First Industrial Realty Trust (FR) 8-K Other Events

Exhibit 99.3

FIRST INDUSTRIAL REALTY TRUST, INC.

INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE

	Page
FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm		F-2
Consolidated Balance Sheets of First Industrial Realty Trust, Inc. (the “Company”) as of December 31, 2005 and 2004		F-4
Consolidated Statements of Operations of the Company for the Years Ended December 31, 2005, 2004 and 2003		F-5
Consolidated Statements of Comprehensive Income of the Company for the Years Ended December 31, 2005, 2004 and 2003		F-6
Consolidated Statements of Changes in Stockholders’ Equity of the Company for the Years Ended December 31, 2005, 2004 and 2003		F-7
Consolidated Statements of Cash Flows of the Company for the Years Ended December 31, 2005, 2004 and 2003		F-8
Notes to the Consolidated Financial Statements		F-9
FINANCIAL STATEMENTS SCHEDULE
Schedule III: Real Estate and Accumulated Depreciation		S-1

F-1

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of

  First Industrial Realty Trust, Inc.:

We have completed integrated audits of First Industrial Realty Trust, Inc.’s 2005 and 2004 consolidated financial statements and of its internal control over financial reporting as of December 31, 2005 and an audit of its 2003 consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Our opinions, based on our audits, are presented below.

Consolidated financial statements and financial statement schedule

In our opinion, the consolidated financial statements listed in the index appearing under Item 15(a)(1) present fairly, in all material respects, the financial position of First Industrial Realty Trust, Inc. and its subsidiaries (“the Company”) at December 31, 2005 and 2004, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2005 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 accompanying index appearing under Item 15(a)(2) presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. These financial statements and financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes 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. We believe that our audits provide a reasonable basis for our opinion.

Internal control over financial reporting

Also, in our opinion, management’s assessment, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A, that the Company maintained effective internal control over financial reporting as of December 31, 2005 based on criteria established inInternal Control — Integrated Frameworkissued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), is fairly stated, in all material respects, based on those criteria. Furthermore, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2005 based on criteria established inInternal Control — Integrated Frameworkissued by the COSO. The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express opinions on management’s assessment and on the effectiveness of the Company’s internal control over financial reporting based on our audit. We conducted our audit of internal control over financial reporting in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. An audit of internal control over financial reporting includes obtaining an understanding of internal control over financial reporting, evaluating management’s assessment, testing and evaluating the design and operating effectiveness of internal control, and performing such other procedures as we consider necessary in the circumstances. We believe that our audit provides 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

F-2

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.

PricewaterhouseCoopers LLP

Chicago, Illinois

March 16, 2006, except with respect to our opinion on the consolidated financial statements insofar as it relates to the effects of discontinued operations discussed in Note 19, as to which the date is September 18, 2006.

F-3

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS

	December 31,			December 31,
	2005			2004
	(Dollars in thousands, except share and per share data)
ASSETS
Assets:
Investment in Real Estate:
Land	$	541,406		$	472,126
Buildings and Improvements		2,653,281			2,361,256
Construction in Progress		66,074			23,092
Less: Accumulated Depreciation		(410,566	)		(378,383	)
Net Investment in Real Estate		2,850,195			2,478,091
Real Estate Held for Sale, Net of Accumulated Depreciation and Amortization of $1,622 and $3,374 at December 31, 2005 and December 31, 2004		16,840			52,790
Cash and Cash Equivalents		8,237			4,924
Restricted Cash		29,581			25
Tenant Accounts Receivable, Net		8,897			6,986
Investments in Joint Ventures		44,241			5,489
Deferred Rent Receivable, Net		24,910			18,314
Deferred Financing Costs, Net		10,909			11,574
Deferred Leasing Intangibles, Net		78,537			38,956
Prepaid Expenses and Other Assets, Net		153,896			104,741
Total Assets	$	3,226,243		$	2,721,890
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgage Loans Payable, Net	$	57,309		$	59,905
Senior Unsecured Debt, Net		1,298,893			1,347,524
Unsecured Lines of Credit		457,500			167,500
Accounts Payable and Accrued Expenses		110,560			69,729
Deferred Leasing Intangibles, Net		24,307			8,697
Rents Received in Advance and Security Deposits		32,283			30,621
Dividends Payable		39,509			35,487
Total Liabilities		2,020,361			1,719,463
Commitments and Contingencies		—			—
Minority Interest		162,320			156,933
Stockholders’ Equity:
Preferred Stock ($.01 par value, 10,000,000 shares authorized, 20,000, 500, 250 and 750 shares of Series C, F, G and I Cumulative Preferred Stock, respectively, issued and outstanding at December 31, 2005, having a liquidation preference of $2,500 per share ($50,000), $100,000 per share ($50,000), $100,000 per share ($25,000) and $250,000 per share ($187,500), respectively. At December 31, 2004, 10,000,000 shares authorized, 20,000, 500 and 250 shares of Series C, F and G Cumulative Preferred Stock, respectively, were issued and outstanding, having a liquidation preference of $2,500 per share ($50,000), $100,000 per share ($50,000) and $100,000 per share ($25,000), respectively		—			—
Common Stock ($.01 par value, 100,000,000 shares authorized, 46,971,110 and 45,360,491 shares issued and 44,444,710 and 42,834,091 shares outstanding at December 31, 2005 and December 31, 2004, respectively)		470			454
AdditionalPaid-in-Capital		1,384,712			1,142,356
Distributions in Excess of Accumulated Earnings		(248,686	)		(203,417	)
Unearned Value of Restricted Stock Grants		(16,825	)		(19,611	)
Accumulated Other Comprehensive Loss		(5,521	)		(3,700	)
Treasury Shares at Cost (2,526,400 shares at December 31, 2005 and December 31, 2004)		(70,588	)		(70,588	)
Total Stockholders’ Equity		1,043,562			845,494
Total Liabilities and Stockholders’ Equity	$	3,226,243		$	2,721,890

