sale of real estate and mark-to-market and settlement loss on interest rate protection
agreements. We define SS NOI as revenues minus property expenses such as real estate taxes, repairs and
maintenance, property management, utilities, insurance and other expenses, minus the NOI of properties that are
not same store properties and minus the impact of straight-line rent, the amortization of lease inducements, the
amortization of above/below market rent and lease termination fees. As so defined, SS NOI may not be
comparable to same store net operating income or similar measures reported by other REITs that define same
store properties or NOI differently. The major factors influencing SS NOI are occupancy levels, rental rate
increases or decreases and tenant recoveries increases or decreases. Our success depends largely upon our ability
to lease space and to recover the operating costs associated with those leases from our tenants.

A-20

MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following table shows a reconciliation of the same store revenues and property expenses disclosed in
the results of operations (and reconciled to revenues and expenses reflected on the statements of operations) to
SS NOI for the years ended December 31, 2015 and 2014.

Year Ended December 31,

2015

2014

(In thousands)

Same Store - Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Same Store - Property Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$324,165
92,244

$318,420
93,205

Same Store Net Operating Income Before Same Store Adjustments . . . . . .

$231,921

$225,215

Same Store Adjustments:
Lease Inducement Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Straight-line Rent
Above / Below Market Rent Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lease Termination Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
One-Time Restoration Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

805
281
(389)
(874)
—

1,042
(1,006)
(870)
(1,464)
(2,638)

Same Store Net Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$231,744

$220,279

Subsequent Events

From January 1, 2016 to February 24, 2016, we acquired one industrial property and several land parcels for
a purchase price of approximately $46.7 million, excluding costs incurred in conjunction with such acquisitions.
We also assumed a $4.5 million mortgage loan payable in conjunction with the acquisition of the property.
During the same period, we sold two industrial properties for approximately $9.6 million.

Additionally, on January 15, 2016, we paid off and retired our 2016 Notes, at maturity, in the amount of

$159.7 million.

A-21

RISK FACTORS

Our operations involve various risks that could adversely affect our financial condition, results of
operations, cash flow, make distributions to holders of the Company’s common stock and the Operating
Partnership’s general and limited partnership interests (“Units”), the market price of the Company’s common
stock and the market value of the Units. These risks, among others contained in our other filings with the SEC,
include:

Disruptions in the financial markets could affect our ability to obtain financing and may negatively impact our
liquidity, financial condition and operating results.

From time to time, the capital and credit markets in the United States and other countries experience
significant price volatility, dislocations and liquidity disruptions, which can cause the market prices of many
securities and the spreads on prospective debt financings to fluctuate substantially. These circumstances can
materially impact liquidity in the financial markets, making terms for certain financings less attractive, and in
some cases result in the unavailability of financing. A significant amount of our existing indebtedness was issued
through capital markets transactions. We anticipate that the capital markets could be a source of refinancing of
our existing indebtedness in the future. This source of refinancing may not be available if volatility in or
disruption of the capital markets occurs. Furthermore, we could potentially lose access to available liquidity
under our Unsecured Credit Facility if one or more participating lenders were to default on their commitments. If
our ability to issue additional debt or equity securities or to borrow money under our Unsecured Credit Facility
were to be impaired by volatility in or disruption of the capital markets, it could have a material adverse effect on
our liquidity and financial condition.

In addition, price volatility in the capital and credit markets could make the valuation of our properties more
difficult. There may be significant uncertainty in the valuation, or in the stability of the value, of our properties
that could result in a substantial decrease in the value of our properties. As a result, we may not be able to
recover the carrying amount of our properties, which may require us to recognize an impairment loss in earnings.

Real estate investments fluctuate in value depending on conditions in the general economy and the real estate
industry. These conditions may limit our revenues and available cash.

The factors that affect the value of our real estate and the revenues we derive from our properties include,

among other things:

• general economic conditions;

• local, regional, national and international economic conditions and other events and occurrences that

affect the markets in which we own properties;

• local conditions such as oversupply or a reduction in demand in an area;

• increasing labor and material costs;

• the ability to collect on a timely basis all rents from tenants;

• changes in tenant operations, real estate needs and credit;

• changes in interest rates and in the availability, cost and terms of mortgage funding;

• zoning or other regulatory restrictions;

• competition from other available real estate;

• operating costs, including maintenance, insurance premiums and real estate taxes; and

• other factors that are beyond our control.

A-22

RISK FACTORS

Our investments in real estate assets are concentrated in the industrial sector, and the demand for industrial
space in the United States is related to the level of economic output. Accordingly, reduced economic output may
lead to lower occupancy rates for our properties. In addition, if any of our tenants experiences a downturn in its
business that weakens its financial condition, delays lease commencement, fails to make rental payments when
due, becomes insolvent or declares bankruptcy, the result could be a termination of the tenant’s lease, which
could adversely affect our cash flow from operations. These factors may be amplified by a disruption of financial
markets.

Many real estate costs are fixed, even if income from properties decreases.

Our financial results depend on leasing space to tenants on terms favorable to us. Our income and funds
available for distribution to our stockholders and Unitholders will decrease if a significant number of our tenants
cannot pay their rent or we are unable to lease properties on favorable terms. In addition, if a tenant does not pay
its rent, we may not be able to enforce our rights as landlord without delays and we may incur substantial legal
costs. Costs associated with real property, such as real estate taxes and maintenance costs, generally are not
reduced when circumstances cause a reduction in income from the property.

We may be unable to acquire properties on advantageous terms or acquisitions may not perform as we
expect.

We have routinely acquired properties from third parties as conditions warrant and, as part of our business,
we intend to continue to do so. The acquisition of properties entails various risks, including risks that our
investments may not perform as expected and that our cost estimates for bringing an acquired property up to
market standards may prove inaccurate. Further, we face significant competition for attractive investment
opportunities from other well-capitalized real estate investors, including publicly-traded REITs and private
investors. This competition increases as investments in real estate become attractive relative to other forms of
investment. As a result of competition, we may be unable to acquire additional properties and purchase prices
may increase. In addition, we expect to finance future acquisitions through a combination of borrowings under
the Unsecured Credit Facility, proceeds from equity or debt offerings and debt originations and proceeds from
property sales, which may not be available and which could adversely affect our cash flow. Any of the above
risks could adversely affect our financial condition, results of operations, cash flow and ability to make
distributions to our stockholders and Unitholders, the market price of the Company’s common stock and the
market value of the Units.

We may obtain only limited warranties when we purchase a property and would have only limited recourse
in the event our due diligence did not identify any issues that lower the value of our property.

The seller of a property often sells such property in its “as is” condition on a “where is” basis and “with all
faults,” without any warranties of merchantability or fitness for a particular use or purpose. In addition, purchase
agreements may contain only limited warranties, representations and indemnifications that will only survive for a
limited period after the closing. The purchase of properties with limited warranties increases the risk that we may
lose some or all of our invested capital in the property as well as the loss of rental income from that property.

We may be unable to sell properties when appropriate or at all because real estate investments are not as
liquid as certain other types of assets.

Real estate investments generally cannot be sold quickly, which could limit our ability to adjust our property
portfolio in response to changes in economic conditions or in the performance of the portfolio. This could
adversely affect our financial condition and our ability to service debt and make dividends/distributions to our
stockholders and Unitholders. In addition, like other companies qualifying as REITs under the Code, our ability
to sell assets may be restricted by tax laws that potentially result in punitive taxation on asset sales that fail to
meet certain safe harbor rules or other criteria established under case law.

A-23

We may be unable to sell properties on advantageous terms.

RISK FACTORS

We have routinely sold properties to third parties as conditions warrant and, as part of our business, we
intend to continue to do so. However, our ability to sell properties on advantageous terms depends on factors
beyond our control, including competition from other sellers and the availability of attractive financing for
potential buyers. If we are unable to sell properties on favorable terms or to redeploy the proceeds in accordance
with our business strategy, then our financial condition, results of operations, cash flow and ability to make
distributions to our stockholders and Unitholders, the market price of the Company’s common stock and the
market value of the Units could be adversely affected. Further, if we sell properties by providing financing to
purchasers, defaults by the purchasers would adversely affect our operations and financial condition.

We may be unable to complete development and re-development projects on advantageous terms.

As part of our business, we develop new properties and re-develop existing properties as conditions warrant.

This part of our business involves significant risks, including the following:

• we may not be able to obtain financing for these projects on favorable terms;

• we may not complete construction on schedule or within budget;

• we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use,

building, occupancy and other governmental permits and authorizations;

• contractor and subcontractor disputes, strikes, labor disputes or supply chain disruptions may occur; and

• properties may perform below anticipated levels, producing cash flow below budgeted amounts, which
may result in us paying too much for a property, cause the property to not be profitable and limit our
ability to sell such properties to third parties.

To the extent these risks result in increased debt service expense, construction costs and delays in budgeted
leasing, they could adversely affect our financial condition, results of operations, cash flow and ability to make
distributions to our stockholders and Unitholders, the market price of the Company’s common stock and the
market value of the Units.

We may be unable to renew leases or find other lessees.

We are subject to the risks that, upon expiration, leases may not be renewed, the space subject to such leases
may not be relet or the terms of renewal or reletting, including the cost of required renovations, may be less
favorable than the expiring lease terms. If we were unable to promptly renew a significant number of expiring
leases or to promptly relet the spaces covered by such leases, or if the rental rates upon renewal or reletting were
significantly lower than the current rates, our financial condition, results of operation, cash flow and ability to
make distributions to our stockholders and Unitholders, the market price of the Company’s common stock and
the market value of the Units could be adversely affected.

The Company might fail to qualify as a REIT under existing laws and/or federal income tax laws could
change.

The Company intends to operate so as to qualify as a REIT under the Code, and we believe that the
Company is organized and will operate in a manner that allows us to continue to do so. However, qualification as
a REIT involves the satisfaction of numerous requirements, some of which must be met on a recurring basis.
These requirements are established under highly technical and complex Code provisions. There are only limited
judicial and administrative interpretations of these provisions, and they involve the determination of various
factual matters and circumstances not entirely within our control.

A-24

RISK FACTORS

If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to
federal income tax at corporate rates, including any applicable alternative minimum tax. This could result in a
discontinuation or substantial reduction in distributions to our stockholders and Unitholders and could reduce the
cash available to pay interest and principal on debt securities that we issue. Unless entitled to relief under certain
statutory provisions, the Company would be disqualified from electing treatment as a REIT for the four taxable
years following the year during which the Company failed to qualify. Additionally, since the Internal Revenue
Service (“IRS”), the United States Treasury Department and Congress frequently review federal income tax
legislation, we cannot predict whether, when or to what extent new federal laws, regulations, interpretations or
rulings will be adopted. Any such legislative action may prospectively or retroactively modify the Company’s tax
treatment and therefore, may adversely affect taxation of us and/or our stockholders and Unitholders. For
example, the recently enacted Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”) contains
numerous changes to the U.S. federal income tax rules applicable to REITs. Such changes include modifications
to various rules that apply to our ownership of, and business relationship with, any taxable REIT subsidiaries
(including a reduction in the maximum allowable value of our assets attributable to taxable REIT subsidiaries
from 25% to 20%) which could impact our ability to enter into future investments. The provisions enacted by the
PATH Act could result in changes in our tax positions or investments, and future legislative changes related to
those rules described above could have a materially adverse impact on our results of operations.

Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the
gain attributable to the transaction.

As part of our business, we sell properties to third parties as opportunities arise. Under the Code, a 100%
penalty tax could be assessed on the tax gain recognized from sales of properties that are deemed to be prohibited
transactions. The question of what constitutes a prohibited transaction is based on the facts and circumstances
surrounding each transaction. The IRS could contend that certain sales of properties by us are prohibited
transactions. While we have implemented controls to avoid prohibited transactions, if a dispute were to arise that
was successfully argued by the IRS, the 100% penalty tax could be assessed against the Company’s profits from
these transactions.

The REIT distribution requirements may limit our ability to retain capital and require us to turn to external
financing sources.

As a REIT, the Company must distribute to its stockholders at least 90% of its taxable income each year.
The Company could, in certain instances, have taxable income without sufficient cash to enable it to meet this
requirement. In that situation, we could be required to borrow funds or sell properties on adverse terms in order
to do so. The distribution requirement could also limit our ability to accumulate capital to provide capital
resources for our ongoing business, and to satisfy our debt repayment obligations and other liquidity needs, we
may be more dependent on outside sources of financing, such as debt financing or issuances of additional capital
stock, which may or may not be available on favorable terms. Additional debt financings may substantially
increase our leverage and additional equity offerings may result in substantial dilution of stockholders’ and
Unitholders’ interests.

Failure to hedge effectively against interest rate changes may adversely affect our results of operations.

Subject to maintaining the Company’s qualification as a REIT, we may seek to manage our exposure to
interest rate volatility by using interest rate hedging arrangements, such as interest cap agreements and interest
rate swap agreements. These agreements may fail to protect or could adversely affect us because, among other
things:

• interest rate hedging can be expensive, particularly during periods of rising and volatile interest rates;

• available interest rate hedges may not correspond directly with the interest rate risk for which protection

is sought;

A-25

RISK FACTORS

• the duration of the hedge may not match the duration of the related liability;

• the amount of income that a REIT may earn from hedging transactions (other than through taxable REIT

subsidiaries) is limited by U.S. federal tax provisions governing REITs;

• the credit quality of the party owing money on the hedge may be downgraded to such an extent that it

impairs our ability to sell or assign our side of the hedging transaction;

• the party owing money in the hedging transaction may default on its obligation to pay;

• we could incur significant costs associated with the settlement of the agreements;

• the underlying transactions could fail to qualify as highly-effective cash flow hedges under generally

accepted accounting practices; and

• a court could rule that such an agreement is not legally enforceable.

We have adopted a practice relating to the use of derivative financial instruments to hedge interest rate risks
related to our borrowings. This practice requires the Company’s Board of Directors to authorize our use of
derivative financial instruments to manage the interest rates on our variable rate borrowings. Our practice is that
we do not use derivatives for speculative or trading purposes and intend only to enter into contracts with major
financial institutions based on their credit rating and other factors, but the Company’s Board of Directors may
choose to change these practices in the future. Hedging may reduce the overall returns on our investments, which
could reduce our cash available for distribution to our stockholders and Unitholders. Failure to hedge effectively
against interest rate changes may materially adversely affect our financial condition, results of operations and
cash flow.

Debt financing, the degree of leverage and rising interest rates could reduce our cash flow.

We use debt to increase the rate of return to our stockholders and Unitholders and to allow us to make more
investments than we otherwise could. Our use of leverage presents an additional element of risk in the event that the
cash flow from our properties is insufficient to meet both debt payment obligations and the distribution requirements of
the REIT provisions of the Code. In addition, rising interest rates would reduce our cash flow by increasing the amount
of interest due on our floating rate debt and on our fixed rate debt as it matures and is refinanced. Our organizational
documents do not contain any limitation on the amount or percentage of indebtedness we may incur.

Failure to comply with covenants in our debt agreements could adversely affect our financial condition.

The terms of our agreements governing our indebtedness require that we comply with a number of financial and
other covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage.
Complying with such covenants may limit our operational flexibility. Our failure to comply with these covenants could
cause a default under the applicable debt agreement even if we have satisfied our payment obligations. Consistent with
our prior practice, we will continue to interpret and certify our performance under these covenants in a good faith
manner that we deem reasonable and appropriate. However, these financial covenants are complex and there can be no
assurance that these provisions would not be interpreted by the noteholders or lenders in a manner that could impose and
cause us to incur material costs. Our ability to meet our financial covenants may be adversely affected if economic and
credit market conditions limit our ability to reduce our debt levels consistent with, or result in net operating income
below, our current expectations. Under our Unsecured Credit Facility, an event of default can also occur if the lenders,
in their good faith judgment, determine that a material adverse change has occurred that could prevent timely repayment
or materially impair our ability to perform our obligations under the loan agreement.

Upon the occurrence of an event of default, we would be subject to higher finance costs and fees, and the
lenders under our Unsecured Credit Facility will not be required to lend any additional amounts to us. In

A-26

RISK FACTORS

addition, our indebtedness, together with accrued and unpaid interest and fees, could be accelerated and declared
to be immediately due and payable. Furthermore, our Unsecured Credit Facility, our unsecured term loans and
the indentures governing our senior unsecured notes contain certain cross-default provisions that may be
triggered in the event that our other material indebtedness is in default. These cross-default provisions may
require us to repay or restructure our Unsecured Credit Facility, our unsecured term loans or our senior unsecured
notes, depending on which is in default, and such restructuring could adversely affect our financial condition,
results of operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market
price of the Company’s common stock and the market value of the Units. If repayment of any of our
indebtedness is accelerated, we cannot provide assurance that we would be able to borrow sufficient funds to
refinance such indebtedness or that we would be able to sell sufficient assets to repay such indebtedness. Even if
we were able to obtain new financing, it may not be on commercially reasonable terms, or terms that are
acceptable to us.

Cross-collateralization of mortgage loans could result in foreclosure on a significant portion of our
properties if we are unable to service its indebtedness.

Certain of our mortgages were issued on a cross-collateralized basis. Cross-collateralization makes all of the
subject properties available to the lender in order to satisfy the debt. To the extent indebtedness is cross-
collateralized, lenders may seek to foreclose upon properties that do not comprise the primary collateral for a
in acceleration of other indebtedness collateralized by such properties.
loan, which may,
Foreclosure of properties would result in a loss of income and asset value to us, making it difficult for us to meet
both debt payment obligations and the distribution requirements of the REIT provisions of the Code.

in turn, result

We may have to make lump-sum payments on our existing indebtedness.

We are required to make lump-sum or “balloon” payments under the terms of some of our indebtedness.
Our ability to make required payments of principal on outstanding indebtedness, whether at maturity or
otherwise, may depend on our ability to refinance the applicable indebtedness or to sell properties. Currently, we
have no commitments to refinance any of our indebtedness.

Our mortgages may impact our ability to sell encumbered properties on advantageous terms or at all.

Certain of our mortgages contain, and some future mortgages may contain, substantial prepayment
premiums that we would have to pay upon the sale of a property, thereby reducing the net proceeds to us from
the sale of any such property. As a result, our willingness to sell certain properties and the price at which we may
desire to sell a property may be impacted. If we are unable to sell properties on favorable terms or redeploy the
proceeds of property sales in accordance with our business strategy, then our financial condition, results of
operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of
the Company’s common stock and the market value of the Units could be adversely affected.

Adverse market and economic conditions could cause us to recognize impairment charges.

We regularly review our real estate assets for impairment indicators, such as a decline in a property’s
occupancy rate, decline in general market conditions or a change in the expected hold period of an asset. If we
determine that indicators of impairment are present, we review the properties affected by these indicators to
determine whether an impairment charge is required. As a result, we may be required to recognize asset
impairment, which could materially and adversely affect our business, financial condition and results of
operations. We use considerable judgment in making determinations about impairments, from analyzing whether
there are indicators of impairment, to the assumptions used in calculating the fair value of the investment.
Accordingly, our subjective estimates and evaluations may not be accurate, and such estimates and evaluations
are subject to change or revision.

