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FY2016 Annual Report · Valeo
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2017

LETTER TO STOCKHOLDERS
NOTICE OF ANNUAL MEETING
PROXY STATEMENT

2016

ANNUAL REPORT

Table of Contents

Letter to Shareholders from the President and CEO
Notice of Annual Meeting of Stockholders
Proxy Statement for the 2017 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
2016 Grants of Plan-Based Awards Table
Outstanding Equity Awards at Fiscal Year-End 2016
2016 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 — Advisory Vote on the Frequency of Holding Future Advisory Votes on
Executive Compensation
Proposal 4 — Amendment to Charter to Increase the Number of Authorized Shares of
Common Stock
Proposal 5 — Ratification of Appointment of Independent Registered Public
Accounting Firm
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, 2017
Other Matters

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Appendix A Articles of Amendment
Appendix B 2016 Annual Report

A Letter to Our Shareholders
From the President and Chief Executive Officer

To Our Shareholders,

After many years working closely with First Industrial as their banker, I am honored to have been selected 
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my predecessor, Bruce Duncan. Since 2010, the team has turned over 60% of the assets of the company via 
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from Bruce’s perspective and experience in the industrial sector and more broadly through his ongoing service 
as Chairman of the Board. These are exciting times in the industrial sector and there is much opportunity 
ahead; however, we are also mindful that we are in the eighth year of a recovery cycle. We will continue to 
work  diligently,  focus  on  our  customers,  thoughtfully  allocate capital  and  maintain  a  fortress-like  balance 
sheet. We will work hard to increase shareholder value every day.

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income  by  6.1%  and  cash  rents  by  6.6%.  We  also  made  tremendous  progress  on  reducing  portfolio-wide 
capital expenditures for leasing and for base building improvements and there remains some room for further 
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markets that we serve, and the excellent work of our team. We also maintained our focus on customer service, 
which  should  help  drive  results  through  the  cycle.  Our  customer  service  scores  as  measured  by  Kingsley 
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Fundamentals in the industrial sector remain strong. We are fortunate to operate a business that is driven by 
an  $18.5  trillion  domestic  consumer-based  economy.  Like  most  business  leaders,  we  eagerly  await  clarity 
from Washington about governance, trade, taxes and healthcare to name a few of the headline issues. Thus 
far, our customers remain enthusiastic about economic growth and the prospects for their businesses. In fact, 
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the strength, depth and breadth of our economy and believe our leaders will develop policy that continues to 
promote job creation and growth.

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is e-commerce related. As such, absent e-commerce, net absorption still would have exceeded new supply 
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U.S.  economy  continues  to  grow  at  a  modest  pace,  demand  for  space,  from  large  corporate  users  to  local 
businesses, also continues to grow. At the same time, new supply has been expanding and many pundits call 
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that turns out to be the case, market rent growth should continue at a reasonable pace given high occupancy 
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Consistent with our practice over the past several years, we continued to reshape our portfolio in 2016. We did 
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Development continues to be our primary means of investing, as we leverage the strength of our platform 
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have largely been speculative, which entails more risk than build-to-suit projects. However, we think that we 
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capital expenditures for years to come.

We  continue  to  maintain  discipline  on  managing  risk  when  pursuing  developments.  Our  self-imposed 
speculative leasing cap is a strong risk governor as it limits our leasing risk to a dollar amount that we think 
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helps us to avoid getting too far ahead of the market and appropriately mitigates the risk of an unexpected 
shock to market demand. 

A Message from Our Chairman

As you know, I decided to pass the torch in late 2016, after a nearly eight year run as your CEO. Looking back 
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shareholders, which is why we come to work every day. 

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with Peter and the rest of the team as we look to capitalize on the opportunities ahead of us, while navigating 
changes to markets and keeping an ever-mindful eye on risk and supply. The team carries forward our passion 
for the business, for serving our customers, and for driving shareholder value.

I thank all of my First Industrial teammates for all you have done and will continue to do. It was one of the great 
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thank you for helping us get the job done. 

Lastly, thank you again to my fellow shareholders for your support. I look forward to continuing to serve our 
interests as your Chairman.

Sincerely,

Bruce W. Duncan
Chairman of the Board

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and Atlanta. Virtually all of these developments were leased well ahead of our standard pro-forma leasing 
downtime of 12 months from completion, with several having been leased upon completion. One of these 
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secured entitlements, put the building into production, and leased it upon completion on a long-term basis 
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investment in an underserved market and moved with agility to make it a reality. This project demonstrates 
the power of our platform and we will continue to leverage our skills to identify additional opportunities to 
drive shareholder value.

At  year-end,  we  had  four  new  projects  under  construction  totaling  $167  million  of  estimated  investment. 
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and our focus will be on leasing these assets ahead of pro-forma. These projects are located in Phoenix, the 
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vacancy rate of just 1%. Southern California as a whole is seeing high occupancy levels and strong demand. 
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as a great opportunity to meet customer needs across multiple size ranges in that submarket and grow our 
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of our rental income and we expect that percentage to grow. 

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solve complex issues.

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We remain focused on continually improving our portfolio and reallocating capital away from investments 
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management is a perpetual process and asset sales will always be an important part of this strategy. In 2016, we 
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expenses. In 2017, we expect to sell approximately $150 million to $200 million, providing capital to redeploy 
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Earlier, I referred to the importance of maintaining a fortress-like balance sheet. When the market is strong, 

it  is  easy  to  overlook  this  attribute  of  a  company. When  markets  are  falling  or  weaker,  those  with  capital 
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Our balance sheet metrics are as strong as they have ever been and we have room for further improvement 
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sheet.

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to the unsecured debt markets. As we announced in late February, we entered into an agreement to issue $200 
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tranches: $125 million with a 10-year term and $75 million with a 12-year term. We anticipate closing and 
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2017 at a weighted average interest rate of 6.5%. 

We begin 2017 with great enthusiasm for our business, our relationships with our partners and customers, 
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and rents, minimizing expenses and taking care of our customers. These operational details are not glamorous, 
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probability of future rent growth. We have reduced our risk through our self-imposed speculative leasing cap, 
and  our  disciplined  approach  to  underwriting,  diligence,  and  expense  management.  Lastly,  the  foundation 
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outperform through the cycle.

Our  strategy  will  continue  to  be  supported  by  the  insightful  counsel  of  our  board  of  directors  that  brings 
(cid:86)(cid:76)(cid:74)(cid:81)(cid:76)(cid:191)(cid:70)(cid:68)(cid:81)(cid:87)(cid:3) (cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:87)(cid:76)(cid:86)(cid:72)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:83)(cid:72)(cid:85)(cid:86)(cid:83)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:86)(cid:3) (cid:68)(cid:70)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3) (cid:68)(cid:3) (cid:85)(cid:68)(cid:81)(cid:74)(cid:72)(cid:3) (cid:82)(cid:73)(cid:3) (cid:76)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:72)(cid:86)(cid:3) (cid:68)(cid:81)(cid:71)(cid:3) (cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:76)(cid:72)(cid:81)(cid:70)(cid:72)(cid:86)(cid:17)(cid:3) (cid:44)(cid:3) (cid:87)(cid:75)(cid:68)(cid:81)(cid:78)(cid:3) (cid:87)(cid:75)(cid:72)(cid:80)(cid:3) (cid:73)(cid:82)(cid:85)(cid:3) (cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)
dedication to, and passion for, our company.

(cid:41)(cid:76)(cid:81)(cid:68)(cid:79)(cid:79)(cid:92)(cid:15)(cid:3)(cid:44)(cid:3)(cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:79)(cid:76)(cid:78)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:68)(cid:78)(cid:72)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:82)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:88)(cid:81)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:85)(cid:72)(cid:70)(cid:82)(cid:74)(cid:81)(cid:76)(cid:93)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:71)(cid:76)(cid:69)(cid:79)(cid:72)(cid:3)(cid:72)(cid:3445)(cid:82)(cid:85)(cid:87)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:80)(cid:92)(cid:3)(cid:41)(cid:76)(cid:85)(cid:86)(cid:87)(cid:3)(cid:44)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:76)(cid:68)(cid:79)(cid:3)(cid:68)(cid:86)(cid:86)(cid:82)(cid:70)(cid:76)(cid:68)(cid:87)(cid:72)(cid:86)(cid:3)
across the country. They come to work every day ready to do their best to serve the needs of our customers. 
They  are  professionals  who  attack  their  responsibilities  with  enthusiasm,  passion,  and  great  pride  in  our 
(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:81)(cid:72)(cid:191)(cid:87)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:87)(cid:85)(cid:72)(cid:81)(cid:74)(cid:87)(cid:75)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:79)(cid:79)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)
talents of our team. Together we will build upon the accomplishments of the past several years to deliver strong 
(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:15)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:86)(cid:87)(cid:72)(cid:81)(cid:87)(cid:3)(cid:70)(cid:68)(cid:86)(cid:75)(cid:3)(cid:192)(cid:82)(cid:90)(cid:3)(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:79)(cid:82)(cid:81)(cid:74)(cid:16)(cid:87)(cid:72)(cid:85)(cid:80)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:87)(cid:75)(cid:68)(cid:81)(cid:78)(cid:3)(cid:68)(cid:79)(cid:79)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:87)(cid:68)(cid:78)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:3)
(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:85)(cid:88)(cid:86)(cid:87)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:92)(cid:82)(cid:88)(cid:3)(cid:83)(cid:88)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:81)(cid:87)(cid:79)(cid:72)(cid:86)(cid:86)(cid:79)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:85)(cid:72)(cid:80)(cid:68)(cid:76)(cid:81)(cid:3)(cid:90)(cid:82)(cid:85)(cid:87)(cid:75)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:92)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:81)(cid:191)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:17)

Thank you,

Peter E. Baccile
(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:50)(cid:3446)(cid:70)(cid:72)(cid:85)

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, 2017

NOTICE IS HEREBY GIVEN that the 2017 Annual Meeting of Stockholders (the “Annual Meeting”) of
First Industrial Realty Trust, Inc. (the “Company”) will be held on Thursday, May 11, 2017 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 seven directors to the Board of Directors to serve until the 2018 Annual Meeting of

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

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 indicate, on an advisory (i.e. non-binding) basis, the frequency with which the Company’s
stockholders would like to cast an advisory vote on the compensation of the Company’s named executive
officers;

4. To approve Articles of Amendment to the Company’s charter to increase the number of authorized

shares of the Company’s common stock, $.01 par value per share;

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

public accounting firm for the fiscal year ending December 31, 2017; and

6. 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 20, 2017 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

Peter E Baccile
President and Chief Executive Officer

Chicago, Illinois
April 10, 2017

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 2017 ANNUAL MEETING OF STOCKHOLDERS

To Be Held on May 11, 2017

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 2017 Annual Meeting of
Stockholders of the Company to be held on Thursday, May 11, 2017, and at any adjournments or postponements
thereof (the “Annual Meeting”). At the Annual Meeting, stockholders will be asked to vote (i) to elect seven
directors to the Board of Directors to serve until the 2018 Annual Meeting of Stockholders, and until their
successors are duly elected and qualified, (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 indicate,
on an advisory (i.e. non-binding) basis, the frequency with which the Company’s stockholders would like to cast
an advisory vote on the compensation of the Company’s named executive officers, (iv) to approve Articles of
Amendment to the Company’s Articles of Incorporation (as amended to date, the “Charter”) to increase the
number of authorized shares of the Company’s common stock, $.01 par value per share (the “Common Stock”),
(v) to ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public
accounting firm for the current fiscal year and (vi) 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 10, 2017. The Board of Directors has fixed the close of business on
March 20, 2017 as the record date for the Annual Meeting (the “Record Date”). Only stockholders of record of
our 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 117,274,432 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 seven 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) to indicate, on an advisory basis,
that the stockholder vote on executive compensation should be held EACH YEAR, (iv) FOR the approval
of Articles of Amendment to the Company’s Charter to increase the number of authorized shares of
Common Stock, (v) FOR the ratification of the appointment of PricewaterhouseCoopers LLP as the
Company’s independent registered public accounting firm for the current fiscal year and (vi) 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.

1

PROXY STATEMENT

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, (iii) to indicate, on an advisory basis, the frequency with which
the Company’s stockholders would like to cast an advisory vote on the compensation of the Company’s named
executive officers and (iv) for the ratification of the appointment of the Company’s independent registered public
accounting firm. The affirmative vote of the holders of two-thirds of the votes entitled to be cast with a quorum
present at the Annual Meeting is required for the approval of the proposed Articles of Amendment to the
Company’s Charter. Abstentions will not be counted as votes cast but will be counted as entitled to vote, and
accordingly, will only have effect on Proposal 4 for which they will effectively be treated as votes against.

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 B to this Proxy Statement contains the Company’s 2016 Annual Report, including the Company’s
financial statements for the fiscal year ended December 31, 2016 and certain other information required by the
rules and regulations of the Securities and Exchange Commission (the “SEC”). However, the Company’s 2016
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.

The proposals described in this Proxy Statement for the approval of the amendment to the Company’s
Charter and the ratification of the appointment of PricewaterhouseCoopers LLP as the Company’s independent
registered public accounting firm for the fiscal year ended December 31, 2017 are considered routine matters
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 for these non-routine matters. 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.

2

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 seven seats. Each of
the directors is serving for a term of one year and until his successor is duly elected and qualified. 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 Peter E. Baccile, 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 seven 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.

Peter E. Baccile

Director since 2016

Mr. Baccile, 54, has served as President of the Company since September 2016 and assumed the CEO
position from Bruce Duncan in December 2016. He brings more than 30 years of management, real estate and
financial expertise to the Company. Prior to joining the Company, he served as Joint Global Head of the Real
Estate, Lodging and Leisure Group within UBS Securities, LLC’s investment banking division from June 2012 to
September 2016. Prior to that, Mr. Baccile served in various senior leadership roles during his 26-year tenure at
J.P. Morgan. Most recently, he was Vice Chairman of J.P. Morgan Securities Inc. He also served as Co-Head of
the General Industries Investment Banking Coverage Group which encompassed Real Estate, Lodging, Gaming,
Diversified Industrials, Paper Packing and Building Products, and Transportation. Before that he served as
Global Head of J.P. Morgan’s Real Estate, Lodging and Gaming Investment Banking group for 10 years.
Mr. Baccile is a member of the National Association of Real Estate Investment Trusts (NAREIT) and The Real
Estate Roundtable where he was past Chairman of the Real Estate Capital Policy advisory committee. He is a
past trustee of the International Council of Shopping Centers (ICSC) and the Urban Land Institute (ULI).
Mr. Baccile’s extensive experience in real estate management and finance 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. Baccile brings to our Board of Directors his in-depth knowledge of our
business, strategy, operations, competition and financial position. Mr. Baccile’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.

Matthew S. Dominski

Director since 2010

Mr. Dominski, 62, 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

3

PROXY STATEMENT

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, 65, has been a director of the Company since January 2009 and the Chairman of the Board of
Directors since January 2016. Mr. Duncan also served as the Company’s President from January 2009 through
September 2016, and its Chief Executive Officer from January 2009 through November 2016. Mr. Duncan
presently serves as a director of Marriot International, Inc. (NASDAQ: MAR) and Boston Properties, Inc.
(NYSE: BXP) and also serves as an Independent Director of the T. Rowe Price Funds. He formerly served as
Chairman of the Board of Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”) from 2005 to September
2016. From April 2007 to September 2007, Mr. Duncan served as Chief Executive Officer of Starwood on an
interim basis. Mr. Duncan also served as a director of Starwood from 1999 through September 2016 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 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, ultimately serving 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 a valuable asset to the Board of Directors.
Moreover, as the Company’s former Chief Executive Officer, Mr. Duncan brings to our Board of Directors his
in-depth knowledge of our business, strategy, operations, competition and financial position.

H. Patrick Hackett, Jr.

Director since 2009

Mr. Hackett, 65, 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 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 we
have determined him to be an “audit committee financial expert.”

John Rau

Director since 1994

Mr. Rau, 68 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, 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

4

PROXY STATEMENT

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 the Chairman of the board of directors of BMO Financial Corp. 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, 70, 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
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. 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. 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, 64, 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 (OTCQB: 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 valuable to the Board of Directors.

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PROXY STATEMENT

INFORMATION REGARDING EXECUTIVE OFFICERS AND OTHER SENIOR MANAGEMENT

Scott A. Musil

Mr. Musil, 49, 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 also has 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 also
presently serves as a director and the chair of the audit committee of HC Government Realty Trust, Inc., a public
real estate investment trust focused on federally-leased, single tenant properties. 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, 54, 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
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 Kelley School of Business
of the University of Indiana, Center for Real Estate Studies.

leasing, project

David G. Harker

Mr. Harker, 58, 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, 54, 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.

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PROXY STATEMENT

THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

The Board of Directors. The Board of Directors currently consists of seven 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 three times by unanimous consent during 2016. Each
of the directors serving in 2016 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 2016 Annual Meeting of Stockholders. During 2016, Mr. Duncan, in his
capacity as Chairman of the Board, presided at meetings of all of the directors and Mr. Rau, in his capacity as
Lead Independent Director, 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
page 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. It
the investor relations page of the Company’s website at
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.

is accessible at

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 2016.

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

7

PROXY STATEMENT

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 four times in 2016 and acted by unanimous
written consent once in 2016.

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, Baccile, Dominski and Duncan. The Investment
Committee met four times in 2016.

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
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
Chairman of
the Nominating/Corporate Governance Committee. The Nominating/Corporate Governance
Committee held one regular meeting during 2016 and met in March 2017 to determine its nominations for this
Proxy Statement. Additionally, in 2016, the Nominating/Corporate Governance Committee led the search for our
new Chief Executive Officer and met six times during 2016 for this purpose.

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.

it

In general,

in its judgment,

its
is the Nominating/Corporate Governance Committee’s policy that,
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.

8

PROXY STATEMENT

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. 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. As a result of Mr. Duncan’s decision to retire as our Chief Executive Officer as of the end of
2016, which was announced in January 2016, the Board of Directors determined it was appropriate to have
Mr. Duncan serve as both Chairman of the Board and Chief Executive Officer until his successor as Chief
Executive Officer was identified and engaged. As a result, the Board of Directors also determined it appropriate
to appoint a Lead Independent Director position to provide leadership to our independent directors and liaise on
their behalf with our Chief Executive Officer and our Chairman as may be appropriate. The Board of Directors
chose Mr. Rau, the Chairman of its Nominating/Corporate Governance Committee, to serve as this Lead
Independent Director. With Mr. Duncan continuing to serve as Chairman following the engagement of
Mr. Baccile as Chief Executive Officer in December 2016, the Board of Directors continues to believe it is
appropriate to maintain the Lead Independent Director position. Mr. Rau, as 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 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

9

PROXY STATEMENT

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 thereby aligning their interests
with our stockholders. In addition, annual cash and equity bonuses provided to management under the 2016
Employee Bonus Plan (as defined on page 15) 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.

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
of $30,000, $20,000 and $15,000, respectively, and for non-chair service on the Audit Committee,
the
Compensation Committee, the Investment Committee and the Nominating/Corporate Governance Committee in
amounts of $9,000, $7,500, $7,500 and $6,000, respectively. Our Lead Independent Director and Chairman
receive additional fees of $25,000 and $50,000, respectively. For 2016, Mr. Rau did not receive additional fees
for service as Lead Independent Director, Mr. Tyler received a pro-rated fee of $2,747 for his service as
Chairman of the Board of Directors in January, and Mr. Duncan did not receive additional fees for service as
Chairman of the Board of Directors for the remainder of the year. In 2017, Messrs. Rau and Duncan will be paid
the above described fees for their service as Lead Independent Director and as Chairman of the Board of
Directors, respectively.

Mr. Baccile, our Chief Executive Officer, receives no additional compensation for his service on our Board
of Directors. Mr. Duncan, our former Chief Executive Officer, received no additional compensation for his
service on our Board of Directors for 2016. In 2017, Mr. Duncan will receive compensation for service on our
Board of Directors as a non-employee director and Chairman of the Board of Directors.

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PROXY STATEMENT

Name

DIRECTOR COMPENSATION TABLE

Fees Earned
or Paid in
Cash ($)

Stock
Awards ($)(1)

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
79,835

69,986
69,986
69,986
69,986
69,986

153,486
183,486
163,986
168,986
149,821

(1) Represents 2,892 shares of restricted Common Stock granted to Messrs. Dominski, Hackett, Rau, Sharpe
and Tyler during 2016 and reflect the aggregate grant date fair value of each award as determined under the
Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation —
Stock Compensation (“FASB ASC Topic 718”). See note 11 to our consolidated financial statements
included in our Annual Report on Form 10-K for the year ended December 31, 2016 for a discussion of the
assumptions used in valuing our 2016 awards.

11

PROXY STATEMENT

COMPENSATION DISCUSSION AND ANALYSIS

2016 ACCOMPLISHMENTS

2016 was a successful year for the Company, marked by continued execution of our strategy: driving long-
term cash flow growth and value for stockholders through leasing, enhancing our portfolio through new
developments and 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 30.5%;
‰ Growing our Common Stock dividend by 49.0%;
‰ Maintaining high levels of in-service portfolio occupancy, ending the year at 96.0%;
‰ Growing cash rental rates on new and renewal leases by 6.6%;
‰ Placing in service 11 buildings totaling 3.3 million square feet that were 98% leased at December 31,
2016, with a total estimated investment of $210.1 million, comprised of three buildings in Southern
California, two each in Dallas and Pennsylvania, and one each in Atlanta, Chicago, New Jersey and
Phoenix;

‰ Starting four additional developments totaling 2.4 million square feet, comprised of two in Southern
California, and one each in Chicago and Phoenix, with an estimated total investment of $167.2 million;
‰ Acquiring six industrial properties comprising 709,000 square feet plus several development sites for a

total of $111.1 million; and

‰ Selling 63 industrial properties totaling 3.9 million square feet for a total of $169.9 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 23 (the “Named
Executive Officers”). Also,
the Compensation
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.

typically in the first quarter of the applicable fiscal year,

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PROXY STATEMENT

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 by the Compensation Committee 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 participates in any decisions or determinations 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. The Compensation Committee
did not use the services of an independent compensation consultant during 2016. The Compensation Committee
retains the discretion to engage a compensation consultant to review our executive compensation program.
Consistent with SEC rules, the Company will assess any conflicts of interest and determine that the retention of
any compensation consultant to advise the Compensation Committee concerning executive compensation matters
will not create a conflict of interest prior to such engagement.

The Compensation Committee previously used independent compensation consultants FPL Associates, L.P.
(“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 portion of total compensation
awarded in the form of base salary, annual incentives and equity-based compensation, as well as selecting the
appropriate performance metrics and levels of performance; (2) analyze 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 deemed 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
starting on page 18 under “Long-Term Incentive Program”).

As part of its review in 2013, 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 at such time 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 peer group 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.

13

PROXY STATEMENT

EXECUTIVE COMPENSATION COMPONENTS

The components of the Company’s executive compensation program are base salary, cash and equity
incentive bonuses, 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, 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 that are generally available to the
Company’s employees, including the Named Executive Officers, currently include: premiums paid on term life,
short-term and long-term disability insurance; standard health insurance; and 401(k) matching contributions. Car
allowances are offered to select employees of the Company, including some of the Named Executive Officers. In
addition, Mr. Baccile is provided certain relocation benefits as provided in his employment agreement.

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 cash or equity or a combination thereof. 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, benefits and perquisites have made up approximately 20-30% of a Named
Executive Officer’s total compensation in a typical year, while cash and equity incentive compensation has
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 LTIP Awards (as defined
on page 18) 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 equivalent to stockholders’ Common Stock. For this reason, restricted
Common Stock and LTIP Awards have been a significant part of executive compensation, although the
Compensation Committee may use other forms of equity compensation in the future.

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 2016 Annual Meeting of Stockholders, approximately 98% 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. The Compensation Committee believes that these votes reflect our
stockholders’ affirmation of our compensation philosophy and the manner in which we compensate our
executives. 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 2017 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.

14

PROXY STATEMENT

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 changes to such base salaries approved by the Compensation
Committee. In determining changes 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 changes for the following year are typically determined. The Company does not
guarantee annual base salary increases to anyone. In September 2016, the Company entered into an employment
agreement with Mr. Baccile that provides, among other things, for a minimum annual base salary of $750,000.
For 2016, the base salaries paid to the other Named Executive Officers remained unchanged 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, except
that
Mr. Baccile’s employment agreement provides for a 2016 bonus based on target level performance and is
prorated for the number of days he was employed in 2016.

2016 Employee Bonus Plan

For 2016, except for Mr. Baccile, each Named Executive Officer participated in the incentive compensation
plan generally available to the Company’s employees (the “2016 Employee Bonus Plan”), which plan was
recommended by the Compensation Committee and adopted by the Board of Directors on March 9, 2016.

Under the 2016 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
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.

15

PROXY STATEMENT

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 2016 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 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 24, 2017.

(2) SS NOI is a non-GAAP financial measure that provides a measure of rental operations and, as calculated by
the Company, does not factor in depreciation and amortization, general and administrative expense,
acquisition costs, interest expense, income tax benefit and expense and sale of real estate. 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 occupancy levels, rental rate increases or decreases and tenant recovery increases or decreases.
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 24, 2017.

(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 2016 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.

The Compensation Committee established performance targets relating to each performance category for the
2016 Employee Bonus Plan. The Company’s 2016 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 . . . . . . . . . . . . . . . . . . . . . .

$1.52(1)

4.25%(2)
3.01x

$1.59(1)
5.6%(2)
3.21x

119%
120%
125%

(1) Amount excludes accruals 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.

16

PROXY STATEMENT

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 2016, as described in
greater detail on page 12 under “2016 Accomplishments.” The Company’s 2016 performance in the identified
performance categories resulted in the Compensation Committee authorizing an aggregate bonus pool available
under the 2016 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 2016 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 2016 Employee Bonus

Plan were as follows:

Executive Officer

Target Maximum
Cash Bonus
(% of Base Salary)

Target Maximum
Equity Bonus
(% of Base Salary)

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

225%
225%
150%
200%
150%
150%

200%
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 Mr. Duncan and
Mr. Baccile) 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 equity offering 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.

The actual individual bonus paid to Mr. Duncan 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 2016 Employee Bonus Plan. The individual bonus paid to Mr. Baccile
was based upon target level performance and then pro-rated based on the number of days he was employed by
the Company during the fiscal year pursuant to his employment agreement.

17

PROXY STATEMENT

The aggregate amount of cash and equity bonuses paid to the Named Executive Officers under the 2016
Employee Bonus Plan was $6,950,671. The cash bonus payments and equity grants made in the first quarter of
2017 to each of our Named Executive Officers in settlement of awards under the 2016 Employee Bonus Plan,
together with the applicable Individual Cash Percentage and Individual Equity Percentage, are reflected in the
following table:

Executive Officer

Peter E. Baccile . . . . . . . . . . . . . . . .
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 ($)

75%
81%
97%
79%
101%
93%

325,533
1,550,000
385,000
601,000
365,000
350,000

75%
94%
117%
108%
131%
118%

10,992
60,480
11,793
21,873
11,982
11,223

288,980
1,590,019
310,038
575,041
315,007
295,053

(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 $26.29
closing price of the Common Stock on February 14, 2017, which was the date the Compensation Committee
approved awards under the 2016 Employee Bonus Plan.

For 2014 and 2015, the Named Executive Officers then-employed by the Company participated in an

incentive compensation plan similar to the 2016 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, 2016 and 2017 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. Dividend equivalents are subject to the same restrictions as the
underlying unit award and will only be paid upon vesting.

18

PROXY STATEMENT

Each LTIP Award vests based upon the relative annualized 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.

Effective January 1, 2015, the Board of Directors authorized a grant of Performance Units under the LTIP to
be made to certain employees of the Company, including each Named Executive Officer then employed by the
Company (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
then employed by the Company 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

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PROXY STATEMENT

Effective January 1, 2016, the Board of Directors authorized a grant of Performance Units under the LTIP to
be made to certain employees of the Company, including each Named Executive Officer then employed by the
Company (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
then employed by the Company 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

Effective January 1, 2017, the Board of Directors authorized a grant of Performance Units under the LTIP to
be made to certain employees of the Company, including each Named Executive Officer then employed by the
Company (the “2017 LTIP Awards”). The performance period for the 2017 LTIP Awards began on January 1,
2017 and ends on December 31, 2019. The 2017 LTIP Awards awarded to each of our Named Executive Officers
then employed by the Company were as follows:

Executive Officer

2017
LTIP Awards

Peter E. Baccile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Scott A. Musil
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Johannson L. Yap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
David G. Harker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Peter O. Schultz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16,922
16,922
16,922
16,922
16,922

Broad-Based Benefits

All full-time employees 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.

Termination and Change-in-Control Triggers

Mr. Baccile has an employment agreement and separate agreements with respect to his restricted Common
Stock and LTIP Awards granted pursuant to the Company’s 2014 Stock Plan, which agreements specify events,
including change-in-control, that trigger the payment of cash and, as discussed above, vesting in restricted
Common Stock and his LTIP Awards. Each of the other Named Executive Officers that is currently employed by
the Company have agreements with respect to their restricted Common Stock and LTIP 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” starting on page 27 for more information on
the payments triggered by such events.