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

F-4

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2005			2004			2003
	(In thousands except per Share data)
Revenues:
Rental Income	$	233,420		$	208,918		$	195,346
Tenant Recoveries and Other Income		88,162			69,638			62,080
Revenues from Build to Suit Development for Sale		16,241			—			—
Total Revenues		337,823			278,556			257,426
Expenses:
Real Estate Taxes		49,307			42,538			39,917
Repairs and Maintenance		26,454			22,499			20,656
Property Management		16,628			12,433			9,712
Utilities		11,938			10,000			8,442
Insurance		2,392			3,015			2,598
Other		6,305			3,936			6,296
General and Administrative		55,812			39,569			26,953
Amortization of Deferred Financing Costs		2,125			1,931			1,764
Depreciation and Other Amortization		110,654			83,326			65,723
Expenses from Build to Suit Development for Sale		15,574			—			—
Total Expenses		297,189			219,247			182,061
Other Income/Expense:
Interest Income		1,486			3,632			2,416
Mark-to-Market/Gain on Settlement of Interest Rate Protection Agreements		811			1,583			—
Interest Expense		(108,339	)		(98,636	)		(94,895	)
Gain (Loss) From Early Retirement of Debt		82			(515	)		(1,466	)
Total Other Income/Expense		(105,960	)		(93,936	)		(93,945	)
Loss from Continuing Operations Before Equity in Income of Joint Ventures, Income Tax Benefit and Income Allocated To Minority Interest		(65,326	)		(34,627	)		(18,580	)
Equity in Income of Joint Ventures		3,699			37,301			539
Income Tax Benefit		13,625			7,833			5,305
Minority Interest Allocable to Continuing Operations		7,664			1,630			4,706
(Loss) Income from Continuing Operations		(40,338	)		12,137			(8,030	)
Income from Discontinued Operations (Including Gain on Sale of Real Estate of $131,955, $88,245 and $79,485 for the Years Ended December 31, 2005 2004 and 2003, respectively)		151,078			113,644			132,957
Provision for Income Taxes Allocable to Discontinued Operations (including $18,718, $8,147 and $1,965 allocable to Gain on Sale of Real Estate for the Years Ended December 31, 2005, 2004 and 2003, respectively)		(23,346	)		(10,960	)		(3,579	)
Minority Interest Allocable to Discontinued Operations		(16,810	)		(14,088	)		(19,057	)
Income Before Gain on Sale of Real Estate		70,584			100,733			102,291
Gain on Sale of Real Estate		29,734			16,755			15,794
Provision for Income Taxes Allocable to Gain on Sale of Real Estate		(10,711	)		(5,312	)		(2,328	)
Minority Interest Allocable to Gain on Sale of Real Estate		(2,503	)		(1,570	)		(1,984	)
Net Income		87,104			110,606			113,773
Less: Preferred Dividends		(10,688	)		(14,488	)		(20,176	)
Less: Redemption of Preferred Stock		—			(7,959	)		—
Net Income Available to Common Stockholders	$	76,416		$	88,159		$	93,597
Basic Earnings Per Share:
Loss from Continuing Operations Available to Common Stockholders	$	(0.81	)	$	(0.01	)	$	(0.43	)
Income from Discontinued Operations	$	2.61		$	2.18		$	2.86
Net Income Available to Common Stockholders	$	1.80		$	2.17		$	2.43
Weighted Average Shares Outstanding		42,431			40,557			38,542
Diluted Earnings Per Share:
Loss from Continuing Operations Available to Common Stockholders	$	(0.81	)	$	(0.01	)	$	(0.43	)
Income from Discontinued Operations	$	2.61		$	2.18		$	2.86
Net Income Available to Common Stockholders	$	1.80		$	2.17		$	2.43
Weighted Average Shares Outstanding		42,431			40,557			38,542
Dividends/Distributions declared per Common Share Outstanding	$	2.7850		$	2.7500		$	2.7400

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

F-5

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2005			2004			2003
	(Dollars in thousands)
Net Income	$	87,104		$	110,606		$	113,773
Other Comprehensive (Loss) Income:
Settlement of Interest Rate Protection Agreements		—			6,816			—
Reclassification of Settlement of Interest Rate Protection Agreements to Net Income		(159	)		—			—
Mark-to-Market of Interest Rate Protection Agreements		(1,414	)		106			251
Amortization of Interest Rate Protection Agreements		(1,085	)		(512	)		198
Other Comprehensive Income Allocable to Minority Interest		837			—			—
Comprehensive Income	$	85,283		$	117,016		$	114,222