A-27

RISK FACTORS

Earnings and cash dividends, asset value and market interest rates affect the price of the Company’s
common stock.

The market value of the Company’s common stock is based in large part upon the market’s perception of
the growth potential of the Company’s earnings and cash dividends. The market value of the Company’s
common stock is also based upon the value of the Company’s underlying real estate assets. For this reason,
shares of the Company’s common stock may trade at prices that are higher or lower than the Company’s net asset
value per share. To the extent that the Company retains operating cash flow for investment purposes, working
capital reserves, or other purposes, these retained funds, while increasing the value of the Company’s underlying
assets, may not correspondingly increase the market price of the Company’s common stock. The Company’s
failure to meet the market’s expectations with regard to future earnings and cash dividends/distributions likely
would adversely affect the market price of the Company’s common stock. Further, the distribution yield on the
common stock (as a percentage of the price of the common stock) relative to market interest rates may also
influence the market price of the Company’s common stock. An increase in market interest rates might lead
prospective purchasers of the Company’s common stock to expect a higher distribution yield, which would
adversely affect the market price of the Company’s common stock. Any reduction in the market price of the
Company’s common stock would, in turn, reduce the market value of the Units.

We may become subject to litigation, which could have a material and adverse effect on our financial
condition, results of operations and cash flow.

We may become subject to litigation, including claims relating to our operations, offerings, and otherwise in
the ordinary course of business. Some of these claims may result in significant defense costs and potentially
significant judgments against us, some of which are not, or cannot be, insured against. Resolution of these types
of matters could adversely impact our financial condition, results of operations and cash flow. Certain litigation
or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which
could adversely impact our results of operations and cash flows, expose us to increased risks that would be
uninsured, and/or adversely impact our ability to attract officers and directors.

We may incur unanticipated costs and liabilities due to environmental problems.

Under various federal, state and local laws, ordinances and regulations, we, as an owner or operator of real
estate may be liable for the costs of clean-up of certain conditions relating to the presence of hazardous or toxic
materials on, in or emanating from a property and any related damages to natural resources. Environmental laws
often impose liability without regard to whether the owner or operator knew of, or was responsible for, the
presence of hazardous or toxic materials. The presence of such materials, or the failure to address those
conditions properly, may adversely affect our ability to rent or sell a property or to borrow using a property as
collateral. The disposal or treatment of or arrangement for the disposal or treatment of hazardous or toxic
materials may cause us to also be liable for the costs of clean-up of such materials or for related natural resource
damages occurring at or emanating from an off-site disposal or treatment facility, whether or not the facility is
owned or operated by us. No assurance can be given that existing environmental assessments with respect to any
of our properties reveal all environmental liabilities, that any prior owner or operator of any of our properties did
not create any material environmental condition not known to us or that a material environmental condition does
not otherwise exist as to any of our properties. In addition, changes to existing environmental regulations to
address, among other things, climate change, could increase the scope of our potential liabilities.

Our insurance coverage does not include all potential losses.

Real property is subject to casualty risk including damage, destruction, or loss resulting from events that are
unusual, sudden and unexpected. Some of our properties are located in areas where casualty risk is higher due to
earthquake, wind and/or flood risk. We carry comprehensive insurance coverage to mitigate our casualty risk, in

A-28

RISK FACTORS

amounts and of a kind that we believe are appropriate for the markets where each of our properties and their
business operations are located. Among other coverage, we carry property, boiler & machinery, liability, fire,
flood, terrorism, earthquake, extended coverage and rental insurance. Our coverage includes policy specifications
and limits customarily carried for similar properties and business activities. We evaluate our level of insurance
coverage and deductibles using analysis and modeling, as is customary in our industry. However, we do not
insure against all types of casualty, and we may not fully insure against those casualty types where we do have
insurance, either because coverage is not available or because we do not deem it to be economically feasible or
prudent to do so. As a result, we could experience a significant loss of capital or revenues, and be exposed to
obligations under recourse debt associated with a property. This could occur if an uninsured loss occurs, a loss in
excess of insured limits occurs, or a loss is not paid due to insurer insolvency.

We could be subject to risks and liabilities in connection with joint venture arrangements.

Our organizational documents do not limit the amount of available funds that we may invest in joint
ventures and we may selectively develop and acquire properties through joint ventures with other persons or
entities when we deem such transactions are warranted by the circumstances. Joint venture investments, in
general, involve certain risks, including:

• joint venturers may share certain approval rights over major decisions;

• joint venturers might fail to fund their share of any required capital commitments;

• joint venturers might have economic or other business interests or goals that are inconsistent with our

business interests or goals that would affect our ability to operate the property;

• joint venturers may have the power to act contrary to our instructions, requests, policies or objectives,

including our current policy with respect to maintaining the Company’s qualification as a REIT;

• the joint venture agreements often restrict the transfer of a member’s or joint venturer’s interest or “buy-
sell” or may otherwise restrict our ability to sell the interest when we desire or on advantageous terms;

• disputes between us and our joint venturers may result in litigation or arbitration that would increase our
expenses and prevent our officers and directors from focusing their time and effort on our business and
subject the properties owned by the applicable joint venture to additional risk; and

• we may in certain circumstances be liable for the actions of our joint venturers.

The occurrence of one or more of the events described above could adversely affect our financial condition,
results of operations, cash flow and ability to to make distributions to our stockholders and Unitholders, the
market price of the Company’s common stock and the market value of the Units.

We may incur significant costs complying with various federal, state and local laws, regulations and
covenants that are applicable to our properties and, in particular, costs associated with complying with
regulations such as the Americans with Disabilities Act of 1990 (the “ADA”) may result in unanticipated
expenses.

The properties in our portfolio are subject to various covenants and U.S. federal, state and local laws and
regulatory requirements, including permitting and licensing requirements. Local regulations, including municipal
or local ordinances, zoning restrictions and restrictive covenants imposed by community developers may restrict
our use of our properties and may require us to obtain approval from local officials or restrict our use of our
properties and may require us to obtain approval from local officials of community standards organizations at
any time with respect to our properties, including prior to acquiring a property or when undertaking renovations

A-29

RISK FACTORS

of any of our existing properties. Among other things, these restrictions may relate to fire and safety, seismic or
hazardous material abatement requirements. There can be no assurance that existing laws and regulatory policies
will not adversely affect us or the timing or cost of any future acquisitions or renovations, or that additional
regulation will not be adopted that increase such delays or result in additional costs. Our growth strategy may be
affected by our ability to obtain permits, licenses and zoning relief. Our failure to obtain such permits, licenses
and zoning relief or to comply with applicable laws could have an adverse effect on our financial condition,
results of operations and cash flow.

In addition, under the ADA, all places of public accommodation are required to meet certain U.S. federal
requirements related to access and use by disabled persons. Noncompliance with the ADA could result in an
order to correct any non-complying feature, which could result in substantial capital expenditures. We do not
conduct audits or investigations of all of these properties to determine their compliance and we cannot predict the
ultimate cost of compliance with the ADA, or other legislation. If one or more of our properties in which we
invest is not in compliance with the ADA, or other legislation, then we would be required to incur additional
costs to bring the property into compliance. If we incur substantial costs to comply with the ADA or other
legislation, our financial condition, results of operations, cash flow, our ability to satisfy debt service obligations
and to make distributions to our stockholders and Unitholders, the market price of the Company’s common stock
and the market value of the Units could be adversely affected.

Terrorist attacks and other acts of violence or war may affect the market for the Company’s common stock,
the industry in which we conduct our operations and our profitability.

Terrorist attacks may harm our results of operations and financial condition. We cannot assure you that
there will not be terrorist attacks in the localities in which we conduct business. More generally, any of these
events could cause consumer confidence and spending to decrease or result in increased volatility in the
worldwide financial markets and economy. These attacks or armed conflicts may adversely impact our
operations or financial condition. In addition, losses resulting from these types of events may be uninsurable.

We face risks relating to cybersecurity attacks that could cause loss of confidential information and other
business disruptions.

We rely extensively on computer systems to manage our business, and our business is at risk from and may
be impacted by cybersecurity attacks. These could include attempts to gain unauthorized access to our data and
computer systems. Attacks can be both individual and/or highly organized attempts organized by very
sophisticated hacking organizations. We employ a number of measures to prevent, detect and mitigate these
threats, which include password protection, frequent password change events, firewall detection systems,
frequent backups, a redundant data system for core applications and annual penetration testing; however, there is
no guarantee such efforts will be successful in preventing a cybersecurity attack. A cybersecurity attack could
compromise the confidential information of our employees, tenants and vendors. A successful attack could have
a materially adverse effect on our business, financial condition and results of operations.

Adverse changes in our credit ratings could negatively affect our liquidity and business operations.

The credit ratings of our senior unsecured notes are based on our operating performance, liquidity and
leverage ratios, overall financial position and other factors employed by the credit rating agencies in their rating
analyses. Our credit ratings can affect the availability, terms and pricing of any indebtedness and preferred stock
that we may incur going forward. There can be no assurance that we will be able to maintain any credit rating
and, in the event any credit rating is downgraded, we could incur higher borrowing costs or may be unable to
access certain or any capital markets.

A-30

RISK FACTORS

Our business could be adversely impacted if we have deficiencies in our disclosure controls and procedures
or internal control over financial reporting.

The design and effectiveness of our disclosure controls and procedures and internal control over financial
reporting may not prevent all errors, misstatements or misrepresentations. While management will continue to
review the effectiveness of our disclosure controls and procedures and internal control over financial reporting,
there can be no guarantee that our internal control over financial reporting will be effective in accomplishing all
control objectives all of the time. Deficiencies, including any material weakness, in our internal control over
financial reporting which may occur could result in misstatements of our results of operations, restatements of
our financial statements, a decline in the price/value of our securities, or otherwise materially adversely affect our
business, reputation, results of operations, financial condition or liquidity.

The Company is authorized to issue preferred stock. The issuance of preferred stock could adversely affect
the holders of the Company’s common stock issued pursuant to its public offerings.

Our declaration of trust authorizes the Company to issue 150,000,000 shares, of which 10,000,000 shares
are designated as preferred stock. Subject to approval by the Company’s Board of Directors, the Company may
issue preferred stock with rights, preferences and privileges that are more beneficial than the rights, preferences
and privileges of its common stock. Holders of the Company’s common stock do not have preemptive rights to
acquire any shares issued by the Company in the future. If the Company ever creates and issues preferred stock
with a distribution preference over common stock, payment of any distribution preferences on outstanding
preferred stock would reduce the amount of funds available for the payment of distributions to our common
stockholders and Unitholders. In addition, holders of preferred stock are normally entitled to receive a preference
payment in the event of liquidation, dissolution or winding up before any payment is made to our common
stockholders, which would reduce the amount our common stockholders and Unitholders, might otherwise
receive upon such an occurrence. Also, under certain circumstances, the issuance of preferred stock may have the
effect of delaying or preventing a change in control of the Company.

The Company’s Board of Directors may change its strategies, policies or procedures without stockholder
approval, which may subject us to different and more significant risks in the future.

Our investment, financing, leverage and distribution policies and our policies with respect to all other
activities, including growth, debt, capitalization and operations, are determined by the Company’s Board of
Directors. These policies may be amended or revised at any time and from time to time at the discretion of the
Company’s Board of Directors without notice to or a vote of its stockholders. This could result in us conducting
operational matters, making investments or pursuing different business or growth strategies. Under these
circumstances, we may expose ourselves to different and more significant risks in the future, which could have a
material adverse effect on our business and growth. In addition, the Company’s Board of Directors may change
its governance policies provided that such changes are consistent with applicable legal requirements. A change in
these policies could have an adverse effect on our financial condition, results of operations, cash flow, ability to
satisfy our principal and interest obligations, ability to make distributions to our stockholders and Unitholders,
the market price of the Company’s common stock and the market value of the Units.

We may be unable to retain and attract key management personnel.

We may be unable to retain and attract talented executives. In the event of the loss of key management
personnel or upon unexpected death, disability or retirement, we may not be able to find replacements with
comparable skill, ability and industry expertise. Until suitable replacements are identified and retained, if at all,
our operating results and financial condition could be materially and adversely affected.

A-31

CONTROLS AND PROCEDURES

First Industrial Realty Trust, Inc.

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information
required to be disclosed in its periodic reports pursuant to the Exchange Act is recorded, processed, summarized
and reported within the time periods specified in the SEC’s rules and forms, and that such information is
accumulated and communicated to management, including the Company’s principal executive officer and
principal financial officer, as appropriate, to allow timely decisions regarding required financial disclosure.

The Company carried out an evaluation, under the supervision and with the participation of management,
including the Company’s principal executive officer and principal financial officer, of the effectiveness of the
design and operation of its disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the
end of the period covered by this report. Based upon this evaluation, the Company’s principal executive officer
and principal financial officer concluded that its disclosure controls and procedures were effective as of the end
of the period covered by this report.

Management’s Report on Internal Control Over Financial Reporting

Management

is responsible for establishing and maintaining adequate internal control over financial
reporting. The Company’s internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles.

Management has assessed the effectiveness of the Company’s internal control over financial reporting as of
December 31, 2015. In making its assessment of internal control over financial reporting, management used the
Internal Control-Integrated Framework (2013) set forth by the Committee of Sponsoring Organizations of the
Treadway Commission.

Management has concluded that, as of December 31, 2015, the Company’s internal control over financial

reporting was effective.

The effectiveness of the Company’s internal control over financial reporting as of December 31, 2015 has
been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in
their report which appears herein on page A-34. See Report of Independent Registered Public Accounting Firm.

Changes in Internal Control Over Financial Reporting

There has been no change in the Company’s internal control over financial reporting that occurred during
the fourth quarter of 2015 that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting.

A-32

CONTROLS AND PROCEDURES

First Industrial, L.P.

Evaluation of Disclosure Controls and Procedures

The Operating Partnership maintains disclosure controls and procedures that are designed to ensure that
information required to be disclosed in its periodic reports pursuant to the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the SEC’s rules and forms, and that such
information is accumulated and communicated to management, including the Company’s principal executive
officer and principal financial officer, on behalf of the Company in its capacity as the general partner of the
Operating Partnership, as appropriate, to allow timely decisions regarding required financial disclosure.

The Operating Partnership carried out an evaluation, under the supervision and with the participation of
management, including the Company’s principal executive officer and principal financial officer, on behalf of the
Company in its capacity as the general partner of the Operating Partnership, of the effectiveness of the design
and operation of the Operating Partnership’s disclosure controls and procedures pursuant to Exchange Act
Rule 13a-15(b) as of the end of the period covered by this report. Based upon this evaluation, the Company’s
principal executive officer and principal financial officer, on behalf of the Company in its capacity as the general
partner of the Operating Partnership, concluded that
the Operating Partnership’s disclosure controls and
procedures were effective as of the end of the period covered by this report.

Management’s Report on Internal Control Over Financial Reporting

Management

is responsible for establishing and maintaining adequate internal control over financial
reporting. The Operating Partnership’s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles.

Management has assessed the effectiveness of the Operating Partnership’s internal control over financial
reporting as of December 31, 2015. In making its assessment of internal control over financial reporting,
management used the Internal Control-Integrated Framework (2013) set forth by the Committee of Sponsoring
Organizations of the Treadway Commission.

Management has concluded that, as of December 31, 2015, the Operating Partnership’s internal control over

financial reporting was effective.

The effectiveness of the Operating Partnership’s internal control over financial reporting as of December 31,
2015 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as
stated in their report which appears herein on page A-35.

Changes in Internal Control Over Financial Reporting

There has been no change in the Operating Partnership’s internal control over financial reporting that
occurred during the fourth quarter of 2015 that has materially affected, or is reasonably likely to materially
affect, the Operating Partnership’s internal control over financial reporting.

A-33

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of
First Industrial Realty Trust, Inc.:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of
operations, of comprehensive income, of changes in stockholders’ equity and of cash flows present fairly, in all
material respects, the financial position of First Industrial Realty Trust, Inc. and its subsidiaries (the “Company”) at
December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in
the period ended December 31, 2015 in conformity with accounting principles generally accepted in the United
States of America. In addition, in our opinion, the financial statement schedule listed in the index appearing under
Item 15(a)(2) of the Company’s Form 10-K for the year ended December 31, 2015 presents fairly, in all material
respects, the information set forth therein when read in conjunction with the related consolidated financial
statements. Also in our opinion, the Company maintained, in all material respects, effective internal control over
financial reporting as of December 31, 2015, based on criteria established in Internal Control—Integrated
Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
The Company’s management is responsible for these financial statements and financial statement schedule, for
maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal
control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting
appearing on page A-32. Our responsibility is to express opinions on these financial statements, on the financial
statement schedule, and on the Company’s internal control over financial reporting based on our integrated audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement and whether effective internal control over
financial reporting was maintained in all material respects. Our audits of the financial statements included
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and evaluating the overall financial
statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of
internal control over financial reporting, assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also
included performing such other procedures as we considered necessary in the circumstances. We believe that our
audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

Chicago, Illinois
February 24, 2016

A-34

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Partners of
First Industrial, L.P.:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of
operations, of comprehensive income, of changes in partners’ capital and of cash flows present fairly, in all
material respects, the financial position of First Industrial, L.P. and its subsidiaries (the “Operating Partnership”)
at December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three
years in the period ended December 31, 2015 in conformity with accounting principles generally accepted in the
United States of America. In addition, in our opinion, the financial statement schedule listed in the index
appearing under Item 15(a)(2) of the Operating Partnership’s Form 10-K for the year ended December 31, 2015
presents fairly, in all material respects, the information set forth therein when read in conjunction with the related
consolidated financial statements. Also in our opinion, the Operating Partnership maintained, in all material
respects, effective internal control over financial reporting as of December 31, 2015, based on criteria established
in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO). The Operating Partnership’s management is responsible for these financial
statements and financial statement schedule, for maintaining effective internal control over financial reporting
and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s
Report on Internal Control Over Financial Reporting appearing on page A-33. Our responsibility is to express
opinions on these financial statements, on the financial statement schedule, and on the Operating Partnership’s
internal control over financial reporting based on our integrated audits. We conducted our audits in accordance
with the standards of the Public Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are
free of material misstatement and whether effective internal control over financial reporting was maintained in all
material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the accounting principles used and significant
estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal
control over financial reporting included obtaining an understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. Our audits also included performing such other
procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable
basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

Chicago, Illinois
February 24, 2016

A-35

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS

December 31,
2015

December 31,
2014

(In thousands except share
and per share data)

Assets:

Investment in Real Estate:

ASSETS

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Buildings and Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Construction in Progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 745,912
2,511,737
36,319
(791,330)

$ 718,188
2,439,887
25,294
(786,978)

Net Investment in Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,502,638

2,396,391

Real Estate Held for Sale, Net of Accumulated Depreciation of $1,171 and $0 . . . . . . . . . .
Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restricted Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Accounts Receivable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment in Joint Venture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred Rent Receivable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred Financing Costs, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred Leasing Intangibles, Net
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid Expenses and Other Assets, Net

2,510
3,987
23,005
5,612
—
62,335
12,447
33,326
72,191

—
9,500
1,829
7,356
71
58,130
10,448
33,526
64,744

Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,718,051

$2,581,995

Liabilities:

Indebtedness:

LIABILITIES AND EQUITY

Mortgage Loans Payable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Senior Unsecured Notes, Net
Unsecured Term Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unsecured Credit Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts Payable, Accrued Expenses and Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred Leasing Intangibles, Net
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Rents Received in Advance and Security Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends and Distributions Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 564,955
364,956
460,000
52,500
93,699
11,841
40,153
14,812

$ 599,985
364,861
200,000
185,000
79,733
12,726
36,914
11,949

Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,602,916

1,491,168

Commitments and Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity:

—

—

First Industrial Realty Trust Inc.’s Stockholders’ Equity:

Common Stock ($0.01 par value, 150,000,000 shares authorized and 111,027,225 and

110,600,866 shares issued and outstanding) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additional Paid-in-Capital
Distributions in Excess of Accumulated Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated Other Comprehensive Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity . . . . . . . . . . . . . . . . . . .
Noncontrolling Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,111
1,756,415
(674,759)
(9,667)

1,073,100
42,035

1,106
1,751,059
(689,348)
(13,867)

1,048,950
41,877

Total Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,115,135

1,090,827

Total Liabilities and Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,718,051

$2,581,995

The accompanying notes are an integral part of the consolidated financial statements.