Stock Ownership Guidelines

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

20

PROXY STATEMENT

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. All of our directors and Named Executive Officers are
currently in compliance with the guidelines.

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” or net-after-tax shares delivered through the Company’s
executive compensation plans. 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.

Hedging and Pledging Prohibition

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.

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.

21

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, 2016.

Submitted by the Compensation Committee:

L. Peter Sharpe, Chairman
W. Ed Tyler

22

PROXY STATEMENT

SUMMARY COMPENSATION TABLE

The Summary Compensation Table below sets forth the aggregate compensation for Peter E. Baccile, the
Company’s current President and Chief Executive Officer; Bruce W. Duncan, the Company’s former 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 2016 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 2016.

Name and Principal Position

Peter E. Baccile(5) . . . . . . . . . . . . .
President and Chief Executive
Officer

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

2016

2016
2015
2014
2016
2015
2014
2016
2015
2014

2016
2015
2014
2016
2015
2014

Salary
($)

Bonus
($)(1)

Stock
Awards
($)(2)

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

All Other
Compensation
($)(4)

Total
($)

187,500

325,533

—

—

48,017

561,050

832,000
832,000
832,000
265,000
265,000
265,000
379,000
379,000
379,000

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

—
—
—
—
—
—

—
—

—
—
—

—
—

1,811,127(6)
1,480,103
1,450,546

521,162(6)
480,102
320,641
796,133(6)
630,093
519,166

521,162(6)
463,586
325,767
501,160(6)
475,089
264,683

1,550,000
1,550,000
1,325,000
385,000
375,000
340,000
601,000
550,000
530,000

365,000
350,000
330,000
350,000
340,000
340,000

19,467
19,453
18,523
9,867
9,853
8,923
19,467
19,453
20,123

17,067
17,053
16,123
18,267
18,253
17,323

4,212,594
3,881,556
3,626,069
1,181,029
1,129,955
934,564
1,795,600
1,578,546
1,448,289

1,143,229
1,070,639
911,890
1,119,427
1,083,342
872,006

(1) Amount reflects a pro-rated cash bonus paid to Mr. Baccile in March 2017 for 2016 service pursuant to his

employment agreement.

(2) Amounts reflect the aggregate grant date fair value of each award as determined under FASB ASC Topic
718. See note 11 to our consolidated financial statements included in our Annual Report on Form 10-K for
the year ended December 31, 2016 for a discussion of the assumptions used in valuing the 2016 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 2016 reflect cash awards paid in March 2017 under the 2016 Employee Bonus Plan. The
terms of awards under the 2016 Employee Bonus Plan are described in the Compensation

material
Discussion and Analysis under “2016 Employee Bonus Plan.”

(4) For 2016, includes car allowances paid on behalf of Messrs. Baccile, Duncan, Yap, Harker and Schultz,
401(k) matching payments paid to Messrs. Duncan, Musil, Yap, Harker and Schultz, $45,137 in
reimbursement of certain commuting, housing and other expenses paid to Mr. Baccile and a term life
insurance premium and short-term and long-term disability insurance premium paid on behalf of each
Named Executive Officer.

(5) Mr. Baccile was not a named executive officer prior to 2016.
(6) Amount reflects (a) awards of 81,081, 15,300, 29,322, 15,300, and 14,280 shares of service-based restricted
Common Stock granted to Messrs. Duncan, Musil, Yap, Harker and Schultz, respectively, in 2016 in
connection with the 2015 Employee Bonus Plan, valued at $19.61 per share under FASB ASC Topic 718 and
(b) awards of 21,981 Performance Units (assuming maximum performance) with a 36-month performance
period granted in 2016 to each Messrs. Duncan, Musil, Yap, Harker and Schultz, respectively, valued at $10.06
per unit under FASB ASC Topic 718. If the grant date price of Common Stock ($21.61) (the closing price of
the Common Stock on January 4, 2016, the first trading day subsequent to the grant date of January 1, 2016)
was used to value the 21,981 Performance Units, the value of the Performance Units would be $475,009.

23

PROXY STATEMENT

2016 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

Peter E. Baccile(7) . . . . . . . . . .
— —
Bruce W. Duncan . . . . . . . . . . 1/1/2016 —

—
—
— 5,495
—
2/9/2016 — 1,275,000 1,912,500
—
—
2/9/2016 —
—
— 5,495
. . . . . . . . . . . . 1/1/2016 —
—
—
2/9/2016 —
— 397,500
—
—
—
2/9/2016 —
— 5,495
—
Johannson L. Yap . . . . . . . . . 1/1/2016 —
—
— 758,000
2/9/2016 —
—
—
—
2/9/2016 —
— 5,495
—
David G. Harker . . . . . . . . . . . 1/1/2016 —
— 360,000
2/9/2016 —
—
—
—
—
2/9/2016 —
— 5,495
—
Peter O. Schultz . . . . . . . . . . . 1/1/2016 —
—
— 375,000
2/9/2016 —
—
—
—
2/9/2016 —

—
8,792
—
—
8,792
—
—
8,792
—
—
8,792
—
—
8,792
—
—

—

—
—
— 221,129(6)
21,981
—
—
— 81,081

—
1,589,998

— 221,129(6)
21,981
—
—
— 15,300

—
300,033

— 221,129(6)
21,981
—
—
— 29,322

—
575,004

— 221,129(6)
21,981
—
—
— 15,300

—
300,033

— 221,129(6)
21,981
—
—
— 14,280

—
280,031

(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 2016 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 2016 Employee Bonus Plan. The material terms of awards under the 2016 Employee Bonus Plan are
described in the Compensation Discussion and Analysis under “2016 Employee Bonus Plan.”

(4) Amounts reflect the shares of service-based restricted Common Stock granted in 2016 for service in 2015
under the 2015 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 2016 and do not necessarily reflect the amounts that will
actually be realized with respect to the 2016 LTIP Awards. The material terms of awards under our Long-
Term Incentive Program are described in the Compensation Discussion and Analysis under “Long-Term
Incentive Program.” The amounts actually earned with respect to the 2016 LTIP Awards, if any, would not
be earned until the end of the applicable performance period.

(7) Mr. Baccile did not participate in our 2016 Employee Bonus Plan per the terms of his employment

agreement but rather received a pro-rated bonus at target per the terms of his employment agreement.

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. Mr. Duncan’s employment agreement expired concurrent with his
retirement on December 31, 2016.

24

PROXY STATEMENT

Mr. Duncan’s employment agreement provided for a minimum annual base salary of $850,000. Under the
agreement, Mr. Duncan was 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 was 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
vested 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 provided 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 starting on page 27 under “Potential Payments Upon Termination or Change
of Control.”)

Employment Agreement with Mr. Baccile

On August 2, 2016, Mr. Baccile entered into an employment agreement with the Company and its operating
partnership, First Industrial L.P. The agreement has an initial term expiring on December 31, 2019, unless
otherwise terminated. The agreement will automatically extend for up to two one-year periods provided that
neither Mr. Baccile nor the Company provides notice of intent to not renew to the other at least six months prior
to the expiration of the initial term or any subsequent renewal term.

Mr. Baccile’s employment agreement provides for a minimum annual base salary of $750,000. Under the
employment agreement, Mr. Baccile 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 Company’s
Compensation Committee in accordance with the terms of such plan, with a target annual cash bonus of 169% of
Mr. Baccile’s annual base salary and a maximum annual cash bonus of 225% of his annual base salary. For the
Company’s 2016 fiscal year, Mr. Baccile received a pro rata target level annual bonus based on the number of
days he was employed by the Company during the fiscal year. Mr. Baccile is also entitled to participate in all
long-term cash and equity incentive plans generally available to the senior executives of the Company.
Mr. Baccile has a target annual equity award of 150% of his base salary and a maximum annual equity award of
200% of his base salary (the “Annual Awards”). For the Annual Award granted in March 2017, Mr. Baccile
received a pro rata target Annual Award based on the number of days he was employed by the Company during
the 2016 fiscal year. Mr. Baccile is also entitled to participate in the same manner as other senior executives of
the Company in any awards issued under the Company’s LTIP program, with his first such award granted in
January 2017 with a target award value of $190,000 and a maximum award value of $475,000. The Annual
Awards and LTIP Awards may receive continued or additional vesting in certain circumstances described in the
employment agreement. Mr. Baccile is also entitled to participate in all executive and employee benefit plans and
programs of the Company. Mr. Baccile’s employment agreement also provides for a monthly automobile
allowance of $800 and reimbursement of up to $25,000 in legal fees incurred with respect to negotiation of his
including
employment agreement.
reimbursement through August 31, 2017 for temporary living and commuting expenses not to exceed $120,000
and reimbursement of 60% of his brokerage commissions on the sale of his primary residence, up to a maximum
of $285,000, provided such sale closes on or before December 31, 2018.

In addition, Mr. Bacille is entitled to certain relocation expenses,

Mr. Baccile’s employment agreement also provides for payments and benefits to Mr. Baccile 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 starting on page 27 under “Potential Payments Upon Termination or Change
of Control.”)

25

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END 2016

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)

Peter E. Baccile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—

—

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

146,081(3)

4,097,572

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

28,861(4)

809,551

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

51,131(5)

1,434,225

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

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

28,801(6)

26,661(7)

807,868

747,841

—

47,704

47,704

47,704

46,448

47,704

—

1,338,097

1,338,097

1,338,097

1,302,866

1,338,097

(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 $28.05, which was the closing
price of the Common Stock on December 30, 2016, 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 2016 and dividend equivalents accrued
through December 31, 2016 with respect to such Performance Units. The vesting and other material terms of
the 2015 LTIP Awards and 2016 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 and 2016 LTIP Awards, as the Company achieved maximum performance through
December 31, 2016 with respect to such performance measures. At fiscal year-end Mr. Baccile has no
outstanding equity awards. With respect to Mr. Harker, 23,871 and 22,577 vest on December 31, 2017 and
2018, respectively, subject
to the other Named
Executive Officers, 25,127 and 22,577 vest on December 31, 2017 and 2018, respectively, subject to
satisfaction of performance criteria.

to satisfaction of performance criteria. With respect

(3) Of the shares of unvested restricted Common Stock reported here, 72,825 vested in January 2017, 46,229
vest in January 2018 and 27,027 vest in January 2019. 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, 14,820 vested in January 2017, 8,941 vest

in January 2018 and 5,100 vest in January 2019.

(5) Of the shares of unvested restricted Common Stock reported here, 25,438 vested in January 2017, 15,919

vest in January 2018 and 9,774 vest in January 2019.

(6) Of the shares of unvested restricted Common Stock reported here, 14,837 vested in January 2017, 8,864 vest

in January 2018 and 5,100 vest in January 2019.

(7) Of the shares of unvested restricted Common Stock reported here, 13,377 vested in January 2017, 8,524 vest

in January 2018 and 4,760 vest in January 2019.

26

2016 OPTION EXERCISES AND STOCK VESTED

As of December 31, 2016, the Company had no outstanding options to acquire Common Stock. In
2016, an aggregate of 135,306 shares of restricted Common Stock held by the Named Executive Officers
vested, as described more fully in the table below. No Performance Units under our Long-Term Incentive
Program vested in 2016.

PROXY STATEMENT

Name
(a)

Stock Awards

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

Value Realized
on Vesting
($)
(e)

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

—
66,051
15,145
24,906
15,363
13,841

—
1,427,362
327,283
538,219
331,994
299,104

(1) The number of shares reported herein were acquired as a result of the vesting of restricted Common Stock
on January 1, 2016, the value of which is based on the closing price of Common Stock as reported by the
NYSE for January 4, 2016 ($21.61), the first trading day following the date of vesting of such award.

POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE OF CONTROL

Employment Agreement with Mr. Duncan

The Company entered into a written employment agreement with Mr. Duncan that provided 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. Mr. Duncan’s employment agreement expired on
December 31, 2016 due to non-renewal of the agreement in connection with his retirement as an employee.

Per the terms of his employment agreement, upon non-renewal of the agreement Mr. Duncan became
entitled to continued health care benefits covering himself and his spouse through his 68th birthday with an
estimated value of $36,581, which reflects 32 months of continued employee and spouse coverage under our
group health plan using the monthly premium for the year ended December 31, 2017, less the current minimum
contribution required by Mr. Duncan.

Mr. Duncan agreed to a one-year covenant not to compete or solicit customers and a two-year covenant not
to solicit Company employees after his termination. His employment agreement did not provide for a gross-up
payment in the event of any excise tax.

Employment Agreement with Mr. Baccile

The Company has entered into a written employment agreement with Mr. Baccile that provides for certain
lump sum payments, post-termination payments and post-termination benefits to Mr. Baccile 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. Baccile’s
employment agreement provides for payments in the event of his death or disability. Upon death or disability,
Mr. Baccile 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) any other benefits he
may be eligible for under the Company’s plans, policies or practices.

27

PROXY STATEMENT

In the event Mr. Baccile’s employment agreement expires by its terms without renewal, Mr. Baccile is also
entitled to (i) his base salary and vacation pay accrued through the date the employment period ends, (ii) his
accrued bonus for the fiscal year prior to the year of the date the employment period ends, to the extent not paid,
(iii) his unreimbursed business expenses incurred through the date the employment period ends, (iv) any other
benefits he may be eligible for under the Company’s plans, policies or practices and (v) his regular annual bonus
for the fiscal year ending on the date the employment period ends, determined and paid in the ordinary course.
He would not be eligible for severance benefits or any additional vesting of any Annual Awards or LTIP Awards.
If the employment agreement is not renewed by action of the Company prior to December 31, 2021, Mr. Baccile
will continue to vest in his restricted Common Stock following his termination, provided that he executes a
release in favor of the Company and complies with certain restrictive covenants.

Mr. Baccile’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. Baccile has agreed to a one-year covenant
not to compete or solicit customers and a two-year covenant not to solicit Company employees 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. Currently outstanding award agreements
provide for accelerated vesting on a termination due to the participant’s disability or death. Assuming that the
triggering event occurred on December 31, 2016, 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, 2016 and 2017 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.

Per the terms of his award agreements under the 2011 and 2014 Stock Plans, if Mr. Duncan retires from the
Board of Directors he is entitled to continued vesting in restricted Common Stock (subject to compliance with
certain restrictive covenants), and prorated vesting in Performance Units through the date of retirement based on
performance through the remaining performance period. Continued vesting with respect to restricted Common
Stock is not quantified in the table below.

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.

28

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, 2016.

PROXY STATEMENT

Name

Triggering
Event

Peter E. Baccile . . . . . . . . Change of Control

Termination Following Change in Control

Termination w/o cause(4)

Bruce W. Duncan . . . . . . . Change of Control(3)
Death or Disability(6)

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

Retirement from the Board of Directors(7)

Termination w/o Cause

Death or Disability(6)

Johannson L. Yap(5)

. . . . . Change of Control(3)

Termination w/o Cause

Death or Disability(6)

David G. Harker(5)

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

Termination w/o Cause

Death or Disability(6)

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

Termination w/o Cause

Death or Disability(6)

Accelerated
Equity
Awards
($)(1)

Medical
Insurance
Premiums
($)(2)

—

—

— 40,252

Severance
($)

—

5,369,283

4,360,533

— 5,435,669

— 40,252
—

— 4,778,570

— 680,998
— 2,147,648

—

—

— 1,490,549
— 2,772,322

—

—

— 2,115,222
— 2,110,734

—

—

— 1,465,360
— 2,085,938

—

—

— 1,428,839

—

—
—

—

—
—

—

—

—

—
—

—

—

(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 $28.05, which was the closing price of the Common Stock on December 30, 2016, the last trading
day of the year.

(2) Amount reflects 24 months of continued family coverage under our group health plan at active employee
rates and is calculated using the monthly premium for the year ended December 31, 2017, less the current
minimum contribution required by Mr. Baccile.

(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 and 2016 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 and 2016 LTIP Awards are based on the highest
level of achievement of the applicable performance targets and include accrued dividend equivalents
through December 31, 2016.
Includes constructive discharge under the terms of Mr. Baccile’s employment agreement.

(4)
(5) None of Messrs. Musil, Yap, Harker or Schultz was a party to an employment agreement with the Company
as of December 31, 2016. 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.

29

PROXY STATEMENT

(6) On a termination due to death or disability the Named Executive Officers are entitled to accelerated vesting
of all unvested restricted Common Stock and prorated vesting of Performance Units based on attainment of
performance metrics through the date of death or disability. Amounts assume vesting at maximum
performance.

(7) Upon retirement from the Board of Directors, Mr. Duncan would become vested in his Performance Units

prorated through his retirement date. Amount assumes vesting at maximum performance.

COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION

The Compensation Committee during 2016 consisted, and 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 2016 requiring disclosure by the Company under
Item 404 of Regulation S-K.

REPORT OF THE AUDIT COMMITTEE

Pursuant to a meeting of the Audit Committee on February 16, 2017, 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 Auditing Standard No. 1301, Communications with
Audit Committees; and (iii) received written confirmation from PricewaterhouseCoopers LLP that
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, 2016.

it

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(a) 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 2016, 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 2016.

30

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 117,274,432 shares of Common Stock and 4,039,375
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

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

18,247,672

15.56%

BlackRock, Inc.(2)

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

15,958,950

13.61%

55 East 52nd Street
New York, NY 10022

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

8,873,931

7.57%

100 Vanguard Blvd.
Malvern, PA 19355

Names and Addresses of Directors and Officers*

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Peter E. Baccile(4)
Bruce W. Duncan(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Matthew S. Dominski(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
H. Patrick Hackett, Jr.(7)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
John Rau(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
L. Peter Sharpe(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
W. Ed Tyler(6)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Scott A. Musil(8)
Johannson L. Yap(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
David G. Harker(10)
Peter O. Schultz(11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All named directors and currently-serving executive officers as a group

10,992
1,012,472
27,119
62,892
57,611
60,219
92,451
127,273
314,002
119,470
121,531

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

(11 persons)(12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,006,032

1.71%

* 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%

31

PROXY STATEMENT

(1) Pursuant to a Schedule 13G/A filed February 10, 2017 of The Vanguard Group (“Vanguard Group”). Of the
shares reported, Vanguard Group has the sole power to vote 308,849 shares, the shared power to vote
139,155 shares, the sole power to dispose of 17,955,456 shares and the shared power to dispose of 292,216
shares.

(2) Pursuant to a Schedule 13G/A filed January 12, 2017 of Blackrock, Inc. (“Blackrock”). Blackrock has the

sole power to vote 15,151,439 shares and sole power to dispose of all 15,958,950 shares.

(3) Pursuant to a Schedule 13G/A filed February 13, 2017 of Vanguard Specialized Funds — Vanguard REIT
Index Fund (“Vanguard REIT”). Of the shares reported, Vanguard REIT has the sole power to vote all
8,873,931 shares.

(4) Includes 10,992 shares of restricted Common Stock issued under the 2014 Stock Plan.

(5) Includes 133,736 shares of restricted Common Stock issued under the 2014 Stock Plan.

(6) Includes 2,892 shares of restricted Common Stock issued under the 2014 Stock Plan.

(7) Includes 2,892 shares of restricted Common Stock issued under the 2014 Stock Plan. Also includes 60,000

shares of Common Stock held jointly with his wife.

(8) Includes 25,834 shares of restricted Common Stock issued under the 2014 Stock Plan.
(9) Includes 1,680 Units. Also includes 47,566 shares of restricted Common Stock issued under the 2014 Stock

Plan.

(10) Includes 25,946 shares of restricted Common Stock issued under the 2014 Stock Plan.

(11) Includes 24,507 shares of restricted Common Stock issued under the 2014 Stock Plan.

(12) Includes 1,680 Units. Also includes 283,041 shares of restricted Common Stock issued under the 2014

Stock Plan.

32

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 this Proxy Statement
in accordance with SEC rules, which disclosures include the disclosures under
“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 2017 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.

33

PROPOSAL 3

PROXY STATEMENT

ADVISORY VOTE ON THE FREQUENCY OF HOLDING FUTURE ADVISORY VOTES
ON EXECUTIVE COMPENSATION

Section 14A of the Exchange Act also enables our stockholders to vote, on an advisory or non-binding basis,
on how frequently they would like to cast an advisory vote on the compensation of the Company’s named
executive officers. By voting on this proposal, stockholders may indicate whether they would prefer an advisory
vote on named executive officer compensation once every one, two or three years, or abstain from voting.

After careful consideration of the frequency alternatives, the Board of Directors believes that continuing to
conduct an advisory vote on executive compensation on an annual basis is appropriate for the Company and its
stockholders at this time.

In voting on this proposal, you should mark your proxy for one, two or three years based on your preference
as to the frequency with which an advisory vote on executive compensation should be held. If you have no
preference you should abstain. 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 any of the three options presented on the
proxy card. The Board of Directors will carefully consider the outcome of the vote when making future decisions
regarding the frequency of advisory votes on executive compensation. However, because this vote is advisory
and not binding, the Board of Directors may decide that it is in the best interests of the Company and its
stockholders to hold an advisory vote less frequently than the alternative that has been selected by our
stockholders.

The Board of Directors recommends an advisory vote for holding the advisory vote on the
compensation of the Company’s named executive officers EACH YEAR.

34

PROPOSAL 4

PROXY STATEMENT

AMENDMENT TO CHARTER TO INCREASE THE NUMBER OF AUTHORIZED
SHARES OF COMMON STOCK

On March 2, 2017, the Board of Directors approved a proposal to amend the Company’s Charter, subject to
stockholder approval, to increase the number of shares of the Company’s Common Stock authorized for issuance.
The Company’s Charter presently authorizes us to issue a total of 225 million shares of stock, consisting of
10 million shares of preferred stock, 150 million shares of Common Stock and 65 million shares of excess stock.
We are proposing to amend the Company’s Charter to increase the number of authorized shares of Common
Stock from 150 million to 225 million shares, and the total number of authorized shares of stock from
225 million to 300 million shares. The number of authorized shares of preferred stock and excess stock would
remain the same.

We propose that Section 7.1 of the Company’s Charter be amended to read in its entirety as follows, marked

to show changes from the current provision contained in the Charter:

“7.1 Authorized Capital Stock. The total number of shares of stock which the Corporation has authority to
issue (the “Stock”) is three hundred million (300,000,000) shares, consisting of (i) ten million (10,000,000)
shares of preferred stock, par value $.01 per share (“Preferred Stock”); (ii) two hundred twenty-five million
(225,000,000) shares of common stock, par value $.01 per share (“Common Stock”); and (iii) sixty-five million
(65,000,000) shares of excess stock, par value $.01 per share (“Excess Stock”). The aggregate par value of all the
shares of all classes of Stock is $3,000,000.”

A copy of the proposed amendment is attached hereto as Appendix A.

As of the Record Date,

there were 117,274,432 shares of Common Stock issued and outstanding.
Accordingly, as of the Record Date, we had 32,725,568 shares of authorized Common Stock available for future
issuance, although the Company may, subject to availability, issue up to 14,707,191 of these shares in connection
with the redemption of Units, under the 2014 Stock Plan or under our at-the-market offering facility.

The Company’s Board of Directors believes that the proposed increase in authorized Common Stock is
desirable to enhance our flexibility in taking possible future actions, such as equity financings, corporate
mergers, acquisitions, stock splits, stock dividends, equity compensation awards or other corporate purposes. The
proposed amendment will enable us to accomplish these objectives in a timely manner.

The additional authorized Common Stock would be part of our current class of Common Stock and, if and
when issued, would have the same rights and privileges as our presently issued and outstanding Common Stock.
We may use authorized shares of Common Stock and preferred stock from time to time as appropriate and
opportune situations arise.

The Company’s stockholders will not have any preemptive rights with respect to the additional shares being
authorized. No further approval by stockholders would be necessary prior to the issuance of any additional shares
of Common Stock or preferred stock, except as may be required by law or applicable NYSE rules. In certain
circumstances, generally relating to the number of shares to be issued and the identity of the recipient, the rules
of the NYSE require stockholder authorization in connection with the issuance of such additional shares. Subject
to applicable law and the rules of the NYSE, the Company’s Board of Directors has the sole discretion to issue
additional shares of Common Stock and the Board of Directors does not intend to issue any stock except for
reasons and on terms which our Board of Directors deems to be in the best interests of our stockholders. The
issuance of Common Stock (other than on a pro-rata basis to all stockholders) would, of course, reduce the
proportionate interest in the Company of each stockholder. This could be used to dilute the stock ownership of
one or more stockholders seeking to obtain control of the Company and make more difficult or discourage such
an attempt to acquire control. However, we have not proposed an increase in the authorized number of shares of
Common Stock with the intention of using the additional shares for anti-takeover purposes.

35

PROXY STATEMENT

If our stockholders approve this Proposal 4, an amendment to our Charter will be filed with the State
Department of Assessments and Taxation of Maryland and will be effective as of the date of acceptance for
record by the State Department of Assessments and Taxation.

The affirmative vote of the holders of a two thirds of the votes entitled to be cast with a quorum present at

the Annual Meeting is required for approval of the proposed amendment to our Charter.

The Board of Directors recommends a vote FOR the Articles of Amendment to our Charter to increase the
number of authorized shares of Common Stock from 150 million to 225 million shares, and the
total number of authorized shares of stock from 225 million to 300 million shares.

36

PROPOSAL 5

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 February 16,
2017, the Audit Committee of the Board of Directors appointed PricewaterhouseCoopers LLP as the Company’s
independent
of
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

2017

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 2016 and 2015, 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)

$1,054,300
8,262
5,000
2,862

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

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

$1,070,424

$1,129,770

2016

2015

(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 2017.

37

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 2018 Annual Meeting of
Stockholders must be received by the Secretary of the Company no later than December 11, 2017, 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 11, 2017, and no earlier than November 11, 2017, 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 B to this Proxy Statement is the Company’s 2016 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 B 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, 2017

The Proxy Statement, Notice of Annual Meeting, Proxy Card and the Company’s 2016 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.

38

APPENDIX A

ARTICLES OF AMENDMENT
OF
FIRST INDUSTRIAL REALTY TRUST, INC.

First Industrial Realty Trust, Inc., a Maryland corporation, having its principal office in Baltimore,

Maryland (the “Corporation”), hereby certifies to the State Department of Assessments and Taxation that:

FIRST: The Charter of the Corporation as currently in effect is hereby amended by deleting Section 7.1 of

ARTICLE VII of the Charter in its entirety and inserting the following in lieu thereof:

“7.1 Authorized Capital Stock. The total number of shares of stock which the Corporation has authority to
issue (the “Stock”) is three hundred million (300,000,000) shares, consisting of (i) ten million (10,000,000)
shares of preferred stock, par value $.01 per share (“Preferred Stock”); (ii) two hundred twenty-five million
(225,000,000) shares of common stock, par value $.01 per share (“Common Stock”); and (iii) sixty-five million
(65,000,000) shares of excess stock, par value $.01 per share (“Excess Stock”). The aggregate par value of all the
shares of all classes of Stock is $3,000,000.”

SECOND: The Board of Directors of the Corporation, by unanimous vote at a duly called meeting, duly
adopted resolutions setting forth the proposed amendment to the Charter, declaring said amendment to be
advisable and directing that said amendment be submitted for consideration by the stockholders.

THIRD: Notice setting forth the said amendment of the Charter and stating that a purpose of the meeting of
the stockholders would be to take action thereon was given as required by law to all stockholders of the
Corporation entitled to vote thereon. The stockholders of the Corporation, by vote at a duly called annual
meeting, approved said amendment.

FOURTH: Immediately before this amendment, the total number of shares of stock of all classes which the
Corporation has authority to issue, the number of shares of stock of each class and the par value of the shares of
each class were as follows:

(a) The total number of shares of all classes which the Corporation has authority to issue is two hundred
twenty-five million (225,000,000) shares, consisting of ten million (10,000,000) shares of preferred stock, par
value $.01 per share, one hundred fifty million (150,000,000) shares of common stock, par value $.01 per share
and sixty-five million (65,000,000) shares of excess stock, par value $.01 per share.

FIFTH: As amended, the total number of shares of stock of all classes which the Corporation has authority

to issue, the number of shares of stock of each class and the par value of the shares of each class are as follows:

(a) The total number of shares of all classes which the Corporation has authority to issue is three hundred
million (300,000,000) shares, consisting of ten million (10,000,000) shares of preferred stock, par value $.01 per
share, two hundred twenty-five million (225,000,000) shares of common stock, par value $.01 per share and
sixty-five million (65,000,000) shares of excess stock, par value $.01 per share.

SIXTH: Immediately before this amendment, the aggregate par value of all shares of all classes of stock of
the Corporation was $2,250,000. As amended, the aggregate par value of all shares of all classes of stock of the
Corporation is $3,000,000.

SEVENTH: The information required by Section 2-607(b)(2)(i) of the Maryland General Corporation Law

was not changed by this amendment.