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

F-6

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2005			2004			2003
	(Dollars in thousands, except for per share data) (Dollars in thousands)
Preferred Stock — Beginning of Year	$	—		$	1		$	1
Issuance of Preferred Stock		—			—			—
Redemption of Preferred Stock		—			(1	)		—
Preferred Stock — End of Year	$	—		$	—		$	1
Common Stock — Beginning of Year	$	454		$	424		$	411
Net Proceeds from the Issuance of Common Stock		15			30			6
Issuance of Restricted Stock		2			2			7
Repurchase and Retirement of Common Stock		(1	)		(1	)		(1	)
Restricted Stock Forfeitures		(1	)		(4	)		—
Conversion of Units to Common Stock		1			3			1
Common Stock — End of Year	$	470		$	454		$	424
AdditionalPaid-In-Capital — Beginning of Year	$	1,142,356		$	1,161,373		$	1,124,622
Net Proceeds from the Issuance of Common Stock		56,109			99,250			15,111
Issuance of Restricted Stock		8,379			8,377			20,634
Repurchase and Retirement of Restricted Stock/Common Stock		(2,741	)		(3,094	)		(1,797	)
Restricted Stock Forfeitures		(2,825	)		(10,629	)		—
Amortization of Stock Based Compensation		—			—			54
Net Proceeds from the Issuance of Preferred Stock		181,484			194,424			—
Redemption of Preferred Stock		—			(313,537	)		—
Conversion of Units to Common Stock		1,950			6,192			2,749
AdditionalPaid-In-Capital — End of Year	$	1,384,712		$	1,142,356		$	1,161,373
Dist. In Excess of Accum. Earnings — Beginning of Year	$	(203,417	)	$	(172,892	)	$	(158,251	)
Preferred Stock Dividends ($215.624 per Series C Preferred Share, $6,236.000 per Series F Preferred Share, $7,236.000 per Series G Preferred Share and $1,930.2431 per Series I Preferred Share at December 31, 2005, $215.624 per Series C Preferred Share, $86.678 per Series D Preferred Share, $86.132 per Series E Preferred Share, $3,724.280 per Series F Preferred Share, $4,321.500 per Series G Preferred Share and $629.555 per Series H Preferred Share at December 31, 2004, $215.624 per Series C Preferred Share, $198.748 per Series D Preferred Share and $197.500 per Series E Preferred Share at December 31, 2003)		(10,688	)		(14,488	)		(20,176	)
Distributions ($2.7850, $2.7500 and $2.7400 per Share/Unit at December 31, 2005, 2004 and 2003, respectively)		(139,168	)		(132,585	)		(126,699	)
Redemption of Preferred Stock		—			(7,959	)		—
Repurchase and Retirement of Restricted Stock/Common Stock		(543	)		(652	)		(67	)
Restricted Stock Forfeitures		(147	)		(3,464	)		—
Net Income Before Minority Interest		98,753			124,634			130,108
Minority Interest:
Allocation of Income		(11,649	)		(14,028	)		(16,335	)
Distributions ($2.7850, $2.7500 and $2.7400 per Unit at December 31, 2005, 2004 and 2003, respectively)		18,173			18,017			18,528
Dist. In Excess of Accum. Earnings — End of Year	$	(248,686	)	$	(203,417	)	$	(172,892	)
Unearned Value of Rest. Stock Grants — Beginning of Year	$	(19,611	)	$	(19,035	)	$	(4,307	)
Issuance of Restricted Stock		(8,381	)		(8,379	)		(20,641	)
Amortization of Restricted Stock Grants		8,845			6,866			5,913
Restricted Stock Forfeitures		2,322			937			—
Unearned Value of Rest. Stock Grants — End of Year	$	(16,825	)	$	(19,611	)	$	(19,035	)
Treasury Shares, at cost — Beginning of Year	$	(70,588	)	$	(70,588	)	$	(69,591	)
Purchase of Treasury Shares		—			—			(997	)
Treasury Shares, at cost — End of Year	$	(70,588	)	$	(70,588	)	$	(70,588	)
Accum. Other Comprehensive Loss — Beginning of Year	$	(3,700	)	$	(10,110	)	$	(10,559	)
Settlement of Interest Rate Protection Agreements		—			6,816			—
Reclassification of Settlement of Interest Rate Protection Agreements to Net Income		(159	)		—			—
Mark-to-Market of Interest Rate Protection Agreements		(1,414	)		106			251
Amortization of Interest Rate Protection Agreements		(1,085	)		(512	)		198
Other Comprehensive Income Allocable to Minority Interest		837			—			—
Accum. Other Comprehensive Loss — End of Year	$	(5,521	)	$	(3,700	)	$	(10,110	)
Total Stockholders’ Equity at End of Year	$	1,043,562		$	845,494		$	889,173