A-36

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Year Ended
December 31,
2015

Year Ended
December 31,
2014

Year Ended
December 31,
2013

(In thousands except per share data)

Revenues:

Rental Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Recoveries and Other Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$281,186
84,576
365,762

$259,609
84,990
344,599

$245,064
73,390
318,454

Expenses:

Property Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and Administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Impairment of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and Other Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other Income (Expense):

Gain (Loss) on Sale of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of Deferred Financing Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements . . . .
Loss from Retirement of Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income from Continuing Operations Before Equity in Income of Joint Ventures and
Income Tax (Provision) Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in Income of Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Tax (Provision) Benefit
Income from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Other Income (Expense)

Discontinued Operations:

Income Attributable to Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on Sale of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income from Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Net Income Attributable to the Noncontrolling Interest . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . .
Less: Preferred Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Redemption of Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and
Participating Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income Attributable to First Industrial Realty Trust, Inc.

Basic Earnings Per Share:

Income (Loss) from Continuing Operations Available to First Industrial Realty Trust,

Inc.’s Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from Discontinued Operations Attributable to First Industrial Realty Trust,

Inc.’s Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders . . . .

Diluted Earnings Per Share:

Income (Loss) from Continuing Operations Available to First Industrial Realty Trust,

Inc.’s Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from Discontinued Operations Attributable to First Industrial Realty Trust,

Inc.’s Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders . . . .

Dividends/Distributions Per Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

114,628
25,362
1,403
626
113,814
255,833

48,906
61
(67,424)
(3,159)
(11,546)
—
(33,162)

76,767
55
(117)
76,705

—
—
—
76,705
(2,903)
73,802
—
—

114,499
23,418
960
—
111,897
250,774

(83)
2,110
(72,178)
(3,098)
—
(655)
(73,904)

19,921
3,499
(238)
23,182

1,835
25,988
27,823
51,005
(1,895)
49,110
(1,019)
(1,462)

103,714
22,821
331
—
106,951
233,817

1,100
2,354
(73,558)
(3,225)
52
(6,637)
(79,914)

4,723
136
3
4,862

2,222
34,344
36,566
41,428
(1,121)
40,307
(8,733)
(5,667)

$ 73,802

$ 46,629

$ 25,907

$

$

$

$

$

$

$

0.67

—

0.67

0.66

—

0.66

0.51

$

$

$

$

$

$

$

0.18

0.24

0.42

0.18

0.24

0.42

0.41

$

$

$

$

$

$

$

(0.09)

0.33

0.24

(0.09)

0.33

0.24

0.34

Weighted Average Shares Outstanding - Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

110,352

Weighted Average Shares Outstanding - Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

110,781

109,922

110,325

106,995

106,995

The accompanying notes are an integral part of the consolidated financial statements.

A-37

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Year Ended
December 31,
2015

Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mark-to-Market Loss on Interest Rate Protection Agreements . . . . .
Reclassification of Fair Value of Interest Rate Protection

Agreements (See Note 11)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of Interest Rate Protection Agreements . . . . . . . . . . . .
Write-off of Unamortized Settlement Amounts of Interest Rate

Protection Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign Currency Translation Adjustment . . . . . . . . . . . . . . . . . . . . .

$76,705
(9,155)

12,990
524

—
15

Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . .

Comprehensive Income Attributable to Noncontrolling Interest

81,079
(3,069)

Year Ended
December 31,
2014

(In thousands)
$ 51,005
(12,279)

—
1,358

—
(93)

39,991
(1,467)

Year Ended
December 31,
2013

$41,428
—

—
2,411

1,116
(60)

44,895
(1,265)

Comprehensive Income Attributable to First Industrial Realty

Trust, Inc.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$78,010

$ 38,524

$43,630

The accompanying notes are an integral part of the consolidated financial statements.

A-38

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Preferred
Stock

Common
Stock

Additional
Paid-in-
Capital

Distributions
in Excess of
Accumulated
Earnings

Accumulated
Other
Comprehensive
Loss

Noncontrolling
Interest

Total

$—

$ 988

$1,785,213

$(676,265)

$ (6,557)

$42,274

$1,145,653

(In thousands)

—
—
—

—

—

—
—
—

—
—

$—
—
—

—

—

—
—
—

—
—

107
—
4

173,678
(144,384)
5,476

—
(5,667)
(948)

1

—

—
—
—

—
—

995

(3,369)

—
—
—

—
—

—

—

(37,288)
(8,733)
40,307

—
—

$1,100
—
4

$1,817,609
(73,587)
4,880

$(688,594)
(1,462)
(1,936)

2

—

—
—
—

—
—

2,153

4

—
—
—

—
—

—

—

(45,447)
(1,019)
49,110

—
—

$—
—

$1,106
4

$1,751,059
4,656

$(689,348)
(2,417)

—

—

—
—

—
—

1

—

—
—

—
—

672

28

—
—

—
—

—

—

(56,796)
73,802

—
—
—

—

—

—
—
—

(31)
3,323

$ (3,265)
—
—

—

—

—
—
—

(16)
(10,586)

$(13,867)
—

—

—

—
—

—
—

(8)
4,208

—
—
—

173,785
(150,051)
4,532

(996)

3,369

(1,574)
—
1,121

31
144

$44,369
—
—

(2,155)

(4)

(1,816)
—
1,895

16
(428)

—

—

(38,862)
(8,733)
41,428

—
3,467

$1,171,219
(75,049)
2,948

—

—

(47,263)
(1,019)
51,005

—
(11,014)

$41,877
—

$1,090,827
2,243

(673)

(28)

(2,218)
2,903

8
166

—

—

(59,014)
76,705

—
4,374

Balance as of December 31, 2012 . . . .
Issuance of Common Stock, Net of

Issuance Costs . . . . . . . . . . . . . . . . . .
Redemption of Preferred Stock . . . . . .
Stock Based Compensation Activity . .
Conversion of Units to Common

Stock . . . . . . . . . . . . . . . . . . . . . . . . .

Reallocation—Additional Paid in

Capital . . . . . . . . . . . . . . . . . . . . . . . .

Common Stock Dividends and Unit

Distributions . . . . . . . . . . . . . . . . . . .
Preferred Dividends . . . . . . . . . . . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . .
Reallocation—Other Comprehensive

Income . . . . . . . . . . . . . . . . . . . . . . . .
Other Comprehensive Income . . . . . . .

Balance as of December 31, 2013 . . . .
Redemption of Preferred Stock . . . . . .
Stock Based Compensation Activity . .
Conversion of Units to Common

Stock . . . . . . . . . . . . . . . . . . . . . . . . .

Reallocation—Additional Paid in

Capital . . . . . . . . . . . . . . . . . . . . . . . .

Common Stock Dividends and Unit

Distributions . . . . . . . . . . . . . . . . . . .
Preferred Dividends . . . . . . . . . . . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . .
Reallocation—Other Comprehensive

Income . . . . . . . . . . . . . . . . . . . . . . . .
Other Comprehensive Loss . . . . . . . . . .

Balance as of December 31, 2014 . . . .
Stock Based Compensation Activity . .
Conversion of Units to Common

Stock . . . . . . . . . . . . . . . . . . . . . . . . .

Reallocation—Additional Paid in

Capital . . . . . . . . . . . . . . . . . . . . . . . .

Common Stock Dividends and Unit

Distributions . . . . . . . . . . . . . . . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . .
Reallocation—Other Comprehensive

Income . . . . . . . . . . . . . . . . . . . . . . . .
Other Comprehensive Income . . . . . . .

Balance as of December 31, 2015 . . . .

$—

$1,111

$1,756,415

$(674,759)

$ (9,667)

$42,035

$1,115,135

The accompanying notes are an integral part of the consolidated financial statements.

A-39

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments to Reconcile Net Income to Net Cash Provided by Operating

Activities:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of Deferred Financing Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Impairment of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for Bad Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in Income of Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions from Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on Sale of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss from Retirement of Debt
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection

Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets,
Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in Deferred Rent Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other

Liabilities, Rents Received in Advance and Security Deposits . . . . . . . . . . .
Payments of Premiums, Discounts and Prepayment Penalties Associated with
Retirement of Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Cash Provided by Operating Activities . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash Book Overdraft

Year Ended
December 31,
2015

Year Ended
December 31,
2014
(In thousands)

Year Ended
December 31,
2013

$ 76,705

$ 51,005

$ 41,428

92,955
3,159
28,359
626
954
(55)
—
(48,906)
—

11,546

(2,686)
(6,181)

5,673

—
—
162,149

93,457
3,098
30,218
—
1,425
(3,499)
1,881
(25,905)
655

94,271
3,225
30,632
2,652
726
(136)
177
(35,444)
6,637

—

(52)

(2,582)
(2,715)

(3,192)
(4,516)

452

(5,679)

(10,650)
336
137,176

(4,978)
—
125,751

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisitions of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions to Investment in Real Estate and Non-Acquisition Tenant

Improvements and Lease Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Proceeds from Sales of Investments in Real Estate . . . . . . . . . . . . . . . . . . . . .
Contributions to and Investments in Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . .
Distributions from Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlement of Interest Rate Protection Agreements . . . . . . . . . . . . . . . . . . . . . . . .
Repayments of Notes Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Increase) Decrease in Escrows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Cash Used in Investing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(168,122)

(96,045)

(73,642)

(150,079)
154,024
(200)
126
(11,546)
2,760
(24,037)
(197,074)

(123,037)
98,472
(31)
2,475
—
49,761
(664)
(69,069)

(114,806)
126,250
(38)
104
—
615
204
(61,313)

CASH FLOWS FROM FINANCING ACTIVITIES:

Debt and Equity Issuance and Preferred Stock Redemption Costs . . . . . . . . . . . .
Proceeds from the Issuance of Common Stock, Net of Underwriter’s

Discount

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase and Retirement of Restricted Stock . . . . . . . . . . . . . . . . . . . . . . . . . .
Common Stock Dividends and Unit Distributions Paid . . . . . . . . . . . . . . . . . . . . .
Preferred Dividends Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemption of Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payments on Interest Rate Protection Agreements . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments on Mortgage Loans Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments of Senior Unsecured Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from Unsecured Term Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from Unsecured Credit Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments on Unsecured Credit Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Cash Provided by (Used in) Financing Activities . . . . . . . . . . . . . . . . . .

(5,158)

(2,419)

(3,575)

—
(2,101)
(55,811)
—
—
—
(35,004)
—
260,000
321,500
(454,000)
29,426

—
(4,667)
(45,151)
(1,471)
(75,000)
—
(77,880)
(71,578)
200,000
356,000
(344,000)
(66,166)

174,081
(2,968)
(29,025)
(8,733)
(150,000)
(1,079)
(85,680)
(29,769)
—
373,000
(298,000)
(61,748)

Net Effect of Exchange Rate Changes on Cash and Cash Equivalents . . . . . . . . . . .
Net (Decrease) Increase in Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . .
Cash and Cash Equivalents, Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and Cash Equivalents, End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(14)
(5,499)
9,500
3,987

$

$

(18)
1,941
7,577
9,500

$

(51)
2,690
4,938
7,577

A-40

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended
December 31,
2015

Year Ended
December 31,
2014

Year Ended
December 31,
2013

(In thousands)

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Paid, Net of Interest Expense Capitalized in Connection with Development
Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 66,452

$ 70,194

$ 70,726

Interest Expense Capitalized in Connection with Development Activity . . . . . . . . .

$ 2,453

$ 1,411

$ 3,611

Income Taxes Paid (Refunded)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

23

$

(105)

$ 5,433

Supplemental Schedule of Non-Cash Investing and Financing Activities:

Dividends/Distributions Payable on Common Stock/Operating Partnership

Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 14,812

$ 11,949

$ 9,837

Dividends Payable on Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exchange of Operating Partnership Units for Common Stock:

Noncontrolling Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additional Paid-in-Capital
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total

$

$

$

(673)
1
672
—

Assumption of Liabilities in Connection with the Acquisition of Real Estate . . . . . . . . .

$ 2,090

Notes Receivable Issued in Conjunction with Certain Property Sales . . . . . . . . . . . .

$

—

$

$

$

$

452

(996)
1
995
—

483

$ 12,520

$ (2,155)
2
2,153
—

$

$

$

364

—

—

$

—

Accounts Payable Related to Construction in Progress and Additions to Investment
in Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 25,747

$ 14,901

$ 15,249

Write-off of Fully Depreciated Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(45,457)

$(44,769)

$(62,281)

The accompanying notes are an integral part of the consolidated financial statements.

A-41

FIRST INDUSTRIAL, L.P.

CONSOLIDATED BALANCE SHEETS

December 31,
2015

December 31,
2014

(In thousands except Unit data)

Assets:

Investment in Real Estate:

ASSETS

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Buildings and Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Construction in Progress . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Accumulated Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 745,912
2,511,737
36,319
(791,330)

$ 718,188
2,439,887
25,294
(786,978)

Net Investment in Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,502,638

2,396,391

Real Estate Held for Sale, Net of Accumulated Depreciation of $1,171 and $0 . . . . . . . . . . . .
Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restricted Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Accounts Receivable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Investment in Joint Venture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred Rent Receivable, Net
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred Financing Costs, Net
Deferred Leasing Intangibles, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid Expenses and Other Assets, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,510
3,987
23,005
5,612
—
62,335
12,447
33,326
82,906

—
9,485
1,829
7,356
71
58,130
10,448
33,526
75,472

Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,728,766

$2,592,708

LIABILITIES AND PARTNERS’ CAPITAL

Liabilities:

Indebtedness:

Mortgage Loans Payable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Senior Unsecured Notes, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unsecured Term Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unsecured Credit Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts Payable, Accrued Expenses and Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred Leasing Intangibles, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Rents Received in Advance and Security Deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 564,955
364,956
460,000
52,500
93,699
11,841
40,153
14,812

$ 599,985
364,861
200,000
185,000
79,683
12,726
36,914
11,949

Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,602,916

1,491,118

Commitments and Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Partners’ Capital:

—

—

First Industrial L.P.’s Partners’ Capital:

. . . . . . . . . . . . . .
General Partner Units (111,027,225 and 110,600,866 units outstanding)
Limited Partners Units (4,305,707 and 4,374,637 units outstanding) . . . . . . . . . . . . . . . . . .
Accumulated Other Comprehensive Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,054,028
80,769
(10,043)

Total First Industrial L.P.’s Partners’ Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Noncontrolling Interest

1,124,754
1,096

1,034,129
80,757
(14,376)

1,100,510
1,080

Total Partners’ Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,125,850

1,101,590

Total Liabilities and Partners’ Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,728,766

$2,592,708

The accompanying notes are an integral part of the consolidated financial statements.

A-42

FIRST INDUSTRIAL L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

Year Ended
December 31,
2015

Year Ended
December 31,
2014

Year Ended
December 31,
2013

(In thousands except per Unit data)

Revenues:

Rental Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Recoveries and Other Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$281,186
84,576

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

365,762

$259,609
84,990

344,599

$245,064
73,390

318,454

Expenses:

Property Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General and Administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisition Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Impairment of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and Other Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other Income (Expense):

Gain (Loss) on Sale of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of Deferred Financing Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements . . . .
Loss from Retirement of Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Other Income (Expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from Continuing Operations Before Equity in Income of Joint Ventures

and Income Tax (Provision) Benefit

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in Income of Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Tax (Provision) Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Discontinued Operations:

Income Attributable to Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on Sale of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Net Income Attributable to the Noncontrolling Interest . . . . . . . . . . . . . . . . . . . . . . . .

Net Income Attributable to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Preferred Unit Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Redemption of Preferred Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

114,628
25,247
1,403
626
113,814

255,718

48,906
61
(67,424)
(3,159)
(11,546)
—

(33,162)

76,882
55
(117)

76,820

—
—

—

76,820
(138)

76,682
—
—

114,499
23,166
960
—
111,897

250,522

(83)
2,110
(72,178)
(3,098)
—
(655)

(73,904)

20,173
3,499
(238)

23,434

1,835
25,988

27,823

51,257
(72)

51,185
(1,019)
(1,462)

103,714
22,775
331
—
106,951

233,771

1,100
2,354
(73,558)
(3,225)
52
(6,637)

(79,914)

4,769
136
3

4,908

2,222
34,344

36,566

41,474
(41)

41,433
(8,733)
(5,667)

Net Income Available to Unitholders and Participating Securities . . . . . . . . . . . . . . . . . .

$ 76,682

$ 48,704

$ 27,033

Basic Earnings Per Unit:

Income (Loss) from Continuing Operations Available to Unitholders . . . . . . . . . . . . . . .

Income from Discontinued Operations Attributable to Unitholders . . . . . . . . . . . . . . . . .

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diluted Earnings Per Unit:

Income (Loss) from Continuing Operations Available to Unitholders . . . . . . . . . . . . . . .

Income from Discontinued Operations Attributable to Unitholders . . . . . . . . . . . . . . . . .

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Distributions Per Unit

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

$

$

$

$

$

0.67

—

0.67

0.66

—

0.66

0.51

$

$

$

$

$

$

$

0.18

0.24

0.42

0.18

0.24

0.42

0.41

$

$

$

$

$

$

$

(0.09)

0.33

0.24

(0.09)

0.33

0.24

0.34

Weighted Average Units Outstanding - Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

114,709

Weighted Average Units Outstanding - Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

115,138

114,388

114,791

111,646

111,646

The accompanying notes are an integral part of the consolidated financial statements.

A-43

FIRST INDUSTRIAL L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Year Ended
December 31,
2015

Net Income Attributable to Unitholders . . . . . . . . . . . . . . . . . . . . . . .
Mark-to-Market Loss on Interest Rate Protection Agreements . . . . .
Reclassification of Fair Value of Interest Rate Protection

Agreements (See Note 11)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of Interest Rate Protection Agreements . . . . . . . . . . . .
Write-off of Unamortized Settlement Amounts of Interest Rate

Protection Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign Currency Translation Adjustment . . . . . . . . . . . . . . . . . . . . .