[Signature page follows]

A-1

IN WITNESS WHEREOF, the Corporation has caused these Articles of Amendment to be signed in its
name and on its behalf by its President and its corporate seal to be hereunder affixed and attested to by its
Secretary on this day of May
, 2017, and its President acknowledges under the penalties of perjury that these
Articles of Amendment are the corporate act of said Corporation and that, to the best of his knowledge,
information and belief, the matters and facts set forth herein are true in all material respects.

First Industrial Realty Trust, Inc.

By:

Name: Peter E. Baccile
Title: President and Chief Executive Officer

Attest:

Name: Daniel J. Hemmer
Title: Secretary

A-2

APPENDIX B

2016 ANNUAL REPORT

EXPLANATORY NOTE

This 2016 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, 2016, the Company owned an approximate 96.7% common general partnership
interest in the Operating Partnership. The remaining approximate 3.3% 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 and can cause it to enter into certain major transactions, including acquisitions,
dispositions and refinancings.

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 2016 Annual Report. To help you understand the differences between the Company
and the Operating Partnership, this 2016 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, 2016 filed with the Securities and
Exchange Commission on February 24, 2017, a copy of which may be obtained by following the procedures set
forth on page B-106 of this 2016 Annual Report.

Unless stated otherwise in this 2016 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

B-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 2016 Annual Report.

The Company

Statement of Operations Data:

Year Ended
12/31/16

Year Ended
12/31/15

Year Ended
12/31/14

Year Ended
12/31/13

Year Ended
12/31/12

(In thousands, except per share data)

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 378,020 $ 365,823 $ 346,709 $ 320,808 $ 307,391
(21,286)
Income (Loss) from Continuing Operations . . . . . . .
Net Income (Loss) Available to First Industrial

125,684

76,705

23,182

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

121,232

73,802

46,629

25,907

(22,069)

1.05 $

0.67 $

0.18 $

(0.09) $

(0.44)

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

1.05

0.67

0.42

0.24

(0.24)

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):

1.05 $

0.66 $

0.18 $

(0.09) $

(0.44)

1.05
0.76 $

0.66
0.51 $

0.42
0.41 $

0.24
0.34 $

115,030
115,370

110,352
110,781

109,922
110,325

106,995
106,995

(0.24)
0.00
91,468
91,468

Real Estate, Before Accumulated Depreciation . . . . . $3,384,914 $3,293,968 $3,183,369 $3,119,547 $3,121,448
2,599,605
Total Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,326,529
Indebtedness . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,145,653
Total Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,574,911
1,342,762
1,090,827

2,793,263
1,347,092
1,284,625

2,590,690
1,289,986
1,171,219

2,709,808
1,434,168
1,115,135

Cash Flow Data:

Cash Flow From Operating Activities . . . . . . . . . . . . $ 173,335 $ 162,149 $ 137,176 $ 125,751 $ 136,422
(42,235)
Cash Flow From Investing Activities . . . . . . . . . . . .
(99,407)
Cash Flow From Financing Activities . . . . . . . . . . . .

(110,992)
(56,471)

(197,074)
29,426

(69,069)
(66,166)

(61,313)
(61,748)

Other Data:

Funds from Operations Available to First Industrial
Realty Trust, Inc.’s Common Stockholders and
Participating Securities (1) . . . . . . . . . . . . . . . . . . . . $ 167,811 $ 140,841 $ 127,890 $ 105,011 $

80,640

(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”
within the “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
starting on page B-19 of this 2016 Annual Report.

B-2

The Operating Partnership

Statement of Operations Data:

SELECTED FINANCIAL DATA

Year Ended
12/31/16

Year Ended
12/31/15

Year Ended
12/31/14

Year Ended
12/31/13

Year Ended
12/31/12

(In thousands, except per Unit data)

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . $ 378,020 $ 365,823 $ 346,709 $ 320,808 $ 307,391
(21,142)
125,684
Income (Loss) from Continuing Operations . . .
Net Income (Loss) Available to Unitholders

76,820

23,434

4,908

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

125,547

76,682

48,704

27,033

(23,169)

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

1.05 $
1.05

0.67 $
0.67

0.18 $
0.42

(0.09) $
0.24

(0.43)
(0.24)

1.05 $
1.05
0.76 $

0.66 $
0.66
0.51 $

0.18 $
0.42
0.41 $

(0.09) $
0.24
0.34 $

119,274
119,614

114,709
115,138

114,388
114,791

111,646
111,646

(0.43)
(0.24)
0.00
96,509
96,509

Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . $3,384,914 $3,293,968 $3,183,369 $3,119,547 $3,121,448
2,610,208
1,326,529
1,156,257

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

2,720,523
1,434,168
1,125,850

2,601,291
1,289,986
1,181,817

2,585,624
1,342,762
1,101,590

2,803,701
1,347,092
1,295,063

Cash Flow Data:

Cash Flow From Operating Activities . . . . . . . $ 173,612 $ 162,286 $ 137,918 $ 126,410 $ 136,611
(42,235)
(110,992)
Cash Flow From Investing Activities . . . . . . . .
(99,567)
(56,748)
Cash Flow From Financing Activities . . . . . . .

(197,074)
29,304

(61,926)
(61,800)

(69,724)
(66,253)

B-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 2016 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

‰ other risks and uncertainties described in “Risk Factors” and elsewhere in this 2016 Annual Report and in
the Company’s and the Operating Partnership’s Form 10-K for the year ended December 31, 2016 as well
as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our
other public filings with the Securities and Exchange Commission.

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 2016 Annual Report. We assume no obligation to update or supplement
forward-looking statements.

B-4

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

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 on the sale of our
properties (as discussed below), for our liquidity. The leasing of property, in general, and occupancy rates, rental
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.

B-5

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

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 or 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 used to repay outstanding debt and,
market conditions permitting, may be used to fund the acquisition of existing industrial properties, 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
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 our ability 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 2016

During 2016, we completed the following significant transactions and financing activities:

• We acquired six industrial properties comprising approximately 0.7 million square feet of GLA and
several land parcels for an aggregate purchase price of approximately $111.1 million, excluding costs
incurred in conjunction with the acquisitions.

• We placed in-service 11 development projects totaling approximately 3.3 million square feet of GLA at a
total cost of approximately $210.1 million. The average occupancy of these 11 development projects is
98% at December 31, 2016.

• We sold 63 industrial properties comprising approximately 3.9 million square feet of GLA for total gross

sales proceeds of approximately $169.9 million.

• We paid off and retired our 2016 Notes, at maturity, in the amount of $159.7 million.

• We paid off $59.4 million in mortgage loans payable.

• We issued 5,600,000 shares of the Company’s common stock in an underwritten public offering.

Proceeds to the Company, net of the underwriter’s discount, were $124.9 million.

• We declared an annual cash dividend of $0.76 per common share or Unit, an increase of 49% from 2015.

B-6

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

Results of Operations

Comparison of Year Ended December 31, 2016 to Year Ended December 31, 2015

The Company’s net income was $125.7 million and $76.7 million for the years ended December 31, 2016
and 2015, respectively. The Operating Partnership’s net income was $125.7 million and $76.8 million for the
years ended December 31, 2016 and 2015, respectively.

The tables below summarize our revenues, property expenses and depreciation and other amortization by
various categories for the years ended December 31, 2016 and 2015. Same store properties are properties owned
prior to January 1, 2015 and held as an in-service property through December 31, 2016 and developments and
redevelopments that were placed in service prior to January 1, 2015 or were substantially completed for the
12 months prior to January 1, 2015. 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, 2014 and held as an operating
property through December 31, 2016. Sold properties are properties that were sold subsequent to December 31,
2014. (Re)Developments include developments and redevelopments that were not: a) substantially complete
12 months prior to January 1, 2015; or b) stabilized prior to January 1, 2015. Other revenues are derived from the
operations of properties not placed in service under one of the categories discussed above, the operations of our
maintenance company and other miscellaneous revenues. Other property expenses are derived from the
operations of properties not placed in service under one of the categories discussed above, the operations of our
maintenance company, vacant land expenses and other miscellaneous regional expenses.

During the fourth quarter of 2015, one industrial property, comprising approximately 0.2 million square feet
of GLA, was taken out of service with the intention of demolishing the industrial property and developing a new
industrial property. As a result of taking the industrial property out of service, the results related to this industrial
property were reclassified from the same store classification to the other classification. During the first quarter of
2016, the results related to this industrial property were reclassified from the other classification to the (re)
developments classification after the industrial property was demolished and we began developing the new
industrial property. The newly developed industrial property was completed in the fourth quarter of 2016 and will
return to the same store classification following a complete calendar year of in service classification.

During the fourth quarter of 2016, one industrial property, comprising approximately 28 thousand square
feet of GLA, was taken out of service due to a fire which caused complete destruction of the building. As a result
of taking the industrial property out of service, the results related to this industrial property were reclassified
from the same store classification to the (re) development classification.

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

B-7

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

For the years ended December 31, 2016 and 2015, the average occupancy rates of our same store properties

were 95.9% and 95.2%, respectively.

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

2016

2015

$ Change

% Change

($ in 000’s)

$335,674
10,367
9,429
20,297
2,253

$324,280
2,189
32,222
5,129
2,003

$ 11,394
8,178
(22,793)
15,168
250

3.5%
373.6%
(70.7)%
295.7%
12.5%

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

$378,020

$365,823

$ 12,197

3.3%

Revenues from same store properties increased $11.4 million due primarily to an increase in occupancy,
rental rates and tenant recoveries. Revenues from acquired properties increased $8.2 million due to the 14
industrial properties acquired subsequent to December 31, 2014 totaling approximately 2.7 million square feet of
GLA. Revenues from sold properties decreased $22.8 million due to the 129 industrial properties sold subsequent
to December 31, 2014 totaling approximately 7.7 million square feet of GLA. Revenues from (re)developments
increased $15.2 million due to an increase in occupancy. Other revenues increased $0.3 million primarily due to
an increase in occupancy related to a property acquired in 2014 that was placed in service during 2015.

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

2016

2015

$ Change % Change

($ in 000’s)

$ 91,462
3,098
3,925
5,240
8,599

$ 90,241
516
12,779
2,122
8,970

$ 1,221
2,582
(8,854)
3,118
(371)

1.4%
500.4%
(69.3)%
146.9%
(4.1)%

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

$112,324

$114,628

$(2,304)

(2.0)%

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
$1.2 million primarily due to a decrease in real estate tax refunds received in 2016 compared to 2015. Property
expenses from acquired properties increased $2.6 million due to properties acquired subsequent to December 31,
2014. Property expenses from sold properties decreased $8.9 million due to properties sold subsequent to
December 31, 2014. Property expenses from (re)developments increased $3.1 million primarily due to the
substantial completion of developments. Other property expenses remained relatively unchanged.

General and administrative expense for the Company increased $1.3 million, or 5.3%, and for the Operating
Partnership increased $1.5 million, or 5.8%, in each case primarily due to an increase in compensation, partially
offset by a decrease in professional service expense during the year ended December 31, 2016 as compared to the
year ended December 31, 2015.

For the years ended December 31, 2016 and 2015, we recognized $0.5 million and $1.4 million,

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

B-8

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

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.

2016

2015

$ Change % Change

($ in 000’s)

DEPRECIATION AND OTHER

AMORTIZATION

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

$ 97,773
7,085
2,767
8,592

$ 98,691
1,782
10,036
2,354

$ (918)
5,303
(7,269)
6,238

Other

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

1,065

951

114

Total Depreciation and Other Amortization . . . . .

$117,282

$113,814

$ 3,468

(0.9)%
297.6%
(72.4)%
265.0%

12.0%

3.0%

Depreciation and other amortization from same store properties

remained relatively unchanged.
Depreciation and other amortization from acquired properties increased $5.3 million due to properties acquired
to December 31, 2014. Depreciation and other amortization from sold properties decreased
subsequent
$7.3 million due to properties sold subsequent to December 31, 2014. Depreciation and other amortization from
(re)developments increased $6.2 million primarily due to an increase in developments that were placed in service
as well as accelerated depreciation on one property in Rancho Dominguez, CA that was razed during the first
quarter of 2016. Depreciation from corporate furniture, fixtures and equipment and other remained relatively
unchanged.

For the year ended December 31, 2016, we recognized $68.2 million of gain on sale of real estate related to
the sale of 63 industrial properties comprising approximately 3.9 million square feet of GLA. 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.

Interest expense decreased $8.0 million, or 11.9%, primarily due to a decrease in the weighted average
interest rate for the year ended December 31, 2016 (4.50%) as compared to the year ended December 31, 2015
(4.99%) and an increase in capitalized interest of $1.1 million for the year ended December 31, 2016 as
compared to the year ended December 31, 2015 due to an increase in development activities, offset by an
increase in the weighted average debt balance outstanding for the year ended December 31, 2016 ($1,400.5
million) as compared to the year ended December 31, 2015 ($1,399.9 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.

Equity in income of joint ventures is not significant.

B-9

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

The income tax provision increased $1.0 million during the year ended December 31, 2016 compared to the
year ended December 31, 2015 primarily due to an increase in taxable gain from the sales of real estate from one
of our TRSs.

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
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 previous 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 fourth quarter of 2015, one industrial property previously classified within same store,
comprising approximately 0.2 million square feet of GLA, was taken out of service and reclassified to the other
classification. We intend to demolish the existing industrial property and construct a new industrial property, at
which time the results related to this 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, (re)development and sale of properties. Our future revenues and expenses may vary materially
from historical rates.

B-10

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

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
4,955

$365,823
—

$318,420
2,896
24,203
2,131
6,066

$ 5,745
5,932
(10,452)
11,993
(1,111)

1.8%
204.8%
(43.2)%
562.8%
(18.3)%

$353,716
(7,007)

$ 12,107
7,007

3.4%
(100.0)%

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

$365,823

$346,709

$ 19,114

5.5%

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
revenues decreased
(re)developments increased $12.0 million due to an increase in occupancy. Other
$1.1 million due to a decrease in interest income related to the decrease in the weighted average note receivable
balance outstanding, offset by an increase in occupancy related to a property acquired in 2013 that was placed in
service during 2014.

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

$114,628
—

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

$117,283
(2,784)

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

$(2,655)
2,784

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

(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.

B-11

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

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

5,567
3,993
4,008

$(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%

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 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).

B-12

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

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 a previous 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
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.

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

B-13

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

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,
tenant improvements) and identified intangible assets (leasing commissions,
in-place leases, tenant
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. 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 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 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
Company’s inability to qualify as a REIT and changes in tax laws. Adjustments required in any given

B-14

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

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, 2016, our cash and cash equivalents and restricted cash were approximately $9.9 million
and $11.6 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 $433.8 million available for additional borrowings under our Unsecured
Credit Facility as of December 31, 2016.

We have considered our short-term (through December 31, 2017) liquidity needs and the adequacy of our
estimated cash flow from operations and other expected liquidity sources to meet these needs. Our 5.95% 2017 II
Notes and our 7.50% 2017 Notes, (each described in Note 4 to the Consolidated Financial Statements), in the
aggregate principal amount of $101.9 million and $55.0 million, respectively, are due May 15, 2017 and
December 1, 2017, respectively. Also, we have $36.1 million in mortgage loans payable outstanding at
December 31, 2016 that we anticipate prepaying prior to December 31, 2017. We expect to satisfy these payment
obligations on or prior to the maturity dates with borrowings under our Unsecured Credit Facility and the
issuance of unsecured debt securities. 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 or debt 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, 2017) 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 or debt securities, subject to market conditions.

At December 31, 2016, borrowings under our Unsecured Credit Facility bore interest at a weighted average
interest rate of 1.77%. As of February 23, 2017 we had approximately $384.0 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, 2016, and we anticipate that we will be able to operate in compliance with our
financial covenants in 2017.

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.

B-15

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

Year Ended December 31, 2016

Net cash provided by operating activities for the Company of approximately $173.3 million (net cash
provided by operating activities for the Operating Partnership of approximately $173.6 million) for the year
ended December 31, 2016 was comprised primarily of the non-cash adjustments of approximately $52.9 million
and net income of approximately $125.7 million, offset by the net change in the Company’s operating assets and
liabilities of approximately $4.7 million (net change in the Operating Partnership’s operating assets and liabilities
of approximately $4.4 million) and the payment of discounts associated with the retirement of debt of
approximately $0.6 million. The adjustments for the non-cash items of approximately $52.9 million are primarily
comprised of depreciation and amortization of approximately $127.1 million and the provision for bad debt of
approximately $0.6 million, offset by the gain on sale of real estate of approximately $68.2 million and the effect
of the straight-lining of rental income of approximately $6.6 million.

Net cash used in investing activities for both the Company and the Operating Partnership of approximately
$111.0 million for the year ended December 31, 2016 was comprised primarily of the acquisition of land parcels
and six industrial properties comprising approximately 0.7 million square feet of GLA, the development of real
estate, capital expenditures related to the improvement of existing real estate, payments related to leasing
activities, offset by repayments on our notes receivable, a decrease in escrows (primarily related to sales proceeds
held by third party intermediaries to be disbursed as we exchange into properties under Section 1031 of the
Code) and the net proceeds from the sale of real estate.

During the year ended December 31, 2016, we sold 63 industrial properties comprising approximately
3.9 million square feet of GLA. Proceeds from the sales of these 63 industrial properties, net of closing costs,
were approximately $163.4 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 2017.

Net cash used in financing activities for the Company of approximately $56.5 million (net cash used in
for the year ended
the Operating Partnership of approximately $56.7 million)
financing activities for
December 31, 2016 was comprised primarily of the repayments on our senior unsecured notes and mortgage
loans payable, common stock and Unit distributions, payments of financing and equity issuance costs, the
repurchase and retirement of restricted stock and restricted Units and solely with respect to the Operating
Partnership, the Operating Partnership’s net distributions to noncontrolling interests, offset by the net proceeds
from the issuance of common stock or General Partner Units and net proceeds from the Unsecured Credit
Facility.

During the year ended December 31, 2016, we paid off $59.4 million in mortgage loans payable.
Additionally, we paid off and retired our 2016 Notes, at maturity, in the amount of $159.7 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.

During the year ended December 31, 2016, the Company issued 5,600,000 shares of the Company’s
common stock through a public offering, resulting in proceeds, net of the underwriter’s discount, of
approximately $124.9 million. The proceeds were contributed to the Operating Partnership in exchange for
General Partner Units.

B-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, 2016:

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

Payments Due by Period
(In thousands)

Total

Less Than
1 Year

1-3 Years

3-5 Years Over 5 Years

30,602 $
100,100
1,353,358

2,052 $

100,100
168,914

2,024 $
—
436,954

1,113
—
357,675

$ 25,413
—
389,815

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

213,972

52,901

78,060

47,811

35,200

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,698,032 $323,967 $517,038 $406,599

$450,428

(1) Not on balance sheet.

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

$2.3 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, 2016, we had letters of credit and performance bonds outstanding amounting to
$16.9 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 $0.4 million and $1.1 million during the years ended December 31, 2016 and 2015,
respectively,
related to environmental expenditures. We estimate 2017 expenditures of approximately
$0.3 million. We estimate that the aggregate expenditures which need to be expended in 2017 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, our leases have a weighted
average lease length of 6.5 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.

B-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, 2016 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, 2016, $1,164.2 million or 86.0% of our total debt, excluding unamortized deferred
financing costs, 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,
$189.5 million or 14.0% of our total debt, excluding unamortized deferred financing costs, was variable rate
debt. At December 31, 2015, $1,389.9 million or 96.4% of our total debt, excluding unamortized deferred
financing costs, 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
or 3.6% of our total debt, excluding unamortized deferred financing costs, 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,
2016 and 2015, we had approximately $189.5 million and $52.5 million, respectively, of variable rate debt
outstanding indexed to LIBOR rates (excluding the $460.0 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, 2016 and 2015 would have increased by approximately $0.14 million and $0.07 million,
respectively, based on our average outstanding floating-rate debt during the years ended December 31, 2016 and
2015. 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 $6.0 million and $6.7 million during the
years ended December 31, 2016 and 2015.

As of December 31, 2016 and 2015, the estimated fair value of our debt was approximately $1,384.1 million

and $1,495.7 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, 2016 and
2015, we had interest rate protection agreements with a notional aggregate amount outstanding of $460.0 million,

B-18

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

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
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 12 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 2016 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, FFO, 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 of 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.

B-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, 2016, 2015, 2014, 2013 and 2012.

Year Ended December 31,

2016

2015

2014

2013

2012

(In thousands)

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

Inc.’s Common Stockholders and Participating
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $121,232 $ 73,802 $ 46,629 $ 25,907 $ (22,069)

Adjustments:

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

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

Equity in Depreciation and Other Amortization of Joint

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

Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . .
Gain on Sale of Depreciable Real Estate . . . . . . . . . . . . . .
Gain on Sale of Depreciable Real Estate from Joint

Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on Change in Control of Interests . . . . . . . . . . . . . . .
Noncontrolling Interest Share of Adjustments . . . . . . . . . .

116,506 113,126 111,371 106,333 109,784

—

—
—

—

2,388

7,727

11,648

17
626

117
—

273
—

(20)
(192)

—
(68,202)

—
(44,022)

—
(25,988)

2,652
(34,344)

1,438
(12,665)

—
—
(1,725)

(63)
—
(2,645)

(3,346)
—
(3,281)

(111)
—
(3,426)

(902)
(776)
(5,606)

Funds from Operations Available to First Industrial Realty
Trust, Inc.’s Common Stockholders and Participating
Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $167,811 $140,841 $127,890 $105,011 $ 80,640

Same Store Net Operating Income

SS NOI is a non-GAAP financial measure that provides a measure of rental operations and, as calculated by
us, that does not factor in depreciation and amortization, general and administrative expense, acquisition costs,
interest expense, impairment charges, equity in income and loss 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.

B-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, 2016 and 2015.

Year Ended December 31,

2016

2015

(In thousands)

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

$335,674
91,462

$324,280
90,241

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

$244,212

$234,039

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

895
355
(941)
(396)

788
(3,511)
(397)
(800)

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

$244,125

$230,119

Subsequent Events

From January 1, 2017 to February 23, 2017, we sold three industrial properties for approximately

$5.5 million.

From January 1, 2017 to February 23, 2017, we paid off prior to maturity mortgage loans payable in the
amount of $692. Additionally, we anticipate paying off on or about March 1, 2017, $35.4 million of mortgage
loans payable which were originally scheduled to mature on October 1, 2020.

On February 21, 2017, the Company and the Operating Partnership entered into a Note and Guaranty
Agreement to sell up to $125.0 million of 4.30% Series A Guaranteed Senior Notes due April 20, 2027 (the
“2027 Private Placement Notes”) and up to $75.0 million of 4.40% Series B Guaranteed Senior Notes due
April 20, 2029 (the “2029 Private Placement Notes”) issued by the Operating Partnership in a private placement.
The issuance and sale of the 2027 Private Placement Notes and the 2029 Private Placement Notes is anticipated
to occur on or about April 20, 2017. Upon issuance, the 2027 Private Placement Notes and the 2029 Private
Placement Notes will require semi-annual interest payments with principal due on April 20, 2027, with respect to
the 2027 Private Placement Notes, and April 20, 2029, with respect to the 2029 Private Placement Notes. The
2027 Private Placement Notes and the 2029 Private Placement Notes will be unsecured obligations of the
Operating Partnership and will be fully and unconditionally guaranteed by the Company.

B-21

RISK FACTORS

Our operations involve various risks that could adversely affect our business, including our financial
condition, our results of operations, our cash flow, our liquidity, our ability to make distributions to holders of the
Company’s common stock and the Operating Partnership’s 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.

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. 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. 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.

B-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 or more general economic conditions.

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, if necessary, 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. 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 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.

B-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 on advantageous terms or at all.

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.

B-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,
in December 2015, the Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”) was signed into law.
The Path Act contains numerous changes to prior 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 affect 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;

B-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 fix the interest rate on anticipated offerings of unsecured debt and 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.

B-26

RISK FACTORS

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
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
loan, which may,
in acceleration of other indebtedness collateralized by such properties.
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

B-27

RISK FACTORS

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.

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 the payment of 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.

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 may, as an owner or operator of
real estate, 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 hazardous or toxic materials, or the arrangement of such disposal or
treatment, may cause us to 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. Moreover, there can be no assurance that (i) changes to existing
laws, ordinances or regulations to address, among other things, climate change, will not impose any material
environmental liability or (ii) the current environmental condition of our properties will not be affected by
customers, by the condition of land or operations in the vicinity of our properties (such as releases from
underground storage tanks), or by third-parties unrelated to us.

B-28

RISK FACTORS

All of our properties were subject to a Phase I or similar environmental assessment by independent
environmental consultants at the time of acquisition. Phase I assessments are intended to discover and evaluate
information regarding the environmental condition of the surveyed property and surrounding properties. Phase I
assessments generally include a historical review, a public records review, an investigation of the surveyed site
and surrounding properties, and preparation and issuance of a written report, but do not include soil sampling or
subsurface investigations and typically do not include an asbestos survey. While some of these assessments have
led to further investigation and sampling, none of our environmental assessments of our properties have revealed
an environmental liability that we believe would have a material adverse effect on our business, financial
condition or results of operations taken as a whole. However, we cannot give any assurance that such conditions
do not exist or may not arise in the future. Material environmental conditions, liabilities or compliance concerns
may arise after the environmental assessment has been completed.

Environmental laws in the U.S. also require that owners or operators of buildings containing asbestos
properly manage and maintain the asbestos, adequately inform or train those who may come into contact with
asbestos and undertake special precautions, including removal or other abatement, in the event that asbestos is
disturbed during building renovation or demolition. These laws may impose fines and penalties on building
owners or operators who fail to comply with these requirements and may allow third-parties to seek recovery
from owners or operators for personal injury associated with exposure to asbestos. Some of our properties may
contain asbestos-containing building materials.

We invest in properties historically used for industrial, manufacturing and commercial purposes. Some of
these properties contain, or may have contained, underground storage tanks for the storage of petroleum products
and other hazardous or toxic substances. All of these operations create a potential for the release of petroleum
products or other hazardous or toxic substances. Some of our properties are adjacent to or near other properties
that may have contained or currently contain underground storage tanks used to store petroleum products, or
other hazardous or toxic substances. In addition, previous or current occupants of our properties and adjacent
properties may have engaged, or may in the future engage, in activities that may release petroleum products or
other hazardous or toxic substances.

We have a portfolio environmental insurance policy that provides coverage for potential environmental
liabilities, subject to the policy’s coverage conditions and limitations, for most of our properties. From time to
time, we may acquire properties or interests in properties, with known adverse environmental conditions where
we believe that the environmental liabilities associated with these conditions are quantifiable and that the
acquisition will yield a superior risk-adjusted return. In such an instance, we underwrite the costs of
environmental
in connection with property
dispositions, we may agree to remain responsible for, and to bear the cost of, remediating or monitoring certain
environmental conditions on the properties.

investigation, clean-up and monitoring into the cost. Further,

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
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 and 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

B-29

RISK FACTORS

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 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
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.

Acts of violence, including terrorist attacks could occur in the localities in which we conduct business. More
generally, 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,

B-30

RISK FACTORS

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 we may incur or
preferred stock that we might issue 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.

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

B-31

RISK FACTORS

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.

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. Although we have no investments in joint ventures as of December 31, 2016, 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 in the future. Joint venture investments, in general, involve
certain risks not otherwise present with other methods of investment in real estate, including:

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

• joint venturers might become bankrupt or otherwise fail to fund their share of any required capital

commitments;

• joint venturers might have economic or other business interests or goals that are competitive or

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 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 make distributions to our stockholders and Unitholders, the market
price of the Company’s common stock and the market value of the Units.

B-32

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, 2016. 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, 2016, 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, 2016 has
been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in
their report which appears herein on page B-35. 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 2016 that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting.

B-33

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, 2016. 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, 2016, 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,
2016 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as
stated in their report which appears herein on page B-36. See Report of Independent Registered Public
Accounting Firm.

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 2016 that has materially affected, or is reasonably likely to materially
affect, the Operating Partnership’s internal control over financial reporting.

B-34

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, 2016 and 2015, and the results of their operations and their cash flows for each of the three
years in the period ended December 31, 2016 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, 2016 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, 2016, 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 B-33. 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.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois
February 23, 2017

B-35

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, 2016 and 2015, and the results of their operations and their cash flows for each of the three
years in the period ended December 31, 2016 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, 2016
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, 2016, 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 B-34. 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.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois
February 23, 2017

B-36

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS

December 31,
2016

December 31,
2015

(In thousands, except share
and per share data)

Assets:

Investment in Real Estate:

ASSETS

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

$ 794,821
2,523,015
67,078
(796,492)

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

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

2,588,422

2,502,638

Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and

Amortization of $1,471 and $1,171 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restricted Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Accounts Receivable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred Rent Receivable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred Leasing Intangibles, Net
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid Expenses and Other Assets, Net

2,354
9,859
11,602
4,757
67,382
29,499
79,388

2,510
3,987
23,005
5,612
62,335
33,326
76,395

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

$2,793,263

$2,709,808

Liabilities:

Indebtedness:

LIABILITIES AND EQUITY

Mortgage Loans Payable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Senior Unsecured Notes, Net
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unsecured Term Loans, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 495,956
204,998
456,638
189,500
84,412
10,400
43,300
23,434

$ 561,241
364,457
455,970
52,500
93,699
11,841
40,153
14,812

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

1,508,638

1,594,673

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

—

—

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

Common Stock ($0.01 par value, 150,000,000 shares authorized and 117,107,746 and

111,027,225 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,172
1,886,771
(641,859)
(4,643)

1,241,441
43,184

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

1,073,100
42,035

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

1,284,625

1,115,135

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

$2,793,263

$2,709,808

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

B-37

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Year Ended
December 31,
2016

Year Ended
December 31,
2015

Year Ended
December 31,
2014

(In thousands, except per share data)

Revenues:

Rental Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Recoveries and Other Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

$289,858
88,162

378,020

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 Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of Deferred Financing Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mark-to-Market and Settlement Loss 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in Income of Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Tax Provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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 First Industrial Realty Trust, Inc.