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

F-7

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2005			2004			2003
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	87,104		$	110,606		$	113,773
Income Allocated to Minority Interest		11,649			14,028			16,335
Net Income Before Minority Interest		98,753			124,634			130,108
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation		99,338			82,757			73,902
Amortization of Deferred Financing Costs		2,125			1,931			1,764
Other Amortization		33,728			22,547			17,846
Provision for Bad Debt		1,817			(1,474	)		(160	)
Mark-to-Market/Loss on Settlement of Interest Rate Protection Agreements		(143	)		—			—
(Gain) Loss From Early Retirement of Debt		(82	)		515			1,466
Equity in Income of Joint Ventures		(3,699	)		(36,451	)		(539	)
Distributions from Joint Ventures		3,866			36,451			539
Increase in Build to Suit Development for Sale Costs Receivable		(16,241	)		—			—
Gain on Sale of Real Estate		(161,689	)		(91,242	)		(91,081	)
Increase in Tenant Accounts Receivable and Prepaid Expenses and Other Assets, Net		(23,371	)		(46,030	)		(24,380	)
Increase in Deferred Rent Receivable		(9,459	)		(6,771	)		(2,597	)
Increase (Decrease) in Accounts Payable and Accrued Expenses and Rents Received in Advance and Security Deposits		24,407			(9,210	)		(6,454	)
Decrease in Restricted Cash		—			—			2,742
Net Cash Provided by Operating Activities		49,350			77,657			103,156
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of and Additions to Investment in Real Estate		(920,707	)		(485,393	)		(312,356	)
Net Proceeds from Sales of Investments in Real Estate		537,252			293,703			321,989
Contributions to and Investments in Joint Ventures		(45,175	)		(5,422	)		(5,711	)
Distributions from Joint Ventures		2,971			14,074			2,859
Repayment and Sale of Mortgage Loans Receivable		83,561			111,049			75,886
(Increase) Decrease in Restricted Cash		(29,556	)		81,981			(53,630	)
Net Cash (Used in) Provided by Investing Activities		(371,654	)		9,992			29,037
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Proceeds from the Issuance of Common Stock		55,754			86,121			14,799
Proceeds from the Issuance of Preferred Stock		187,500			200,000			—
Preferred Stock Offering Costs		(5,906	)		(5,576	)		—
Redemption of Preferred Stock		—			(321,438	)		—
Repurchase of Restricted Stock		(3,285	)		(3,747	)		(1,865	)
Purchase of Treasury Shares		—			—			(997	)
Proceeds from Maturity of U.S. Government Securities		—			—			15,832
Proceeds from Senior Unsecured Debt		—			134,496			—
Other Proceeds from Senior Unsecured Debt		—			6,816			—
Repayment of Senior Unsecured Debt		(50,000	)		—			—
Dividends/Distributions		(137,672	)		(130,220	)		(125,916	)
Preferred Stock Dividends		(8,162	)		(13,256	)		(20,176	)
Proceeds from Mortgage Loans Payable		1,167			1,400			—
Repayments of Mortgage Loans Payable		(1,987	)		(5,965	)		(38,529	)
Proceeds from Unsecured Lines of Credit		647,500			581,000			264,300
Repayments on Unsecured Lines of Credit		(357,500	)		(609,400	)		(238,700	)
Cost of Debt Issuance and Prepayment Fees		(1,792	)		(3,777	)		(120	)
Net Cash Provided by (Used in) Financing Activities		325,617			(83,546	)		(131,372	)
Net Increase in Cash and Cash Equivalents		3,313			4,103			821
Cash and Cash Equivalents, Beginning of Period		4,924			821			—
Cash and Cash Equivalents, End of Period	$	8,237		$	4,924		$	821

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

F-8

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

1.   Organization and Formation of Company

First Industrial Realty Trust, Inc. was organized in the state of Maryland on August 10, 1993. First Industrial Realty Trust, Inc. is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986, as amended (the “Code”).

First Industrial Realty Trust, Inc. and its subsidiaries (the “Company”) began operations on July 1, 1994. The Company’s operations are conducted primarily through First Industrial, L.P. (the “Operating Partnership”) of which the Company is the sole general partner. The Company is the sole stockholder of First Industrial Finance Corporation, First Industrial Pennsylvania Corporation, First Industrial Harrisburg Corporation, First Industrial Securities Corporation, First Industrial Mortgage Corporation, First Industrial Indianapolis Corporation, FI Development Services Corporation and First Industrial Florida Finance Corporation, which are the sole general partners of First Industrial Financing Partnership, L.P. (the “Financing Partnership”), First Industrial Pennsylvania, L.P. (the “Pennsylvania Partnership”), First Industrial Harrisburg, L.P. (the “Harrisburg Partnership”), First Industrial Securities, L.P. (the “Securities Partnership”), First Industrial Mortgage Partnership, L.P. (the “Mortgage Partnership”), First Industrial Indianapolis, L.P. (the “Indianapolis Partnership”), FI Development Services, L.P. and TK-SV, LTD., respectively, and the Operating Partnership is the sole limited partner. The Operating Partnership is also the sole member of limited liability companies and the sole stockholder of First Industrial Development Services, Inc. The operating data of the foregoing subsidiaries of the Company is consolidated with that of the Company as presented herein. The Company, through separate, wholly-owned limited liability companies of which the Operating Partnership or First Industrial Development Services, Inc. is the sole member, also owns minority equity interests in, and provides various services to, four joint ventures which invest in industrial properties (the “September 1998 Joint Venture”, the “May 2003 Joint Venture”, the “March 2005 Joint Venture” and the “September 2005 Joint Venture”). The Company, through a separate, wholly-owned limited liability company of which the Operating Partnership is also the sole member, also owned a minority interest in and provided property management services to a fifth joint venture which invested in industrial properties (the “December 2001 Joint Venture”; together with the September 1998 Joint Venture, the May 2003 Joint Venture, the March 2005 Joint Venture and the September 2005 Joint Venture, the “Joint Ventures”). During the year ended December 31, 2004, the December 2001 Joint Venture sold all of its industrial properties. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.

As of December 31, 2005, the Company owned 959 industrial properties (inclusive of developments in progress) located in 31 states and one Province in Canada, containing an aggregate of approximately 81.6 million square feet (unaudited) of gross leasable area (“GLA”).