$76,682
(9,155)

12,990
524

—
(26)

Year Ended
December 31,
2014

(In thousands)
$ 51,185
(12,279)

Year Ended
December 31,
2013

$41,433
—

—
1,358

—
(93)

—
2,411

1,116
(60)

Comprehensive Income Attributable to Unitholders . . . . . . . . . . .

$81,015

$ 40,171

$44,900

The accompanying notes are an integral part of the consolidated financial statements.

A-44

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

FIRST INDUSTRIAL, L.P.

General
Partner
Preferred
Units

General
Partner
Units

Limited
Partner
Units

Accumulated
Other
Comprehensive
Loss

Noncontrolling
Interest

Total

(In thousands)

Balance as of December 31, 2012 . . . . . . . . . . . $ 217,971 $ 859,727 $84,282

$ (6,829)

$1,106

$1,156,257

Issuance of General Partner Units, Net of

Issuance Costs . . . . . . . . . . . . . . . . . . . . . . .
Redemption of Preferred Units . . . . . . . . . . . .
Stock Based Compensation Activity . . . . . . .
Conversion of Limited Partner Units to

General Partner Units . . . . . . . . . . . . . . . . .
Common Unit Distributions . . . . . . . . . . . . . .
Preferred Unit Distributions . . . . . . . . . . . . . .
Contributions from Noncontrolling

Interest

. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions to Noncontrolling Interest . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Comprehensive Income . . . . . . . . . . . .

— 173,785
—
4,532

(144,384)
—

—
—
—

—
(996)
996
— (37,288) (1,574)
—
—

(14,400)

—
—
—

—
—
—

—
—
14,400
—

—
—
25,912
—

—
—
1,121
—

—
—
—
3,467

—
—
—

—
—
—

177
(229)
41
—

173,785
(144,384)
4,532

—
(38,862)
(14,400)

177
(229)
41,474
3,467

Balance as of December 31, 2013 . . . . . . . . . . . $ 73,587 $1,027,664 $82,833
—
Redemption of Preferred Units . . . . . . . . . . . . . .
Stock Based Compensation Activity . . . . . . .
—
Conversion of Limited Partner Units to

(73,587)
—

—
2,948

$ (3,362)
—
—

$1,095
—
—

$1,181,817
(73,587)
2,948

General Partner Units . . . . . . . . . . . . . . . . .
Common Unit Distributions . . . . . . . . . . . . . .
Preferred Unit Distributions . . . . . . . . . . . . . .
Contributions from Noncontrolling

Interest

. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions to Noncontrolling Interest . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Comprehensive Loss . . . . . . . . . . . . . . .

—
2,155 (2,155)
— (45,447) (1,816)
—
—

(2,481)

—
—
—

—
—
2,481
—

—
—
46,809
—

—
—
1,895

—
—
—
— (11,014)

—
—
—

335
(422)
72
—

—
(47,263)
(2,481)

335
(422)
51,257
(11,014)

Balance as of December 31, 2014 . . . . . . . . . . . $
Stock Based Compensation Activity . . . . . . .
Conversion of Limited Partner Units to

General Partner Units . . . . . . . . . . . . . . . . .
Common Unit Distributions . . . . . . . . . . . . . .
Contributions from Noncontrolling

Interest

. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions to Noncontrolling Interest . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Comprehensive Income . . . . . . . . . . . .

— $1,034,129 $80,757
—
2,243
—

$(14,376)
—

$1,080
—

$1,101,590
2,243

(673)
673
—
— (56,796) (2,218)

—
—
73,779
—

—
—
2,903
—

—
—

—
—

—
—
—
4,333

—
—

67
(189)
138
—

—
(59,014)

67
(189)
76,820
4,333

Balance as of December 31, 2015 . . . . . . . . . . . $

— $1,054,028 $80,769

$(10,043)

$1,096

$1,125,850

The accompanying notes are an integral part of the consolidated financial statements.

A-45

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended
December 31,
2015

Year Ended
December 31,
2014

(In thousands)

Year Ended
December 31,
2013

$ 76,820

$ 51,257

$ 41,474

CASH FLOWS FROM OPERATING ACTIVITIES:

Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments to Reconcile Net Income to Net Cash Provided by Operating

Activities:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of Deferred Financing Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Impairment of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for Bad Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in Income of Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions from Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on Sale of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss from Retirement of Debt
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection

92,955
3,159
28,359
626
954
(55)
—
(48,906)
—

Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11,546

Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets,

Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in Deferred Rent Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities,

(2,673)
(6,181)

Rents Received in Advance and Security Deposits . . . . . . . . . . . . . . . . . . . . . .

5,682

Payments of Premiums, Discounts and Prepayment Penalties Associated with

Retirement of Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash Book Overdraft

—
—

Net Cash Provided by Operating Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . .

162,286

93,457
3,098
30,218
—
1,425
(3,499)
1,881
(25,905)
655

—

(2,039)
(2,715)

399

(10,650)
336

137,918

94,271
3,225
30,632
2,652
726
(136)
177
(35,444)
6,637

(52)

(2,582)
(4,516)

(5,676)

(4,978)
—

126,410

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisitions of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements
and Lease Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Proceeds from Sales of Investments in Real Estate . . . . . . . . . . . . . . . . . . . . . . .
Contributions to and Investments in Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions from Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlement of Interest Rate Protection Agreements . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments of Notes Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in Escrows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Cash Used in Investing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CASH FLOWS FROM FINANCING ACTIVITIES:

Debt and Equity Issuance and Preferred Unit Redemption Costs . . . . . . . . . . . . . . .
Unit Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase and Retirement of Restricted Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Common Unit Distributions Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Preferred Unit Distributions Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemption of Preferred Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payments on Interest Rate Protection Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . .
Contributions from Noncontrolling Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Distributions to Noncontrolling Interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments on Mortgage Loans Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments of Senior Unsecured Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from Unsecured Term Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from Unsecured Credit Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments on Unsecured Credit Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Cash Provided by (Used in) Financing Activities . . . . . . . . . . . . . . . . . . . .

Net Effect of Exchange Rate Changes on Cash and Cash Equivalents . . . . . . . . . . .
Net (Decrease) Increase in Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . .
Cash and Cash Equivalents, Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . .

(168,122)

(96,045)

(73,642)

(150,079)
154,024
(200)
126
(11,546)
2,760
(24,037)

(197,074)

(5,158)
—
(2,101)
(55,811)
—
—
—
67
(189)
(35,004)
—
260,000
321,500
(454,000)

29,304

(14)
(5,484)
9,485

(123,037)
98,472
(31)
2,475
—
49,761
(1,319)

(69,724)

(2,419)
—
(4,667)
(45,151)
(1,471)
(75,000)
—
335
(422)
(77,880)
(71,578)
200,000
356,000
(344,000)

(66,253)

(18)
1,941
7,562

(114,806)
126,250
(38)
104
—
615
(409)

(61,926)

(3,575)
174,081
(2,968)
(29,025)
(8,733)
(150,000)
(1,079)
177
(229)
(85,680)
(29,769)
—
373,000
(298,000)

(61,800)

(51)
2,684
4,929

Cash and Cash Equivalents, End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

3,987

$

9,485

$

7,562

A-46

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended
December 31,
2015

Year Ended
December 31,
2014

(In thousands)

Year Ended
December 31,
2013

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Paid, Net of Interest Expense Capitalized in Connection with Development

Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 66,452

Interest Expense Capitalized in Connection with Development Activity . . . . . . . . . . . . . . .

$ 2,453

$ 70,194

$ 1,411

Income Taxes Paid (Refunded) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

23

$

(105)

Supplemental Schedule of Non-Cash Investing and Financing Activities:

Distributions Payable on General and Limited Partner Units . . . . . . . . . . . . . . . . . . .

$ 14,812

Distributions Payable on Preferred Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exchange of Limited Partnership Units for General Partnership Units:

Limited Partnership Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General Partnership Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

$

—

(673)
673

—

Assumption of Liabilities in Connection with the Acquisition of Real Estate . . . . . . . . .

$ 2,090

Notes Receivable Issued in Conjunction with Certain Property Sales . . . . . . . . . . . . . . . .

$

—

Accounts Payable Related to Construction in Progress and Additions to Investment in
Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 25,747

Write-off of Fully Depreciated Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(45,457)

$ 11,949

$

—

$ (2,155)
2,155

$

$

$

—

364

—

$ 14,901

$(44,769)

$ 70,726

$ 3,611

$ 5,433

$ 9,837

$

$

$

$

452

(996)
996

—

483

$ 12,520

$ 15,249

$(62,281)

The accompanying notes are an integral part of the consolidated financial statements.

A-47

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands except per share/Unit data)

1. Organization

First Industrial Realty Trust, Inc. (the “Company”) is a self-administered and fully integrated real estate company
which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland
corporation organized on August 10, 1993 and a real estate investment trust (“REIT”) as defined in the Internal Revenue
Code of 1986 (the “Code”). Unless stated otherwise or the context otherwise requires, the terms “we,” “our” and “us”
refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the “Operating
Partnership”), and its consolidated subsidiaries.

We began operations on July 1, 1994. The Company’s operations are conducted primarily through the Operating
Partnership, of which the Company is the sole general partner (the “General Partner”), with an approximate 96.3% and
96.2% ownership interest (“General Partner Units”) at December 31, 2015 and 2014, respectively. The Operating
Partnership also conducts operations itself and through eight other limited partnerships (the “Other Real Estate
Partnerships”), numerous limited liability companies (“LLCs”) and certain taxable REIT subsidiaries, the operating data
of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein.
See Note 2 to the Consolidated Financial Statements. The Operating Partnership holds at least a 99% limited partnership
interest in each of Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate
corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real
Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the
Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships.
Noncontrolling interest in the Operating Partnership of approximately 3.7% and 3.8% (“Limited Partner Units”; together
with the General Partner Units, the “Units”) at December 31, 2015 and 2014, respectively, represents the aggregate
partnership interest held by the limited partners thereof.

Profits, losses and distributions of the Operating Partnership, the LLCs and the Other Real Estate Partnerships are
allocated to the general partner and the limited partners or the members, as applicable, of such entities in accordance
with the provisions contained within their respective organizational documents.

We also provide various services to two joint ventures (the “2003 Net Lease Joint Venture” and the “2007 Europe
Joint Venture,” collectively the “Joint Ventures”). Our noncontrolling equity ownership interests in the 2003 Net Lease
Joint Venture and the 2007 Europe Joint Venture are 15% and 10%, respectively. During the year ended December 31,
2015, the 2003 Net Lease Joint Venture sold its last remaining industrial property comprising approximately 0.8 million
square feet of gross leasable area (“GLA”). At December 31, 2015, the 2007 Europe Joint Venture did not own any
properties. The Joint Ventures are accounted for under the equity method of accounting.

As of December 31, 2015, we owned 589 industrial properties located in 25 states, containing an aggregate of
approximately 63.6 million square feet of GLA. Of the 589 properties owned on a consolidated basis, none of them are
directly owned by the Company.

Any references to the number of industrial properties and square footage in the financial statement footnotes are

unaudited.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements at December 31, 2015 and 2014 and for each of the
years ended December 31, 2015, 2014 and 2013 include the accounts and operating results of the Company and
the Operating Partnership. Such financial statements present our noncontrolling equity interests in our Joint
Ventures under the equity method of accounting. All intercompany transactions have been eliminated in
consolidation.

A-48

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Use of Estimates

In order to conform with generally accepted accounting principles, in preparation of our consolidated
financial statements we are required to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities as of December 31, 2015 and 2014, and the
reported amounts of revenues and expenses for each of the years ended December 31, 2015, 2014 and 2013.
Actual results could differ from those estimates.

Reclassifications and Revisions

Gain on sale of real estate included in continuing operations for the years ended December 31, 2014 and
2013 have been reclassified within the statement of operations to be included in the income from continuing
operations subtotal to conform to the 2015 presentation.

From 2000 through 2007, we repurchased 4,324,114 common shares pursuant to a stock repurchase plan
authorized by the Company’s Board of Directors. These repurchased common shares are subject to state
corporate laws that establish the legal status of redeemed shares and prevent them from being reported as
treasury shares within the consolidated financial statements. We previously misclassified the repurchased
common shares as treasury shares. The common share repurchases should have been classified as reductions of
common stock, additional paid-in-capital and distributions in excess of accumulated earnings. We evaluated the
impact of this correction on previously issued financial statements and concluded they were not materially
misstated. In order to conform previous financial statements to the current period, we elected to revise previously
issued financial statements. The balances for common stock, additional-paid-in-capital and distributions in excess
of accumulated earnings on the accompanying consolidated statements of changes in stockholders’ equity of the
Company as of December 31, 2012, 2013 and 2014 and on the accompanying consolidated balance sheet of the
Company as of December 31, 2014 have been revised to correct the misclassification. The correction results in
reductions in common stock, additional paid-in-capital and distributions in excess of accumulated earnings of
$43, $121,277 and $18,698, respectively to the previously reported amounts of $1,031, $1,906,490 and
($657,567), respectively, as of December 31, 2012, $1,143, $1,938,886 and $(669,896), respectively, as of
December 31, 2013 and $1,149, $1,872,336 and ($670,650), respectively, as of December 31, 2014. The
misclassification has no impact on the previously reported consolidated statements of operations, comprehensive
income or cash flows. In addition, the misclassification has no impact on the previously reported consolidated
financial statements of the Operating Partnership.

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or

less. The carrying amount approximates fair value due to the short term maturity of these investments.

Restricted Cash

Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain
industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031
of the Code. The carrying amount approximates fair value due to the short term maturity of these investments.

Investment in Real Estate and Depreciation

Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our
properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an
impairment may exist, we review our properties and identify those that have had either an event of change or
event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a

A-49

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

decline in general market conditions or a change in the expected hold period of an asset). If further assessment of
recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and
its eventual disposition on an individual property basis. If the sum of the expected future net cash flows
(undiscounted and without interest charges) is less than the carrying amount of the property on an individual
property basis, we will recognize an impairment loss based upon the estimated fair value of such property. For
properties we consider held for sale, we cease depreciating the properties and value the properties at the lower of
depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered
unlikely, and, as a result, we decide not to sell a property previously classified as held for sale, we will reclassify
such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any
depreciation and amortization expense that would have been recognized had the property been continuously
classified as held and used) or fair value at the date of the subsequent decision not to sell. We classify properties
as held for sale when all criteria within the Financial Accounting Standards Board’s (the “FASB”) guidance on
the impairment or disposal of long-lived assets are met.

Interest costs, real estate taxes, compensation costs of development personnel and other directly related
costs incurred during construction periods are capitalized and depreciated commencing with the date the property
is substantially completed. Upon substantial completion, we reclassify construction in progress to building,
tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects
from the point we are undergoing necessary activities to get the development ready for its intended use and cease
when the development projects are substantially completed and held available for occupancy.

Depreciation expense is computed using the straight-line method based on the following useful lives:

Buildings and Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Land Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Furniture, Fixtures and Equipment
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Years

7 to 50
5 to 20
4 to 10
Lease Term

Construction expenditures for tenant improvements, leasehold improvements and leasing commissions
(inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the
terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time
directly attributable to originating leases with tenants that result directly from and are essential to originating
those leases and would not have been incurred had these leasing transactions not occurred. Repairs and
maintenance are charged to expense when incurred. Expenditures for improvements are capitalized.

Upon acquisition of an occupied property, we allocate the purchase price of the property based upon the fair
value of the assets acquired and liabilities assumed, which generally consists of land, buildings,
tenant
improvements, leasing commissions and intangible assets including in-place leases, above market and below
market leases, below market ground lease obligations and tenant relationships. We allocate the purchase price to
the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired
above and below market leases and below market ground lease obligations are valued based on the present value
of the difference between prevailing market rates and the in-place rates measured over a period equal to the
remaining term of the lease for above market leases and below market ground lease obligations, and the initial
term plus the term of any below market fixed rate renewal options for below market leases. The above market
lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and
the below market lease values are amortized as an increase to base rental revenue over the remaining initial terms
plus the terms of any below market fixed rate renewal options of the respective leases.

A-50

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The purchase price is further allocated to in-place lease values and tenant relationships based on our
evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective
tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of
deferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of
the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a
tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions,
above and below market leases, the in-place lease value and tenant relationships is immediately written off.

Acquisition related costs associated with business combinations are expensed as incurred. As defined by
GAAP, a business is an integrated set of activities and assets that is capable of being conducted and managed for
the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to
investors or other owners, members or participants. We do not consider acquisitions of land or unoccupied
buildings to be business combinations. Rather, these transactions are treated as asset acquisitions and the
acquisition related costs are capitalized to the basis of the assets acquired.

Deferred leasing intangibles, net of accumulated amortization,

included in our total assets and total

liabilities consist of the following:

December 31,
2015

December 31,
2014

In-Place Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Above Market Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Below Market Ground Lease Obligation . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$19,438
2,520
1,778
9,590

$16,850
3,425
1,823
11,428

Total Included in Total Assets, Net of $26,432 and $28,808 of

Accumulated Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$33,326

$33,526

Below Market Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$11,841

$12,726

Total Included in Total Liabilities, Net of $8,911 and $8,735 of

Accumulated Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$11,841

$12,726

Amortization expense related to in-place leases and tenant relationships, exclusive of amortization expense
related to in-place leases and tenant relationships included in discontinued operations, was $6,326, $6,239 and
$5,598 for the years ended December 31, 2015, 2014 and 2013, respectively. Rental revenues increased by $462,
$925 and $572 related to net amortization of above/(below) market leases, exclusive of net amortization related
to above/(below) market leases included in discontinued operations, for the years ended December 31, 2015,
2014 and 2013, respectively. We will recognize net amortization expense related to deferred leasing intangibles
over the next five years, for properties owned as of December 31, 2015 as follows:

Estimated Amortization
of In-Place Leases and
Tenant Relationships

Estimated Net Increase to
Rental Revenues Related to
Above and Below Market Leases

2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$5,922
$5,263
$3,652
$2,951
$2,465

$1,106
$1,049
$ 877
$ 836
$ 757

A-51

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Foreign Currency Transactions and Translation

The assets and liabilities of our operations in Canada were translated to U.S. dollars from the Canadian
dollar based on the current exchange rate prevailing at each balance sheet date. The income statement accounts
were translated using the average exchange rate for the period. The resulting translation adjustments are included
in accumulated other comprehensive income. We sold our sole remaining real estate asset located in Canada
during the year ended December 31, 2014.

Deferred Financing Costs

Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs
are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs
was $20,332 and $17,173 at December 31, 2015 and 2014, respectively. Unamortized deferred financing costs
are written-off when debt is retired before the maturity date.