. . . . . . . . . . . . . . . . . .
Less: Preferred Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Redemption of Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

Basic Earnings Per Share:

Income 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 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

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

$281,186
84,637

365,823

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

255,833

48,906
(67,424)
(3,159)
(11,546)
—

(33,223)

76,767
55
(117)

76,705

—
—

—

76,705
(2,903)

73,802
—
—

$259,609
87,100

346,709

114,499
23,418
960
—
111,897

250,774

(83)
(72,178)
(3,098)
—
(655)

(76,014)

19,921
3,499
(238)

23,182

1,835
25,988

27,823

51,005
(1,895)

49,110
(1,019)
(1,462)

112,324
26,703
491
—
117,282

256,800

68,202
(59,430)
(3,219)
—
—

5,553

126,773
—
(1,089)

125,684

—
—

—

125,684
(4,452)

121,232
—
—

$121,232

$ 73,802

$ 46,629

$

$

$

$

$

$

$

1.05

—

1.05

1.05

—

1.05

0.76

$

$

$

$

$

$

$

0.67

—

0.67

0.66

—

0.66

0.51

$

$

$

$

$

$

$

0.18

0.24

0.42

0.18

0.24

0.42

0.41

115,030

115,370

110,352

110,781

109,922

110,325

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

B-38

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mark-to-Market Gain (Loss) on Interest Rate Protection

Year Ended
December 31,
2016

$125,684

Year Ended
December 31,
2015

(In thousands)
$76,705

Year Ended
December 31,
2014

$ 51,005

Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,849

(9,155)

(12,279)

Reclassification of Fair Value of Interest Rate Protection

Agreements (See Note 12)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of Interest Rate Protection Agreements . . . . . . . . . . . .
Foreign Currency Translation Adjustment . . . . . . . . . . . . . . . . . . . . .

—
390
—

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

Comprehensive Income Attributable to Noncontrolling Interest

130,923
(4,638)

12,990
524
15

81,079
(3,069)

—
1,358
(93)

39,991
(1,467)

Comprehensive Income Attributable to First Industrial Realty

Trust, Inc.

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

$126,285

$78,010

$ 38,524

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

B-39

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

(In thousands)

$1,100
—
4

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

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

$ (3,265)
—
—

$44,369
—
—

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

Balance as of December 31, 2013 . . . .
Redemption of Preferred Stock . . . . . .
Stock Based Compensation Activity . .
Conversion of Limited Partner 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 Limited Partner 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 . . . .
Issuance of Common Stock, Net of

Issuance Costs . . . . . . . . . . . . . . . . . .
Stock Based Compensation Activity . .
Conversion of Limited Partner Units to
Common Stock . . . . . . . . . . . . . . . . .

Reallocation—Additional

Paid-in-Capital

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

Common Stock Dividends and Unit

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

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

$—
—
—

—

—

—
—
—

—
—

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

—
—

(8)
4,208

—

—

—
—
—

(16)
(10,586)

$(13,867)
—

—

—

—
—

(2,155)

(4)

(1,816)
—
1,895

16
(428)

—

—

(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

$—

$1,111

$1,756,415

$(674,759)

$ (9,667)

$42,035

$1,115,135

—
—

—

—

—
—

—
—

56
2

3

—

—
—

—
—

124,528
5,516

2,859

(2,547)

—
—

—
—

—
(217)

—

—

(88,115)
121,232

—
—

—

—

—
—

—
—

(29)
5,053

—
—

124,584
5,301

(2,862)

2,547

(3,203)
4,452

29
186

—

—

(91,318)
125,684

—
5,239

Balance as of December 31, 2016 . . . .

$—

$1,172

$1,886,771

$(641,859)

$ (4,643)

$43,184

$1,284,625

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

B-40

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, including Stock Based Compensation . . . . . . . . . . . . . . . .
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
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mark-to-Market Loss on Interest Rate Protection Agreements . . . . . . . . . . . . .
Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and

Other Assets, Net

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in Deferred Rent Receivable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other

of Debt

Liabilities, Rents Received in Advance and Security Deposits . . . . . . . . . . .
Payments of Discounts and Prepayment Penalties Associated with Retirement
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Cash Provided by Operating Activities . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash Book Overdraft

Year Ended
December 31,
2016

Year Ended
December 31,
2015

Year Ended
December 31,
2014

(In thousands)

$ 125,684

$ 76,705

$ 51,005

95,514
3,219
28,403
—
563
—
—
(68,202)
—
—

965
(6,602)

92,955
3,159
28,359
626
954
(55)
—
(48,906)
—
11,546

(2,686)
(6,181)

93,457
3,098
30,218
—
1,425
(3,499)
1,881
(25,905)
655
—

(2,582)
(2,715)

(5,655)

5,673

452

(554)
—
173,335

—
—
162,149

(10,650)
336
137,176

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Decrease (Increase) in Escrows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Cash Used in Investing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(107,484)

(168,122)

(96,045)

(179,994)
163,435
—
—
—
43
13,008
(110,992)

(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)

CASH FLOWS FROM FINANCING ACTIVITIES:

Financing 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 (Used in) Provided by Financing Activities . . . . . . . . . . . . . . . . . .

(375)

(5,158)

(2,419)

124,936
(5,242)
(82,696)
—
—
(70,969)
(159,125)
—
442,000
(305,000)
(56,471)

—
(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)

Net Effect of Exchange Rate Changes on Cash and Cash Equivalents . . . . . . . . . . .
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . .
Cash and Cash Equivalents, Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and Cash Equivalents, End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

—
5,872
3,987
9,859

(14)
(5,499)
9,500
3,987

$

$

(18)
1,941
7,577
9,500

B-41

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended
December 31,
2016

Year Ended
December 31,
2015

Year Ended
December 31,
2014

(In thousands)

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Paid, Net of Interest Expense Capitalized in Connection with Development
Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 63,600

$ 66,452

$ 70,194

Interest Expense Capitalized in Connection with Development Activity . . . . . . . . .

$ 3,523

$ 2,453

$ 1,411

Income Taxes Paid (Refunded)

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

$ 1,358

$

23

$

(105)

Supplemental Schedule of Non-Cash Investing and Financing Activities:

Common Stock Dividends and Unit Distributions Payable . . . . . . . . . . . . . . . . . .

$ 23,434

$ 14,812

$ 11,949

Exchange of Limited Partnership Units for Common Stock:

Noncontrolling Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Common Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additional Paid-in-Capital
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total

$ (2,862)
3
2,859
—

$

$

$

(673)
1
672
—

$ (2,155)
2
2,153
—

$

Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition

of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 5,405

$ 2,090

$

364

Accounts Payable Related to Construction in Progress and Additions to Investment
in Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 32,712

$ 25,747

$ 14,901

Write-off of Fully Depreciated Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(44,080)

$(45,457)

$(44,769)

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

B-42

FIRST INDUSTRIAL, L.P.

CONSOLIDATED BALANCE SHEETS

December 31,
2016

December 31,
2015

(In thousands, except Unit data)

Assets:

Investment in Real Estate:

ASSETS

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

$ 794,821
2,523,015
67,078
(796,492)

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

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

2,588,422

2,502,638

Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation

and Amortization of $1,471 and $1,171 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restricted Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Accounts Receivable, Net
Deferred Rent Receivable, Net
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred Leasing Intangibles, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid Expenses and Other Assets, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,354
9,859
11,602
4,757
67,382
29,499
89,826

2,510
3,987
23,005
5,612
62,335
33,326
87,110

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

$ 2,803,701

$ 2,720,523

LIABILITIES AND PARTNERS’ CAPITAL

Liabilities:

Indebtedness:

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

$ 495,956
204,998
456,638
189,500
84,412
10,400
43,300
23,434

$ 561,241
364,457
455,970
52,500
93,699
11,841
40,153
14,812

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

1,508,638

1,594,673

Commitments and Contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Partners’ Capital:

—

—

First Industrial L.P.‘s Partners’ Capital:

General Partner Units (117,107,746 and 111,027,225 units outstanding) . . . . . .
Limited Partners Units (4,039,375 and 4,305,707 units outstanding) . . . . . . . . .
Accumulated Other Comprehensive Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total First Industrial L.P.‘s Partners’ Capital

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

Noncontrolling Interest

1,219,755
79,156
(4,804)

1,294,107
956

1,054,028
80,769
(10,043)

1,124,754
1,096

Total Partners’ Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,295,063

1,125,850

Total Liabilities and Partners’ Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,803,701

$2,720,523

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

B-43

FIRST INDUSTRIAL L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

Year Ended
December 31,
2016

Year Ended
December 31,
2015

Year Ended
December 31,
2014

(In thousands, except per Unit data)

Revenues:

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

$289,858
88,162
378,020

$281,186
84,637
365,823

$259,609
87,100
346,709

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 Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of Deferred Financing Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mark-to-Market and Settlement Loss 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equity in Income of Joint Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Tax Provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

112,324
26,703
491
—
117,282
256,800

68,202
(59,430)
(3,219)
—
—
5,553

126,773
—
(1,089)
125,684

Discontinued Operations:

Income Attributable to Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on Sale of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income from Discontinued Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—
—
—

114,628
25,247
1,403
626
113,814
255,718

48,906
(67,424)
(3,159)
(11,546)
—
(33,223)

76,882
55
(117)
76,820

—
—
—

114,499
23,166
960
—
111,897
250,522

(83)
(72,178)
(3,098)
—
(655)
(76,014)

20,173
3,499
(238)
23,434

1,835
25,988
27,823

Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Net Income Attributable to the Noncontrolling Interest . . . . . . . . . . . . . . . . . .
Net Income Attributable to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Preferred Unit Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Redemption of Preferred Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Income Available to Unitholders and Participating Securities . . . . . . . . . . . .

125,684
(137)
125,547
—
—
$125,547

76,820
(138)
76,682
—
—
$ 76,682

51,257
(72)
51,185
(1,019)
(1,462)
$ 48,704

Basic Earnings Per Unit:

Income from Continuing Operations Available to Unitholders . . . . . . . . . . . . . . .

Income from Discontinued Operations Attributable to Unitholders . . . . . . . . . . .

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diluted Earnings Per Unit:

Income from Continuing Operations Available to Unitholders . . . . . . . . . . . . . . .

Income from Discontinued Operations Attributable to Unitholders . . . . . . . . . . .

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Distributions Per Unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

$

$

$

$

$

Weighted Average Units Outstanding - Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

119,274

Weighted Average Units Outstanding - Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

119,614

1.05

$

0.67

$

— $

— $

1.05

1.05

$

$

0.67

0.66

$

$

— $

— $

1.05

0.76

$

$

$

$

0.66

0.51

114,709

115,138

0.18

0.24

0.42

0.18

0.24

0.42

0.41

114,388

114,791

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

B-44

FIRST INDUSTRIAL L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mark-to-Market Gain (Loss) on Interest Rate Protection

Year Ended
December 31,
2016

$125,684

Year Ended
December 31,
2015

(In thousands)
$76,820

Year Ended
December 31,
2014

$ 51,257

Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,849

(9,155)

(12,279)

Reclassification of Fair Value of Interest Rate Protection

Agreements (See Note 12)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of Interest Rate Protection Agreements . . . . . . . . . . . .
Foreign Currency Translation Adjustment . . . . . . . . . . . . . . . . . . . . .

—
390
—

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

Comprehensive Income Attributable to Noncontrolling Interest

$130,923
(137)

12,990
524
(26)

$81,153
(138)

—
1,358
(93)

$ 40,243
(72)

Comprehensive Income Attributable to Unitholders . . . . . . . . . . .

$130,786

$81,015

$ 40,171

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

B-45

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, 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 . . . . . . . . . . . . .
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 . . . . . . . . . . . . .
Unit Distributions . . . . . . . . . . . . . . . . . .
Contributions from Noncontrolling

Interest . . . . . . . . . . . . . . . . . . . . . . . .

Distributions to Noncontrolling

Interest . . . . . . . . . . . . . . . . . . . . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . . .
Other Comprehensive Income . . . . . . . .

Balance as of December 31, 2015 . . . . . . . $
Contribution of General Partner Units,

Net of Issuance Costs . . . . . . . . . . . . .
Stock Based Compensation Activity . . .
Conversion of Limited Partner Units to

General Partner Units . . . . . . . . . . . . .
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

— $1,054,028 $80,769

$(10,043)

$1,096

$1,125,850

— 124,584
5,301
—

—
—

—
2,862 (2,862)
— (88,115) (3,203)

—

—

—
—

—
—

—

—
— 121,095
—
—

—
4,452
—

—
—
5,239

—
—

—
—

123

(400)
137
—

124,584
5,301

—
(91,318)

123

(400)
125,684
5,239

Balance as of December 31, 2016 . . . . . . . $

— $1,219,755 $79,156

$ (4,804)

$ 956

$1,295,063

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

B-46

FIRST INDUSTRIAL, L.P.

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, including Stock Based Compensation . . . . . . . . . . . . . . . . . .
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
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mark-to-Market Loss on Interest Rate Protection Agreements . . . . . . . . . . . . . . .
Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses and Other
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase in Deferred Rent Receivable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(Decrease) Increase in Accounts Payable, Accrued Expenses, Other Liabilities,

Assets, Net

Rents Received in Advance and Security Deposits . . . . . . . . . . . . . . . . . . . . . .
Payments of Discounts and Prepayment Penalties Associated with Retirement of
Debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash Book Overdraft

Year Ended
December 31,
2016

Year Ended
December 31,
2015

(In thousands)

Year Ended
December 31,
2014

$ 125,684

$ 76,820

$ 51,257

95,514
3,219
28,403
—
563
—
—
(68,202)
—
—

1,242
(6,602)

(5,655)

(554)
—

92,955
3,159
28,359
626
954
(55)
—
(48,906)
—
11,546

(2,673)
(6,181)

5,682

—
—

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

Net Cash Provided by Operating Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . .

173,612

162,286

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Decrease (Increase) in Escrows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Cash Used in Investing Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CASH FLOWS FROM FINANCING ACTIVITIES:

Financing and Equity Issuance and Preferred Unit Redemption Costs . . . . . . . . . . .
Contribution of General Partner Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchase and Retirement of Restricted Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unit Distributions Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Preferred Unit Distributions Paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemption of Preferred Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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 (Used in) Provided by Financing Activities . . . . . . . . . . . . . . . . . . . .

Net Effect of Exchange Rate Changes on Cash and Cash Equivalents . . . . . . . . . . .
Net Increase (Decrease) in Cash and Cash Equivalents . . . . . . . . . . . . . . . . . . . . . . .
Cash and Cash Equivalents, Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . .

(107,484)

(168,122)

(96,045)

(179,994)
163,435
—
—
—
43
13,008

(110,992)

(375)
124,936
(5,242)
(82,696)
—
—
123
(400)
(70,969)
(159,125)
—
442,000
(305,000)

(56,748)

—
5,872
3,987

(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

Cash and Cash Equivalents, End of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

9,859

$

3,987

$

9,485

B-47

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended
December 31,
2016

Year Ended
December 31,
2015

(In thousands)

Year Ended
December 31,
2014

SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Paid, Net of Interest Expense Capitalized in Connection with Development

Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 63,600

Interest Expense Capitalized in Connection with Development Activity . . . . . . . . . . . . . . .

$ 3,523

Income Taxes Paid (Refunded) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,358

$ 66,452

$ 2,453

$

23

$ 70,194

$ 1,411

$

(105)

Supplemental Schedule of Non-Cash Investing and Financing Activities:

General and Limited Partner Unit Distributions Payable . . . . . . . . . . . . . . . . . . . . . .

$ 23,434

$ 14,812

$ 11,949

Exchange of Limited Partner Units for General Partner Units:

Limited Partner Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General Partner Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (2,862)
2,862

Total

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

$

—

$

$

(673)
673

—

Assumption of Indebtedness and Other Liabilities in Connection with the Acquisition

of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 5,405

$ 2,090

Accounts Payable Related to Construction in Progress and Additions to Investment in

Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 32,712

Write-off of Fully Depreciated Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(44,080)

$ 25,747

$(45,457)

$ (2,155)
2,155

$

$

—

364

$ 14,901

$(44,769)

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

B-48

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share and 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.

the operating data of which,

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 96.7% and 96.3% ownership interest (“General Partner Units”) at December 31, 2016 and 2015,
respectively. The Operating Partnership also conducts operations through eight other limited partnerships (the
“Other Real Estate Partnerships”), numerous limited liability companies (“LLCs”) and certain taxable REIT
subsidiaries (“TRSs”),
is
consolidated with that of the Company as presented herein. The Operating Partnership holds at least a 99%
limited partnership interest in each of the 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 3.3% and 3.7% at December 31, 2016 and 2015, respectively, represents the aggregate partnership
interest held by the limited partners thereof (“Limited Partner Units” and together with the General Partner Units,
the “Units”) .

together with that of the Operating Partnership,

Profits, losses and distributions of the Operating Partnership, the LLCs, the Other Real Estate Partnerships
and the TRSs are allocated to the general partner and the limited partners, the members or the shareholders, as
applicable, of such entities in accordance with the provisions contained within their respective organizational
documents.

As of December 31, 2016, we owned 537 industrial properties located in 23 states, containing an aggregate
of approximately 62.3 million square feet of gross leasable area (“GLA”).Of the 537 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, 2016 and 2015 and for each of the
years ended December 31, 2016, 2015 and 2014 include the accounts and operating results of the Company and
the Operating Partnership. Such financial statements present noncontrolling equity interests in joint ventures
under the equity method of accounting. All intercompany transactions have been eliminated in consolidation.

B-49

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 (“GAAP”), 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, 2016 and
2015, and the reported amounts of revenues and expenses for each of the years ended December 31, 2016, 2015
and 2014. Actual results could differ from those estimates.

Reclassifications

Interest income, which was included in other income and expense on the consolidated statement of
operations for the years ended December 31, 2015 and 2014, has been reclassified to be included in tenant
recoveries and other income to conform to the presentation of the same data as reported for the year ended
December 31, 2016.

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
decline in general market conditions or a change in the expected hold period of an asset or asset group). 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. If the sum of the expected future net cash flows (undiscounted and
without interest charges) is less than the carrying amount of the property or group of properties, we will
recognize an impairment loss based upon the estimated fair value of the property or group of properties. 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 or group of properties previously classified as held for
sale, we will reclassify the properties as held and used. Properties are measured at the lower of their carrying
amounts (adjusted for any depreciation and amortization expense that would have been recognized had the
properties 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,

B-50

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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
3 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.

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.

B-51

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Deferred leasing intangibles, net of accumulated amortization,

included in our total assets and total

liabilities consist of the following:

December 31,
2016

December 31,
2015

In-Place Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Above Market Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Below Market Ground Lease Obligation . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$17,529
2,373
1,733
7,864

$19,438
2,520
1,778
9,590

Total Included in Total Assets, Net of $27,336 and $26,432 of

Accumulated Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$29,499

$33,326

Below Market Leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$10,400

$11,841

Total Included in Total Liabilities, Net of $10,193 and $8,911 of

Accumulated Amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$10,400

$11,841

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 $6,717, $6,326 and
$6,239 for the years ended December 31, 2016, 2015 and 2014, respectively. Rental revenues increased by $996,
$462 and $925 related to net amortization of above and below market leases, exclusive of net amortization
related to above and below market leases included in discontinued operations for the year ended December 31,
2014. We will recognize net amortization expense related to deferred leasing intangibles over the next five years,
for properties owned as of December 31, 2016 as follows:

Estimated Amortization
of In-Place Leases and
Tenant Relationships

Estimated Net Increase to
Rental Revenues Related to
Above and Below Market Leases

2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$5,860
$4,119
$3,251
$2,700
$2,069

$961
$817
$828
$754
$740

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 were
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. Unamortized deferred financing costs are written-off
when debt is retired before the maturity date.

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FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Effective January 1, 2016, we adopted Accounting Standards Update (“ASU”) No. 2015-03, “Simplifying
the Presentation of Debt Issuance Costs” (“ASU 2015-03”), which amended the presentation of debt issuance
costs on a consolidated balance sheet. 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. We applied ASU 2015-03 retrospectively. The debt
issuance costs related to the unsecured credit facility remain classified as an asset and are included in prepaid
expenses and other assets on the consolidated balance sheets.

Investments in Joint Ventures

Investments in joint ventures represented noncontrolling equity or limited partnership interests in joint
ventures. We accounted for investments in joint ventures under the equity method of accounting, as we did 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 (“VIEs”). In order to assess
whether consolidation of a VIE is required, an enterprise is required to qualitatively assess the determination of
the primary beneficiary of a 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 joint ventures was reflected in
income as earned and contributions or distributions increased or decreased 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 was amortized over the respective lives of the underlying assets.
During the year ended 2015, the joint venture in which we held a noncontrolling equity interest, sold it’s last
remaining industrial property.

Limited Partner Units

Limited Partner Units are reported within Partners’ Capital in the Operating Partnership’s balance sheet as
of December 31, 2016 and 2015 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, 2016, 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.

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.

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FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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 8 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
improvement allowance funded as a lease
inducement and amortize it as a reduction of revenue over the lease term.

improvements, we record any tenant

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. Tenant accounts receivable in the consolidated
balance sheets are shown net of an allowance for doubtful accounts of $528 and $1,515 as of December 31, 2016
and 2015, respectively. Deferred rent receivable in the consolidated balance sheets is shown net of an allowance
for doubtful accounts of $1,694 and $2,669 as of December 31, 2016 and 2015, 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. 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%
of its adjusted taxable income to its stockholders. Management
intends to continue to adhere to these
requirements and to maintain the Company’s REIT status. As a REIT, the Company is entitled to a tax deduction

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FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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 or provision has been made for federal, state and local income taxes in the accompanying
consolidated financial statements. 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 per common share or Unit is computed by dividing net income available to common
shareholders or Unitholders by the weighted average number of common shares or Units outstanding for the
period.

Diluted net income per common share or Unit is computed by dividing net income 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.

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 whereas mark-to-market gains and losses on Agreements
which do not qualify for hedge accounting are recognized in net income 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. 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.

Fair Value

GAAP establishes a framework for measuring fair value and requires disclosures about fair value
measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a

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FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

liability (an exit price) in an orderly transaction between market participants. The guidance establishes a
hierarchy for inputs used in measuring fair value based on observable and unobservable inputs by requiring that
the most observable inputs be used when available. Observable inputs are based on market data obtained from
independent sources. Unobservable inputs are inputs that reflect our assumptions of pricing the asset or liability
based on the best information available in the circumstances. We estimate fair value using available market
information and valuation methodologies we believe to be appropriate for these purposes. The fair value
hierarchy consists of the following three broad levels:

‰ Level 1 — quoted prices in active markets for identical assets or liabilities that the entity can access at the

measurement date;

‰ Level 2 — inputs other than quoted prices within Level 1 that are either directly or indirectly observable

for the asset or liability; and

‰ Level 3 — unobservable inputs in which little or no market data exists for the asset or liability.

Our assets and liabilities that are measured at fair value are classified in their entirety based on the lowest
level of input that is significant to their fair value measurement. Considerable judgment and a high degree of
subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of
amounts that we would realize on disposition.

Discontinued Operations and Assets Held for Sale

Effective January 1, 2015, we adopted 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.

We classify certain properties and related assets and liabilities as held for sale when certain criteria are met.
At such time, the respective assets and liabilities are presented separately on the consolidated balance sheets.
Assets held for sale are reported at the lower of carrying value or estimated fair value less estimated costs to sell.

Segment Reporting

Management views the Company, inclusive of the Operating Partnership, as a single segment based on its

method of internal reporting.

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FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU 2016-02”), which amends the
existing accounting standards for lease accounting and sets out the principles for the recognition, measurement,
presentation and disclosure of leases for both parties to a contract. Under ASU 2016-02, we will be required to
record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of
their classification. We are a lessee on certain ground and operating leases as disclosed in Note 14. Due to the
length of lease terms of some of these ground and operating leases, we expect to record a right-of-use asset and
lease liability upon adoption of this standard. ASU 2016-02 also requires that lessors expense certain initial direct
costs, which are capitalizable under existing leasing standards, as incurred. ASU 2016-02 requires the use of a
modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest
period presented in the consolidated financial statements, with certain practical expedients available. We are
continuing the process of evaluating and quantifying the effect that ASU 201-02 will have on our consolidated
financial statements and related disclosures. We plan to adopt ASU 2016-02 on January 1, 2019.

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 they transfer promised goods or services to
customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange
for those goods or services. While lease contracts with customers, which constitute a vast majority of our
revenues, are a specific scope exception, certain of our revenue streams may be impacted by the new guidance.
Once the new guidance setting forth principles for the recognition, measurement, presentation and disclosure of
leases (ASU 2016-02, as discussed above) goes into effect, the new revenue standard may apply to executory
costs and other components of revenue due under leases that are deemed to be non-lease components (such as
common area maintenance and provision of utilities), even when the revenue for such activities is not separately
stipulated in the lease. ASU 2014-09 provides the option of using a full retrospective or a modified retrospective
approach. We have not decided which method of adoption we will use. ASU 2014-09 is effective for annual
periods beginning after December 15, 2017. We are currently in the process of evaluating the impact the adoption
of ASU 2014-09 will have on our financial position or results of operations and we plan to adopt the standard
January 1, 2018.

In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718):
Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). ASU 2016-09 intends to
simplify several aspects of the accounting for share-based payment transactions, including the accounting for
income taxes, the classification of certain items on the statement of cash flows, statutory tax withholding
requirements and the accounting for forfeitures. The adoption of ASU 2016-09 is not expected to impact our
consolidated financial statements. We plan to adopt ASU 2016-02 on January 1, 2017.

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 requires, among other
things, the use of a new current expected credit loss (“CECL”) model in determining our allowances for doubtful
accounts with respect to accounts receivable, accrued straight-line rents receivable and notes receivable. The
CECL model requires that we estimate our lifetime expected credit loss with respect to these receivables and
record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to
be collected. We will also be required to disclose information about how we developed the allowances, including
changes in the factors that influenced our estimate of expected credit losses and the reasons for those changes.
ASU 2016-13 is effective for annual periods beginning after December 15, 2019. We are in the process of
evaluating ASU 2016-13.

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FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification
of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 addresses eight specific cash
flow issues and intends to reduce the diversity in practice in how certain cash receipts and cash payments are
presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual periods beginning
after December 15, 2017 with retrospective application required. We expect ASU 2016-15 to impact the
presentation of our consolidated statement of cash flows and we will adopt on January 1, 2018.

In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows (Topic 230): Restricted
Cash” (“ASU 2016-18”). ASU 2016-18 requires that the statement of cash flows explain the change during the
period in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash
equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of
cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017. We expect ASU
2016-18 to impact the presentation of our consolidated statement of cash flows and we will adopt on January 1,
2018.

In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the
Definition of a Business” (“ASU 2017-01”). ASU 2017-01 clarifies the framework for determining whether an
integrated set of assets and activities meets the definition of a business. The revised framework establishes a
screen for determining whether an integrated set of assets and activities is a business and narrows the definition
of a business, which is expected to result in fewer transactions being accounted for as business combinations.
Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted
for as asset acquisitions. ASU 2017-01 is effective for annual periods beginning after December 15, 2017 and is
to be applied prospectively on or after the effective date. We plan to adopt ASU 2017-01 on January 1, 2017 and
we anticipate that our acquisitions of real estate in the future will generally not meet the definition of a business
combination and accordingly transaction costs which have historically been expensed, will be capitalized as part
of the basis of the real estate assets acquired.

3.

Investment in Real Estate

Acquisitions

The following table summarizes our acquisition of industrial properties from third parties for the years
ended December 31, 2016, 2015 and 2014. The revenue and net income associated with the acquisition of the
industrial properties, since their respective acquisition dates, are not significant for 2016, 2015 or 2014.

Year Ended December 31,

2016

2015

2014

Number of Industrial Properties Acquired . . . . . . . . . . . . . . . . . . .
GLA (in millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchase Price (A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6
0.7
$111,130

8
1.9
$169,218

8
1.1
$95,692

(A) Purchase price includes the acquisition of several land parcels for the years ended 2016, 2015 and 2014 and

excludes closing costs incurred with the acquisition of the industrial properties and land parcels.