2.   Basis of Presentation

First Industrial Realty Trust, Inc. is the sole general partner of the Operating Partnership, with an approximate 86.8% and 86.9% ownership interest at December 31, 2005 and 2004, respectively. Minority interest at December 31, 2005 and 2004, represents the approximate 13.2% and 13.1%, respectively, aggregate partnership interest in the Operating Partnership held by the limited partners thereof.

The consolidated financial statements of the Company at December 31, 2005 and 2004 and for each of the years ended December 31, 2005, 2004 and 2003 include the accounts and operating results of the Company and its subsidiaries. Such financial statements present the Company’s minority equity interests in the Joint Ventures under the equity method of accounting. All intercompany transactions have been eliminated in consolidation.

F-9

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

3.   Summary of Significant Accounting Policies

In order to conform with generally accepted accounting principles, management, in preparation of the Company’s financial statements, is 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, 2005 and 2004, and the reported amounts of revenues and expenses for each of the years ended December 31, 2005, 2004 and 2003. Actual results could differ from those estimates.

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

At December 31, 2005 and 2004, restricted cash includes gross proceeds from the sales of certain properties. These sales proceeds will be disbursed as the Company exchanges into properties under Section 1031 of the Internal Revenue 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. The Company reviews its properties on a quarterly basis for impairment and provides a provision if impairments are found. To determine if an impairment may exist, the Company reviews its properties and identifies those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy). If further assessment of recoverability is needed, the Company estimates the future net cash flows expected to result from the use of the property and its eventual disposition, on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, the Company will recognize an impairment loss based upon the estimated fair value of such property. For properties management considers held for sale, the Company ceases depreciating the properties and values 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, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. To calculate the fair value of properties held for sale, the Company deducts from the contract price of the property the estimated costs to close the sale. The Company classifies properties as held for sale when the Company has an executed contract to sell.

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, the Company reclassifies construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point the Company is undergoing necessary activities to get the development ready for its intended use and ceases when the development projects are substantially completed and held

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FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

available for occupancy. Depreciation expense is computed using the straight-line method based on the following useful lives:

	Years
Buildings and Improvements		20 to 50
Land Improvements		15
Furniture, Fixtures and Equipment		5 to 10

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 independent third parties 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.

The Company accounts for all acquisitions entered into subsequent to June 30, 2001 in accordance with Financial Accounting Standards Board’s (“FASB”) Statement of Financial Accounting Standard No. 141, “Business Combinations” (“FAS 141”). Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases and above market and below market leases. The Company allocates 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 are valued based on the present value of the difference between prevailing market rates and the in-place rates over the remaining lease term.

The purchase price is further allocated to in-place lease values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with the respective tenant. Acquired above and below market leases are amortized over the remaining non-cancelable terms of the respective leases as an adjustment to rental revenue on the Company’s consolidated statements of operations. The value of in-place lease intangibles, which is included as a component of Deferred Leasing Intangibles, Net (see below) is amortized over the remaining lease term and expected renewal periods of the respective lease as an adjustment 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 and the in-place lease value is immediately written off.

Deferred Leasing Intangibles included in the Company’s total assets consist of the following:

	December 31,			December 31,
	2005			2004
In-Place Leases	$	78,674		$	37,632
Less: Accumulated Amortization		(6,236	)		(2,331	)
	$	72,438		$	35,301
Above Market Leases	$	7,958		$	4,609
Less: Accumulated Amortization		(1,859	)		(954	)
	$	6,099		$	3,655

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FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Deferred Leasing Intangibles included in the Company’s total liabilities consist of the following:

	December 31,			December 31,
	2005			2004
Below Market Leases	$	27,710		$	10,536
Less: Accumulated Amortization		(3,403	)		(1,839	)
	$	24,307		$	8,697

Amortization expense related to deferred leasing intangibles was $6,733 and $1,643 for the years ended December 31, 2005 and 2004, respectively. The Company will recognize net amortization expense related to deferred leasing intangibles over the next five years as follows:

2006	$	5,731
2007		6,007
2008		6,270
2009		6,439
2010		6,179
Total	$	30,626

Build to Suit for Sale Revenues and Expenses

During 2005, the Company entered into a contract with a third party to construct an industrial property. Thisbuild-to-suit for sale contract requires the purchase price to be paid at closing. The Company uses thepercentage-of-completion contract method of accounting in accordance withSOP 81-1 “Accounting for Performance of Construction-Type and Certain Production-Type Contracts”. During the period of performance, costs are accumulated on the balance sheet in Prepaid Expenses and Other Assets ($15,574 at December 31, 2005) and revenues and expenses are recognized in continuing operations.

Deferred Financing Costs

Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs was $12,541 and $10,873 at December 31, 2005 and 2004, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Investments in Joint Ventures

Investments in Joint Ventures represent the Company’s minority equity interests in the Joint Ventures. The Company accounts for its investments in Joint Ventures under the equity method of accounting, as the Company does not have operational control or a majority voting interest. Under the equity method of accounting, the Company’s share of earnings or losses of the Joint Ventures is reflected in income as earned and contributions or distributions increase or decrease, respectively, the Company’s Investments in Joint Ventures as paid or received, respectively. Differences between the Company’s carrying value of its investments in joint ventures and the Company’s underlying equity of such joint ventures are amortized over the respective lives of the underlying assets.