Investments in Joint Ventures

Investments in joint ventures represent our noncontrolling equity/limited partnership interests in our Joint
Ventures. We account for our investments in joint ventures under the equity method of accounting, as we do not
have a majority voting interest, operational control or financial control. Control is determined using accounting
standards related to the consolidation of joint ventures and variable interest entities. In order to assess whether
consolidation of a variable interest entity is required, an enterprise is required to qualitatively assess the
determination of the primary beneficiary of a variable interest entity (“VIE”) based on whether the entity (1) has
the power to direct matters that most significantly impact the activities of the VIE and (2) has the obligation to
absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.
Additionally, they require an ongoing reconsideration of the primary beneficiary and provide a framework for the
events that trigger a reassessment of whether an entity is a VIE.

Under the equity method of accounting, our share of earnings or losses of our Joint Ventures is reflected in
income as earned and contributions or distributions increase or decrease our investments in joint ventures as paid
or received, respectively. Differences between our carrying value of our investments in joint ventures and our
underlying equity of such Joint Ventures are amortized over the respective lives of the underlying assets.

Limited Partners Units

Limited Partner Units are reported within Partners’ Capital in the Operating Partnership’s balance sheet as
of December 31, 2015 and 2014 because they are not redeemable for cash or other assets (a) at a fixed or
determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely
within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General
Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis,
subject to adjustment, or by paying cash equal to the fair market value of such shares.

The Operating Partnership is the only significant asset of the Company and economic, fiduciary and
contractual means align the interests of the Company and the Operating Partnership. The Company’s Board of
Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner
of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the
form of redemption consideration. As of December 31, 2015, all criteria were met for the Operating Partnership to
control the actions or events necessary to issue the maximum number of the Company’s common shares required to
be delivered upon redemption of all remaining Limited Partner Units.

A-52

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Stock Based Compensation

We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize

compensation expense over the service period for awards expected to vest.

Net income, net of preferred stock dividends or preferred Unit distributions and redemption of preferred stock
or preferred Units, is allocated to common stockholders or Unitholders and participating securities based upon their
proportionate share of weighted average shares or Units plus weighted average participating securities. Participating
securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend
equivalents. Restricted stock or restricted Unit awards granted to employees and directors are considered
participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as common
stock or Units. See Note 7 for further disclosure about participating securities.

Revenue Recognition

Rental income is recognized on a straight-line method under which contractual rent increases are recognized
evenly over the lease term. Tenant recovery income includes payments from tenants for real estate taxes, insurance
and other property operating expenses and is recognized as revenue in the same period the related expenses are
incurred by us.

If the lease provides for tenant improvements, we determine whether the tenant improvements are owned by
the tenant or us. When we are the owner of the tenant improvements, the tenant is not considered to have taken
physical possession or have control of the leased asset until the tenant improvements are substantially complete.
Also, when we are the owner of the tenant improvements, any tenant improvements funded by the tenant are treated
as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner
of the tenant improvements, we record any tenant improvement allowance funded as a lease inducement and
amortize it as a reduction of revenue over the lease term.

Revenue is generally recognized on payments received from tenants for early lease terminations upon the

effective termination of a tenant’s lease and when we have no further obligations under the lease.

We provide an allowance for doubtful accounts against the portion of tenant accounts receivable including
deferred rent receivable, which is estimated to be uncollectible. Accounts receivable in the consolidated balance
sheets are shown net of an allowance for doubtful accounts of $1,515 and $1,695 as of December 31, 2015 and
2014, respectively. Deferred rent receivable in the consolidated balance sheets is shown net of an allowance for
doubtful accounts of $2,669 and $1,888 as of December 31, 2015 and 2014, respectively. For accounts receivable
we deem uncollectible, we use the direct write-off method.

Gain on Sale of Real Estate

Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to
transactions which do not meet the full accrual method of accounting are deferred and recognized when the full
accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as
appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are written
off with resulting gains or losses reflected in net income or loss. Estimated future costs to be incurred by us after
completion of each sale are accrued and included in the determination of the gain on sales.

Income Taxes

The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must
meet a number of organizational and operational requirements, including a requirement to distribute at least 90%
intends to continue to adhere to these
of its adjusted taxable income to its stockholders. Management

A-53

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

requirements and to maintain the Company’s REIT status. As a REIT, the Company is entitled to a tax deduction
for some or all of the dividends it pays to shareholders. Accordingly, the Company generally will not be subject
to federal income taxes as long as it currently distributes to shareholders an amount equal to or in excess of the
Company’s taxable income. If the Company fails to qualify as a REIT in any taxable year, it will be subject to
federal income taxes and may not be able to qualify as a REIT for four subsequent taxable years.

REIT qualification reduces, but does not eliminate, the amount of state and local taxes we pay. In addition,
our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a
dividends paid deduction and are subject to corporate federal, state and local income taxes.

In accordance with partnership taxation, each of the partners of the Operating Partnership is responsible for

reporting their share of taxable income or loss.

We may also be subject to certain federal excise and franchise taxes if we engage in certain types of
transactions. A benefit/provision has been made for federal, state and local income taxes in the accompanying
consolidated financial statements. In accordance with FASB’s guidance, the total benefit/provision has been
separately allocated to income (loss) from continuing operations and income (loss) from discontinued operations,
if applicable. The provision for excise and franchise taxes has been reflected in general and administrative
expense in the consolidated statements of operations and has not been separately stated due to its insignificance.

Earnings Per Share and Earnings Per Unit (“EPS” and “EPU”)

Basic net income (loss) per common share or Unit is computed by dividing net income (loss) available to
common shareholders or Unitholders by the weighted average number of common shares or Units outstanding
for the period.

Diluted net income (loss) per common share or Unit is computed by dividing net income (loss) available to
common shareholders or Unitholders by the sum of the weighted average number of common shares or Units
outstanding and any dilutive non-participating securities for the period. See Note 7 for further disclosure about
EPS and EPU.

Derivative Financial Instruments

Historically, we have used interest rate protection agreements (“Agreements”) to fix the interest rate on
anticipated offerings of senior unsecured notes. Receipts or payments that result from the settlement of
Agreements used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the
life of the derivative or the life of the debt and included in interest expense. Receipts or payments resulting from
Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest
expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss that is
effective is recognized in other comprehensive income (loss) whereas mark-to-market gains and losses on
Agreements which do not qualify for hedge accounting are recognized in net income (loss) immediately.
Amounts accumulated in other comprehensive income (loss) during the hedge period are reclassified to earnings
in the same period during which the forecasted transaction or hedged item affects net income (loss). The credit
risks associated with Agreements are controlled through the evaluation and monitoring of the creditworthiness of
the counterparty. In the event that the counterparty fails to meet the terms of Agreements, our exposure is limited
to the fair value of Agreements, not the notional amounts. See Note 11 for more information on the Agreements.

Fair Value of Financial Instruments

Financial instruments other than our derivatives include tenant accounts receivable, accounts payable, other
accrued expenses, mortgage loans payable, unsecured credit facility, unsecured term loans and senior unsecured

A-54

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

notes. The fair values of tenant accounts receivable, accounts payable and other accrued expenses approximate
their carrying or contract values. See Note 4 for the fair values of the mortgage loans payable, unsecured credit
facility, unsecured term loans and senior unsecured notes.

Discontinued Operations

Effective January 1, 2015, we adopted Accounting Standards Update (“ASU”) No. 2014-08, “Reporting
Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”) for all
properties not previously sold. ASU 2014-08 revised the reporting requirements to only allow a component of an
entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a
strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Going forward,
we expect the majority of our property dispositions will not qualify as discontinued operations and the results of the
dispositions, including the gain on sale of real estate, will be presented in Income from Continuing Operations.

Prior to the adoption of ASU 2014-08, the FASB’s guidance on financial reporting for the disposal of long
lived assets required that the results of operations and gains or losses on the sale of property or property held for sale
be presented in discontinued operations if both of the following criteria were met: (a) the operations and cash flows
of the property have been (or will be) eliminated from the ongoing operations of the Company and the Operating
Partnership as a result of the disposal transaction and (b) we will not have any significant continuing involvement in
the operations of the property after the disposal transaction. The guidance also required prior period results of
operations for these properties to be reclassified and presented in discontinued operations in prior consolidated
statements of operations.

Segment Reporting

Management views the Company, inclusive of the Operating Partnership, as a single segment based on its

method of internal reporting.

Recent Accounting Pronouncements

In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810)—Amendments to the
Consolidation Analysis” (“ASU 2015-02”). ASU 2015-02 updates consolidation guidance for legal entities such as
limited partnerships, limited liability companies and securitization structures in an attempt to simplify consolidation
accounting. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited
partnership, modifies the evaluation of whether limited partnerships are variable interest entities (“VIE”) or voting
interest entities (“VOE”) and adds requirements that limited partnerships must meet to qualify as VOEs. ASU 2015-
02 is effective for fiscal years beginning after December 15, 2015, with early adoption permitted.

Since formation of each Other Real Estate Partnership, the Company, which wholly-owns the corporations that
act as a general partner of each Other Real Estate Partnership, is also the general partner of the Operating
Partnership which holds at least a 99% limited partnership interest in each of the Other Real Estate Partnership, has
fully consolidated the financial information of the Other Real Estate Partnerships within its financial statements.
The Operating Partnership has in the past accounted for each of the Other Real Estate Partnerships under the equity
method of accounting based on the VOE classification and the presumption that the corporations owned by the
Company that act as the general partners of the Other Real Estate Partnerships controlled the partnerships. However,
under ASU 2015-02, the Operating Partnership determined that each Other Real Estate Partnership meets the
criteria of a VIE and that it is the primary beneficiary for each Other Real Estate Partnership. As a result, the
Operating Partnership has concluded that it should cease accounting for the Other Real Estate Partnerships under the
equity method of accounting and consolidate the financial information of the Other Real Estate Partnerships within
its financial statements.

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FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

During the year ended ended December 31, 2015, the Operating Partnership elected early adoption of ASU
2015-02. The election is a full retrospective adoption approach which requires previously reported periods to be
restated. The impact of this adoption on the Operating Partnership’s previously reported period is as follows:

Balance Sheet as
Previously Filed as of
December 31, 2014

Impact of the
Adoption of ASU
2015-02

Balance Sheet as
Adjusted as of
December 31, 2014

Total Assets . . . . . . . . . . . . . . . . . . . . . . . .
Total Liabilities . . . . . . . . . . . . . . . . . . . . . .
Total Noncontrolling Interest . . . . . . . . . . .

$2,514,246
$1,413,736
—
$

$78,462
$77,382
$ 1,080

$2,592,708
$1,491,118
1,080
$

The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our

consolidated balance sheets:

December 31,
2015

December 31,
2014

Assets:

ASSETS

Net Investment in Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Assets, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$306,866
20,478

$278,720
21,078

Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$327,344

$299,798

LIABILITIES AND PARTNERS’ CAPITAL

Liabilities:

Mortgage Loans Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Liabilities, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Partners’ Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 77,445
43,103
206,796

$ 81,231
10,656
207,911

Total Liabilities and Partners’ Capital . . . . . . . . . . . . . . . . . . . . . . . .

$327,344

$299,798

In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”
(“ASU 2015-03”), which amends the current presentation of debt issuance costs in the financial statements. ASU
2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a
direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an
asset. The recognition and measurement guidance for debt issuance costs are not affected by this update. Debt
issuance costs related to revolving credit agreements are not within the scope of this new guidance. In August 2015,
the FASB issued ASU No. 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated
with Line-of-Credit Arrangements” (“ASU 2015-15”), which expands upon ASU 2015-03. ASU 2015-15 states that
given the absence of authoritative guidance within 2015-03, the SEC staff would not object to an entity deferring
and presenting debt issuance costs as an asset for revolving credit agreements and subsequently amortizing the
deferred issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding
borrowings on the revolving credit agreement. The amendments are to be applied retrospectively and are effective
for interim and annual periods beginning after December 15, 2015. The adoption of ASU 2015-03 and ASU 2015-
15 are not expected to have a material impact on our results of operations, however, they will impact the
Consolidated Balance Sheet presentation related to our debt issuance costs.

In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to
Continue as a Going Concern” (“ASU 2014-15”), which requires management to evaluate whether there are
conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, and to

A-56

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become
due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual
period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption
permitted. The adoption of ASU 2014-15 is not expected to materially impact our consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-
09”). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or
services. For the real estate industry, leasing transactions are not within the scope of the new standard. A majority of
our tenant-related revenue is recognized pursuant to lease agreements. In July 2015, the FASB deferred the effective
date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual periods beginning after
December 15, 2017, including interim periods within that reporting period. Early application is permitted for annual
periods beginning after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-
09 on our consolidated financial statements.

3.

Investment in Real Estate

Acquisitions

In 2013, we acquired two industrial properties, one of which we acquired through the acquisition of 100% of the
equity interest in the limited liability company that owned the industrial property, comprising approximately
1.1 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately
$72,812, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

In 2014, we acquired eight industrial properties comprising approximately 1.1 million square feet of GLA
and several land parcels. The purchase price of these acquisitions totaled approximately $95,692, excluding costs
incurred in conjunction with the acquisition of the industrial properties and land parcels.

In 2015, we acquired eight industrial properties comprising approximately 1.9 million square feet of GLA
and several land parcels. The purchase price of these acquisitions totaled approximately $169,218, excluding
costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

The purchase price of the industrial properties and land parcels acquired for the years ended December 31,

2015 and 2014, was allocated as follows:

Year Ended
December 31, 2015

Year Ended
December 31, 2014

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Building and Improvements . . . . . . . . . . . . . . . . .
Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In-Place Leases . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Relationships . . . . . . . . . . . . . . . . . . . . . .
Above Market Leases . . . . . . . . . . . . . . . . . . . . .
Below Market Ground Lease Obligation . . . . . . .
Below Market Leases . . . . . . . . . . . . . . . . . . . . . .

Purchase
Price

$ 52,954
107,106
2,562
7,124
—
—
—
(528)

Weighted
Average Life
(in Months)

N/A
(A)
(B)
84
N/A
N/A
N/A
62

Total Purchase Price (C) . . . . . . . . . . . . . . . . .

$169,218

A-57

Weighted
Average Life
(in Months)

N/A
(A)
(B)
74
131
66
480
79

Purchase
Price

$39,739
44,070
1,863
5,350
3,440
316
1,854
(940)

$95,692

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(A) See Note 2 for the disclosure of useful lives of our Investment in Real Estate and our Depreciation policy.

(B) Represents leasing commissions, which are included in Other Assets and amortized over the remaining

terms of each lease.

(C)

Included in the purchase price for the year ended December 31, 2015, is $122,913 relating to six industrial
properties that we acquired and transferred to special purpose entities to facilitate a potential Section 1031
exchange under the Code. To realize the tax deferral available under the Section 1031 exchange, we must
complete the Section 1031 exchange and take title to the to-be-exchanged industrial properties within 180
days of the acquisition date. We determined that these special purposes entities are VIEs, and we are the
primary beneficiary. Therefore, we consolidate these entities. As of December 31, 2015, these VIEs have no
significant liabilities or significant cash flows.

Real Estate Held for Sale

As December 31, 2015, we had one industrial property comprising approximately 0.2 million square feet of

GLA held for sale. See Subsequent Events.

Sales and Discontinued Operations

In 2013, we sold 67 industrial properties comprising approximately 3.0 million square feet of GLA and several
land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately
$144,628. The gain on sale of real estate was approximately $35,444, of which $34,344 is shown in discontinued
operations. The 67 sold industrial properties meet the criteria to be included in discontinued operations. Therefore
the results of operations and gain on sale of real estate for the 67 industrial properties sold are included in
discontinued operations. The results of operations and gain on sale of real estate for the several land parcels, which
do not meet the criteria to be included in discontinued operations, are included in continuing operations.

In 2014, we sold 29 industrial properties comprising approximately 2.0 million square feet of GLA and several
land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately
$102,596. The gain on sale of real estate was approximately $25,905, of which $25,988 is shown in discontinued
operations. The 29 sold industrial properties meet the criteria to be included in discontinued operations. Therefore
the results of operations and gain on sale of real estate for the 29 industrial properties sold are included in
discontinued operations. The results of operations and loss on sale of real estate for the several land parcels, which
do not meet the criteria to be included in discontinued operations, are included in continuing operations.

In 2015, we sold 66 industrial properties comprising approximately 3.8 million square feet of GLA and several
land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately
$158,429. The gain on sale of real estate was approximately $48,906. As discussed in Note 2, we adopted the new
accounting standard relating to discontinued operations on January 1, 2015. There were no sales of industrial
properties during the year ended ended December 31, 2015 that met the criteria to be classified as discontinued
operations.

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FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table discloses certain information regarding the industrial properties included in our

discontinued operations for the years ended December 31, 2014 and 2013:

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Property Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Impairment of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on Sale of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year Ended December 31,

2014

2013

$ 7,007
(2,784)
—
(2,388)
25,988

$20,727
(8,126)
(2,652)
(7,727)
34,344

Income from Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$27,823

$36,566

Impairment Charges

The impairment charges of $626 and $2,652 recorded during the years ended December 31, 2015 and 2013,
respectively, were due to marketing certain industrial properties for sale and our assessment of the likelihood and
timing of a potential sale transaction. The impairment charge recorded during the year ended December 31, 2013 of
$2,652 is included in discontinued operations.

The accounting guidance for the fair value measurement provisions for the impairment of long lived assets
establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers
include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2,
defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to
develop its own assumptions. The real estate assets measured at fair value on a non-recurring basis during the years
ended December 31, 2015 and 2013 were sold.

The fair market values were determined using third party offers. Valuations based on third party offers include

bona fide contract prices and letter of intent amounts that we believe are indicative of fair value.

A-59

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

4.

Indebtedness

The following table discloses certain information regarding our indebtedness:

Outstanding Balance at

December 31,
2015

December 31,
2014

Interest
Rate at
December 31,
2015

Effective
Interest
Rate at
Issuance

Mortgage Loans
Payable, Net

Unamortized Premiums . . . . . . . . . . .

. . . . . . . . . . . . . . . . . $564,955
(64)

$599,985 4.03% – 8.26% 4.03% – 8.26%

(90)

Maturity
Date

June 2016 –
September 2022

Mortgage Loans Payable, Gross . . . $564,891

$599,895

Senior Unsecured Notes, Net
2016 Notes . . . . . . . . . . . . . . . . . . . . . $159,677
54,971
2017 Notes . . . . . . . . . . . . . . . . . . . . .
6,067
2027 Notes . . . . . . . . . . . . . . . . . . . . .
31,885
2028 Notes . . . . . . . . . . . . . . . . . . . . .
10,523
2032 Notes . . . . . . . . . . . . . . . . . . . . .
101,833
2017 II Notes . . . . . . . . . . . . . . . . . . .