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FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table summarizes the fair value of amounts recognized for each major class of asset and
liability for the industrial properties and land parcels acquired during the years ended December 31, 2016 and
2015:

Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Building and Improvements . . . . . . . . . . . . . . .
Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . .
In-Place Leases . . . . . . . . . . . . . . . . . . . . . . . . .
Above Market Leases . . . . . . . . . . . . . . . . . . . .
Below Market Leases . . . . . . . . . . . . . . . . . . . .
Assumed Mortgage Loan Premium

(See Note 4) . . . . . . . . . . . . . . . . . . . . . . . . .

Year Ended
December 31, 2016

Year Ended
December 31, 2015

Purchase
Price

$ 70,380
37,031
781
3,253
214
—

Weighted
Average Life
(in Months)

N/A
(A)
(B)
75
33
N/A

Purchase
Price

$ 52,954
107,106
2,562
7,124
—
(528)

Weighted
Average Life
(in Months)

N/A
(A)
(B)
84
N/A
62

(529)

44

—

N/A

Total Purchase Price . . . . . . . . . . . . . . . . . . .

$111,130

$169,218

Assumed Mortgage Loan (See Note 4) . . . . . .

(4,513)

Total Net Assets Acquired . . . . . . . . . . . . . .

$106,617

(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 prepaid expenses and other assets on the

consolidated balance sheets and amortized over the remaining term of each lease.

Real Estate Held for Sale

As of December 31, 2016, we had three industrial properties comprising approximately 0.1 million square

feet of GLA held for sale.

Sales and Discontinued Operations

The following table summarizes our property dispositions for the years ended December 31, 2016, 2015 and

2014:

Year Ended December 31,

2016

2015

2014

Number of Industrial Properties Sold . . . . . . . . . . . . . . . . . . . . .
GLA (in millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross Proceeds from the Sale of Real Estate (A)
. . . . . . . . . . . .
Gain on Sale of Real Estate (A) . . . . . . . . . . . . . . . . . . . . . . . . . .

63
3.9
$169,911
$ 68,202

66
3.8
$158,429
$ 48,906

29
2.0
$102,596
$ 25,905

(A) Gross proceeds from the sale of real estate and gain on sale of real estate includes the sale of several land

parcels for years ended December 31, 2015 and 2014.

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FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The 29 industrial properties sold during the year ended December 31, 2014 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. 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 years ended
ended December 31, 2016 and 2015 that met the criteria to be classified as discontinued operations.

The following table discloses the components of our discontinued operations for the year ended

December 31, 2014:

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

$ 7,007
(2,784)
(2,388)
25,988

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

$27,823

Year Ended
December 31, 2014

Impairment Charge

The impairment charge of $626 recorded during the year ended December 31, 2015 was due to marketing
certain industrial properties for sale and our assessment of the likelihood and timing of a potential sale
transaction. 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
and fall into Level 3 of the fair value hierarchy.

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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,
2016

December 31,
2015

Interest
Rate at
December 31,
2016

Effective
Interest
Rate at
Issuance

Mortgage Loans

Payable, Gross . . . . . . . . . . . . . . . $498,435

$564,891 4.03% – 8.26% 3.82% – 8.26%

Maturity
Date

June 2018 –
September 2022

Unamortized Deferred Financing

Costs . . . . . . . . . . . . . . . . . . . . . . . .
Unamortized Premiums . . . . . . . . . . .

(2,905)
426

(3,714)
64

Mortgage Loans Payable, Net . . . . . $495,956

$561,241

Senior Unsecured Notes, Gross
2016 Notes . . . . . . . . . . . . . . . . . . . . . $
2017 Notes . . . . . . . . . . . . . . . . . . . . .
2027 Notes . . . . . . . . . . . . . . . . . . . . .
2028 Notes . . . . . . . . . . . . . . . . . . . . .
2032 Notes . . . . . . . . . . . . . . . . . . . . .
2017 II Notes . . . . . . . . . . . . . . . . . . .

— $159,679
54,981
6,070
31,901
10,600
101,871

54,981
6,070
31,901
10,600
101,871

Subtotal . . . . . . . . . . . . . . . . . . . . . . . $205,423
Unamortized Deferred Financing

Costs . . . . . . . . . . . . . . . . . . . . . . . .
Unamortized Discounts . . . . . . . . . . .

(320)
(105)

$365,102

(499)
(146)

Senior Unsecured Notes, Net . . . . . . $204,998

$364,457

Unsecured Term Loans, Gross
2014 Unsecured Term Loan (A)
2015 Unsecured Term Loan (A)

. . . . $200,000
260,000
. . . .

Subtotal . . . . . . . . . . . . . . . . . . . . . . . $460,000
Unamortized Deferred Financing

$200,000
260,000

$460,000

Costs . . . . . . . . . . . . . . . . . . . . . . . .

(3,362)

(4,030)

Unsecured Term Loans, Net . . . . . . . $456,638

$455,970

N/A
7.50%
7.15%
7.60%
7.75%
5.95%

N/A
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

3.99%
3.39%

N/A
N/A

1/29/2021
9/12/2022

Unsecured Credit Facility (B) . . . . . $189,500

$ 52,500

1.77%

N/A

3/11/2019

(A) The interest rate at December 31, 2016 reflects the interest rate protection agreements we entered into to

effectively convert the variable rate to a fixed rate. See Note 12.

(B) The maturity date may be extended an additional year at our election, subject to certain restrictions.
Amounts exclude unamortized deferred financing costs of $2,876 and $4,204 as of December 31, 2016 and
2015, respectively, which are included in prepaid expenses and other assets on the consolidated balance
sheets.

B-61

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Mortgage Loans Payable, Net

During the years ended December 31, 2016 and 2015, we paid off mortgage loans in the amount of $59,420
and $22,910, respectively. In connection with the mortgage loans paid off during the year ended December 31,
2016, we recognized $79 as loss from retirement of debt, which is included in general and administrative
expense.

During the year ended December 31, 2016, we assumed a mortgage loan in the amount of $4,513 in
conjunction with the acquisition of one industrial property, totaling approximately 0.1 million square feet of
GLA. The mortgage loan bears interest at a fixed rate of 7.35%, principal payments are amortized over 25 years
and the loan matures in September 2019. In conjunction with the assumption of the mortgage loan, we recorded a
premium in the amount of $529, which will be amortized as an adjustment to interest expense through maturity.

As of December 31, 2016, mortgage loans payable are collateralized, and in some instances cross-
collateralized, by industrial properties with a net carrying value of $659,987. We believe the Operating
Partnership and the Company were in compliance with all covenants relating to mortgage loans as of
December 31, 2016.

Senior Unsecured Notes, Net

During the year ended December 31, 2016, we paid off and retired our 2016 Notes (as described in the table

above), at maturity, in the amount of $159,679.

Unsecured Term Loans, Net

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, 2016, the 2014 Unsecured Term Loan requires
interest only payments and bears interest at a variable rate based on LIBOR plus 170 basis points.

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, 2016, 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 rates on the Unsecured Term Loans
vary 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 unsecured revolving credit agreement (the “Old
Credit Facility”) with a new $625,000 unsecured 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 Unsecured Credit Facility matures on March 11,
2019 with an option to extend an additional one year at our election, subject to certain restrictions. At
December 31, 2016, 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.

B-62

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Indebtedness

The following is a schedule of the stated maturities and scheduled principal payments of our indebtedness,
exclusive of premiums, discounts and deferred financing costs, for the next five years as of December 31, and
thereafter:

2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter

Amount

$ 168,914
166,893
270,061
90,857
266,818
389,815

Total

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

$1,353,358

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, 2016. 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.

Fair Value

At December 31, 2016 and 2015, the fair value of our indebtedness was as follows:

Mortgage Loans Payable, Net . . . . . . . . . . .
Senior Unsecured Notes, Net
. . . . . . . . . . .
Unsecured Term Loans . . . . . . . . . . . . . . . .
Unsecured Credit Facility . . . . . . . . . . . . . .

December 31, 2016

December 31, 2015

Carrying
Amount (A)

$ 498,861
205,318
460,000
189,500

Fair
Value

$ 513,540
222,469
458,602
189,500

Carrying
Amount (A)

$ 564,955
364,956
460,000
52,500

Fair Value

$ 595,964
386,253
460,970
52,500

Total

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

$1,353,679

$1,384,111

$1,442,411

$1,495,687

(A) The carrying amounts include unamortized premiums and discounts and exclude unamortized deferred

financing costs.

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

B-63

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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. Variable Interest Entities

The Other Real Estate Partnerships are VIEs of the Operating Partnership and the Operating Partnership is
the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating
Partnership. In addition, the Operating Partnership is a VIE of the Company and the Company is the primary
beneficiary.

The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in

our consolidated balance sheets:

December 31,
2016

December 31,
2015

Assets:

ASSETS

Net Investment in Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Assets, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$278,398
24,719

$306,866
20,104

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

$303,117

$326,970

LIABILITIES AND PARTNERS’ CAPITAL

Liabilities:

Mortgage Loans Payable, Net
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Liabilities, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Partners’ Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 70,366
25,392
207,359

$ 77,071
43,103
206,796

Total Liabilities and Partners’ Capital . . . . . . . . . . . . . . . . . . . . . . . .

$303,117

$326,970

6. 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. Subject to certain lock-up
periods, holders of Limited Partner Units can redeem their Units by providing written notification to the General
Partner. 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, 2016, the Operating Partnership could satisfy its

B-64

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

redemption obligations by making an aggregate cash payment of approximately $113,304 or by issuing 4,039,375
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.

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.

The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 2016 and 2015,

there were no preferred shares or general partner preferred Units outstanding.

Shares of Common Stock or Unit Contributions

For the years ended December 31, 2016, 2015 and 2014, 266,332, 68,930 and 222,676 Limited Partner
Units, respectively, were converted into an equivalent number of shares of common stock of the Company,
resulting in a reclassification of $2,862, $673 and $2,155, respectively, of noncontrolling interest
to the
Company’s stockholders’ equity.

B-65

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

During the year ended December 31, 2016, the Company issued 5,600,000 shares of the Company’s
common stock in an underwritten public offering. Proceeds to the Company, net of the underwriter’s discount,
were $124,936. The proceeds were contributed to the Operating Partnership in exchange for General Partner
Units and are reflected in the Operating Partnership’s financial statements as a general partner contribution.

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, 2016, 2015 and 2014, the
Company did not issue any 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.

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 stock or restricted Unit awards (see Note
11), for the three years ended December 31, 2016:

Balance at December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . . . . .
Vesting of LTIP Unit Awards (As Defined in Note 11) . . . . . . . .
Issuance of Restricted Stock/Restricted Unit Awards . . . . . . . . . .
Repurchase and Retirement of Restricted Stock/Restricted Unit

Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Conversion of Limited Partner Units . . . . . . . . . . . . . . . . . . . . . . .

Shares of
Common Stock
Outstanding

General Partner and
Limited Partner
Units Outstanding

109,980,850
219,695
319,055

114,578,163
219,695
319,055

(141,410)
222,676

(141,410)
—

Balance at December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . .

110,600,866

114,975,503

Vesting of LTIP Unit Awards (As Defined in Note 11) . . . . . . . .
Issuance of Restricted Stock/Restricted Unit Awards . . . . . . . . . .
Repurchase and Retirement of Restricted Stock/Restricted Unit

Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Conversion of Limited Partner 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

Issuance of Common Stock/Contribution of General Partner

Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issuance of Restricted Stock/Restricted Unit Awards . . . . . . . . . .
Repurchase and Retirement of Restricted Stock/Restricted Unit

Awards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Conversion of Limited Partner Units . . . . . . . . . . . . . . . . . . . . . . .

5,600,000
322,833

(108,644)
266,332

5,600,000
322,833

(108,644)
—

Balance at December 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . .

117,107,746

121,147,121

B-66

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Dividends/Distributions

The following table summarizes dividends/distributions accrued during the past three years:

2016
Total
Dividend/
Distribution

2015
Total
Dividend/
Distribution

2014
Total
Dividend/
Distribution

Common Stock/Operating Partnership Units . . . . . . . . . . . . .
Series F Preferred Stock/Units (A) (B) . . . . . . . . . . . . . . . . . .
Series G Preferred Stock/Units (A) . . . . . . . . . . . . . . . . . . . . .

$91,318
N/A
N/A

$59,014
N/A
N/A

$47,263
566
$
453
$

(A) See the “Preferred Stock or General Partner Preferred Units” section for the redemptions and discussion of
pro-rated dividends/distributions for all series of preferred stock or general partner preferred Units occurring
during the year ended December 31, 2014.

(B) The coupon rate of our Series F Preferred Stock or Series F Preferred Units was variable. For the period

January 1, 2014 through March 6, 2014 (the redemption date), the coupon rate was 6.275%.

7. 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, 2016 and 2015:

Interest
Rate
Protection
Agreements

Foreign
Currency
Translation
Adjustment

Comprehensive
Loss
Attributable to
Noncontrolling
Interest

Total

Balance as of December 31, 2014 . . . . . . . . . . . . . . . . . . .

$(14,402)

$(15)

$ 550

$(13,867)

Other Comprehensive (Loss) Income Before

Reclassifications . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(14,684)

Amounts Reclassified from Accumulated Other

Comprehensive Loss . . . . . . . . . . . . . . . . . . . . . . . . .

19,043

Net Current Period Other Comprehensive

Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4,359

15

—

15

Balance as of December 31, 2015 . . . . . . . . . . . . . . . . . . .

$(10,043)

$ —

Other Comprehensive Loss Before

Reclassifications . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2,274)

Amounts Reclassified from Accumulated Other

Comprehensive Loss . . . . . . . . . . . . . . . . . . . . . . . . .

7,513

Net Current Period Other Comprehensive

Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,239

—

—

—

Balance as of December 31, 2016 . . . . . . . . . . . . . . . . . . .

$ (4,804)

$ —

(174)

(14,843)

—

19,043

(174)

$ 376

4,200

$ (9,667)

(215)

(2,489)

—

(215)

$ 161

7,513

5,024

$ (4,643)

B-67

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table summarizes the changes in accumulated other comprehensive loss by component for the

Operating Partnership for the years ended December 31, 2016 and 2015:

Interest
Rate
Protection
Agreements

Foreign
Currency
Translation
Adjustment

Total

Balance as of December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(14,402)

$ 26

$(14,376)

Other Comprehensive Loss Before Reclassifications . . . . . . . . . . . . . . .
Amounts Reclassified from Accumulated Other Comprehensive

(14,684)

Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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)

Other Comprehensive Loss Before Reclassifications . . . . . . . . . . . . . . .
Amounts Reclassified from Accumulated Other Comprehensive

Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Current Period Other Comprehensive Income . . . . . . . . . . . . . . .

(2,274)

7,513

5,239

—

—

—

(2,274)

7,513

5,239

Balance as of December 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (4,804)

$ —

$ (4,804)

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, 2016, 2015 and 2014:

Details about Accumulated Other Comprehensive
Loss Components

Interest Rate Protection Agreements:

Amount Reclassified from Accumulated
Other Comprehensive Loss

Year Ended
December 31,
2016

Year Ended
December 31,
2015

Year Ended
December 31,
2014

Affected Line Items in the
Consolidated Statements of
Operations

Reclassification of Fair Value of Interest

Rate Protection Agreement . . . . . . . . . .

$ —

$12,990

$ —

Amortization of Interest Rate Protection

Mark-to-Market and
Settlement Loss on Interest
Rate Protection Agreements

Agreements (Previously Settled) . . . . .

390

524

1,358

Interest Expense

Settlement Payments to our

Counterparties . . . . . . . . . . . . . . . . . . . .

7,123

5,529

3,991

Interest Expense

$7,513

$19,043

5,349

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
income by increasing interest expense for interest rate protection
amortize approximately $204 into net
agreements we settled in previous periods. Additionally, recurring settlement amounts on the 2014 Swaps and
2015 Swaps (as defined in Note 12) will also be reclassified to net income. See Note 12 for more information
about our derivatives.

B-68

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

8. 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,
2016

Year Ended
December 31,
2015

Year Ended
December 31,
2014

Numerator:

Income from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling Interest Allocable to Continuing Operations . . . . . . . . . . . . . . . . . . .
Income from Continuing Operations Allocable to Participating Securities . . . . . . . . .

$125,684
(4,452)
(411)

$ 76,705
(2,903)
(248)

$ 23,182
(813)
(75)

Inc.

Income from Continuing Operations Attributable to First Industrial Realty Trust,
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Preferred Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemption of Preferred Stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

120,821
—
—

73,554
—
—

22,294
(1,019)
(1,462)

Income from Continuing Operations Available to First Industrial Realty Trust,

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

$120,821

$ 73,554

$ 19,813

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)

$ 26,641

Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders
and Participating Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Income Allocable to Participating Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$121,232
(411)

$ 73,802
(248)

$ 46,629
(175)

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

Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$120,821

$ 73,554

$ 46,454

Denominator (In Thousands):

Weighted Average Shares - Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of Dilutive Securities:

115,030

110,352

109,922

LTIP Unit Awards (As Defined in Note 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

340

429

403

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

115,370

110,781

110,325

Basic EPS:

Income 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 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

$

$

$

$

1.05

—

1.05

1.05

—

1.05

$

$

$

$

$

$

0.67

—

0.67

0.66

—

0.66

$

$

$

$

$

$

0.18

0.24

0.42

0.18

0.24

0.42

B-69

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,
2016

Year Ended
December 31,
2015

Year Ended
December 31,
2014

Numerator:

Income from Continuing Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling Interest Allocable to Continuing Operations . . . . . . . . . . . . . . . . .
Income from Continuing Operations Allocable to Participating Securities . . . . . .

Income from Continuing Operations Attributable to Unitholders . . . . . . . . . . .
Preferred Unit Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Redemption of Preferred Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$125,684
(137)
(410)

125,137
—
—

$ 76,820
(138)
(248)

76,434
—
—

$ 23,434
(62)
(75)

23,297
(1,019)
(1,462)

Income from Continuing Operations Available to Unitholders . . . . . . . . . . . . .

$125,137

$ 76,434

$ 20,816

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 . . . . . . . . . .

$

$

—
—
—

—

$

$

—
—
—

—

Net Income Available to Unitholders and Participating Securities . . . . . . . . . . . . .
Net Income Allocable to Participating Securities . . . . . . . . . . . . . . . . . . . . . . . . . .

$125,547
(410)

$ 76,682
(248)

$ 27,823
(10)
(100)

$ 27,713

$ 48,704
(175)

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$125,137

$ 76,434

$ 48,529

Denominator (In Thousands):

Weighted Average Units - Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards (As Defined in Note 11) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

119,274

114,709

114,388

340

429

403

Weighted Average Units - Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

119,614

115,138

114,791

Basic EPU:

Income from Continuing Operations Available to Unitholders . . . . . . . . . . . . . . .

Income from Discontinued Operations Attributable to Unitholders . . . . . . . . . . . .

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diluted EPU:

Income from Continuing Operations Available to Unitholders . . . . . . . . . . . . . . .

Income from Discontinued Operations Attributable to Unitholders . . . . . . . . . . . .

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

$

$

$

$

1.05

—

1.05

1.05

—

1.05

$

$

$

$

$

$

0.67

—

0.67

0.66

—

0.66

$

$

$

$

$

$

0.18

0.24

0.42

0.18

0.24

0.42

Participating securities include 406,855, 387,947 and 463,774 of unvested restricted stock or restricted Unit
awards outstanding at December 31, 2016, 2015 and 2014, 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 stock dividends or Unit distributions declared.

B-70

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

9.

Income Taxes

The components of the income tax provision for the years ended December 31, 2016, 2015 and 2014 are

comprised of the following:

Year Ended December 31,

2016

2015

2014

Current:
Federal
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (656)
(251)

$ 68
(297)

$ (51)
(196)

Deferred:

State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(182)

112

9

$(1,089)

$(117)

$(238)

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis
of assets and liabilities. Deferred income tax assets and liabilities include the following as of December 31, 2016
and 2015:

Year Ended December 31,

2016

2015

Impairment of Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other - Temporary Differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Valuation Allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total Deferred Income Tax Assets, Net of Allowance . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Straight-line Rent
Basis Difference - Real Estate Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other - Temporary Differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 2,051
433
(2,181)

$

$

303

(51)
(260)
(186)

Total Deferred Income Tax Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (497)

Total Net Deferred Income Tax Liabilities . . . . . . . . . . . . . . . . . . . . . . .

$ (194)

$ 2,484
1,021
(3,437)

$

$

$

$

68

(79)
—
(1)

(80)

(12)

A valuation allowance is recorded if we believe it is more likely than not that all or some portion of our
deferred income tax assets will not be realized. We do not have projections of future taxable income or other
sources of taxable income in the TRSs significant enough to allow us to believe it is more likely than not that we
will realize our deferred income tax assets. Therefore, we have recorded a valuation allowance against our
deferred income 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 income
tax assets, is included in the current income tax provision.

B-71

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The income tax provision pertaining to income from continuing operations of the TRSs differs from the
amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31,
2016, 2015 and 2014:

Year Ended December 31,

2016

2015

2014

Tax (Provision) Benefit at Federal Rate Related to Continuing

Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State Tax Provision, Net of Federal Benefit . . . . . . . . . . . . . . . . . . . . . . .
Non-deductible Permanent Items, Net . . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in Valuation Allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(1,764)
(462)
7
1,256
(126)

$ 64
(212)
10
787
(766)

$ (532)
(214)
1
1,133
(626)

Net Income Tax Provision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$(1,089)

$(117)

$ (238)

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, 2016, we do not have any unrecognized tax benefits.

We file income tax returns in the U.S. and various states. The statute of limitations for income tax returns is
generally three years. As such, our tax returns that are subject to examination would be primarily from 2013 and
thereafter.

Federal Income Tax Treatment of Common Dividends

For income tax purposes, dividends paid to the Company’s common shareholders are characterized as
ordinary income, capital gains or as a return of a shareholder’s invested capital. For the years ended
December 31, 2016, 2015 and 2014, the dividends per common share were characterized as follows:

As a
Percentage
of
Distributions

2015

As a
Percentage
of
Distributions

2014

As a
Percentage
of
Distributions

2016

Ordinary Income . . . . . . . . . . . . . . . . . . . . . . . $0.6935
0.1130
Unrecaptured Section 1250 Gain . . . . . . . . . . .
Capital Gain . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.0066
Nondividend Distribution - Return of

82.53% $0.2629
13.45% 0.1241
—
0.78%

67.93% $0.4412
—
32.07%
—
0.00%

100.00%
0.00%
0.00%

Capital

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

0.0272

3.24%

—

0.00%

—

0.00%

$0.8403

100.00% $0.3870

100.00% $0.4412

100.00%

The income tax characterization of dividends to common shareholders is based on the calculation of Taxable
Earnings and Profits, as defined in the Code. Taxable Earnings and Profits differ from regular taxable income due
primarily to differences in the estimated useful lives and methods used to compute depreciation and in the
recognition of gains and losses on the sale of real estate assets.

B-72

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

10. 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, 2016 are approximately as follows:

2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter

$ 287,007
252,871
209,176
170,242
128,050
382,769

Total

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

$1,430,115

11. 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, 2016, awards covering 2.4 million shares of common stock were available to be granted under the
Stock Incentive Plan.

Restricted Stock or Restricted Unit Awards

For the years ended December 31, 2016, 2015 and 2014, the Company awarded 308,373, 216,975 and
299,805 shares, respectively, of restricted stock awards to certain employees, which had a fair value of $6,047,
$4,708 and $5,413 on the date such awards were approved 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 granted 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, 2016, 2015 and 2014, the
Company awarded 14,460, 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 restricted Unit awards to the Company in
the same amount for both restricted stock awards.

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, 2016, 2015 and 2014, we recognized $1,710, $1,352 and $1,451,
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.

B-73

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, 2016 and 2015, the Company granted to certain employees 254,524 and
264,432 Long-Term Incentive Program (“LTIP”) performance units (“LTIP Unit Awards”), which had a fair
value of $2,561 and $2,531 on the grant date. 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 over a performance period of three years. 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 Operating Partnership issues General Partner Units to the Company in the same
amounts for vested LTIP Unit Awards.

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, 2016

Year Ended
December 31, 2015

Expected dividend yield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected volatility - range used . . . . . . . . . . . . . . . . . . . . . . . . .
Expected volatility - weighted average . . . . . . . . . . . . . . . . . . . .
Risk-free interest rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.31%

1.99%
21.01% - 21.19% 20.43% - 21.99%
21.34%
0.10% - 1.16%

20.92%
0.48% - 1.43%

Outstanding Restricted Stock or Restricted Unit Awards and LTIP Unit Awards

For the years ended December 31, 2016, 2015 and 2014, we recognized $7,371, $7,177 and $7,605,
respectively, in amortization related to restricted stock or restricted Unit awards and LTIP Unit Awards.
Restricted stock or restricted Unit award and LTIP Unit Award amortization capitalized in connection with
development activities was not significant. At December 31, 2016, we had $6,758 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 0.88 years.

Restricted stock or

restricted Unit award and LTIP Unit Award transactions for the year ended

December 31, 2016 are summarized as follows:

Outstanding at December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Issued . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Awards

649,975
577,357
(16,172)
(293,628)

Outstanding at December 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

917,532

Weighted
Average
Grant Date
Fair Value

$15.43
$15.51
$16.11
$18.96

$14.35

B-74

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

401(k)/Profit Sharing Plan

Under the Company’s 401(k)/Profit Sharing Plan, all eligible employees may participate by making
voluntary contributions and 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, 2016, 2015 and 2014, total expense
related to matching contributions was $509, $471 and $387, respectively.

12. 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 originations of the Unsecured Term Loans (see Note 4), we entered into interest rate
protection agreements to manage our exposure to changes in the one month LIBOR rate. The four interest rate
protection agreements, which fix the variable rate of the 2014 Unsecured Term Loan, have an aggregate notional
value of $200,000, mature on January 29, 2021 and fix the LIBOR rate at a weighted average rate of 2.29% (the
“2014 Swaps”). The six interest rate protection agreements, which fix the variable rate of the 2015 Unsecured
Term Loan, have an aggregate notional value of $260,000, mature on September 12, 2022 and fix the LIBOR rate
at a weighted average rate of 1.79% (the “2015 Swaps”). We designated the 2014 Swaps and 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 of $12,990 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.
As of December 31, 2016, we had not posted any collateral related to these agreements and were not in breach of
any of the provisions of these agreements. If we had breached these agreements, we could have been required to
settle our obligations under the agreements at their termination value.

B-75

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table sets forth our financial assets and liabilities related to the 2014 Swaps and 2015 Swaps,
which are included in prepaid expenses and other assets and accounts payable, accrued expenses and other
liabilities on the consolidated balance sheets and are accounted for at fair value on a recurring basis as of
December 31, 2016:

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

Derivatives designated as a hedging

instrument:

Assets:
2015 Swaps . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,288
Liabilities:
2014 Swaps . . . . . . . . . . . . . . . . . . . . . . . . . $(4,883)

—

—

$ 1,288

$(4,883)

—

—

There was no ineffectiveness recorded on the 2014 Swaps and 2015 Swaps during the year ended

December 31, 2016. See Note 7 for more information regarding our derivatives.

The estimated fair value of the 2014 Swaps 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 Swaps and 2015 Swaps
fell within Level 2 of the fair value hierarchy.

13. Related Party Transactions

At December 31, 2016 and 2015, the Operating Partnership had receivable balances of $10,448 and

$10,714, respectively, from a direct wholly-owned subsidiary of the Company.

14. 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.

Two properties have leases granting the tenants options to purchase the property. Such options are
exercisable at various times at appraised fair market value or at a fixed purchase price. We have no notice of
exercise of either tenant purchase option.

At December 31, 2016, we had outstanding letters of credit and performance bonds in the aggregate amount

of $16,939.

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, 2016, we had nine industrial properties

B-76

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

totaling approximately 2.4 million square feet of GLA under construction. The estimated total investment as of
December 31, 2016 is approximately $167,200 (unaudited). Of this amount, approximately $100,100 (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, 2016, 2015 and 2014, we recognized $1,380, $1,281 and $1,300,

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, 2016 are as follows:

2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 2,052
1,349
675
579
534
25,413

Total(A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$30,602

(A) Minimum rental payments have not been reduced by minimum sublease rentals of $2,335 due in the future

under non-cancelable subleases.

15. Subsequent Events

From January 1, 2017 to February 23, 2017, we sold three industrial properties for approximately $5,500.

From January 1, 2017 to February 23, 2017, we paid off prior to maturity mortgage loans payable in the
amount of $692. Additionally, we anticipate paying off on or about March 1, 2017, $35,416 of mortgage loans
payable which were originally scheduled to mature on October 1, 2020.

On February 21, 2017, the Company and the Operating Partnership entered into a Note and Guaranty
Agreement to sell up to $125,000 of 4.30% Series A Guaranteed Senior Notes due April 20, 2027 (the “2027
Private Placement Notes”) and up to $75,000 of 4.40% Series B Guaranteed Senior Notes due April 20, 2029 (the
“2029 Private Placement Notes”) issued by the Operating Partnership in a private placement. The issuance and
sale of the 2027 Private Placement Notes and the 2029 Private Placement Notes is anticipated to occur on or
about April 20, 2017. Upon issuance, the 2027 Private Placement Notes and the 2029 Private Placement Notes
will require semi-annual interest payments with principal due on April 20, 2027, with respect to the 2027 Private
Placement Notes, and April 20, 2029, with respect to the 2029 Private Placement Notes. The 2027 Private
Placement Notes and the 2029 Private Placement Notes will be unsecured obligations of the Operating
Partnership and will be fully and unconditionally guaranteed by the Company.