Stock Based Compensation

At December 31, 2005, the Company has three stock incentive employee compensation plans, which are described more fully in Note 13. Prior to January  1, 2003, the Company accounted for its stock incentive plans under the recognition and measurement principles of Accounting Principles Board Opinion No. 25,

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FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

“Accounting for Stock Issued to Employees” (“APB 25”). Under APB 25, compensation expense is not recognized for options issued in which the strike price is equal to the fair value of the Company’s stock on the date of grant. Certain options issued in 2000 were issued with a strike price less than the fair value of the Company’s stock on the date of grant. Compensation expense is being recognized for the intrinsic value of these options determined at the date of grant over the vesting period. On January 1, 2003, the Company adopted the fair value recognition provisions of the FASB Statement of Financial Accounting Standards No. 123, “Accounting for Stock Based Compensation” (“FAS 123”), as amended by FASB Statement of Financial Accounting Standards No. 148, “Accounting for Stock-Based Compensation-Transition and Disclosure”. Beginning on January 1, 2003, the Company has applied the fair value recognition provisions of FAS 123 prospectively to all employee option awards granted after December 31, 2002. The Company has not awarded options to employees or directors of the Company during the years ended December 31, 2005, 2004 and 2003, and therefore no stock-based employee compensation expense, except for expense related to restricted stock, is included in net income available to common stockholders related to the fair value recognition provisions of FAS 123.

Had compensation expense for the Company’s Stock Incentive Plans been determined based upon the fair value at the grant date for awards under the Stock Incentive Plans consistent with the methodology prescribed under FASB Statement of Financial Accounting Standards No. 123, “Accounting for Stock- Based Compensation”, as amended by FAS 148, net income and earnings per share would have been the pro forma amounts indicated in the table below:

	For the Year Ended
	2005			2004			2003
Net Income Available to Common Stockholders — as reported	$	76,416		$	88,159		$	93,597
Add: Stock-Based Employee Compensation Expense Included in Net Income Available to Common Stockholders, Net of Minority Interest — as reported		—			—			46
Less: Total Stock-Based Employee Compensation Expense, Net of Minority Interest — Determined Under the Fair Value Method		(87	)		(362	)		(1,149	)
Net Income Available to Common Stockholders — pro forma	$	76,329		$	87,797		$	92,494
Net Income Available to Common Stockholders per Share — as reported — Basic	$	1.80		$	2.17		$	2.43
Net Income Available to Common Stockholders per Share — pro forma — Basic	$	1.80		$	2.16		$	2.40
Net Income Available to Common Stockholders per Share — as reported — Diluted	$	1.80		$	2.17		$	2.43
Net Income Available to Common Stockholders per Share — pro forma — Diluted	$	1.80		$	2.16		$	2.40
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
Expected dividend yield		N/A			N/A			N/A
Expected stock price volatility		N/A			N/A			N/A
Risk-free interest rate		N/A			N/A			N/A
Expected life of options		N/A			N/A			N/A

The Company did not issue any options in 2005, 2004 and 2003.

F-13

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

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 the Company.

Revenue is recognized on payments received from tenants for early lease terminations after the Company determines that all the necessary criteria have been met in accordance with FASB Statement of Financial Accounting Standards No. 13, “Accounting for Leases” (“FAS 13”).

Interest income on mortgage loans receivable is recognized based on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected.

The Company provides an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $111 and $416 as of December 31, 2005 and 2004, respectively. For accounts receivable the Company deems uncollectible, the Company uses the direct write-off method.

Gain on Sale of Real Estate

Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are written off with resulting gains or losses reflected in net income or loss. Estimated future costs to be incurred by the Company after completion of each sale are included in the determination of the gain on sales.

Income Taxes

The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a result, the Company generally is not subject to federal income taxation to the extent of the income which it distributes if it satisfies the requirements set forth in Section 856 of the Code (pertaining to its organization and types of income and assets) necessary to maintain its status as a REIT, it distributes annually at least 90% of its REIT taxable income, as defined in the Code, to its stockholders and it satisfies certain other requirements. Accordingly, no provision has been made for state or federal income taxes in the accompanying consolidated financial statements except for activities conducted in its taxable REIT subsidiary, First Industrial Development Services, Inc. which has been accounted for under FASB Statement of Financial Standards No. 109, “Accounting for Income Taxes” (“FAS 109”). In accordance with FAS 109, the total benefit/expense has been separately allocated to income from continuing operations, income from discontinued operations and gain on sale of real estate.

The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. The provision for local, 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. State income taxes are included in the provision/benefit for income taxes which is allocated to income from continuing operations, income from discontinued operations and gain on sale of real estate.

F-14

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Earnings Per Common Share

Net income per weighted average share — basic is based on the weighted average common shares outstanding (excluding restricted stock that has not yet vested). Net income per weighted average share — diluted is based on the weighted average common shares outstanding (excluding restricted stock that has not yet vested) plus the dilutive effect ofin-the-money employee stock options and restricted stock. See Note 10 for further disclosure about earnings per share.

Fair Value of Financial Instruments

The Company’s financial instruments include short-term investments, tenant accounts receivable, net, mortgage notes receivable, accounts payable, other accrued expenses, mortgage loans payable, unsecured lines of credit and senior unsecured debt.

The fair values of the short-term investments, tenant accounts receivable, net, mortgage notes receivable, accounts payable and other accrued expenses approximates their carrying or contract values. See Note 5 for the fair values of the mortgage loans payable, unsecured lines of credit and senior unsecured debt.