Subtotal . . . . . . . . . . . . . . . . . . . . . . . $364,956
Unamortized Discounts . . . . . . . . . . .
146

$159,621
54,966
6,066
31,884
10,518
101,806

$364,861
241

Senior Unsecured Notes, Gross . . . . $365,102

$365,102

5.75%
7.50%
7.15%
7.60%
7.75%
5.95%

5.91%
7.52%
7.11%
8.13%
7.87%
6.37%

1/15/2016
12/1/2017
5/15/2027
7/15/2028
4/15/2032
5/15/2017

2014 Unsecured Term Loan . . . . . . $200,000
2015 Unsecured Term Loan . . . . . .
260,000

$200,000
—

1.94%
1.84%

N/A
N/A

1/29/2021
9/12/2022

Unsecured Term Loans, Total (A) . . $460,000

$200,000

Unsecured Credit Facility (B) . . . . . $ 52,500

$185,000

1.57%

N/A

3/11/2019

(A) We entered into interest rate protection agreements, with an aggregate notional value of $460,000, to

effectively convert the variable rate to a fixed rate. See Note 11.

(B) The maturity date may be extended an additional year at our election, subject to certain restrictions.

Mortgage Loans Payable, Net

During the years ended December 31, 2015 and 2014, we paid off and retired prior to maturity mortgage
loans in the amount of $22,910 and $65,558, respectively. In connection with these prepayments, we recognized
$0 and $655 as loss from retirement of debt for the years ended December 31, 2015 and 2014, respectively.

As of December 31, 2015, mortgage loans payable are collateralized, and in some instances cross-
collateralized, by industrial properties with a net carrying value of $727,022. We believe the Operating Partnership
and the Company were in compliance with all covenants relating to mortgage loans as of December 31, 2015.

Senior Unsecured Notes, Net

During the year ended December 31, 2014, we paid off and retired our 2014 Notes, at maturity, in the

amount of $81,794.

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FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Unsecured Term Loans

On January 29, 2014, we entered into a seven-year, $200,000 unsecured loan (the “2014 Unsecured Term
Loan”) with a syndicate of financial institutions. At December 31, 2015, the 2014 Unsecured Term Loan requires
interest only payments and bears interest at a variable rate based on LIBOR plus 170 basis points . The interest rate
on the 2014 Unsecured Term Loan varies based on the Company’s leverage ratio or, at our election, the Company’s
credit ratings.

On September 11, 2015, we entered into a seven-year, $260,000 unsecured loan (the “2015 Unsecured Term
Loan”; together with the 2014 Unsecured Term Loan, the “Unsecured Term Loans”) with a syndicate of financial
institutions. At December 31, 2015, the 2015 Unsecured Term Loan requires interest only payments and bears
interest at a variable rate based on LIBOR plus 160 basis points. The interest rate on the 2015 Unsecured Term
Loan varies based on the Company’s leverage ratio or, at our election, the Company’s credit ratings.

Unsecured Credit Facility

On March 10, 2015, we amended and restated our $625,000 revolving credit agreement (the “Old Credit
Facility”) with a new $625,000 revolving credit agreement (as amended and restated, the “Unsecured Credit
Facility”). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to
$900,000, subject to certain restrictions. The amendment extended the maturity date from September 29, 2017 to
March 11, 2019 with an option to extend an additional one year at our election, subject to certain restrictions. At
December 31, 2015, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 115 basis
points. The interest rate on the Unsecured Credit Facility varies based on the Company’s leverage ratio or, at our
election, the Company’s credit ratings.

Indebtedness

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness,

exclusive of premiums and discounts, for the next five years as of December 31, and thereafter:

2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter

Amount

$ 229,024
168,723
168,341
128,923
90,855
656,627

Total

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,442,493

The Unsecured Credit Facility, the Unsecured Term Loans and the indentures governing our senior unsecured
notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage.
Under the Unsecured Credit Facility and the Unsecured Term Loans, an event of default can occur if the lenders, in
their good faith judgment, determine that a material adverse change has occurred which could prevent timely
repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that
the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit
Facility, the Unsecured Term Loans and indentures governing our senior unsecured notes as of December 31, 2015.
However, these financial covenants are complex and there can be no assurance that these provisions would not be
interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

A-61

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Fair Value

At December 31, 2015 and 2014, the fair value of our indebtedness was as follows:

December 31, 2015

December 31, 2014

Carrying
Amount

Fair
Value

Carrying
Amount

Fair
Value

Mortgage Loans Payable, Net . . . . . . . . . . .
Senior Unsecured Notes, Net
. . . . . . . . . . .
Unsecured Term Loans . . . . . . . . . . . . . . . .
Unsecured Credit Facility . . . . . . . . . . . . . .

$ 564,955
364,956
460,000
52,500

$ 595,964
386,253
460,970
52,500

$ 599,985
364,861
200,000
185,000

$ 640,818
395,320
200,575
185,747

Total

. . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,442,411

$1,495,687

$1,349,846

$1,422,460

The fair values of our mortgage loans payable were determined by discounting the future cash flows using the
current rates at which similar loans would be made based upon similar remaining maturities. The current market
rates we utilized were internally estimated. The fair value of the senior unsecured notes were determined by using
rates, as advised by our bankers, that are based upon recent trades within the same series of the senior unsecured
notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured
notes from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the
Unsecured Credit Facility and the Unsecured Term Loans was determined by discounting the future cash flows
using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same
remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for
each of our mortgage loans payable, senior unsecured notes, the Unsecured Term Loans and the Unsecured Credit
Facility was primarily based upon Level 3 inputs.

5. Stockholders’ Equity of the Company and Partners’ Capital of the Operating Partnership

Operating Partnership Units

The Operating Partnership has issued General Partner Units, Limited Partner Units and preferred general
partnership Units. The General Partner Units resulted from capital contributions from the Company. The Limited
Partner Units are issued in conjunction with the acquisition of certain properties (see discussion below). Subject to
certain lock-up periods, holders of Limited Partner Units can redeem their Units by providing written notification to
the General Partner of the Operating Partnership. Unless the General Partner provides notice of a redemption
restriction to the holder, redemption must be made within seven business days after receipt of the holder’s notice.
The redemption can be effectuated, as determined by the General Partner, either by exchanging the Limited Partner
Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash
equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares
of common stock of the Company, and the Operating Partnership intends to continue this practice. If each Limited
Partner Unit of the Operating Partnership were redeemed as of December 31, 2015, the Operating Partnership could
satisfy its redemption obligations by making an aggregate cash payment of approximately $95,285 or by issuing
4,305,707 shares of the Company’s common stock. The preferred general partnership Units result from preferred
capital contributions from the Company. The Operating Partnership is required to make all required distributions on
the preferred general partnership Units prior to any distribution of cash or assets to the holders of the Units. The
consent of the holder of the Limited Partner Units is required to alter such holder’s rights as to allocations and
distributions, to alter or modify such holder’s rights with respect to redemption, to cause the early termination of the
Operating Partnership or to amend the provisions of the partnership agreement which requires such consent.

A-62

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Preferred Stock or General Partner Preferred Units

On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the
Company’s 6.236%, Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the “Series F
Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. The net proceeds from the issuance
of the Series F Preferred Stock were contributed to the Operating Partnership in exchange for 6.236% Series F
Cumulative Preferred Units (the “Series F Preferred Units”) and are reflected in the Operating Partnerships’
financial statements as a general partner preferred unit contribution. The Series F Preferred Stock was redeemable
for cash at the Company’s option, in whole or in part, at a redemption price of $1,000.00 per Depositary Share, or
$50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On March 6, 2014, the
Company fully redeemed the Series F Preferred Stock, at a redemption price of $1,000.00 per Depositary Share, and
paid a pro-rated first quarter dividend of $11.3299 per Depositary Share, totaling $566. An equivalent number of
Series F Preferred Units were redeemed on March 6, 2014 as well. The initial offering costs associated with the
issuance of the Series F Preferred Stock or Series F Preferred Units, as well as costs associated with the redemption,
totaled $949 and are reflected as a deduction from net income in determining earnings per share or earnings per Unit
for the year ended December 31, 2014.

On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the
Company’s 7.236%, Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the “Series G
Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. The net proceeds from the issuance
of the Series G Preferred Stock were contributed to the Operating Partnership in exchange for 7.236% Series G
Cumulative Preferred Units (the “Series G Preferred Units”) and are reflected in the Operating Partnerships’
financial statements as a general partner preferred unit contribution. The Series G Preferred Stock was redeemable
for cash at the Company’s option, in whole or in part, at a redemption price of $1,000.00 per Depositary Share, or
$25,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On March 31, 2014, the
Company fully redeemed the Series G Preferred Stock, at a redemption price of $1,000.00 per Depositary Share,
and paid a semi-annual dividend of $36.18 per Depositary Share, totaling $905. An equivalent number of Series G
Preferred Units were redeemed on March 31, 2014 as well. The initial offering costs associated with the issuance of
the Series G Preferred Stock or Series G Preferred Units, as well as costs associated with the redemption, totaled
$513 and are reflected as a deduction from net income in determining earnings per share or earnings per Unit for the
year ended December 31, 2014.

On January 13, 2006, the Company issued 6,000,000 Depositary Shares, each representing 1/10,000th of a
share of the Company’s 7.25%, Series J Cumulative Redeemable Preferred Stock, $0.01 par value (the “Series J
Preferred Stock”), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of
the Series J Preferred Stock were contributed to the Operating Partnership in exchange for 7.25% Series J
Cumulative Preferred Units (the “Series J Preferred Units”) and are reflected in the Operating Partnerships’
financial statements as a general partner preferred unit contribution. The Series J Preferred Stock was redeemable
for cash at the Company’s option, in whole or in part, at a redemption price equivalent to $25.00 per Depositary
Share, or $150,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On December 21,
2012, the Company redeemed 2,000,000 Depositary Shares and an equivalent number of Series J Preferred Units
were redeemed as well. The remaining 4,000,000 Depositary Shares of the Series J Preferred Stock were redeemed
on April 11, 2013, at a redemption price of $25.00 per Depositary Share, and the Company paid a pro-rated second
quarter dividend of $0.055382 per Depositary Share, totaling $221. An equivalent number of Series J Preferred
Units were redeemed on April 11, 2013 as well. The remaining initial offering costs associated with the issuance of
the Series J Preferred Stock/Units, as well as costs associated with the redemption, totaled $3,546 and are reflected
as a deduction from net income in determining earnings per share or earnings per Unit for the year ended
December 31, 2013.

A-63

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

On August 21, 2006, the Company issued 2,000,000 Depositary Shares, each representing 1/10,000th of a
share of the Company’s 7.25%, Series K Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the
“Series K Preferred Stock”), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the
issuance of the Series K Preferred Stock were contributed to the Operating Partnership in exchange for 7.25% Series
K Cumulative Preferred Units (the “Series K Preferred Units”) and are reflected in the Operating Partnerships’
financial statements as a general partner preferred unit contribution. The Series K Preferred Stock was redeemable
for cash at the Company’s option, in whole or in part, at a redemption price equivalent to $25.00 per Depositary
Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On July 18, 2013, the
Company fully redeemed the Series K Preferred Stock at a redemption price of $25.00 per Depositary Share, and
paid a pro-rated third quarter dividend of $0.090625 per Depositary Share, totaling $181. An equivalent number of
Series K Preferred Units were redeemed on July 18, 2013 as well. The initial offering costs associated with the
issuance of the Series K Preferred Stock or Series K Preferred Units, as well as costs associated with the
redemption, totaled $2,121 and are reflected as a deduction from net income in determining earnings per share or
earnings per Unit for the year ended December 31, 2013.

The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 2015 and 2014, there

were no preferred shares or general partner preferred Units outstanding.

Shares of Common Stock/Unit Contributions

For the years ended December 31, 2015, 2014 and 2013, 68,930, 222,676, and 105,028 Limited Partner Units,
respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a
reclassification of $673, $2,155 and $996, respectively, of noncontrolling interest to the Company’s stockholders’
equity.

During the year ended December 31, 2013, the Company issued 8,400,000 shares of the Company’s common
stock in an underwritten public offering. Net proceeds to the Company for the year ended December 31, 2013, were
$132,050. The proceeds were contributed to the Operating Partnership in exchange for an equivalent number of
Units and are reflected in the Operating Partnership’s financial statements as a general partner contribution.

On March 1, 2012, we entered into distribution agreements with sales agents to sell up to 12,500,000 shares of
the Company’s common stock, for up to $125,000 aggregate gross sale proceeds, from time to time in “at-the-
market” offerings (the “2012 ATM”). During the year ended December 31, 2013, the Company issued 2,315,704
shares of the Company’s common stock under the 2012 ATM resulting in net proceeds to the Company of $41,735.
The proceeds were contributed to the Operating Partnership in exchange for an equivalent number of Units and are
reflected in the Operating Partnership’s financial statements as a general partner contribution. On March 12, 2014,
the 2012 ATM was terminated in preparation for the commencement of the 2014 ATM (defined hereafter).

On March 13, 2014, we entered into distribution agreements with sales agents to sell up to 13,300,000 shares
of the Company’s common stock, for up to $200,000 aggregate gross sales proceeds, from time to time in “at-the-
market” offerings (the “2014 ATM”). During the years ended December 31, 2015 and 2014, the Company issued no
shares of common stock under the 2014 ATM. Under the terms of the 2014 ATM, sales are to be made primarily in
transactions that are deemed to be “at-the-market” offerings, including sales made directly on the New York Stock
Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.

A-64

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table is a roll-forward of the Company’s shares of common stock outstanding and the Operating
Partnership’s Units outstanding, including unvested restricted shares/Units (see Note 10), for the three years ended
December 31, 2015:

Balance at December 31, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of Common Stock/Units, Including Vesting

of Restricted Stock Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of Restricted Stock Shares/Units . . . . . . . . . . . . . . . . . .
Repurchase and Retirement of Restricted Stock Shares/Units . . .
Conversion of Operating Partnership Units . . . . . . . . . . . . . . . . . .

Shares of
Common Stock
Outstanding

General Partner and
Limited Partner
Units Outstanding

98,767,913

103,470,254

10,853,693
284,461
(30,245)
105,028

10,853,693
284,461
(30,245)
—

Balance at December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . .

109,980,850

114,578,163

Vesting of Restricted Stock Units . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of Restricted Stock Shares/Units . . . . . . . . . . . . . . . . . .
Repurchase and Retirement of Restricted Stock Shares/Units . . .
Conversion of Operating Partnership Units . . . . . . . . . . . . . . . . . .

219,695
319,055
(141,410)
222,676

219,695
319,055
(141,410)
—

Balance at December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . .

110,600,866

114,975,503

Vesting of Restricted Stock Units . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of Restricted Stock Shares/Units . . . . . . . . . . . . . . . . . .
Repurchase and Retirement of Restricted Stock Shares/Units . . .
Conversion of Operating Partnership Units . . . . . . . . . . . . . . . . . .

224,990
234,360
(101,921)
68,930

224,990
234,360
(101,921)
—

Balance at December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . .

111,027,225

115,332,932

Dividends/Distributions

The coupon rate of our Series F Preferred Stock/Units reset every quarter at 2.375% plus the greater of (i) the
30 year Treasury constant maturity treasury (“CMT”) Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3-month
LIBOR. For the period January 1, 2014 through March 6, 2014 (the redemption date), the coupon rate was 6.275%.

The following table summarizes dividends/distributions accrued during the past three years:

2015
Total
Dividend/
Distribution

2014
Total
Dividend/
Distribution

2013
Total
Dividend/
Distribution

Common Stock/Operating Partnership Units . . . . . . . . . . . . .
Series F Preferred Stock/Units (A) . . . . . . . . . . . . . . . . . . . . .
Series G Preferred Stock/Units (A) . . . . . . . . . . . . . . . . . . . . .
Series J Preferred Stock/Units (A) . . . . . . . . . . . . . . . . . . . . .
Series K Preferred Stock/Units (A) . . . . . . . . . . . . . . . . . . . . .

$59,014
N/A
N/A
N/A
N/A

$47,263
566
$
453
$
N/A
N/A

$38,862
$ 2,896
$ 1,809
$ 2,034
$ 1,994

(A) See the “Preferred Stock/Contributions” section for the redemptions and discussion of pro-rated dividends/
distributions for all series of preferred stock/Units occurring during the years ended December 31, 2014 and
2013.

A-65

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

6. Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated other comprehensive loss by component for the

Company for the years ended December 31, 2015 and 2014:

Interest
Rate
Protection
Agreements

Foreign
Currency
Translation
Adjustment

Comprehensive
Income (Loss)
Attributable to
Noncontrolling
Interest

Total

Balance as of December 31, 2013 . . . . . . . . . . . . . . . . . . .

$ (3,481)

$ 78

$ 138

$ (3,265)

Other Comprehensive (Loss) Income Before

Reclassifications . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(16,270)

(93)

Amounts Reclassified from Accumulated Other

Comprehensive Loss . . . . . . . . . . . . . . . . . . . . . . . . .

5,349

—

Net Current Period Other Comprehensive (Loss)

Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(10,921)

Balance as of December 31, 2014 . . . . . . . . . . . . . . . . . . .

$(14,402)

Other Comprehensive (Loss) Income Before

Reclassifications . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(14,684)

Amounts Reclassified from Accumulated Other

Comprehensive Loss . . . . . . . . . . . . . . . . . . . . . . . . .

19,043

Net Current Period Other Comprehensive Income

(Loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,359

(93)

$(15)

15

—

15

Balance as of December 31, 2015 . . . . . . . . . . . . . . . . . . .

$(10,043)

$ —

412

—

412

$ 550

(15,951)

5,349

(10,602)

$(13,867)

(174)

(14,843)

—

19,043

(174)

$ 376

4,200

$ (9,667)

The following table summarizes the changes in accumulated other comprehensive loss by component for the

Operating Partnership for the years ended December 31, 2015 and 2014:

Interest
Rate
Protection
Agreements

Foreign
Currency
Translation
Adjustment

Total

Balance as of December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (3,481)

$119

$ (3,362)

Other Comprehensive Loss Before Reclassifications . . . . . . . . . . . . . . . . . . .
Amounts Reclassified from Accumulated Other Comprehensive Loss . . . . .

(16,270)
5,349

Net Current Period Other Comprehensive Loss . . . . . . . . . . . . . . . . . . . . .

(10,921)

(93)
—

(93)

(16,363)
5,349

(11,014)

Balance as of December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(14,402)

$ 26

$(14,376)

Other Comprehensive Loss Before Reclassifications . . . . . . . . . . . . . . . . . . .
Amounts Reclassified from Accumulated Other Comprehensive Loss . . . . .

(14,684)
19,043

Net Current Period Other Comprehensive Income (Loss) . . . . . . . . . . . . .

4,359

(26)
—

(26)

(14,710)
19,043

4,333

Balance as of December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(10,043)

$ — $(10,043)

A-66

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table summarizes the reclassifications out of accumulated other comprehensive loss for both the

Company and the Operating Partnership for the years ended December 31, 2015, 2014 and 2013:

Details about Accumulated Other Comprehensive
Loss Components

Interest Rate Protection Agreements:
Reclassification of Fair Value of

Interest Rate Protection Agreement
(See Note 11) . . . . . . . . . . . . . . . . . . .

Amortization of Interest Rate

Protection Agreements (Previously
Settled) . . . . . . . . . . . . . . . . . . . . . . . .