B-77

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

16. Quarterly Financial Information (unaudited)

The following tables summarize the Company’s unaudited quarterly financial information for each of the

years ended December 31, 2016 and 2015.

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 93,467 $ 93,015 $ 93,562 $ 97,976

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

Year Ended December 31, 2016

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Stockholders and Participating Securities . . . . . . . . . . . . . . . . . . . . . $ 15,688 $ 50,229 $ 31,519 $ 23,796
(82)

Net Income Allocable to Participating Securities . . . . . . . . . . . . . . . . .

(110)

(180)

(63)

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

Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,625 $ 50,049 $ 31,409 $ 23,714

Basic EPS:

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

Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

0.14 $

0.43 $

0.27 $

0.20

Diluted EPS:

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

Common Stockholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

0.14 $

0.43 $

0.27 $

0.20

Weighted Average Shares Basic/Diluted (In Thousands):

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

110,793

116,191

116,467

116,636

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

110,985

116,558

116,864

117,042

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 89,966 $ 90,489 $ 92,159 $ 93,209

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

B-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, 2016 and 2015.

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 93,467 $ 93,015 $ 93,562 $ 97,976

Year Ended December 31, 2016

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Net Income Available to Unitholders and Participating Securities . . . . $ 16,281 $ 52,048 $ 32,630 $ 24,588
(83)
Net Income Allocable to Participating Securities . . . . . . . . . . . . . . . . .

(110)

(180)

(63)

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . $ 16,218 $ 51,868 $ 32,520 $ 24,505

Basic EPU:

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . $

0.14 $

0.43 $

0.27 $

0.20

Diluted EPU:

Net Income Available to Unitholders . . . . . . . . . . . . . . . . . . . . . . . . $

0.14 $

0.43 $

0.27 $

0.20

Weighted Average Units Basic/Diluted (In Thousands):

Weighted Average Units - Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . .

115,096

120,486

120,740

120,740

Weighted Average Units - Diluted . . . . . . . . . . . . . . . . . . . . . . . . . .

115,288

120,853

121,137

121,146

Total Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 89,966 $ 90,489 $ 92,159 $ 93,209

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

B-79

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
8
0

Atlanta
1650 Highway 155 . . . . . . . . . . . . . . . . McDonough, GA
1665 Dogwood . . . . . . . . . . . . . . . . . . . Conyers, GA
1715 Dogwood . . . . . . . . . . . . . . . . . . . Conyers, GA
11235 Harland Drive . . . . . . . . . . . . . . . Covington, GA
4051 Southmeadow Parkway . . . . . . . . Atlanta, GA
4071 Southmeadow Parkway . . . . . . . . Atlanta, GA
4081 Southmeadow Parkway . . . . . . . . Atlanta, GA
5570 Tulane Drive (d) . . . . . . . . . . . . . . Atlanta, GA
955 Cobb Place . . . . . . . . . . . . . . . . . . . Kennesaw, GA
1005 Sigman Road . . . . . . . . . . . . . . . . Conyers, GA
2050 East Park Drive . . . . . . . . . . . . . . . Conyers, GA
3060 South Park Blvd . . . . . . . . . . . . . . Ellenwood, GA
175 Greenwood Industrial Parkway . . . McDonough, GA
46 Kent Drive . . . . . . . . . . . . . . . . . . . . Cartersville GA
5095 Phillip Lee Drive . . . . . . . . . . . . . Atlanta, GA
6514 Warren Drive . . . . . . . . . . . . . . . . Norcross, GA
6544 Warren Drive . . . . . . . . . . . . . . . . Norcross, GA
5356 E. Ponce De Leon . . . . . . . . . . . . . Stone Mountain, GA
5390 E. Ponce De Leon . . . . . . . . . . . . . Stone Mountain, GA
195 & 197 Collins Boulevard . . . . . . . . Athens, GA
1755 Enterprise Drive . . . . . . . . . . . . . . Buford, GA
4555 Atwater Court . . . . . . . . . . . . . . . . Buford, GA
80 Liberty Industrial Parkway . . . . . . . . McDonough, GA
596 Bonnie Valentine . . . . . . . . . . . . . . Pendergrass, GA
11415 Old Roswell Road . . . . . . . . . . . Alpharetta, GA
1281 Highway 155 S.

. . . . . . . . . . . . . . McDonough, GA

—
—
—
—
—
—
—
2,235
2,822
1,896
—
—
4,231
—
3,729
—
—
—
—
—
1,210
2,098
—
—
3,308
—

779
635
288
125
726
750
1,012
527
780
566
452
1,600
1,550
794
735
510
711
604
397
1,410
712
881
756
2,580
2,403
2,501

4,544
3,662
1,675
739
4,130
4,460
5,918
2,984
4,420
3,134
2,504
12,464
—
2,252
3,627
1,250
2,310
3,888
1,791
5,344
2,118
3,550
3,695
21,730
1,912
—

(In thousands)

(897)
676
833
218
1,590
1,766
2,059
1,340
924
413
861
3,037
7,632
125
493
118
329
135
147
539
(204)
121
(1,336)
2,370
1,019
16,422

356
635
228
125
726
828
1,157
546
804
574
459
1,604
1,550
798
740
513
715
610
402
989
716
885
467
2,594
2,428
2,501

4,070
4,338
2,568
957
5,720
6,148
7,832
4,305
5,320
3,539
3,358
15,497
7,632
2,373
4,115
1,365
2,635
4,017
1,933
6,304
1,910
3,667
2,648
24,086
2,906
16,422

4,426
4,973
2,796
1,082
6,446
6,976
8,989
4,851
6,124
4,113
3,817
17,101
9,182
3,171
4,855
1,878
3,350
4,627
2,335
7,293
2,626
4,552
3,115
26,680
5,334
18,923

2,362
2,255
1,154
510
2,691
3,132
3,836
1,996
2,439
1,476
1,217
4,966
2,383
942
2,907
502
1,059
2,307
866
3,945
743
1,269
1,059
6,250
892
—

1994
1994
1994
1994
1994
1994
1994
1996
1997
1999
1999
2003
2004
2005
2005
2005
2005
2005
2005
2005
2006
2006
2007
2007
2008
2016

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
8
1

Baltimore
9700 Martin Luther King Hwy . . . . . . . Lanham, MD
9730 Martin Luther King Hwy . . . . . . . Lanham, MD
4621 Boston Way . . . . . . . . . . . . . . . . . Lanham, MD
4720 Boston Way . . . . . . . . . . . . . . . . . Lanham, MD
22520 Randolph Drive . . . . . . . . . . . . . Dulles, VA
22630 Dulles Summit Court . . . . . . . . . Dulles, VA
4370-4383 Lottsford Vista Road . . . . . . Lanham, MD
4400 Lottsford Vista Road . . . . . . . . . . Lanham, MD
4420 Lottsford Vista Road . . . . . . . . . . Lanham, MD
11204 McCormick Road . . . . . . . . . . . . Hunt Valley, MD
11110 Pepper Road . . . . . . . . . . . . . . . . Hunt Valley, MD
11100-11120 Gilroy Road . . . . . . . . . . . Hunt Valley, MD
10709 Gilroy Road . . . . . . . . . . . . . . . . Hunt Valley, MD
10707 Gilroy Road . . . . . . . . . . . . . . . . Hunt Valley, MD
38 Loveton Circle . . . . . . . . . . . . . . . . . Sparks, MD
1225 Bengies Road . . . . . . . . . . . . . . . . Baltimore, MD
400 Old Post Road . . . . . . . . . . . . . . . . . Aberdeen, MD
500 Old Post Road . . . . . . . . . . . . . . . . . Aberdeen, MD
Central/Eastern Pennsylvania
1214-B Freedom Road . . . . . . . . . . . . . Cranberry Township, PA
401 Russell Drive . . . . . . . . . . . . . . . . . Middletown, PA
2700 Commerce Drive . . . . . . . . . . . . . Middletown, PA
2701 Commerce Drive . . . . . . . . . . . . . Middletown, PA
2780 Commerce Drive . . . . . . . . . . . . . Middletown, PA
350 Old Silver Spring Road . . . . . . . . . Mechanicsburg, PA
230-240 Welsh Pool Road . . . . . . . . . . . Exton, PA
254 Welsh Pool Road . . . . . . . . . . . . . . Exton, PA
151-161 Philips Road . . . . . . . . . . . . . . Exton, PA

—
—
—
—
—
—
—
—
—
—
—
—
1,975
—
—
—
—
—

1,036
—
—
1,518
1,269
—
—
—
—

700
500
1,100
1,200
3,200
2,200
279
351
539
1,017
918
901
913
1,111
1,648
2,640
3,411
5,959

31
262
196
141
113
510
154
75
191

1,920
955
3,070
2,174
8,187
9,346
1,358
1,955
2,196
3,132
2,529
1,455
2,705
3,819
2,151
270
17,144
30,533

994
857
997
859
743
2,890
851
418
1,059

(In thousands)

563
494
860
830
(172)
(903)
89
241
271
170
316
51
(103)
564
(192)
14,057
162
146

613
1,705
935
1,399
1,150
6,447
355
206
388

700
500
1,100
1,200
3,208
2,206
296
372
568
1,038
938
919
913
1,136
1,690
2,823
3,411
5,959

200
287
206
164
209
541
170
91
229

2,483
1,449
3,930
3,004
8,007
8,437
1,430
2,175
2,438
3,281
2,825
1,488
2,602
4,358
1,917
14,144
17,306
30,679

1,438
2,537
1,922
2,235
1,797
9,306
1,190
608
1,409

3,183
1,949
5,030
4,204
11,215
10,643
1,726
2,547
3,006
4,319
3,763
2,407
3,515
5,494
3,607
16,967
20,717
36,638

1,638
2,824
2,128
2,399
2,006
9,847
1,360
699
1,638

976
619
1,652
1,308
2,035
2,339
443
788
735
1,483
1,250
629
1,452
1,941
884
4,381
865
1,500

1,288
2,080
1,592
1,545
1,472
4,114
499
285
642

2003
2003
2003
2003
2004
2004
2005
2005
2005
2005
2005
2005
2005
2005
2005
2008
2015
2015

1994
1994
1994
1994
1994
1997
1998
1998
1998

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
8
2

216 Philips Road . . . . . . . . . . . . . . . . . . Exton, PA
16522 Hunters Green Parkway . . . . . . . Hagerstown, MD
18212 Shawley Drive . . . . . . . . . . . . . . Hagerstown, MD
37 Valley View Drive . . . . . . . . . . . . . . Jessup, PA
14 McFadden Road . . . . . . . . . . . . . . . . Palmer, PA
301 Railroad Avenue . . . . . . . . . . . . . . . Shiremanstown, PA
431 Railroad Avenue . . . . . . . . . . . . . . . Shiremanstown, PA
6951 Allentown Blvd . . . . . . . . . . . . . . Harrisburg, PA
320 Reliance Road . . . . . . . . . . . . . . . . Washington, PA
2801 Red Lion Road . . . . . . . . . . . . . . . Philadelphia, PA
3240 South 78th Street
. . . . . . . . . . . . . Philadelphia, PA
1351 Eisenhower Blvd., Bldg. 1 . . . . . . Harrisburg, PA
1351 Eisenhower Blvd., Bldg. 2 . . . . . . Harrisburg, PA
200 Cascade Drive, Bldg. 1 . . . . . . . . . . Allentown, PA
200 Cascade Drive, Bldg. 2 . . . . . . . . . . Allentown, PA
1490 Dennison Circle . . . . . . . . . . . . . . Carlisle, PA
298 First Avenue . . . . . . . . . . . . . . . . . . Covington Twp, PA
225 Cross Farm Lane . . . . . . . . . . . . . . York, PA
6300 Bristol Pike . . . . . . . . . . . . . . . . . . Levittown, PA
2455 Boulevard of Generals . . . . . . . . . Norristown, PA
105 Steamboat Blvd . . . . . . . . . . . . . . . Manchester, PA
20 Leo Lane . . . . . . . . . . . . . . . . . . . . . . York County, PA
3895 Eastgate Blvd, Bldg. A . . . . . . . . . Easton, PA
3895 Eastgate Blvd, Bldg. B . . . . . . . . . Easton, PA
Chicago
720-730 Landwehr Drive . . . . . . . . . . . Northbrook, IL
1385 101st Street . . . . . . . . . . . . . . . . . . Lemont, IL
585 Slawin Court . . . . . . . . . . . . . . . . . . Mount Prospect, IL
2300 Windsor Court

. . . . . . . . . . . . . . . Addison, IL

—
12,201
5,157
2,297
—
—
6,466
—
—
—
—
—
—
13,125
1,684
—
—
17,641
—
2,923
—
—
—
—

—
3,746
—
3,493

199
1,390
1,000
542
600
1,181
1,293
585
201
950
515
382
436
2,133
310
1,500
7,022
4,718
1,074
1,200
4,085
6,884
4,855
3,459

521
967
611
688

1,100
13,104
5,847
—
1,349
4,447
7,164
3,176
1,819
5,916
1,245
2,343
1,587
17,562
2,268
—
—
—
2,642
4,800
14,464
—
—
—

2,982
5,554
3,505
3,943

(In thousands)

327
4,790
1,304
3,088
(274)
3,179
1,968
349
(348)
7
(514)
(55)
75
692
84
13,881
57,325
23,163
(194)
344
1
27,336
17,672
13,716

826
1,612
(50)
889

220
1,863
1,016
532
625
1,328
1,341
601
178
964
423
387
443
2,769
316
2,341
7,019
4,715
964
1,226
4,070
6,889
4,388
3,128

521
968
525
696

1,406
17,421
7,135
3,098
1,050
7,479
9,084
3,509
1,494
5,909
823
2,283
1,655
17,618
2,346
13,040
57,328
23,166
2,558
5,118
14,480
27,331
18,139
14,047

3,808
7,165
3,541
4,824

1,626
19,284
8,151
3,630
1,675
8,807
10,425
4,110
1,672
6,873
1,246
2,670
2,098
20,387
2,662
15,381
64,347
27,881
3,522
6,344
18,550
34,220
22,527
17,175

4,329
8,133
4,066
5,520

624
5,036
2,107
916
333
3,870
4,398
1,526
808
2,688
274
912
753
6,579
779
3,611
12,062
5,362
2,056
1,804
2,867
2,040
558
446

1,978
3,661
1,812
2,705

1998
2003
2004
2004
2004
2005
2005
2005
2005
2005
2005
2006
2006
2007
2007
2008
2008
2008
2008
2008
2012
2013
2015
2015

1994
1994
1994
1994

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
8
3

. . . . . . . . . . . . . . . . . . . Glendale Heights, IL

305-311 Era Drive . . . . . . . . . . . . . . . . . Northbrook, IL
800 Business Drive . . . . . . . . . . . . . . . . Mount Prospect, IL
580 Slawin Court . . . . . . . . . . . . . . . . . . Mount Prospect, IL
1005 101st Street . . . . . . . . . . . . . . . . . . Lemont, IL
175 Wall Street
251 Airport Road . . . . . . . . . . . . . . . . . . North Aurora, IL
1661 Feehanville Drive . . . . . . . . . . . . . Mount Prospect, IL
400 Crossroads Pkwy . . . . . . . . . . . . . . Bolingbrook, IL
7801 W. Industrial Drive . . . . . . . . . . . . Forest Park, IL
725 Kimberly Drive . . . . . . . . . . . . . . . Carol Stream, IL
17001 S. Vincennes . . . . . . . . . . . . . . . . Thornton, IL
2900 W. 166th Street . . . . . . . . . . . . . . . Markham, IL
555 W. Algonquin Road . . . . . . . . . . . . Arlington Heights, IL
1501 Oakton Street . . . . . . . . . . . . . . . . Elk Grove Village, IL
16500 W. 103rd Street
8505 50th Street
4100 Rock Creek Blvd . . . . . . . . . . . . . Joliet, IL
10100 58th Place . . . . . . . . . . . . . . . . . . Kenosha, WI
401 Airport Road . . . . . . . . . . . . . . . . . . North Aurora, IL
3737 84th Avenue . . . . . . . . . . . . . . . . . Somers, WI
81 Paragon Drive . . . . . . . . . . . . . . . . . . Romeoville, IL
Cincinnati
9900-9970 Princeton . . . . . . . . . . . . . . . Cincinnati, OH
4700-4750 Creek Road . . . . . . . . . . . . . Blue Ash, OH
4436 Muhlhauser Road . . . . . . . . . . . . . Hamilton, OH
4438 Muhlhauser Road . . . . . . . . . . . . . Hamilton, OH
420 Wards Corner Road . . . . . . . . . . . . Loveland, OH
422 Wards Corner Road . . . . . . . . . . . . Loveland, OH
4663 Dues Drive . . . . . . . . . . . . . . . . . . Westchester, OH

. . . . . . . . . . . . . . . . . . Kenosha, WI

. . . . . . . . . . . . . Woodridge, IL

—
—
750
5,587
1,385
3,962
—
5,397
—
—
—
—
1,942
5,947
2,455
—
—
—
—
—
—

—
—
3,738
4,467
—
—
—

200
631
233
1,200
427
983
985
1,178
1,215
793
497
1,132
574
3,369
744
3,212
4,476
4,201
534
1,943
1,787

545
1,080
630
779
600
600
858

1,154
3,493
1,292
6,643
2,363
—
5,455
9,453
3,020
1,395
504
4,293
741
6,121
2,458
—
16,061
17,604
1,957
—
7,252

3,088
6,118
—
—
1,083
1,811
2,273

(In thousands)

1,352
328
(37)
2,102
215
6,927
3,627
1,081
1,307
231
3
(881)
1,936
80
420
32,956
818
1,446
12
24,156
222

1,797
1,509
5,278
6,424
825
207
982

205
666
162
1,220
433
983
1,044
1,181
1,220
801
513
1,134
579
3,482
762
3,212
4,476
4,201
534
1,943
1,787

566
1,109
630
779
606
592
875

2,501
3,786
1,326
8,725
2,572
6,927
9,023
10,531
4,322
1,618
491
3,410
2,672
6,088
2,860
32,956
16,879
19,050
1,969
24,156
7,474

4,864
7,598
5,278
6,424
1,902
2,026
3,238

2,706
4,452
1,488
9,945
3,005
7,910
10,067
11,712
5,542
2,419
1,004
4,544
3,251
9,570
3,622
36,168
21,355
23,251
2,503
26,099
9,261

5,430
8,707
5,908
7,203
2,508
2,618
4,113

1,047
1,524
643
3,263
903
2,661
3,820
3,777
1,600
736
412
1,041
895
1,678
1,159
6,968
2,705
3,769
216
345
62

2,401
3,530
1,848
2,338
740
751
2,616

1994
2000
2000
2001
2002
2002
2004
2005
2005
2005
2005
2007
2007
2008
2008
2008
2013
2013
2014
2016
2016

1996
1996
2002
2002
2003
2003
2005

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

(In thousands)

B
-
8
4

9345 Princeton-Glendale Road . . . . . . . Westchester, OH
9525 Glades Drive . . . . . . . . . . . . . . . . . Westchester, OH
9774-9792 Windisch Road . . . . . . . . . . Westchester, OH
9808-9830 Windisch Road . . . . . . . . . . Westchester, OH
9842-9862 Windisch Road . . . . . . . . . . Westchester, OH
9872-9898 Windisch Road . . . . . . . . . . Westchester, OH
9902-9922 Windisch Road . . . . . . . . . . Westchester, OH
Cleveland
30311 Emerald Valley Parkway . . . . . . Glenwillow, OH
30333 Emerald Valley Parkway . . . . . . Glenwillow, OH
7800 Cochran Road . . . . . . . . . . . . . . . . Glenwillow, OH
7900 Cochran Road . . . . . . . . . . . . . . . . Glenwillow, OH
7905 Cochran Road . . . . . . . . . . . . . . . . Glenwillow, OH
30600 Carter Street . . . . . . . . . . . . . . . . Solon, OH
8181 Darrow Road . . . . . . . . . . . . . . . . Twinsburg, OH
Dallas/Ft. Worth
2406-2416 Walnut Ridge . . . . . . . . . . . Dallas, TX
2401-2419 Walnut Ridge . . . . . . . . . . . Dallas, TX
900-906 Great Southwest Pkwy . . . . . . Arlington, TX
3000 West Commerce . . . . . . . . . . . . . . Dallas, TX
405-407 113th . . . . . . . . . . . . . . . . . . . . Arlington, TX
816 111th Street
. . . . . . . . . . . . . . . . . . Arlington, TX
7427 Dogwood Park . . . . . . . . . . . . . . . Richland Hills, TX
7348-54 Tower Street . . . . . . . . . . . . . . Richland Hills, TX
7339-41 Tower Street . . . . . . . . . . . . . . Richland Hills, TX
7437-45 Tower Street . . . . . . . . . . . . . . Richland Hills, TX
7331-59 Airport Freeway . . . . . . . . . . . Richland Hills, TX
7338-60 Dogwood Park . . . . . . . . . . . . Richland Hills, TX
7450-70 Dogwood Park . . . . . . . . . . . . Richland Hills, TX

1,312
—
—
—
—
—
—

6,769
3,466
3,801
3,645
4,009
—
7,171

—
—
—
—
—
—
—
—
—
—
1,844
—
—

818
347
392
395
506
546
623

681
466
972
775
920
989
2,478

178
148
237
456
181
251
96
88
98
102
354
106
106

1,648
1,323
1,744
2,541
3,148
3,039
4,003

11,838
5,447
7,033
6,244
6,174
3,042
6,791

1,006
839
1,342
2,584
1,026
1,421
532
489
541
563
1,958
587
584

380
112
152
202
153
150
1,094

993
(615)
243
259
42
1,406
2,064

592
416
625
1,208
463
139
322
237
180
283
603
257
156

840
355
394
397
508
548
627

691
475
991
792
922
1,022
2,496

172
142
270
469
185
258
102
94
104
108
372
112
112

2,006
1,427
1,894
2,741
3,299
3,187
5,093

12,821
4,823
7,257
6,486
6,214
4,415
8,837

1,604
1,261
1,934
3,779
1,485
1,553
848
720
715
840
2,543
838
734

2,846
1,782
2,288
3,138
3,807
3,735
5,720

13,512
5,298
8,248
7,278
7,136
5,437
11,333

1,776
1,403
2,204
4,248
1,670
1,811
950
814
819
948
2,915
950
846

1,388
536
688
824
924
1,003
1,929

4,818
1,571
2,714
2,407
2,072
3,158
4,448

631
528
972
1,721
628
714
351
315
302
356
1,054
337
316

2006
2007
2007
2007
2007
2007
2007

2006
2006
2006
2006
2006
2006
2008

1997
1997
1997
1997
1997
1997
1998
1998
1998
1998
1998
1998
1998

(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

(In thousands)

B
-
8
5

. . . . . . . . . . Plano, TX

7423-49 Airport Freeway . . . . . . . . . . . . . Richland Hills, TX
7400 Whitehall Street . . . . . . . . . . . . . . . . Richland Hills, TX
1602-1654 Terre Colony . . . . . . . . . . . . . . Dallas, TX
2220 Merritt Drive . . . . . . . . . . . . . . . . . . Garland, TX
2485-2505 Merritt Drive . . . . . . . . . . . . . . Garland, TX
2110 Hutton Drive . . . . . . . . . . . . . . . . . . Carrolton, TX
2025 McKenzie Drive . . . . . . . . . . . . . . . . Carrolton, TX
2019 McKenzie Drive . . . . . . . . . . . . . . . . Carrolton, TX
2029-2035 McKenzie Drive . . . . . . . . . . . Carrolton, TX
2015 McKenzie Drive . . . . . . . . . . . . . . . . Carrolton, TX
2009 McKenzie Drive . . . . . . . . . . . . . . . . Carrolton, TX
900-1100 Avenue S . . . . . . . . . . . . . . . . . Grand Prairie, TX
Plano Crossing Bus. Park (f)
7413A-C Dogwood Park . . . . . . . . . . . . . Richland Hills, TX
7450 Tower Street . . . . . . . . . . . . . . . . . . . Richland Hills, TX
7436 Tower Street . . . . . . . . . . . . . . . . . . . Richland Hills, TX
7426 Tower Street . . . . . . . . . . . . . . . . . . . Richland Hills, TX
7427-7429 Tower Street . . . . . . . . . . . . . . Richland Hills, TX
2840-2842 Handley Ederville Road . . . . . Richland Hills, TX
7451-7477 Airport Freeway . . . . . . . . . . . Richland Hills, TX
7450 Whitehall Street . . . . . . . . . . . . . . . . Richland Hills, TX
3000 Wesley Way . . . . . . . . . . . . . . . . . . . Richland Hills, TX
7451 Dogwood Park . . . . . . . . . . . . . . . . . Richland Hills, TX
825-827 Avenue H (d) . . . . . . . . . . . . . . . Arlington, TX
1013-31 Avenue M . . . . . . . . . . . . . . . . . . Grand Prairie, TX
1172-84 113th Street (d) . . . . . . . . . . . . . . Grand Prairie, TX
1200-16 Avenue H (d) . . . . . . . . . . . . . . . Arlington, TX
1322-66 W. North Carrier Parkway (e) . . Grand Prairie, TX
2401-2407 Centennial Drive . . . . . . . . . . . Arlington, TX

1,562
—
—
—
—
—
—
—
1,495
1,949
1,853
—
7,121
—
—
—
—
—
—
1,344
—
—
654
2,076
—
—
—
3,970
1,949

293
109
458
352
431
374
437
502
306
510
476
623
1,961
110
36
57
76
75
112
256
104
208
133
600
300
700
600
1,000
600

1,621
603
2,596
1,993
2,440
2,117
2,478
2,843
1,870
2,891
2,699
3,528
11,112
623
204
324
429
427
635
1,453
591
1,181
753
3,006
1,504
3,509
2,846
5,012
2,534

554
95
859
326
529
106
459
283
234
491
524
994
1,143
245
196
192
186
146
77
415
339
47
168
90
301
(12)
364
1,055
548

308
115
468
316
443
255
442
507
306
516
481
629
1,981
111
36
58
76
76
113
259
105
211
134
604
302
704
604
1,006
604

2,160
692
3,445
2,355
2,957
2,342
2,932
3,121
2,104
3,376
3,218
4,516
12,235
867
400
515
615
572
711
1,865
929
1,225
920
3,092
1,803
3,493
3,206
6,061
3,078

2,468
807
3,913
2,671
3,400
2,597
3,374
3,628
2,410
3,892
3,699
5,145
14,216
978
436
573
691
648
824
2,124
1,034
1,436
1,054
3,696
2,105
4,197
3,810
7,067
3,682

882
302
1,356
807
1,105
1,072
1,059
1,202
849
1,309
1,307
1,530
4,292
338
130
146
200
265
247
658
303
428
300
1,491
721
1,185
1,157
2,203
1,219

1998
1998
2000
2000
2000
2001
2001
2001
2001
2001
2001
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2002
2004
2004
2004
2004
2004
2004

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
8
6

3111 West Commerce Street . . . . . . . . . Dallas, TX
13800 Senlac Drive . . . . . . . . . . . . . . . . Farmers Branch, TX
801-831 S Great Southwest Pkwy (g) . . Grand Prairie, TX
801 Heinz Way . . . . . . . . . . . . . . . . . . . . Grand Prairie, TX
901-937 Heinz Way . . . . . . . . . . . . . . . . Grand Prairie, TX
3301 Century Circle . . . . . . . . . . . . . . . . Irving, TX
3901 W Miller Road . . . . . . . . . . . . . . . . Garland, TX
1251 North Cockrell Hill Road . . . . . . . Dallas, TX
1171 North Cockrell Hill Road . . . . . . . Dallas, TX
3996 Scientific Drive . . . . . . . . . . . . . . . Arlington, TX
750 Gateway Blvd . . . . . . . . . . . . . . . . . Coppell, TX
2250 East Bardin Road . . . . . . . . . . . . . . Arlington, TX
Denver
4785 Elati . . . . . . . . . . . . . . . . . . . . . . . . Denver, CO
4770 Fox Street
. . . . . . . . . . . . . . . . . . . Denver, CO
3851-3871 Revere . . . . . . . . . . . . . . . . . Denver, CO
4570 Ivy Street . . . . . . . . . . . . . . . . . . . . Denver, CO
5855 Stapleton Drive North . . . . . . . . . . Denver, CO
5885 Stapleton Drive North . . . . . . . . . . Denver, CO
5977 North Broadway . . . . . . . . . . . . . . Denver, CO
5952-5978 North Broadway . . . . . . . . . . Denver, CO
4721 Ironton Street . . . . . . . . . . . . . . . . . Denver, CO
7003 E 47th Ave Drive . . . . . . . . . . . . . Denver, CO
9500 West 49th Street—A . . . . . . . . . . . Wheatridge, CO
9500 West 49th Street—B . . . . . . . . . . . Wheatridge, CO
9500 West 49th Street—C . . . . . . . . . . . Wheatridge, CO
9500 West 49th Street—D . . . . . . . . . . . Wheatridge, CO
451-591 East 124th Avenue . . . . . . . . . . Thornton, CO
6547 South Racine Circle . . . . . . . . . . . . Centennial, CO