Derivative Financial Instruments

Historically, the Company has used interest rate protection agreements (the “Agreements”) to fix the interest rate on anticipated offerings of senior unsecured debt or convert floating rate debt to fixed rate debt. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured debt are amortized over the life of the senior unsecured 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 aremarked-to-market and any gain or loss is recognized in other comprehensive income (shareholders’ equity). Any agreements which no longer qualify for hedge accounting aremarked-to-market and any gain or loss is recognized in net income immediately. The credit risks associated with the 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 the Agreements, the Company’s exposure is limited to the current value of the interest rate differential, not the notional amount, and the Company’s carrying value of the Agreements on the balance sheet. See Note 5 for more information on the Agreements.

Discontinued Operations

On January 1, 2002, the Company adopted the FASB Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long Lived Assets” (“FAS 144”). FAS 144 addresses financial accounting and reporting for the disposal of long lived assets. FAS 144 requires that the results of operations and gains or losses on the sale of property be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Company as a result of the disposal transaction and (b) the Company will not have any significant continuing involvement in the operations of the property after the disposal transaction. FAS 144 also requires prior period results of operations for these properties to be reclassified and presented in discontinued operations in prior consolidated statements of operations.

Segment Reporting

Management views the Company as a single segment based on its method of internal reporting.

Reclassification

Certain 2004 and 2003 items have been reclassified to conform to the 2005 presentation.

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FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Recent Accounting Pronouncements

In December, 2004, the FASB issued Statement of Financial Accounting Standards No. 153, “Exchanges of Nonmonetary Assets — An Amendment of APB Opinion No. 29” (“FAS 153”). The amendments made by FAS 153 are based on the principle that exchanges of nonmonetary assets should be measured based on the fair value of the assets exchanged. Further, the amendments eliminate the narrow exception for nonmonetary exchanges of similar productive assets and replace it with a broader exception for exchanges of nonmonetary assets that do not have “commercial substance.” FAS 153 is effective for nonmonetary asset exchanges occurring in fiscal periods beginning after June 15, 2005. The adoption of FAS 153 did not have a material effect on the Company’s consolidated financial statements.

In December 2004, the FASB issued SFAS No. 123(R), “Share-Based Payment” (SFAS 123(R)”). SFAS 123(R) is an amendment of SFAS 123 and requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements. The cost is required to be measured based on the fair value of the equity of liability instruments issued. SFAS 123(R) also contains additional minimum disclosure requirements that including, but not limited to, the valuation method and assumptions used, amounts of compensation capitalized and modifications made. The effective date of SFAS 123(R) was subsequently amended by the SEC to be as of the beginning of the first interim or annual reporting period of the first fiscal year that begins on or after June 5, 2005, and allows several different methods of transition. The Company expects to adopt the pronouncement as required on January 1, 2006 using the prospective method and does not believe that the adoption of SFAS 123(R) will have a material impact on its financial position, results of operations or cash flows.

In March 2005, the FASB issued FASB Interpretation (FIN) No. 47, Accounting for Conditional Asset Retirement Obligations, an Interpretation of FASB Statement No. 143. A conditional asset retirement obligation refers to a legal obligation to retire assets where the timingand/or method of settlement are conditioned on future events. FIN No. 47 requires an entity to recognize a liability for the fair value of a conditional asset retirement obligation when incurred if the liability’s fair value can be reasonably estimated. The Company adopted the provisions of FIN 47 in 2005. The adoption of this Interpretation did not have a material impact on the Company’s consolidated financial position, results of operations or cash flows.

In May, 2005, the FASB issued Statement of Financial Accounting Standards No. 154, “Accounting Changes and Error Corrections” (“FAS 154”) which supersedes APB Opinion No. 20, “Accounting Changes” and Statement of Financial Accounting Standards No. 3, “Reporting Accounting Changes in Interim Financial Statements”. FAS 154 changes the requirements for the accounting for and reporting of changes in accounting principle. The statement requires the retroactive application to prior periods’ financial statements of changes in accounting principles, unless it is impracticable to determine either the period specific effects or the cumulative effect of the change. FAS 154 does not change the guidance for reporting the correction of an error in previously issued financial statements or the change in an accounting estimate. FAS 154 is effective for accounting changes and corrections of errors made in fiscal years beginning after December 15, 2005.

In June, 2005, the FASB ratified the consensus reached by the Emerging Issues Task Force (“EITF”) regardingEITF 04-05, “Investor’s Accounting for an Investment in a Limited Partnership When the Investor is the Sole General Partner and the Limited Partners Have Certain Rights.” The conclusion provides a framework for addressing the question of when a sole general partner, as defined inEITF 04-05, should consolidate a limited partnership. The EITF has concluded that the general partner of a limited partnership should consolidate a limited partnership unless (1) the limited partners possess substantive kick-out rights as defined in paragraph B20 of FIN 46R, or (2) the limited partners possess substantive participating rights similar to the rights described in Issue 96-16, “Investor’s Accounting for an Investee When the Investor has a Majority of the Voting Interest by the Minority Shareholder or Shareholders Have Certain Approval or Veto Rights.” In addition, the EITF concluded that the guidance should be expanded to include all limited partnerships, including those with multiple general partners. The Company will adoptEITF 04-05 as of January 1, 2006.

F-16

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The Company’s adoption of this EITF will not impact the Company’s results of operations, financial position or liquidity.