Settlement Payments to our

Amount Reclassified from Accumulated
Other Comprehensive Loss

Year Ended
December 31,
2015

Year Ended
December 31,
2014

Year Ended
December 31,
2013

Affected Line Item in the
Consolidated Statements of
Operations

$12,990

$ —

$ —

Settlement Loss and Mark-to-
Market Gain on Interest Rate
Protection Agreements

524

1,358

2,411

Interest Expense

Counterparties . . . . . . . . . . . . . . . . . .

5,529

3,991

— Interest Expense

Write-off of Unamortized Settlement

Amounts of Interest Rate Protection
Agreements . . . . . . . . . . . . . . . . . . . .

—

—

1,116

Loss from Retirement of Debt

$19,043

$5,349

3,527

Total

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges
is recorded in other comprehensive income (loss) and is subsequently reclassified to earnings through interest
expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize
approximately $391 into net income by increasing interest expense for interest rate protection agreements we settled
in previous periods. Additionally, recurring settlement amounts on the 2014 and 2015 Swaps, as defined in Note 11,
will also be reclassified to net income. See Note 11 for more information about our derivatives.

A-67

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

7. Earnings Per Share and Earnings Per Unit (EPS/EPU)

The computation of basic and diluted EPS of the Company is presented below:

Year Ended
December 31,
2015

Year Ended
December 31,
2014

Year Ended
December 31,
2013

Numerator:

Income from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling Interest Allocable to Continuing Operations . . . . . . . . . . . . . . . . . . .
Income from Continuing Operations Allocable to Participating Securities . . . . . . . . .

$ 76,705
(2,903)
(248)

$ 23,182
(813)
(75)

$ 4,862
396
—

Inc.

Income from Continuing Operations Attributable to First Industrial Realty Trust,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Preferred Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemption of Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

73,554
—
—

22,294
(1,019)
(1,462)

5,258
(8,733)
(5,667)

Income (Loss) from Continuing Operations Available to First Industrial Realty

Trust, Inc.’s Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 73,554

$ 19,813

$ (9,142)

Income from Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling Interest Allocable to Discontinued Operations . . . . . . . . . . . . . . . . . .
Income from Discontinued Operations Allocable to Participating Securities . . . . . . .

$

Income from Discontinued Operations Attributable to First Industrial Realty

Trust, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

—
—
—

—

$ 27,823
(1,082)
(100)

$ 36,566
(1,517)
(162)

$ 26,641

$ 34,887

Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders
and Participating Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Income Allocable to Participating Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 73,802
(248)

$ 46,629
(175)

$ 25,907
(162)

Net Income Available to First Industrial Realty Trust, Inc.’s Common

Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 73,554

$ 46,454

$ 25,745

Denominator (In Thousands):

Weighted Average Shares - Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of Dilutive Securities:

110,352

109,922

106,995

LTIP Unit Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

429

403

—

Weighted Average Shares - Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

110,781

110,325

106,995

Basic EPS:

Income (Loss) from Continuing Operations Available to First Industrial Realty

Trust, Inc.’s Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from Discontinued Operations Attributable to First Industrial Realty

Trust, Inc.’s Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income Available to First Industrial Realty Trust, Inc.’s Common

Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diluted EPS:

Income (Loss) from Continuing Operations Available to First Industrial Realty

Trust, Inc.’s Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from Discontinued Operations Attributable to First Industrial Realty

Trust, Inc.’s Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income Available to First Industrial Realty Trust, Inc.’s Common

Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

$

$

$

$

0.67

—

0.67

0.66

—

0.66

$

$

$

$

$

$

0.18

$

(0.09)

0.24

0.42

$

$

0.33

0.24

0.18

$

(0.09)

0.24

0.42

$

$

0.33

0.24

A-68

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The computation of basic and diluted EPU of the Operating Partnership is presented below:

Year Ended
December 31,
2015

Year Ended
December 31,
2014

Year Ended
December 31,
2013

Numerator:

Income from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling Interest Allocable to Continuing Operations . . . . . . . . . . . . . . . . .
Income from Continuing Operations Allocable to Participating Securities . . . . . .

$ 76,820
(138)
(248)

Income from Continuing Operations Attributable to Unitholders . . . . . . . . . . .
Preferred Unit Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemption of Preferred Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

76,434
—
—

$ 23,434
(62)
(75)

23,297
(1,019)
(1,462)

$ 4,908
(36)
—

4,872
(8,733)
(5,667)

Income (Loss) from Continuing Operations Available to Unitholders . . . . . . . .

$ 76,434

$ 20,816

$ (9,528)

Income from Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling Interest Allocable to Discontinued Operations . . . . . . . . . . . . . . .
Income from Discontinued Operations Allocable to Participating Securities . . . .

Income from Discontinued Operations Attributable to Unitholders . . . . . . . . . .

$

$

—
—
—

—

$ 27,823
(10)
(100)

$ 36,566
(5)
(162)

$ 27,713

$ 36,399

Net Income Available to Unitholders and Participating Securities . . . . . . . . . . . . .
Net Income Allocable to Participating Securities . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 76,682
(248)

$ 48,704
(175)

$ 27,033
(162)

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 76,434

$ 48,529

$ 26,871

Denominator (In Thousands):

Weighted Average Units - Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

114,709

114,388

111,646

429

403

—

Weighted Average Units - Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

115,138

114,791

111,646

Basic EPU:

Income (Loss) from Continuing Operations Available to Unitholders . . . . . . . . . .

Income from Discontinued Operations Attributable to Unitholders . . . . . . . . . . . .

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diluted EPU:

Income (Loss) from Continuing Operations Available to Unitholders . . . . . . . . . .

Income from Discontinued Operations Attributable to Unitholders . . . . . . . . . . . .

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

$

$

$

$

0.67

—

0.67

0.66

—

0.66

$

$

$

$

$

$

0.18

0.24

0.42

0.18

0.24

0.42

$

$

$

$

$

$

(0.09)

0.33

0.24

(0.09)

0.33

0.24

Participating securities include 387,947, 463,774 and 488,861 of unvested restricted stock or restricted Unit
awards outstanding at December 31, 2015, 2014 and 2013, respectively, which participate in non-forfeitable
distributions. Under the two class method, participating security holders are allocated income, in proportion to total
weighted average shares or Units outstanding, based upon the greater of net income (after reduction for preferred
dividends or general partner preferred Unit distributions and redemption of preferred stock or general partner
preferred Units) or common distributions declared.

The number of weighted average shares or weighted average Units—diluted is the same as the number of
weighted average shares or weighted average Units—basic for the year ended December 31, 2013, as the effect of

A-69

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

restricted unit awards and LTIP Unit Awards (as defined in Note 10), which do not participate in non-forfeitable
distributions of the Company or Operating Partnership, was excluded as its inclusion would have been antidilutive
to the loss from continuing operations available to common stockholders or Unitholders. The following table
discloses the number of non-participating securities outstanding for the year ended December 31, 2013 that were
excluded from the computation of diluted EPS and EPU:

Number of
Awards
Outstanding at
December 31,
2013

Non-Participating Securities:
Restricted Unit Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LTIP Unit Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

73,400
718,960

8.

Income Taxes

The components of income tax (provision) benefit for the years ended December 31, 2015, 2014 and 2013

are comprised of the following:

Year Ended December 31,

2015

2014

2013

Current:

Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 68
(297)

$ (51)
(196)

$ 231
(264)

Deferred:

State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

112

9

$(117)

$(238)

$

36

3

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis
of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2015 and 2014:

Impairment of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign Net Operating Loss Carryforward . . . . . . . . . . . . . . . . . . . . . . . . . . .
Valuation Allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Deferred Tax Assets, Net of Allowance . . . . . . . . . . . . . . . . . . . . . .

Straight-line Rent
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Deferred Tax Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Net Deferred Tax Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A-70

Year Ended December 31,

2015

2014

$ 2,484
—
(3,437)
1,021

$

$

$

$

68

(79)
(1)

(80)

(12)

$ 2,466
585
(4,224)
1,251

$

$

78

(90)
(112)

$ (202)

$ (124)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

A valuation allowance is recorded if we believe it is more likely than not that all or some portion of our
deferred tax assets will not be realized. We do not have projections of future taxable income or other sources of
taxable income in the taxable REIT subsidiaries significant enough to allow us to believe it is more likely than
not that we will realize our deferred tax assets. Therefore, we have recorded a valuation allowance against our
deferred tax assets. An increase or decrease in the valuation allowance that results from a change in
circumstances, and which causes a change in our judgment about the realizability of the related deferred tax
assets, is included in the current tax provision.

The income tax (provision) benefit pertaining to income from continuing operations of the taxable REIT
subsidiaries differs from the amounts computed by applying the applicable federal statutory rate as follows for
the years ended December 31, 2015, 2014 and 2013:

Tax Benefit (Provision) at Federal Rate Related to Continuing

Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State Tax Provision, Net of Federal Benefit . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
Non-deductible Permanent Items, Net
IRS Audit Adjustment and Accrued Interest . . . . . . . . . . . . . . . . . . . . . . . .
Change in Valuation Allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year Ended December 31,

2015

2014

2013

$ 64
(212)
10
—
787
(766)

$ (532)
(214)
1
—
1,133
(626)

$ 286
(236)
21
58
(388)
262

Net Income Tax (Provision) Benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(117)

$ (238)

$

3

We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for
accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an
uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination
by taxing authorities. As of December 31, 2015, we do not have any unrecognized tax benefits.

We file income tax returns in the U.S., and various states and foreign jurisdictions. In general, the statutes of

limitations for income tax returns remain open for the years 2012 through 2015.

Federal Income Tax Treatment of Share Distributions

For income tax purposes, distributions paid to the Company’s common shareholders are classified as
ordinary income, capital gain, return of capital or qualified dividends. For the years ended December 31, 2015,
2014 and 2013, the distributions per common share were classified as follows:

Common Stock

As a
Percentage
of
Distributions

2014

As a
Percentage
of
Distributions

2013

As a
Percentage
of
Distributions

2015

Ordinary Income . . . . . . . . . . . . . . . . . . . . . . . $0.2629
0.1241
Unrecaptured Section 1250 Gain . . . . . . . . . . .

67.93% $0.4412
—
32.07%

100.00% $0.3088
—

0.00%

100.00%
0.00%

$0.3870

100.00% $0.4412

100.00% $0.3088

100.00%

For income tax purposes, distributions paid to the Company’s preferred shareholders are classified as
ordinary income, capital gain, return of capital or qualified dividends. For the year ended December 31, 2013, the

A-71

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

preferred distributions per depositary share for the Series J and Series K Preferred Stock were classified as
ordinary income of $0.5085 and $0.9969, respectively.

9. Future Rental Revenues

Our properties are leased to tenants under net and semi-net operating leases. Future minimum rental
receipts, excluding tenant reimbursements of expenses, under non-cancelable operating leases executed as of
December 31, 2015 are approximately as follows:

2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter

$ 271,032
242,844
201,970
160,133
125,735
369,030

Total

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,370,744

10. Benefit Plans

Stock Based Compensation

The Company maintains a stock incentive plan (the “Stock Incentive Plan”), which is administered by the
Compensation Committee of the Board of Directors. Officers, certain employees and the Company’s independent
directors generally are eligible to participate in the Stock Incentive Plan. Awards made under the Stock Incentive
Plan can be in the form of restricted stock awards, restricted stock unit awards, performance share awards,
dividend equivalent rights, non-statutory stock options and stock appreciation rights. Special provisions apply to
awards granted under the Stock Incentive Plan in the event of a change in control in the Company. As of
December 31, 2015, awards covering 3.0 million shares of common stock were available to be granted under the
Stock Incentive Plan.

Restricted Stock/Units

For the years ended December 31, 2015, 2014 and 2013, the Company awarded 216,975, 299,805 and
284,461 shares, respectively, of restricted stock awards to certain employees, which had a fair value of $4,708,
$5,413 and $4,719 on the date of approval by either the Compensation Committee of the Board of Directors or
the Company’s stockholders of the Stock Incentive Plan, as the case may be. These restricted stock awards were
issued based upon the achievement of certain corporate performance goals and generally vest over a period of
three years. Additionally, during the years ended December 31, 2015 and 2014, the Company awarded 17,385
and 19,250 shares, respectively, of restricted stock to non-employee members of the Board of Directors, which
each had a fair value of $350 on the date of approval. These restricted stock awards vest over a one-year period.
The Operating Partnership issued Units to the Company in the same amounts for these award issuances.

Compensation expense is charged to earnings over the vesting periods for the restricted stock or restricted
Unit awards expected to vest except if the recipient is not required to provide future service in exchange for
vesting of such restricted stock or restricted Unit awards. If vesting of a recipient’s restricted stock or restricted
Unit awards is not contingent upon future service, the expense is recognized immediately at the date of grant.
During the years ended December 31, 2015, 2014 and 2013, we recognized $1,352, $1,451 and $1,008,
respectively, of compensation expense related to restricted stock or restricted Unit awards granted to our Chief
Executive Officer and one other employee for which future service was not required.

A-72

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

LTIP Unit Awards

For the years ended December 31, 2015 and 2013, the Company granted 264,432 and 718,960 Long-Term
Incentive Program (“LTIP”) performance units (“LTIP Unit Awards”) to certain employees, which had a fair
value of $2,531 and $5,411 on the grant date as determined by a lattice-binomial option-pricing model based on a
Monte Carlo simulation. The LTIP Unit Awards vest based upon the relative total shareholder return (“TSR”) of
the Company’s common stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial
Index. The TSR for the LTIP Unit Awards granted during the year ended December 31, 2015 is calculated based
on the performance period from January 1, 2015 through December 31, 2017. The TSR for half of the granted
units during the year ended December 31, 2013 was calculated based upon the performance period from July 1,
2013 through June 30, 2014 and the TSR for the other half was calculated based upon the performance from
July 1, 2013 through December 31, 2015. Compensation expense is charged to earnings on a straight-line basis
over the respective performance periods. At the end of the respective performance periods each participant will
be issued shares of the Company’s common stock equal to the maximum shares issuable to the participant for the
performance period multiplied by a percentage, ranging from 0% to 100%, based on the Company’s TSR as
compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The participant is also
entitled to dividend equivalents for shares issued pursuant to vested LTIP Unit Awards. The dividend equivalents
represent any common dividends that would have been paid with respect to such issued shares after the grant of
the LTIP Unit Awards and prior to the date of settlement. The Operating Partnership issued Units to the
Company in the same amounts for vested LTIP Unit Awards.

As mentioned above, the fair values of the LTIP Unit Awards at issuance were determined by a lattice-

binomial option-pricing model based on Monte Carlo simulations using the following assumptions:

Year Ended
December 31, 2015

Year Ended
December 31, 2013

Expected dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected volatility - range used . . . . . . . . . . . . . . . . . . . . . . . . .
Expected volatility - weighted average . . . . . . . . . . . . . . . . . . . .
Risk-free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected term . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.99%

2.22%
20.43% - 21.99% 24.28% - 34.66%
30.61%
0.03% - 0.71%
1 - 2.5 years

21.34%
0.10% - 1.16%

3 years

Outstanding Restricted Stock or Restricted Unit Awards and LTIP Unit Awards

For the years ended December 31, 2015, 2014 and 2013, we recognized $7,177, $7,605 and $6,202,
respectively, in amortization related to restricted stock or restricted Unit awards and LTIP Unit Awards, of which
$42, $41 and $43 was capitalized in connection with development activities. At December 31, 2015, we had
$5,432 in unrecognized compensation related to unvested restricted stock or restricted Unit awards and LTIP
Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is
0.91 years.

A-73

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Restricted stock or

restricted Unit award and LTIP Unit Award transactions for the year ended

December 31, 2015 are summarized as follows:

Outstanding at December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Awards

816,718
498,792
(4,313)
(661,222)

Outstanding at December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

649,975

Weighted
Average
Grant Date
Fair Value

$12.68
$15.21
$13.68
$11.87

$15.43

401(k)/Profit Sharing Plan

In September 1994, the Company’s Board of Directors approved and the Company adopted a 401(k)/Profit
Sharing Plan. Under the Company’s 401(k)/Profit Sharing Plan, all eligible employees may participate by
making voluntary contributions. The Company may make, but is not required to make, matching contributions,
which are funded by the Operating Partnership. For the years ended December 31, 2015, 2014 and 2013, total
expense recognized for the 401(k)/Profit Sharing Plan related to matching contributions was $471, $387 and
$300, respectively.

11. Derivatives

Our objectives in using derivatives are to add stability to interest expense and to manage our cash flow
volatility and exposure to interest rate movements. To accomplish this objective, we primarily use interest rate
protection agreements as part of our interest rate risk management strategy. Interest rate protection agreements
designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for
fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

In connection with the origination of the 2014 Unsecured Term Loan (see Note 4), during January 2014, we
entered into four interest rate protection agreements, with an aggregate notional value of $200,000, to manage
our exposure to changes in the one month LIBOR rate (the “2014 Swaps”). The 2014 Swaps fix the LIBOR rate
at a weighted average rate of 2.29% and mature on January 29, 2021. We designated the 2014 Swaps as cash
flow hedges.

In connection with the origination of the 2015 Unsecured Term Loan (see Note 4), during September 2015,
we entered into six interest rate protection agreements, with an aggregate notional value of $260,000, to manage
our exposure to changes in the one month LIBOR rate (the “2015 Swaps”). The 2015 Swaps fix the LIBOR rate
at a weighted average rate of 1.79% and mature on September 12, 2022. We designated the 2015 Swaps as cash
flow hedges.

In order to maintain our flexibility to pursue an offering of unsecured debt, during August 2014, we entered
into three interest rate protection agreements, with an aggregate notional value of $220,000, to manage our
exposure to changes in the three month LIBOR rate (the “Settled Swaps”). At origination, we designated the
Settled Swaps as cash flow hedges but, during the three months ended March 31, 2015, the Settled Swaps were
de-designated and the fair market value loss was reclassified to earnings from other comprehensive income since
we determined the forecasted offering of unsecured debt was no longer probable to occur within the time period
stated in the respective designation memos. During the year ended December 31, 2015, we made a settlement
payment of $11,546 to our derivative counterparties, which is recognized as mark-to-market and settlement loss
on interest rate protection agreements.

Our agreements with our derivative counterparties contain provisions where if we default on any of our
indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds.

A-74

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

As of December 31, 2015, we had not posted any collateral related to these agreements and were not in breach of
any of the agreement provisions. If we had breached these provisions, we could have been required to settle our
obligations under the agreements at their termination value.

Our Series F Preferred Stock, which was redeemed during the year ended December 31, 2014, included a
quarterly rate reset. In 2008, we had entered into an interest rate swap agreement to mitigate our exposure to
floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Stock (the
“Series F Agreement”). Accounting guidance for derivatives does not permit hedge accounting treatment related
to equity instruments and therefore the mark-to-market gains or losses related to the Series F agreement were
recorded in the statement of operations. The Series F Agreement matured on October 1, 2013 and for the year
ended December 31, 2013, gains of $52 were recognized as mark-to-market gain on interest rate protection
agreements.