3,463
2,686
—
2,709
2,088
—
—
—
—
—
—
—

—
—
—
—
—
—
1,493
2,221
—
—
1,019
852
2,198
1,102
—
2,652

1,000
823
2,581
599
493
760
1,912
2,064
1,215
1,301
1,452
1,603

173
132
361
219
288
376
268
414
232
441
283
225
600
246
383
739

3,364
4,042
16,556
3,327
2,758
3,856
—
—
—
—
4,679
—

981
750
2,047
1,239
1,630
2,129
1,518
2,346
1,313
2,689
1,625
1,272
3,409
1,537
2,145
4,241

(In thousands)
1,011
825
2,586
601
481
771
1,947
1,073
632
1,349
1,452
1,603

1,801
(83)
343
355
48
53
15,493
13,532
10,968
8,073
80
10,284

374
259
538
265
219
320
573
750
325
45
126
205
378
417
498
278

175
134
368
220
290
380
271
422
236
441
287
227
601
247
383
739

5,154
3,957
16,894
3,680
2,818
3,898
15,458
14,523
11,551
8,025
4,759
10,284

1,353
1,007
2,578
1,503
1,847
2,445
2,088
3,088
1,634
2,734
1,747
1,475
3,786
1,953
2,643
4,519

6,165
4,782
19,480
4,281
3,299
4,669
17,405
15,596
12,183
9,374
6,211
11,887

1,528
1,141
2,946
1,723
2,137
2,825
2,359
3,510
1,870
3,175
2,034
1,702
4,387
2,200
3,026
5,258

1,930
1,648
9,495
1,682
1,365
1,114
4,226
715
472
412
210
180

552
423
1,165
763
873
1,151
935
1,441
744
1,321
888
705
1,725
1,050
1,301
2,102

2004
2005
2005
2005
2005
2007
2008
2015
2015
2015
2015
2016

1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997
1997

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

(In thousands)

B
-
8
7

11701 East 53rd Avenue . . . . . . . . . . . . Denver, CO
5401 Oswego . . . . . . . . . . . . . . . . . . . . . Denver, CO
445 Bryant Street . . . . . . . . . . . . . . . . . . Denver, CO
12055 E 49th Ave/4955 Peoria . . . . . . . Denver, CO
4940-4950 Paris . . . . . . . . . . . . . . . . . . . Denver, CO
4970 Paris . . . . . . . . . . . . . . . . . . . . . . . . Denver, CO
7367 South Revere Parkway . . . . . . . . . Centennial, CO
8200 East Park Meadows Drive (d) . . . . Lone Tree, CO
3250 Quentin Street (d) . . . . . . . . . . . . . Aurora, CO
8020 Southpark Circle . . . . . . . . . . . . . . Littleton, CO
1130 W. 124th Avenue . . . . . . . . . . . . . Westminster, CO
1070 W. 124th Avenue . . . . . . . . . . . . . Westminster, CO
1020 W. 124th Avenue . . . . . . . . . . . . . Westminster, CO
8810 W. 116th Circle . . . . . . . . . . . . . . . Broomfield, CO
960 W. 124th Avenue . . . . . . . . . . . . . . Westminster, CO
8820 W. 116th Circle . . . . . . . . . . . . . . . Broomfield, CO
8835 W. 116th Circle . . . . . . . . . . . . . . . Broomfield, CO
18150 E. 32nd Place . . . . . . . . . . . . . . . . Aurora, CO
3400 Fraser Street
. . . . . . . . . . . . . . . . . Aurora, CO
7005 E. 46th Avenue Drive . . . . . . . . . . Denver, CO
4001 Salazar Way . . . . . . . . . . . . . . . . . Frederick, CO
5909-5915 N. Broadway . . . . . . . . . . . . Denver, CO
Detroit
47461 Clipper . . . . . . . . . . . . . . . . . . . . . Plymouth Township, MI
449 Executive Drive . . . . . . . . . . . . . . . . Troy, MI
1416 Meijer Drive . . . . . . . . . . . . . . . . . Troy, MI
1624 Meijer Drive . . . . . . . . . . . . . . . . . Troy, MI
1972 Meijer Drive . . . . . . . . . . . . . . . . . Troy, MI
1707 Northwood Drive . . . . . . . . . . . . . Troy, MI

—
—
—
—
—
—
—
5,470
4,987
—
—
—
—
—
—
—
—
—
2,051
1,218
3,539
—

—
—
—
—
—
—

416
273
1,829
298
152
95
926
1,297
1,220
739
441
374
374
312
441
338
1,151
563
616
512
1,271
495

122
125
94
236
315
95

2,355
1,547
10,219
1,688
861
537
5,124
7,348
6,911
—
—
—
—
—
—
1,918
6,523
3,188
3,593
2,025
6,508
1,268

723
425
394
1,406
1,301
262

350
224
2,707
469
287
103
1,065
1,092
747
3,308
3,586
2,723
2,734
1,856
3,652
386
1,095
174
(142)
(121)
(713)
107

103
974
399
1,093
787
1,724

422
278
1,829
305
156
97
934
1,304
1,230
781
441
374
374
370
442
372
1,304
572
620
517
1,276
500

122
218
121
373
372
239

2,699
1,766
12,926
2,150
1,144
638
6,181
8,433
7,648
3,266
3,586
2,723
2,734
1,798
3,651
2,270
7,465
3,353
3,447
1,899
5,790
1,370

826
1,306
766
2,362
2,031
1,842

3,121
2,044
14,755
2,455
1,300
735
7,115
9,737
8,878
4,047
4,027
3,097
3,108
2,168
4,093
2,642
8,769
3,925
4,067
2,416
7,066
1,870

948
1,524
887
2,735
2,403
2,081

1,269
825
5,406
1,001
554
289
2,819
3,499
3,136
1,199
1,195
1,026
1,072
600
1,484
811
2,646
1,254
1,246
670
1,670
711

448
1,207
714
2,138
1,698
1,617

1997
1997
1998
1998
1998
1998
1998
2000
2000
2000
2000
2000
2000
2001
2001
2003
2003
2004
2005
2005
2006
2006

1994
1994
1994
1994
1994
1994

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
8
8

1788 Northwood Drive . . . . . . . . . . . . . Troy, MI
1826 Northwood Drive . . . . . . . . . . . . . Troy, MI
1864 Northwood Drive . . . . . . . . . . . . . Troy, MI
2730 Research Drive . . . . . . . . . . . . . . . Rochester Hills, MI
2791 Research Drive . . . . . . . . . . . . . . . Rochester Hills, MI
2871 Research Drive . . . . . . . . . . . . . . . Rochester Hills, MI
2870 Technology Drive . . . . . . . . . . . . . Rochester Hills, MI
2900 Technology Drive . . . . . . . . . . . . . Rochester Hills, MI
2930 Technology Drive . . . . . . . . . . . . . Rochester Hills, MI
2950 Technology Drive . . . . . . . . . . . . . Rochester Hills, MI
23014 Commerce Drive . . . . . . . . . . . . . Farmington Hills, MI
23028 Commerce Drive . . . . . . . . . . . . . Farmington Hills, MI
23035 Commerce Drive . . . . . . . . . . . . . Farmington Hills, MI
23065 Commerce Drive . . . . . . . . . . . . . Farmington Hills, MI
23093 Commerce Drive . . . . . . . . . . . . . Farmington Hills, MI
23135 Commerce Drive . . . . . . . . . . . . . Farmington Hills, MI
23163 Commerce Drive . . . . . . . . . . . . . Farmington Hills, MI
23177 Commerce Drive . . . . . . . . . . . . . Farmington Hills, MI
23206 Commerce Drive . . . . . . . . . . . . . Farmington Hills, MI
23370 Commerce Drive . . . . . . . . . . . . . Farmington Hills, MI
1451 East Lincoln Avenue . . . . . . . . . . . Madison Heights, MI
4400 Purks Drive . . . . . . . . . . . . . . . . . . Auburn Hills, MI
12707 Eckles Road . . . . . . . . . . . . . . . . . Plymouth Township, MI
32975 Capitol Avenue . . . . . . . . . . . . . . Livonia, MI
32920 Capitol Avenue . . . . . . . . . . . . . . Livonia, MI
11923 Brookfield Avenue . . . . . . . . . . . Livonia, MI
12886 Westmore Avenue . . . . . . . . . . . . Livonia, MI
47711 Clipper Street

. . . . . . . . . . . . . . . Plymouth Township, MI

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

50
55
57
903
557
324
275
214
131
178
39
98
71
71
211
146
111
175
125
59
299
602
255
135
76
120
190
539

196
208
190
4,215
2,731
1,487
1,262
977
594
819
203
507
355
408
1,024
701
513
1,007
531
233
1,703
3,410
1,445
748
422
665
1,050
2,983

(In thousands)
103
103
107
903
560
327
279
219
138
185
56
125
93
93
295
158
138
254
137
66
148
612
267
77
27
32
86
575

486
472
489
829
1,020
412
356
513
452
368
191
262
290
254
1,337
310
393
689
371
209
(179)
3,982
235
(188)
(62)
(314)
(351)
540

629
632
629
5,044
3,748
1,896
1,614
1,485
1,039
1,180
377
742
623
640
2,277
999
879
1,617
890
435
1,675
7,382
1,668
618
409
439
803
3,487

732
735
736
5,947
4,308
2,223
1,893
1,704
1,177
1,365
433
867
716
733
2,572
1,157
1,017
1,871
1,027
501
1,823
7,994
1,935
695
436
471
889
4,062

571
561
576
4,400
2,892
1,503
1,383
1,051
762
894
340
696
536
554
1,866
895
769
1,409
795
379
949
3,447
812
331
257
288
478
1,517

1994
1994
1994
1994
1994
1994
1994
1994
1994
1994
1994
1994
1994
1994
1994
1994
1994
1994
1994
1994
1995
1995
1996
1998
1998
1998
1998
1998

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
8
9

. . . . . . . . . . . . . . Warren, MI

32975 Industrial Road . . . . . . . . . . . . . . Livonia, MI
12874 Westmore Avenue . . . . . . . . . . . . Livonia, MI
1775 Bellingham . . . . . . . . . . . . . . . . . . Troy, MI
1785 East Maple . . . . . . . . . . . . . . . . . . . Troy, MI
980 Chicago . . . . . . . . . . . . . . . . . . . . . . Troy, MI
1885 Enterprise Drive . . . . . . . . . . . . . . Rochester Hills, MI
1935-55 Enterprise Drive . . . . . . . . . . . . Rochester Hills, MI
5500 Enterprise Court
750 Chicago Road . . . . . . . . . . . . . . . . . Troy, MI
800 Chicago Road . . . . . . . . . . . . . . . . . Troy, MI
850 Chicago Road . . . . . . . . . . . . . . . . . Troy, MI
1100 East Mandoline Road . . . . . . . . . . Madison Heights, MI
4872 S. Lapeer Road . . . . . . . . . . . . . . . Lake Orion Twsp, MI
1400 Allen Drive . . . . . . . . . . . . . . . . . . Troy, MI
1408 Allen Drive . . . . . . . . . . . . . . . . . . Troy, MI
28435 Automation Blvd . . . . . . . . . . . . . Wixom, MI
32200 North Avis Drive . . . . . . . . . . . . . Madison Heights, MI
100 Kay Industrial Drive . . . . . . . . . . . . Orion Township, MI
11800 Sears Drive . . . . . . . . . . . . . . . . . Livonia, MI
1099 Chicago Road . . . . . . . . . . . . . . . . Troy, MI
42555 Merrill Road . . . . . . . . . . . . . . . . Sterling Heights, MI
200 Northpointe Drive . . . . . . . . . . . . . . Orion Township, MI
Houston
3351 Rauch Street
. . . . . . . . . . . . . . . . . Houston, TX
3801-3851 Yale Street . . . . . . . . . . . . . . Houston, TX
3337-3347 Rauch Street . . . . . . . . . . . . . Houston, TX
. . . . . . . . . . . . . . Houston, TX
8505 North Loop East
4749-4799 Eastpark Drive . . . . . . . . . . . Houston, TX
4851 Homestead Road . . . . . . . . . . . . . . Houston, TX

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

—
2,510
—
—
—
2,384

160
137
344
92
206
209
1,285
675
323
283
183
888
1,342
209
151
621
503
677
693
1,277
1,080
723

272
413
227
439
594
491

887
761
1,902
507
1,141
1,158
7,144
3,737
1,790
1,567
1,016
4,915
5,441
1,154
834
—
3,367
2,018
1,507
1,332
2,300
2,063

1,541
2,343
1,287
2,489
3,368
2,782

(In thousands)

(175)
(241)
329
200
333
589
1,322
750
392
380
218
(1,257)
1,214
380
121
3,664
(1,452)
156
1,212
(1,134)
3,487
(95)

576
1,292
433
575
1,208
1,485

92
58
367
98
220
223
1,371
721
345
302
196
332
1,412
212
153
628
195
685
476
303
1,090
734

278
425
233
449
611
504

780
599
2,208
701
1,460
1,733
8,380
4,441
2,160
1,928
1,221
4,214
6,585
1,531
953
3,657
2,223
2,166
2,936
1,172
5,777
1,957

2,111
3,623
1,714
3,054
4,559
4,254

872
657
2,575
799
1,680
1,956
9,751
5,162
2,505
2,230
1,417
4,546
7,997
1,743
1,106
4,285
2,418
2,851
3,412
1,475
6,867
2,691

2,389
4,048
1,947
3,503
5,170
4,758

424
324
1,008
298
621
752
3,712
1,987
993
863
555
2,703
3,129
552
375
1,103
802
1,032
1,723
618
2,456
962

882
1,353
730
1,381
2,062
1,940

1998
1998
1998
1998
1998
1998
1998
1998
1998
1998
1998
1998
1999
2000
2000
2004
2005
2005
2005
2005
2006
2006

1997
1997
1997
1997
1997
1997

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
9
0

3365-3385 Rauch Street . . . . . . . . . . . . . Houston, TX
5050 Campbell Road . . . . . . . . . . . . . . . Houston, TX
4300 Pine Timbers . . . . . . . . . . . . . . . . . Houston, TX
2500-2530 Fairway Park Drive . . . . . . . Houston, TX
6550 Longpointe . . . . . . . . . . . . . . . . . . Houston, TX
1815 Turning Basin Drive . . . . . . . . . . . Houston, TX
1819 Turning Basin Drive . . . . . . . . . . . Houston, TX
1805 Turning Basin Drive . . . . . . . . . . . Houston, TX
9835A Genard Road . . . . . . . . . . . . . . . . Houston, TX
9835B Genard Road . . . . . . . . . . . . . . . . Houston, TX
11505 State Highway 225 . . . . . . . . . . . La Porte, TX
1500 East Main Street
. . . . . . . . . . . . . . La Porte, TX
7230-7238 Wynnwood . . . . . . . . . . . . . . Houston, TX
7240-7248 Wynnwood . . . . . . . . . . . . . . Houston, TX
7250-7260 Wynnwood . . . . . . . . . . . . . . Houston, TX
6400 Long Point . . . . . . . . . . . . . . . . . . . Houston, TX
7967 Blankenship . . . . . . . . . . . . . . . . . . Houston, TX
. . . . . . . . . . . Houston, TX
8800 City Park Loop East
4800 West Greens Road . . . . . . . . . . . . . Houston, TX
611 East Sam Houston Parkway S . . . . . Pasadena, TX
619 East Sam Houston Parkway S . . . . . Pasadena, TX
Indianapolis
2900 North Shadeland Avenue . . . . . . . Indianapolis, IN
1445 Brookville Way . . . . . . . . . . . . . . . Indianapolis, IN
1440 Brookville Way . . . . . . . . . . . . . . . Indianapolis, IN
1240 Brookville Way . . . . . . . . . . . . . . . Indianapolis, IN
1345 Brookville Way . . . . . . . . . . . . . . . Indianapolis, IN
1350 Brookville Way . . . . . . . . . . . . . . . Indianapolis, IN
1341 Sadlier Circle South . . . . . . . . . . . Indianapolis, IN

1,477
—
2,218
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

—
—
3,035
—
—
—
—

284
461
489
766
362
487
231
564
1,505
245
940
201
254
271
200
188
307
3,717
3,350
1,970
2,879

2,057
459
665
247
586
205
131

1,611
2,610
2,769
4,342
2,050
2,761
1,308
3,197
8,333
1,357
4,675
1,328
764
726
481
898
1,166
19,237
—
7,431
11,713

13,565
2,603
3,770
1,402
3,321
1,161
743

(In thousands)

487
1,045
690
1,925
994
1,626
854
2,428
4,795
644
63
(91)
200
320
1,471
226
337
(784)
17,763
439
138

6,118
1,350
968
360
1,512
222
229

290
470
499
792
370
531
251
616
1,581
256
940
204
259
276
203
188
307
3,717
3,312
2,011
2,872

2,057
476
685
258
601
212
136

2,092
3,646
3,449
6,241
3,036
4,343
2,142
5,573
13,052
1,990
4,738
1,234
959
1,041
1,949
1,124
1,503
18,453
17,801
7,829
11,858

19,683
3,936
4,718
1,751
4,818
1,376
967

2,382
4,116
3,948
7,033
3,406
4,874
2,393
6,189
14,633
2,246
5,678
1,438
1,218
1,317
2,152
1,312
1,810
22,170
21,113
9,840
14,730

21,740
4,412
5,403
2,009
5,419
1,588
1,103

884
1,551
1,619
2,640
1,319
1,722
881
2,170
4,654
793
1,640
973
468
436
368
410
535
4,022
1,166
210
349

8,743
1,709
2,306
870
2,258
690
470

1997
1997
1997
1997
1997
1997
1997
1997
1999
1999
2005
2005
2007
2007
2007
2007
2010
2011
2014
2015
2015

1996
1996
1996
1996
1996
1996
1996

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

(In thousands)

B
-
9
1

1322-1438 Sadlier Circle East . . . . . . . . Indianapolis, IN
. . . . . . . Indianapolis, IN
1327-1441 Sadlier Circle West
1402-1430 Sadlier Circle West
. . . . . . . Indianapolis, IN
1504 Sadlier Circle South . . . . . . . . . . . Indianapolis, IN
1365-1367 Sadlier Way Circle East . . . . Indianapolis, IN
1352-1354 Sadlier Circle West
. . . . . . . Indianapolis, IN
1335 Sadlier Circle East . . . . . . . . . . . . . Indianapolis, IN
1425 Sadlier Circle West . . . . . . . . . . . . Indianapolis, IN
6951 East 30th Street . . . . . . . . . . . . . . . Indianapolis, IN
6701 East 30th Street . . . . . . . . . . . . . . . Indianapolis, IN
6737 East 30th Street . . . . . . . . . . . . . . . Indianapolis, IN
6555 East 30th Street . . . . . . . . . . . . . . . Indianapolis, IN
7901 West 21st Street . . . . . . . . . . . . . . . Indianapolis, IN
1225 Brookville Way . . . . . . . . . . . . . . . Indianapolis, IN
6751 East 30th Street . . . . . . . . . . . . . . . Indianapolis, IN
6575 East 30th Street . . . . . . . . . . . . . . . Indianapolis, IN
6585 East 30th Street . . . . . . . . . . . . . . . Indianapolis, IN
. . . . . . . . . . . . Richmond, IN
1133 Northwest L Street
14425 Bergen Blvd . . . . . . . . . . . . . . . . Noblesville, IN
6635 East 30th Street . . . . . . . . . . . . . . . Indianapolis, IN
Miami
4700 NW 15th Avenue . . . . . . . . . . . . . . Ft. Lauderdale, FL
4710 NW 15th Avenue . . . . . . . . . . . . . . Ft. Lauderdale, FL
4720 NW 15th Avenue . . . . . . . . . . . . . . Ft. Lauderdale, FL
4740 NW 15th Avenue . . . . . . . . . . . . . . Ft. Lauderdale, FL
4750 NW 15th Avenue . . . . . . . . . . . . . . Ft. Lauderdale, FL
4800 NW 15th Avenue . . . . . . . . . . . . . . Ft. Lauderdale, FL
6891 NW 74th Street . . . . . . . . . . . . . . . Medley, FL
12601 &12605 NW 115th Avenue . . . . Medley, FL

—
—
—
—
—
—
—
—
2,510
—
2,029
—
—
—
—
1,337
2,172
—
—
—

—
—
—
—
—
—
—
—

145
218
165
219
121
178
81
21
256
78
385
484
1,048
60
728
118
196
201
647
466

908
830
937
1,107
947
1,092
857
2,316

822
1,234
934
1,238
688
1,008
460
117
1,449
443
2,181
4,760
6,027
—
2,837
—
—
1,358
—
3,093

1,883
2,722
2,455
3,111
3,079
3,308
3,428
—

341
876
397
58
208
236
206
57
258
91
641
2,248
340
420
401
1,994
3,236
(128)
3,693
—

21
73
340
16
353
179
4,288
434

152
225
171
115
91
166
85
23
265
82
398
484
1,048
68
741
128
196
208
743
466

912
834
942
1,112
951
1,097
864
762

1,156
2,103
1,325
1,400
926
1,256
662
172
1,698
530
2,809
7,008
6,367
412
3,225
1,984
3,236
1,223
3,597
3,093

1,900
2,791
2,790
3,122
3,428
3,482
7,709
1,988

1,308
2,328
1,496
1,515
1,017
1,422
747
195
1,963
612
3,207
7,492
7,415
480
3,966
2,112
3,432
1,431
4,340
3,559

2,812
3,625
3,732
4,234
4,379
4,579
8,573
2,750

557
852
623
662
476
610
340
77
847
269
1,249
3,094
2,989
195
1,497
875
1,454
788
917
16

687
773
929
869
900
1,006
2,427
369

1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1997
1997
1997
1998
1998
2006
2007
2016

2007
2007
2007
2007
2007
2007
2007
2008

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
9
2

. . . . . . . . . . . . . Bloomington, MN

. . . . . . . . . . . . . . Eden Prairie, MN

1351 NW 78th Avenue . . . . . . . . . . . . . . Doral, FL
Milwaukee
5355 South Westridge Drive . . . . . . . . . New Berlin, WI
17005 West Ryerson Road . . . . . . . . . . . New Berlin, WI
W140 N9059 Lilly Road . . . . . . . . . . . . Menomonee Falls, WI
1500 Peebles Drive . . . . . . . . . . . . . . . . Richland Center, WI
16600 West Glendale Avenue . . . . . . . . New Berlin, WI
N58W15380 Shawn Circle . . . . . . . . . . Menomonee Falls, WI
Minneapolis/St. Paul
6201 West 111th Street
7101 Winnetka Avenue South . . . . . . . . Brooklyn Park, MN
9901 West 74th Street
1030 Lone Oak Road . . . . . . . . . . . . . . . Eagan, MN
1060 Lone Oak Road . . . . . . . . . . . . . . . Eagan, MN
5400 Nathan Lane . . . . . . . . . . . . . . . . . Plymouth, MN
6655 Wedgewood Road . . . . . . . . . . . . . Maple Grove, MN
10120 West 76th Street
. . . . . . . . . . . . . Eden Prairie, MN
12155 Nicollet Avenue . . . . . . . . . . . . . Burnsville, MN
4100 Peavey Road . . . . . . . . . . . . . . . . . Chaska, MN
7100-7198 Shady Oak Road . . . . . . . . . Eden Prairie, MN
5240-5300 Valley Industrial Blvd . . . . . Shakopee, MN
5775 12th Avenue . . . . . . . . . . . . . . . . . Shakopee, MN
1157 Valley Park Drive . . . . . . . . . . . . . Shakopee, MN
9600 West 76th Street
9700 West 76th Street
7600 69th Avenue . . . . . . . . . . . . . . . . . Greenfield, MN
5017 Boone Avenue North . . . . . . . . . . . New Hope, MN
2300 West Highway 13 . . . . . . . . . . . . . Burnsville, MN
1087 Park Place . . . . . . . . . . . . . . . . . . . Shakopee, MN

. . . . . . . . . . . . . . Eden Prairie, MN
. . . . . . . . . . . . . . Eden Prairie, MN

—

3,111

4,634

(In thousands)
3,111

13

4,647

7,758

51

2016

4,328
2,454
—
—
1,782
—

2,537
—
—
1,966
2,490
—
—
—
—
—
—
2,057
3,084
4,055
2,061
2,768
—
—
—
3,281

1,630
403
343
1,577
704
1,188

1,358
2,195
621
456
624
749
1,466
315
286
277
715
362
590
760
1,000
1,000
1,500
1,000
2,517
1,195

7,058
3,647
1,153
1,018
1,923
—

8,622
6,084
3,289
2,703
3,700
4,461
8,342
1,804
—
2,261
4,054
2,049
—
—
2,450
2,709
8,328
1,599
6,069
4,891

(105)
317
106
(441)
932
16,931

13,466
4,322
3,603
767
645
835
5,615
917
1,957
832
2,177
1,249
4,900
7,281
181
553
(468)
547
(1,651)
(246)

1,646
405
366
1,528
715
1,204

1,519
2,228
639
456
624
757
1,466
315
288
277
736
371
590
888
1,034
1,038
1,510
1,009
1,296
1,198

6,937
3,962
1,236
626
2,844
16,915

21,927
10,373
6,874
3,470
4,345
5,288
13,957
2,721
1,955
3,093
6,210
3,289
4,900
7,153
2,597
3,224
7,850
2,137
5,639
4,642

8,583
4,367
1,602
2,154
3,559
18,119

23,446
12,601
7,513
3,926
4,969
6,045
15,423
3,036
2,243
3,370
6,946
3,660
5,490
8,041
3,631
4,262
9,360
3,146
6,935
5,840

1,967
1,958
507
563
1,911
4,098

12,616
7,693
5,736
1,797
2,292
2,822
6,432
1,375
924
1,477
2,799
1,459
1,736
2,797
776
1,029
1,976
1,058
4,175
1,365

2004
2005
2005
2005
2006
2008

1994
1994
1994
1994
1994
1994
1994
1995
1995
1996
1996
1996
1998
1999
2004
2004
2004
2005
2005
2005

(i)

(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
9
3

. . . . . . . . . . . . . . . . . . . . St. Paul, MN

5391 12th Avenue SE . . . . . . . . . . . . . . . Shakopee, MN
4701 Valley Industrial Blvd S . . . . . . . . Shakopee, MN
6455 City West Parkway . . . . . . . . . . . . Eden Prairie, MN
7035 Winnetka Avenue North . . . . . . . . Brooklyn Park, MN
139 Eva Street
21900 Dodd Boulevard . . . . . . . . . . . . . Lakeville, MN
375 Rivertown Drive . . . . . . . . . . . . . . . Woodbury, MN
935 Aldrin Drive . . . . . . . . . . . . . . . . . . Eagan, MN
7050 Winnetka Avenue North . . . . . . . . Brooklyn Park, MN
7051 West Broadway . . . . . . . . . . . . . . . Brooklyn Park, MN
Nashville
1931 Air Lane Drive . . . . . . . . . . . . . . . Nashville, TN
4640 Cummings Park . . . . . . . . . . . . . . . Nashville, TN
1740 River Hills Drive . . . . . . . . . . . . . . Nashville, TN
211 Ellery Court . . . . . . . . . . . . . . . . . . . Nashville, TN
130 Maddox Road . . . . . . . . . . . . . . . . . Mount Juliet, TN
New Jersey
14 World’s Fair Drive . . . . . . . . . . . . . . Franklin, NJ
12 World’s Fair Drive . . . . . . . . . . . . . . Franklin, NJ
22 World’s Fair Drive . . . . . . . . . . . . . . Franklin, NJ
26 World’s Fair Drive . . . . . . . . . . . . . . Franklin, NJ
24 World’s Fair Drive . . . . . . . . . . . . . . Franklin, NJ
2060 Springdale Road . . . . . . . . . . . . . . Cherry Hill, NJ
20 World’s Fair Drive Lot 13 . . . . . . . . . Somerset, NJ
45 Route 46 . . . . . . . . . . . . . . . . . . . . . . Pine Brook, NJ
43 Route 46 . . . . . . . . . . . . . . . . . . . . . . Pine Brook, NJ
39 Route 46 . . . . . . . . . . . . . . . . . . . . . . Pine Brook, NJ
26 Chapin Road . . . . . . . . . . . . . . . . . . . Pine Brook, NJ
30 Chapin Road . . . . . . . . . . . . . . . . . . . Pine Brook, NJ