The following table sets forth our financial liabilities related to the 2014 and 2015 Swaps, which are
included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated
balance sheets and are accounted for at fair value on a recurring basis as of December 31, 2015:

Fair Value Measurements at Reporting Date Using:

Quoted Prices in
Active Markets for
Identical Assets
(Level 1)

Fair Value

Significant Other
Observable Inputs
(Level 2)

Unobservable
Inputs
(Level 3)

Description

Liabilities:
Derivatives designated as a hedging

instrument:

2014 Swaps . . . . . . . . . . . . . . . . . . . . . . . . . $(7,380)
2015 Swaps . . . . . . . . . . . . . . . . . . . . . . . . . $(1,064)

—
—

$(7,380)
$(1,064)

—
—

There was no ineffectiveness recorded on the 2014 and 2015 Swaps during the year ended December 31,

2015. See Note 6 for more information.

The estimated fair value of the 2014 and 2015 Swaps was determined using the market standard
methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts.
The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable
market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account
for potential non-performance risk, including our own non-performance risk and the respective counterparty’s
non-performance risk. We determined that the significant inputs used to value the 2014 and 2015 Swaps fell
within Level 2 of the fair value hierarchy.

12. Related Party Transactions

At December 31, 2015 and 2014, the Operating Partnership had receivable balances of $10,714 and

$10,767, respectively, from a direct wholly-owned subsidiary of the Company.

13. Commitments and Contingencies

In the normal course of business, we are involved in legal actions arising from the ownership of our
industrial properties. In our opinion, the liabilities, if any, that may ultimately result from such legal actions are
not expected to have a materially adverse effect on our consolidated financial position, operations or liquidity.

A-75

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

At December 31, 2015, we had outstanding letters of credit and performance bonds in the aggregate amount

of $6,698.

In conjunction with the development of industrial properties, we have entered into agreements with general
contractors for the construction of industrial properties. At December 31, 2015, we had four industrial properties
totaling approximately 1.4 million square feet of GLA under construction. The estimated total investment as of
December 31, 2015 is approximately $78,700 (unaudited). Of this amount, approximately $59,700 (unaudited)
remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated
total investment.

Ground and Operating Lease Agreements

For the years ended December 31, 2015, 2014 and 2013, we recognized $1,281, $1,300 and $1,440,

respectively, in operating and ground lease expense.

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under

which we are the lessee as of December 31, 2015 are as follows:

2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,993
1,929
1,180
534
533
25,866

Total(A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$32,035

(A) Minimum rental payments have not been reduced by minimum sublease rentals of $3,861 due in the future

under non-cancelable subleases.

14. Subsequent Events

From January 1, 2016 to February 24, 2016, we acquired one industrial property and several land parcels for
a purchase price of approximately $46,664, excluding costs incurred in conjunction with such acquisitions. We
also assumed a $4,513 mortgage loan payable in conjunction with the acquisition of the property. During the
same period, we sold two industrial properties for approximately $9,614.

Additionally, on January 15, 2016, we paid off and retired our 2016 Notes, at maturity, in the amount of

$159,679.

A-76

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

15. Quarterly Financial Information (unaudited)

The following tables summarize the Company’s unaudited quarterly financial information for each of the

years ended December 31, 2015 and 2014.

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 89,942 $ 90,456 $ 92,157 $ 93,207

Year Ended December 31, 2015

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Net Income Available to First Industrial Realty Trust, Inc.’s Common

Stockholders and Participating Securities . . . . . . . . . . . . . . . . . . . . . $

Net Income Allocable to Participating Securities . . . . . . . . . . . . . . . . .

2,373 $ 14,012 $ 13,917 $ 43,500
(153)

(41)

(50)

(50)

Net Income Available to First Industrial Realty Trust, Inc.’s

Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

2,332 $ 13,962 $ 13,867 $ 43,347

Basic EPS:

Net Income Available to First Industrial Realty Trust, Inc.’s

Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

0.02 $

0.13 $

0.13 $

0.39

Diluted EPS:

Net Income Available to First Industrial Realty Trust, Inc.’s

Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

0.02 $

0.13 $

0.13 $

0.39

Weighted Average Shares Basic/Diluted (In Thousands):

Weighted Average Shares - Basic . . . . . . . . . . . . . . . . . . . . . . . . . . .

110,310

110,348

110,356

110,392

Weighted Average Shares - Diluted . . . . . . . . . . . . . . . . . . . . . . . . .

110,675

110,683

110,848

110,916

A-77

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Year Ended December 31, 2014

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 83,861

$ 84,044

$ 86,361

$ 90,333

Income from Continuing Operations, Net of Noncontrolling

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

3,868

$

3,028

$

7,938

$

7,535

Income from Discontinued Operations, Net of Noncontrolling
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income Attributable to First Industrial Realty Trust,

Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Preferred Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemption of Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income Available to First Industrial Realty Trust, Inc.’s
Common Stockholders and Participating Securities . . . . .

Income from Continuing Operations Allocable to

Participating Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from Discontinued Operations Allocable to

Participating Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income Available to First Industrial Realty Trust, Inc.’s

1,095

1,011

13,389

11,246

4,963
(1,019)
(1,462)

4,039
—
—

21,327
—
—

18,781
—
—

2,482

4,039

21,327

18,781

(18)

(14)

(32)

(11)

(33)

(57)

(32)

(47)

Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . $

2,450

$

3,996

$ 21,237

$ 18,702

Basic EPS:

Income from Continuing Operations Available to First

Industrial Realty Trust, Inc.’s Common Stockholders . . . $

0.01

Income from Discontinued Operations Attributable to First

Industrial Realty Trust, Inc.’s Common Stockholders . . . $

0.01

Net Income Available to First Industrial Realty Trust, Inc.’s

Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . $

0.02

Diluted EPS:

Income from Continuing Operations Available to First

Industrial Realty Trust, Inc.’s Common Stockholders . . . $

0.01

Income from Discontinued Operations Attributable to First

Industrial Realty Trust, Inc.’s Common Stockholders . . . $

0.01

Net Income Available to First Industrial Realty Trust, Inc.’s

Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . $

0.02

$

$

$

$

$

$

0.03

0.01

0.04

0.03

0.01

0.04

$

$

$

$

$

$

0.07

0.12

0.19

0.07

0.12

0.19

$

$

$

$

$

$

0.07

0.10

0.17

0.07

0.10

0.17

Weighted Average Shares Basic/Diluted (In Thousands):

Weighted Average Shares - Basic . . . . . . . . . . . . . . . . . . . . .

109,676

109,815

110,072

110,118

Weighted Average Shares - Diluted . . . . . . . . . . . . . . . . . . .

110,215

110,404

110,271

110,405

A-78

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following tables summarize the Operating Partnership’s unaudited quarterly financial information for

each of the years ended December 31, 2015 and 2014.

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 89,942 $ 90,456 $ 92,157 $ 93,207

Year Ended December 31, 2015

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Net Income Available to Unitholders and Participating Securities . . . . $
Net Income Allocable to Participating Securities . . . . . . . . . . . . . . . . .

2,457 $ 14,644 $ 14,438 $ 45,143
(153)

(50)

(50)

(41)

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . $

2,416 $ 14,594 $ 14,388 $ 44,990

Basic EPU:

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . $

0.02 $

0.13 $

0.13 $

0.39

Diluted EPU:

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . $

0.02 $

0.13 $

0.12 $

0.39

Weighted Average Units Basic/Diluted (In Thousands):

Weighted Average Units - Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . .

114,681

114,712

114,720

114,722

Weighted Average Units - Diluted . . . . . . . . . . . . . . . . . . . . . . . . . .

115,046

115,047

115,212

115,246

A-79

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Year Ended December 31, 2014

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 83,861 $ 84,044 $ 86,361 $ 90,333

Income from Continuing Operations, Net of Noncontrolling

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

3,938 $

3,176 $

8,294 $

7,964

Income from Discontinued Operations, Net of Noncontrolling

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,140

1,051

13,924

11,698

Net Income Attributable to Unitholders . . . . . . . . . . . . . . . . . . . . . .
Preferred Unit Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemption of Preferred Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,078
(1,019)
(1,462)

4,227
—
—

22,218
—
—

19,662
—
—

Net Income Available to Unitholders and Participating

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,597

4,227

22,218

19,662

Income from Continuing Operations Allocable to Participating

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income from Discontinued Operations Allocable to Participating

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(17)

(14)

(32)

(11)

(33)

(57)

(32)

(47)

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . $

2,566 $

4,184 $ 22,128 $ 19,583

Basic EPU:

Income from Continuing Operations Available to Unitholders . . . . $

0.01 $

0.03 $

0.07 $

0.07

Income from Discontinued Operations Attributable to

Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

0.01 $

0.01 $

0.12 $

0.10

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . $

0.02 $

0.04 $

0.19 $

0.17

Diluted EPU:

Income from Continuing Operations Available to Unitholders . . . . $

0.01 $

0.03 $

0.07 $

0.07

Income from Discontinued Operations Attributable to

Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

0.01 $

0.01 $

0.12 $

0.10

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . $

0.02 $

0.04 $

0.19 $

0.17

Weighted Average Units Basic/Diluted (In Thousands):

Weighted Average Units - Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . .

114,245

114,278

114,512

114,512

Weighted Average Units - Diluted . . . . . . . . . . . . . . . . . . . . . . . . . .

114,784

114,867

114,711

114,799

A-80

.

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A-97

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2015

At December 31, 2015, the aggregate cost of land and buildings and equipment for federal income tax

purpose was approximately $3.2 billion (excluding construction in progress).

The changes in investment in real estate for the three years ended December 31, are as follows:

2015

2014

2013

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance, Beginning of Year
Acquisition of Real Estate Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Construction Costs and Improvements . . . . . . . . . . . . . . . . . . . . . . . . .
Disposition of Real Estate Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Impairment of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Write-off of Fully Depreciated Assets . . . . . . . . . . . . . . . . . . . . . . . . .

$3,183,369
161,074
142,535
(162,636)
(626)
(26,067)

(In thousands)
$3,119,547
84,526
104,782
(98,378)
—
(27,108)

$3,130,942
69,481
100,207
(142,369)
(2,652)
(36,062)

Balance, End of Year Including Real Estate Held for Sale . . . . . . . .
Real Estate Held for Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,297,649
(3,681)

$3,183,369
—

$3,119,547
—

Balance, End of Year Excluding Real Estate Held for Sale . . . . . . .

$3,293,968

$3,183,369

$3,119,547

The changes in accumulated depreciation for the three years ended December 31, are as follows:

2015

2014

2013

Balance, Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation for Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Disposition of Real Estate Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Write-off of Fully Depreciated Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$786,978
92,955
(61,365)
(26,067)

(In thousands)
$748,044
93,457
(27,415)
(27,108)

$735,593
94,271
(45,758)
(36,062)

Balance, End of Year Including Real Estate Held for Sale . . . . . . . . . . . .
Real Estate Held for Sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$792,501
(1,171)

$786,978
—

$748,044
—

Balance, End of Year Excluding Real Estate Held for Sale . . . . . . . . . . .

$791,330

$786,978

$748,044

A-98

MARKET INFORMATION

The following table sets forth, for the periods indicated, the high and low closing prices per share of the
Company’s common stock, which trades on the New York Stock Exchange under the trading symbol “FR” and
the dividends declared per share for the Company’s common stock and the distributions declared per Unit for the
Operating Partnership’s Units. There is no established public trading market for the Units.

Quarter Ended

High

Low

December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 30, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$23.08
$21.43
$21.53
$22.45
$21.16
$19.30
$19.37
$19.50

$21.08
$18.69
$18.73
$20.02
$16.96
$16.91
$17.86
$16.42

Dividend/
Distribution
Declared

$0.1275
$0.1275
$0.1275
$0.1275
$0.1025
$0.1025
$0.1025
$0.1025

As of February 22, 2016, the Company had 449 common stockholders of record and the Operating
Partnership had 137 holders of record of general partner and limited partner Units registered with our transfer
agent.

In order to comply with the REIT requirements of the Code, the Company is generally required to make
common share distributions and preferred share distributions (other than capital gain distributions) to its
shareholders in amounts that together at least equal i) the sum of a) 90% of the Company’s “REIT taxable
income” computed without regard to the dividends paid deduction and net capital gains and b) 90% of net
income (after tax), if any, from foreclosure property, minus ii) certain excess non-cash income.

Our dividend/distribution policy is determined by the Company’s board of directors and is dependent on
multiple factors, including cash flow and capital expenditure requirements, as well as ensuring that the Company
meets the minimum distribution requirements set forth in the Code. The Company met the minimum distribution
requirements with respect to 2015.

Holders of Units are entitled to receive distributions when, as and if declared by the Company’s Board of
Directors, after the priority distributions required under the Operating Partnership’s partnership agreement have
been made with respect to preferred partnership interests in the Operating Partnership out of any funds legally
available for that purpose.

During the year ended December 31, 2015, the Operating Partnership did not issue any limited partner

Units.

Subject to lock-up periods and certain adjustments, holders of limited partner Units of the Operating
Partnership can redeem their Units by providing written notification to the Company. Unless the Company
provides notice of a redemption restriction to the holder, redemption must be made within seven business days
after receipt of the holder’s notice. The redemption can be effectuated, as determined by the Company, either by
exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment,
or by paying cash in an amount equal to the fair market value of such shares. Prior requests for redemption have
generally been fulfilled with shares of common stock of the Company, and we intend to continue this practice. If
each Unit of the Operating Partnership were redeemed as of December 31, 2015, we could satisfy the redemption
obligations by making an aggregate cash payment of approximately $95.3 million or by issuing 4,305,707 shares
of the Company’s common stock.

A-99

Performance Graph

The following graph provides a comparison of the cumulative total stockholder return among the Company,
the FTSE NAREIT Equity REIT Total Return Index (the “NAREIT Index”) and the Standard & Poor’s 500
information set forth below is not necessarily indicative of future
Index (“S&P 500”). The historical
performance.

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
Among First Industrial Realty Trust, Inc., the S&P 500 Index, and the FTSE NAREIT Equity REITs
Index

FIRST INDUSTRIAL REALTY TRUST, INC.

S&P 500

FTSE NAREIT Equity REITs

$300

$250

$200

$150

$100

$50

$0

12/10

12/11

12/12

12/13

12/14

12/15

*

$100 invested on 12/31/10 in stock or index, including reinvestment of dividends. Fiscal year ending
December 31.

12/10

12/11

12/12

12/13

12/14

12/15

FIRST INDUSTRIAL REALTY TRUST, INC. . . . . . . . . $100.00 $116.78 $160.73 $203.37 $244.85 $270.09
S&P 500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100.00 $102.11 $118.45 $156.82 $178.29 $180.75
FTSE NAREIT Equity REITs . . . . . . . . . . . . . . . . . . . . . . $100.00 $108.29 $127.85 $131.01 $170.49 $175.94

*

The information provided in this performance graph shall not be deemed to be “soliciting material,” to be
“filed” or to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities
Exchange Act of 1934 unless specifically treated as such.

A-100

CORPORATE MANAGEMENT AND DIRECTORS

CORPORATE MANAGEMENT
Bruce W. Duncan
Chairman, President and Chief Executive Officer

Scott A. Musil
Chief Financial Officer,
Treasurer and Assistant Secretary

Johannson L. Yap
Chief Investment Officer and
Executive Vice President — West Region

David G. Harker
Executive Vice President — Central Region

Peter O. Schultz
Executive Vice President — East Region

Christopher M. Schneider
Chief Information Officer and Senior Vice President —
Operations

Donald R. Stoffle
Executive Director — Dispositions

Robert J. Walter
Senior Vice President — Capital Markets

Daniel J. Hemmer
General Counsel and Secretary

Arthur J. Harmon
Vice President — Investor Relations and Marketing

DIRECTORS
Bruce W. Duncan‡
Chairman, President and Chief Executive Officer
First Industrial Realty Trust, Inc.
Chairman
Starwood Hotels & Resorts Worldwide, Inc.
Director
T. Rowe Price Funds

Matthew S. Dominski‡§
Director
CBL & Associates Properties, Inc.

H. Patrick Hackett, Jr.*‡§
Principal
HHS Co.
Director
Wintrust Financial Corporation
Wintrust Bank

John Rau*§
Lead Independent Director
First Industrial Realty Trust, Inc.
President, Chief Executive Officer and Director
Miami Corporation
Director
AGL Resources Inc.
BMO Financial Corp.
BMO/Harris Bank

L. Peter Sharpe*†
Former President and Chief Executive Officer
Cadillac Fairview Corporation
Director
Postmedia Network Canada Corp.
Morguard Corporation
Allied Properties Real Estate Investment Trust
Multiplan Empreendimentos Imobiliarios S.A.

W. Ed Tyler†
Chief Executive Officer
Ideapoint Ventures
Director
Nanophase Technologies Corporation

Committee Membership Legend
*
†
‡
§

Audit Committee
Compensation Committee
Investment Committee
Nominating/Corporate
Governance Committee

A-101

CORPORATE AND STOCKHOLDER INFORMATION

To contact First Industrial’s Audit Committee:
Chairman of the Audit Committee
c/o First Industrial Realty Trust, Inc.
311 South Wacker Drive, Suite 3900
Chicago, IL 60606

To contact First Industrial’s Nominating/Corporate
Governance Committee:
Chairman of the Nominating/Corporate
Governance Committee
c/o First Industrial Realty Trust, Inc.
311 South Wacker Drive, Suite 3900
Chicago, IL 60606

Industrial’s Lead Independent

To contact First
Director:
Lead Independent Director
c/o First Industrial Realty Trust, Inc.
311 South Wacker Drive, Suite 3900
Chicago, IL 60606

Executive Office
First Industrial Realty Trust, Inc.
311 South Wacker Drive, Suite 3900
Chicago, IL 60606
Phone: 312.344.4300
Fax: 312.922.6320
www.firstindustrial.com
info@firstindustrial.com

Stock Exchange Listing
New York Stock Exchange
Symbol: FR

Registrar and Transfer Agent
Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
Phone: 800.446.2617

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, Illinois

Corporate Counsel
Barack Ferrazzano Kirschbaum &
Nagelberg LLP
Chicago, Illinois

10-K Report
A copy of the Company’s Form 10-K as filed with
the Securities and Exchange Commission is
available on the Company’s website and may also
be obtained free of charge by contacting our Vice
President — Investor Relations and Marketing
c/o First Industrial Realty Trust, Inc., 311 South
Wacker Drive, Suite 3900, Chicago, IL 60606.
Included in such report were the certifications
required by Section 302 of the Sarbanes-Oxley
Act.

Annual Meeting
The Annual Meeting of Stockholders of First
Industrial Realty Trust,
Inc., will be held on
Wednesday, May 11, 2016, at 9:00 A.M. CDT at the
2nd Floor Conference Center, 311 South Wacker
Drive, Chicago, Illinois.

A-102

LETTER TO STOCKHOLDERS
FROM THE CHAIRMAN, PRESIDENT AND CEO

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

PROXY STATEMENT

2015 ANNUAL REPORT