—
4,652
—
4,329
—
9,255
7,343
5,403
4,580
3,558

1,801
—
2,726
1,948
16,236

—
—
—
—
—
—
—
—
—
—
—
—

1,392
1,296
659
1,275
2,132
2,289
2,635
2,096
1,623
1,275

489
360
848
606
1,778

483
572
364
361
347
258
9
969
474
260
956
960

8,149
7,157
3,189
—
3,105
7,952
8,157
7,884
—
—

2,785
2,040
4,383
3,192
—

2,735
3,240
2,064
2,048
1,968
1,436
—
5,491
2,686
1,471
5,415
5,440

(In thousands)
1,395
1,299
665
1,343
2,175
2,289
2,635
2,096
1,634
1,279

(259)
(172)
1,068
7,309
(286)
—
1,161
134
7,520
5,828

322
583
685
90
23,882

752
1,110
545
665
586
602
2,559
1,005
432
293
653
477

493
365
888
616
1,778

503
593
375
377
362
258
691
978
479
262
965
970

7,887
6,982
4,251
7,241
2,776
7,952
9,318
8,018
7,509
5,824

3,103
2,618
5,028
3,272
23,882

3,467
4,329
2,598
2,697
2,539
2,038
1,877
6,487
3,113
1,762
6,059
5,907

9,282
8,281
4,916
8,584
4,951
10,241
11,953
10,114
9,143
7,103

3,596
2,983
5,916
3,888
25,660

3,970
4,922
2,973
3,074
2,901
2,296
2,568
7,465
3,592
2,024
7,024
6,877

2,278
3,068
1,524
1,729
737
2,377
1,245
793
390
301

1,457
1,038
2,386
1,129
4,693

1,638
2,134
1,125
1,161
1,147
886
734
2,623
1,226
700
2,531
2,385

2005
2005
2006
2007
2008
2010
2014
2014
2014
2014

1997
1999
2005
2007
2008

1997
1997
1997
1997
1997
1998
1999
2000
2000
2000
2000
2000

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
9
4

. . . . . . Pennsauken, NJ

20 Hook Mountain Road . . . . . . . . . . . . Pine Brook, NJ
30 Hook Mountain Road . . . . . . . . . . . . Pine Brook, NJ
16 Chapin Road . . . . . . . . . . . . . . . . . . . Pine Brook, NJ
20 Chapin Road . . . . . . . . . . . . . . . . . . . Pine Brook, NJ
. . . . . . . . . . . . . . . . . . Sayreville, NJ
2500 Main Street
2400 Main Street
. . . . . . . . . . . . . . . . . . Sayreville, NJ
7851 Airport Highway . . . . . . . . . . . . . . Pennsauken, NJ
103 Central Avenue . . . . . . . . . . . . . . . . Mt. Laurel, NJ
309-313 Pierce Street . . . . . . . . . . . . . . . Somerset, NJ
7890 Airport Hwy/7015 Central
400 Cedar Lane . . . . . . . . . . . . . . . . . . . Florence Township, NJ
Orlando
6301 Hazeltine National Drive . . . . . . . . Orlando, FL
. . . . . . . . . . . . . . . . Orlando, FL
8751 Skinner Court
4473 Shader Road . . . . . . . . . . . . . . . . . Orlando, FL
Phoenix
1045 South Edward Drive . . . . . . . . . . . Tempe, AZ
50 South 56th Street . . . . . . . . . . . . . . . . Chandler, AZ
4701 West Jefferson . . . . . . . . . . . . . . . . Phoenix, AZ
7102 West Roosevelt . . . . . . . . . . . . . . . Phoenix, AZ
4137 West Adams Street
. . . . . . . . . . . . Phoenix, AZ
245 West Lodge . . . . . . . . . . . . . . . . . . . Tempe, AZ
1590 East Riverview Dr.
14131 N. Rio Vista Blvd . . . . . . . . . . . . Peoria, AZ
8716 W. Ludlow Drive . . . . . . . . . . . . . Peoria, AZ
3815 W. Washington Street . . . . . . . . . . Phoenix, AZ
9180 W. Buckeye Road . . . . . . . . . . . . . Tolleson, AZ
8644 West Ludlow Drive . . . . . . . . . . . . Peoria, AZ

. . . . . . . . . . . . Phoenix, AZ

—
—
—
—
—
—
—
—
2,868
—
—

—
4,784
—

—
2,906
2,390
4,779
1,949
—
4,632
—
—
3,294
6,907
—

1,507
389
885
1,134
944
996
160
610
1,300
300
9,730

909
1,691
2,094

390
1,206
926
1,613
990
898
1,293
2,563
2,709
1,675
1,904
1,726

8,542
2,206
5,015
6,426
—
—
508
1,847
4,628
989
—

4,613
7,249
10,444

2,160
3,218
2,195
6,451
2,661
3,066
5,950
9,388
10,970
4,514
6,805
7,216

(In thousands)
1,534
396
901
1,154
944
996
162
619
1,309
425
9,730

3,214
526
623
606
4,576
5,539
328
1,617
296
495
21,394

113
1
49

363
1,379
243
444
239
(2,252)
77
165
770
149
2,428
—

920
1,692
2,094

396
1,252
929
1,620
1,038
362
1,292
2,563
2,709
1,719
1,923
1,726

11,729
2,725
5,622
7,012
4,576
5,539
834
3,455
4,915
1,359
21,394

4,715
7,249
10,493

2,517
4,551
2,435
6,888
2,852
1,350
6,028
9,553
11,740
4,619
9,214
7,216

13,263
3,121
6,523
8,166
5,520
6,535
996
4,074
6,224
1,784
31,124

5,635
8,941
12,587

2,913
5,803
3,364
8,508
3,890
1,712
7,320
12,116
14,449
6,338
11,137
8,942

5,524
1,152
2,175
2,778
1,597
1,789
369
1,444
1,656
1,013
—

1,432
242
250

1,061
1,667
1,492
2,770
1,092
465
1,474
2,465
3,020
1,251
2,197
557

2000
2000
2000
2000
2002
2003
2003
2003
2004
2006
2016

2005
2016
2016

1999
2004
2005
2006
2006
2007
2008
2008
2008
2008
2008
2014

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

8606 West Ludlow Drive . . . . . . . . . . . . Peoria, AZ
8679 West Ludlow Drive . . . . . . . . . . . . Peoria, AZ
94th Avenue & Buckeye Road . . . . . . . . Tolleson, AZ
Salt Lake City
1270 West 2320 South . . . . . . . . . . . . . . West Valley, UT
1275 West 2240 South . . . . . . . . . . . . . . West Valley, UT
1288 West 2240 South . . . . . . . . . . . . . . West Valley, UT
2235 South 1300 West . . . . . . . . . . . . . . West Valley, UT
1293 West 2200 South . . . . . . . . . . . . . . West Valley, UT
1279 West 2200 South . . . . . . . . . . . . . . West Valley, UT
1272 West 2240 South . . . . . . . . . . . . . . West Valley, UT
1149 West 2240 South . . . . . . . . . . . . . . West Valley, UT
1142 West 2320 South . . . . . . . . . . . . . . West Valley, UT
2323 South 900 W . . . . . . . . . . . . . . . . . Salt Lake City, UT
1815-1957 South 4650 West
. . . . . . . . . Salt Lake City, UT
2100 Alexander Street
2064 Alexander Street
Seattle
1901 Raymond Ave SW . . . . . . . . . . . . . Renton, WA
19014 64th Avenue South . . . . . . . . . . . Kent, WA
18640 68th Avenue South . . . . . . . . . . . Kent, WA
Southern California
1944 Vista Bella Way . . . . . . . . . . . . . . Rancho Dominguez, CA
2000 Vista Bella Way . . . . . . . . . . . . . . Rancho Dominguez, CA
2835 East Ana Street
. . . . . . . . . . . . . . . Rancho Dominguez, CA
16275 Technology Drive . . . . . . . . . . . . San Diego, CA
665 N. Baldwin Park Blvd.

. . . . . . . . . . . . . . West Valley, UT
. . . . . . . . . . . . . . West Valley, UT

. . . . . . . . . . City of Industry, CA

—
—
—

—
—
—
—
—
—
—
—
—
—
6,460
—
—

520
2,968
208

3,010
1,282
2,425
—
4,127

956
672
4,315

138
395
119
198
158
198
336
217
217
886
1,707
376
864

4,458
1,990
1,218

1,746
817
1,682
2,848
2,124

2,668
2,791
—

784
2,241
672
1,120
896
1,120
1,905
1,232
1,232
2,995
10,873
1,670
2,771

2,659
3,979
1,950

3,148
1,673
2,750
8,641
5,219

(In thousands)

123
—
15,698

193
352
138
249
224
172
428
284
372
(84)
46
390
(33)

480
471
310

465
292
409
(40)
1,614

956
672
4,315

143
408
123
204
163
204
347
225
225
898
1,713
376
869

4,594
2,042
1,258

1,822
853
1,772
2,859
2,143

2,791
2,791
15,698

972
2,580
806
1,363
1,115
1,286
2,322
1,508
1,596
2,899
10,913
2,060
2,733

3,003
4,398
2,220

3,537
1,929
3,069
8,590
6,814

3,747
3,463
20,013

1,115
2,988
929
1,567
1,278
1,490
2,669
1,733
1,821
3,797
12,626
2,436
3,602

7,597
6,440
3,478

5,359
2,782
4,841
11,449
8,957

221
220
420

424
1,172
373
589
491
601
1,006
716
695
1,665
3,268
732
899

815
1,484
772

1,579
904
1,318
2,724
3,143

2014
2014
2015

1998
1998
1998
1998
1998
1998
1998
1998
1998
2006
2006
2007
2007

2008
2008
2008

2005
2005
2005
2005
2006

(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)

B
-
9
5

B
-
9
6

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

. . . . . . . . . . . . . . . . Poway, CA

27801 Avenue Scott . . . . . . . . . . . . . . . . Santa Clarita, CA
2610 & 2660 Columbia Street . . . . . . . . Torrance, CA
433 Alaska Avenue . . . . . . . . . . . . . . . . Torrance, CA
4020 S. Compton Avenue . . . . . . . . . . . Los Angeles, CA
6305 El Camino Real . . . . . . . . . . . . . . . Carlsbad, CA
2325 Camino Vida Roble . . . . . . . . . . . . Carlsbad, CA
2335 Camino Vida Roble . . . . . . . . . . . . Carlsbad, CA
2345 Camino Vida Roble . . . . . . . . . . . . Carlsbad, CA
2355 Camino Vida Roble . . . . . . . . . . . . Carlsbad, CA
2365 Camino Vida Roble . . . . . . . . . . . . Carlsbad, CA
2375 Camino Vida Roble . . . . . . . . . . . . Carlsbad, CA
6451 El Camino Real . . . . . . . . . . . . . . . Carlsbad, CA
13100 Gregg Street
21730-21748 Marilla Street . . . . . . . . . . Chatsworth, CA
8015 Paramount . . . . . . . . . . . . . . . . . . . Pico Rivera, CA
3365 E. Slauson . . . . . . . . . . . . . . . . . . . Vernon, CA
3015 East Ana . . . . . . . . . . . . . . . . . . . . Rancho Dominguez, CA
1250 Rancho Conejo Blvd.
1260 Rancho Conejo Blvd.
1270 Rancho Conejo Blvd.
1280 Rancho Conejo Blvd.
1290 Rancho Conejo Blvd.
100 West Sinclair Street . . . . . . . . . . . . . Perris, CA
14050 Day Street
12925 Marlay Avenue . . . . . . . . . . . . . . Fontana, CA
18201-18291 Santa Fe . . . . . . . . . . . . . . Rancho Dominguez, CA
1011 Rancho Conejo . . . . . . . . . . . . . . . Thousand Oaks, CA
20700 Denker Avenue . . . . . . . . . . . . . . Torrance, CA
18408 Laurel Park Road . . . . . . . . . . . . . Rancho Dominguez, CA

. . . . . . . . . . Thousand Oaks, CA
. . . . . . . . . . Thousand Oaks, CA
. . . . . . . . . . Thousand Oaks, CA
. . . . . . . . . . Thousand Oaks, CA
. . . . . . . . . . Thousand Oaks, CA

. . . . . . . . . . . . . . . . . . Moreno Valley, CA

6,010
4,331
—
—
—
1,890
965
631
616
1,171
1,283
—
2,977
2,738
—
—
—
—
—
—
2,396
2,015
—
3,395
8,984
9,949
4,638
5,445
—

2,890
3,008
681
3,800
1,590
1,441
817
562
481
1,098
1,210
2,885
1,040
2,585
3,616
2,367
19,678
1,435
1,353
1,224
2,043
1,754
4,894
2,538
6,072
6,720
7,717
5,767
2,850

7,020
5,826
168
7,330
6,360
1,239
762
456
365
630
874
1,931
4,160
3,210
3,902
3,243
9,321
779
722
716
3,408
2,949
3,481
2,538
7,891
—
2,518
2,538
2,850

(In thousands)

788
565
3
(473)
7,730
650
121
94
239
336
113
766
744
146
61
40
6,305
46
(724)
(107)
(252)
(332)
(5,233)
291
235
9,004
(168)
1,289
659

2,902
3,031
684
3,825
1,590
1,446
821
565
483
1,102
1,214
2,895
1,073
2,608
3,657
2,396
20,144
1,441
675
1,229
2,051
1,761
1,819
2,565
6,090
6,897
7,752
5,964
2,874

7,796
6,368
168
6,832
14,090
1,884
879
547
602
962
983
2,687
4,871
3,333
3,922
3,254
15,160
819
676
604
3,148
2,610
1,323
2,801
8,108
8,827
2,314
3,631
3,485

10,698
9,399
852
10,657
15,680
3,330
1,700
1,112
1,085
2,064
2,197
5,582
5,944
5,941
7,579
5,650
35,304
2,260
1,351
1,833
5,199
4,371
3,142
5,366
14,198
15,724
10,066
9,595
6,359

2,963
2,167
107
1,840
4,329
614
356
185
273
450
402
913
1,840
1,210
1,755
1,534
4,504
289
199
253
723
610
630
1,002
3,482
2,148
866
1,902
1,115

2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2006
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2007
2008
2008
2008
2008
2008
2008

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

. . . . . . . . . . . . . . . . Bell, CA

. . . . . . . . . . . . . . Los Angeles, CA

. . . . . . . . . . . . . . Moreno Valley, CA

19021 S. Reyes Avenue . . . . . . . . . . . . . Rancho Dominguez, CA
24870 Nandina Avenue . . . . . . . . . . . . . Moreno Valley, CA
6185 Kimball Avenue . . . . . . . . . . . . . . Chino, CA
5553 Bandini Blvd.
16875 Heacock Street
4710 Guasti Road . . . . . . . . . . . . . . . . . . Ontario, CA
17100 Perris Blvd . . . . . . . . . . . . . . . . . . Moreno Valley, CA
13414 S. Figueroa . . . . . . . . . . . . . . . . . Los Angeles, CA
3841 Ocean Ranch Boulevard . . . . . . . . Oceanside, CA
3831 Ocean Ranch Boulevard . . . . . . . . Oceanside, CA
3821 Ocean Ranch Boulevard . . . . . . . . Oceanside, CA
145 West 134th Street
6150 Sycamore Canyon Blvd.
. . . . . . . . . . . . . . . . Moreno Valley, CA
17825 Indian Street
24901 San Michele Road . . . . . . . . . . . . Moreno Valley, CA
1445 Engineer Street
19067 Reyes Ave . . . . . . . . . . . . . . . . . . Rancho Dominguez, CA
St. Louis
1067-1083 Warson-Bldg A . . . . . . . . . . St. Louis, MO
1093-1107 Warson-Bldg B . . . . . . . . . . St. Louis, MO
1113-1129 Warson-Bldg C . . . . . . . . . . St. Louis, MO
1131-1151 Warson-Bldg D . . . . . . . . . . St. Louis, MO
6821-6857 Hazelwood Avenue . . . . . . . Berkeley, MO
13701 Rider Trail North . . . . . . . . . . . . . Earth City, MO
1908-2000 Innerbelt (d) . . . . . . . . . . . . . Overland, MO
21-25 Gateway Commerce Center . . . . . Edwardsville, IL
6647 Romiss Court . . . . . . . . . . . . . . . . . St. Louis, MO

. . . . . . . . . . . . . . . Vista, CA

. . . . . . . . Riverside, CA

—
—
—
—
—
5,662
—
4,148
—
—
—
—
—
—
—
—
—

1,429
2,461
1,661
1,990
4,640
—
6,781
—
—

8,183
13,543
6,385
32,536
—
2,846
6,388
1,701
4,400
2,693
2,792
2,901
3,182
5,034
1,274
6,816
9,281

246
380
303
353
985
800
1,590
1,874
230

7,501
—
—
—
6,831
6,564
—
—
—
—
—
2,285
10,643
22,095
—
4,417
3,920

1,359
2,103
1,680
1,952
6,205
2,099
9,026
31,958
681

(In thousands)

233
21,146
12,343
21,620
72
212
25,843
6,580
8,034
4,584
4,470
173
—
—
11,482
1
3,542

939
1,898
975
1,237
1,069
610
1,235
(38)
(8)

8,545
6,482
6,382
32,540
—
2,846
6,395
1,887
4,400
2,694
2,792
2,901
3,182
5,034
1,274
6,816
9,381

251
388
310
360
985
804
1,591
1,902
241

7,372
28,207
12,346
21,616
6,903
6,776
25,836
6,394
8,034
4,583
4,470
2,458
10,643
22,095
11,482
4,418
7,362

2,293
3,993
2,648
3,182
7,274
2,705
10,260
31,892
662

15,917
34,689
18,728
54,156
6,903
9,622
32,231
8,281
12,434
7,277
7,262
5,359
13,825
27,129
12,756
11,234
16,743

2,544
4,381
2,958
3,542
8,259
3,509
11,851
33,794
903

1,399
3,196
1,792
1,764
1,006
494
1,697
408
349
193
147
162
556
1,029
184
129
34

710
1,304
862
954
2,558
1,201
4,432
9,064
318

2008
2012
2013
2013
2014
2014
2014
2014
2015
2015
2015
2015
2015
2015
2016
2016
2016

2002
2002
2002
2002
2003
2003
2004
2006
2008

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

B
-
9
7

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Buildings and
Improvements Total

Land

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

B
-
9
8

Tampa
5525 Johns Road . . . . . . . . . . . . . . . . . . Tampa, FL
5709 Johns Road . . . . . . . . . . . . . . . . . . Tampa, FL
5711 Johns Road . . . . . . . . . . . . . . . . . . Tampa, FL
5455 W Waters Avenue . . . . . . . . . . . . . Tampa, FL
5553 W Waters Avenue . . . . . . . . . . . . . Tampa, FL
5501 W Waters Avenue . . . . . . . . . . . . . Tampa, FL
5503 W Waters Avenue . . . . . . . . . . . . . Tampa, FL
5555 W Waters Avenue . . . . . . . . . . . . . Tampa, FL
5557 W Waters Avenue . . . . . . . . . . . . . Tampa, FL
5463 W Waters Avenue . . . . . . . . . . . . . Tampa, FL
5461 W Waters Avenue . . . . . . . . . . . . . Tampa, FL
5481 W Waters Avenue . . . . . . . . . . . . . Tampa, FL
4515-4519 George Road . . . . . . . . . . . . Tampa, FL
6089 Johns Road . . . . . . . . . . . . . . . . . . Tampa, FL
6091 Johns Road . . . . . . . . . . . . . . . . . . Tampa, FL
6103 Johns Road . . . . . . . . . . . . . . . . . . Tampa, FL
6201 Johns Road . . . . . . . . . . . . . . . . . . Tampa, FL
6203 Johns Road . . . . . . . . . . . . . . . . . . Tampa, FL
6205 Johns Road . . . . . . . . . . . . . . . . . . Tampa, FL
6101 Johns Road . . . . . . . . . . . . . . . . . . Tampa, FL
4908 Tampa West Blvd . . . . . . . . . . . . . Tampa, FL
Other
12626 Silicon Drive . . . . . . . . . . . . . . . . San Antonio, TX
3100 Pinson Valley Parkway . . . . . . . . . Birmingham, AL
3730 Wheeler Avenue . . . . . . . . . . . . . . Fort Smith, AR
3200 Pond Station . . . . . . . . . . . . . . . . . Jefferson County, KY
581 Welltown Road/Tyson Blvd . . . . . . Winchester, VA
7501 NW 106th Terrace . . . . . . . . . . . . . Kansas City, MO

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

—
—
—
—
—
11,285

192
192
243
307
307
215
98
213
59
497
261
558
633
180
140
220
200
300
270
210
2,622

768
303
720
2,074
2,320
4,152

1,086
1,086
1,376
1,742
1,742
871
402
1,206
335
2,751
—
—
3,587
987
730
1,160
1,107
1,460
1,363
833
8,643

3,448
742
2,800
—
—
—

(In thousands)

280
196
171
769
427
291
150
222
60
1,261
1,311
2,288
861
134
45
38
34
(287)
36
93
(820)

(329)
(304)
(589)
9,681
10,972
13,684

200
200
255
326
326
242
110
221
62
560
265
561
640
186
144
226
205
311
278
216
2,635

779
225
583
2,120
2,401
4,228

1,358
1,274
1,535
2,492
2,150
1,135
540
1,420
392
3,949
1,307
2,285
4,441
1,115
771
1,192
1,136
1,162
1,391
920
7,810

3,108
516
2,348
9,635
10,891
13,608

1,558
1,474
1,790
2,818
2,476
1,377
650
1,641
454
4,509
1,572
2,846
5,081
1,301
915
1,418
1,341
1,473
1,669
1,136
10,445

3,887
741
2,931
11,755
13,292
17,836

638
600
716
1,278
1,059
506
245
648
183
1,589
584
946
1,710
402
269
434
497
426
385
385
3,322

1,149
230
1,008
2,340
2,589
2,793

1997
1997
1997
1997
1997
1997
1997
1997
1997
1998
1998
1999
2001
2004
2004
2004
2004
2004
2004
2004
2005

2005
2005
2006
2007
2007
2008

(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)

(i)
(i)
(i)
(i)
(i)
(i)

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

Building Address

Location
(City/State)

(a)

Encumbrances Land

Buildings and
Improvements

(b)
Initial Cost

(c)
Costs
Capitalized
Subsequent to
Acquisition or
Completion
and Valuation
Provision

Gross Amount Carried
At Close of Period 12/31/16

Land

Buildings and
Improvements

Total

Accumulated
Depreciation
12/31/2016

Year
Acquired/
Constructed

Depreciable
Lives
(Years)

600 Greene Drive . . . . . . . . . . . Greenville, KY
Developments in Process
First Park 94—Building II . . . . Somers, WI
The Ranch By First

Industrial . . . . . . . . . . . . . . . . Eastvale, CA
First Park @ PV303 . . . . . . . . . Goodyear, AZ
First Sycamore 215 Logistics

Center . . . . . . . . . . . . . . . . . . Riverside, CA

Land Parcels
Land Parcels (h) . . . . . . . . . . . .
Total

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

B
-
9
9

294

8,570

(727)

296

7,841

8,137

5,270

2008

(In thousands)

2,133

22,857
6,998

4,900

—

—
—

—

19,846

2,134

19,845

21,979

5,895
14,740

22,857
6,998

5,895
14,740

28,752
21,738

6,579

4,900

6,579

11,479

—

—
—

—

2015

2016
2016

2016

—

—

—
—

—

(i)

(i)

(i)
(i)

(i)

2,067
$498,861

159,066
$809,774

3,227
$1,569,543

27,207
$1,009,294

154,345
$795,311

35,155
$2,593,300

189,500
$3,388,611

3,146
$797,919

NOTES:
(a) See description of encumbrances in Note 4 of the Notes to Consolidated Financial Statements. For purposes of this schedule the total principal
balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property’s
carrying balance.

(b)

Initial cost for each respective property is tangible purchase price allocated in accordance with FASB’s guidance on business combinations.

(c)

Improvements are net of the write-off of fully depreciated assets and impairment of real estate and include construction in progress.

(d) Comprised of two properties.

(e) Comprised of three properties.

(f) Comprised of four properties.

(g) Comprised of five properties.

(h) These properties represent developable land and land parcels for which we receive ground lease income.

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

(i) Depreciation is computed based upon the following estimated lives:

Buildings and Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Land Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tenant Improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 to 50 years
5 to 20 years
Lease Term

B
-
1
0
0

FIRST INDUSTRIAL REALTY TRUST, INC. AND FIRST INDUSTRIAL, L.P.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As of December 31, 2016

At December 31, 2016, the aggregate cost of land and buildings and equipment for federal income tax

purpose was approximately $3.3 billion (excluding construction in progress).

The changes in investment in real estate for the three years ended December 31, are as follows:

2016

2015

2014

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 and Other Assets . . . . . . . . . . . . . . . . .

$3,297,649
108,538
167,342
(153,364)
—
(31,554)

(In thousands)
$3,183,369
161,074
142,535
(162,636)
(626)
(26,067)

$3,119,547
84,526
104,782
(98,378)
—
(27,108)

Balance, End of Year Including Real Estate Held for Sale . . . . . . . .
Real Estate Held for Sale (A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,388,611
(3,697)

$3,297,649
(3,681)

$3,183,369
—

Balance, End of Year Excluding Real Estate Held for Sale . . . . . . .

$3,384,914

$3,293,968

$3,183,369

The changes in accumulated depreciation for the three years ended December 31, are as follows:

2016

2015

2014

Balance, Beginning of Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation for Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Disposition of Real Estate Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Write-off of Fully Depreciated and Other Assets . . . . . . . . . . . . . . . . . . . . .

$792,501
95,514
(62,634)
(27,462)

(In thousands)
$786,978
92,955
(61,365)
(26,067)

$748,044
93,457
(27,415)
(27,108)

Balance, End of Year Including Real Estate Held for Sale . . . . . . . . . . . .
Real Estate Held for Sale (B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$797,919
(1,427)

$792,501
(1,171)

$786,978
—

Balance, End of Year Excluding Real Estate Held for Sale . . . . . . . . . . .

$796,492

$791,330

$786,978

(A) The Real Estate Held for Sale at December 31, 2016 excludes $128 of other assets.

(B) The Real Estate Held for Sale at December 31, 2016 excludes $44 of accumulated amortization related to

the other assets mentioned above.

B-101

PART II

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

December 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 30, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 31, 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
December 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
September 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
June 30, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
March 31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

High

Low

$28.12
$29.61
$27.82
$22.98
$23.08
$21.43
$21.53
$22.45

$25.35
$27.00
$22.36
$19.32
$21.08
$18.69
$18.73
$20.02

Dividend/
Distribution
Declared

$0.1900
$0.1900
$0.1900
$0.1900
$0.1275
$0.1275
$0.1275
$0.1275

As of February 21, 2016, the Company had 415 common stockholders of record. The number of holders
does not include individuals or entities who beneficially own shares but whose shares are held of record by a
broker or clearing agency, but does include each such broker or clearing agency as one record holder. The
Operating Partnership had 130 holders of record of 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 2016.

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, 2016, the Operating Partnership did not issue any Limited Partner

Units.

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

B-102

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, 2016, the Operating Partnership could satisfy its redemption obligations by making
an aggregate cash payment of approximately $113.3 million or by issuing 4,039,375 shares of the Company’s
common stock.

Equity Compensation Plans

The following table sets forth information regarding the Company’s equity compensation plans as of

December 31, 2016.

Plan Category

Number of
Securities
to be Issued
Upon
Exercise of
Outstanding
Options,
Warrants
and Rights

Weighted-
Average
Exercise
Price of
Outstanding
Options,
Warrants
and Rights

Number of
Securities
Remaining
Available
for Further
Issuance
Under Equity
Compensation
Plans

Equity Compensation Plans Approved by Security

Holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

510,677

Equity Compensation Plans Not Approved by Security

Holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

510,677

$—

—

$—

2,409,352

—

2,409,352

B-103

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
Index (“S&P 500”). The historical
information set forth below is not necessarily indicative of future
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

$350

$300

$250

$200

$150

$100

$50

$0

12/11

12/12

12/13

12/14

12/15

12/16

*

$100 invested on 12/31/11 in stock or index, including reinvestment of dividends. Fiscal year ending
December 31.

12/11

12/12

12/13

12/14

12/15

12/16

FIRST INDUSTRIAL REALTY TRUST, INC. . . . . . . . . $100.00 $137.63 $174.15 $209.66 $231.28 $301.71
S&P 500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100.00 $116.00 $153.58 $174.60 $177.01 $198.18
FTSE NAREIT Equity REITs . . . . . . . . . . . . . . . . . . . . . . $100.00 $118.06 $120.97 $157.43 $162.46 $176.30

*

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.

B-104

CORPORATE MANAGEMENT AND DIRECTORS

CORPORATE MANAGEMENT
Peter E. Baccile
Director, 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
First Industrial Realty Trust, Inc.
Director
Boston Properties, Inc.
Marriot International, Inc.
T. Rowe Price Funds

Peter E. Baccile‡
Director, President and Chief Executive Officer

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
Chairman
BMO Financial Corp.
Director
AGL Resources Inc.

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

B-105

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
Thursday, May 11, 2017, at 9:00 A.M. CDT at the
2nd Floor Conference Center, 311 South Wacker
Drive, Chicago, Illinois.

B-106

www.firstindustrial.com