In June 2005, the FASB ratified the consensus reached by the EITF regarding EITFNo. 05-6, “Determining the Amortization Period for Leasehold Improvements.” The guidance requires that leasehold improvements acquired in a business combination, or purchased subsequent to the inception of a lease, be amortized over the lesser of the useful life of the assets or a term that includes renewals that are reasonably assured at the date of the business combination or purchase. The guidance is effective for periods beginning after June 29, 2005.EITF 05-6 does not impact the Company’s results of operations, financial position, or liquidity.

4.   Investments in Joint Ventures

On September 28, 1998, the Company, through a wholly-owned limited liability company in which the Operating Partnership is the sole member, entered into a joint venture arrangement (the “September 1998 Joint Venture”) with an institutional investor to invest in industrial properties. The Company, through wholly-owned limited liability companies of the Operating Partnership, owns a 10% equity interest in the September 1998 Joint Venture and provides property and asset management services to the September 1998 Joint Venture. On or after October 2000, under certain circumstances, the Company has the right to purchase all of the properties owned by the September 1998 Joint Venture at a price to be determined in the future. The Company has not exercised this right.

On December 28, 2001, the Company, through a wholly-owned limited liability company in which the Operating Partnership is the sole member, entered into a joint venture arrangement (the “December 2001 Joint Venture”) with an institutional investor to invest in industrial properties. The Company, through wholly-owned limited liability companies of the Operating Partnership, owned a 15% equity interest in the December 2001 Joint Venture and provided property management services to the December 2001 Joint Venture. On August 27, 2004, the December 2001 Joint Venture sold all 36 industrial properties, containing approximately 6.2 million square feet (unaudited) of GLA, to a third party for gross proceeds of approximately $349,750. Due to certain provisions in the operating agreement, the Company received distributions in excess of its 15% equity interest in the December 2001 Joint Venture. Due to the sale of all 36 industrial properties, the Company recognized, in aggregate, approximately $34,767 from the Company’s 15% share of gain from the sale of the December 2001 Joint Venture’s properties and distributions received from the December 2001 Joint Venture in excess of the Company’s 15% equity interest. This amount is included in Equity in Income of Joint Ventures.

As a result of the sale on August 27, 2004 to a third party, the Company recognized the unamortized portion of the previously deferred gain from the original sales to the December 2001 Joint Venture, of approximately $5,836. These deferred gains are included in Equity in Income of Joint Ventures.

On May 16, 2003, the Company, through a wholly-owned limited liability company in which the Operating Partnership is the sole member, entered into a joint venture arrangement (the “May 2003 Joint Venture”) with an institutional investor to invest in industrial properties. The Company, through wholly-owned limited liability companies of the Operating Partnership, owns a 15% equity interest in the May 2003 Joint Venture and provides property management services to the May 2003 Joint Venture.

On March 18, 2005, the Company, through a wholly-owned limited liability company in which First Industrial Development Services, Inc. is the sole member, entered into a joint venture arrangement (the “March 2005 Joint Venture”) with an institutional investor to invest in, own, develop, redevelop and operate certain industrial properties. The Company, through wholly-owned limited liability companies of the Operating Partnership or First Industrial Development Services, Inc., owns a 10% equity interest in the March 2005 Joint Venture and provides property management, asset management, development management and leasing management services to the March 2005 Joint Venture.

F-17

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

On September 7, 2005, the Company, through a wholly-owned limited liability company in which First Industrial Development Services, Inc. is the sole member, entered into a joint venture arrangement (the “September 2005 Joint Venture”) with an institutional investor to invest in, own and operate certain industrial properties. The Company, through wholly-owned limited liability companies of the Operating Partnership or First Industrial Development Services, Inc., owns a 10% equity interest in the September 2005 Joint Venture and provides property management, asset management, development management and leasing management services to the September 2005 Joint Venture.

As of December 31, 2005, the September 1998 Joint Venture owned 41 industrial properties comprising approximately 1.3 million square feet (unaudited) of GLA, the May 2003 Joint Venture owned 11 industrial properties comprising approximately 4.7 million square feet (unaudited) of GLA, the March 2005 Joint Venture owned 47 industrial properties comprising approximately 4.2 million square feet (unaudited) of GLA and several land parcels and the September 2005 Joint Venture owned 217 industrial properties comprising approximately 14.0 million square feet (unaudited) of GLA and several land parcels.

During the year ended December 31, 2005, the Company sold eight properties and several land parcels to the March 2005 Joint Venture comprising approximately 1.6 million square feet (unaudited) of GLA for a sales price of $92.6 million. The Company deferred 10% of the gain from the sale, which is equal to the Company’s economic interest in the March 2005 Joint Venture. In December 2005, the March 2005 Joint Venture sold a portion of a parcel of land to a third party. As a result of the sale, the Company recognized the unamortized portion of the previously deferred gain, net of tax, from the original sale to the March 2005 Joint Venture in Equity in Income of Joint Ventures. If the Company repurchases any of the eight properties or land parcels, the 10% deferral will be netted against the basis of the property purchased (which reduces the basis of the property).

During the year ended December 31, 2005, the Company earned acquisition fees from the May 2003 Joint Venture and the September 2005 Joint Venture. The Company deferred 15% of the acquisition fees earned from the May 2003 Joint Venture activity and 10% of the acquisition fees earned from the September 2005 Joint Venture activity. The deferrals reduced the Company’s investment in the joint ventures and are amortized into income over the life of the properties, generally 25 to 40 years.

At December 31, 2005 and 2004, the Company has a receivable from the Joint Ventures of $3,354 and $1,261, respectively, which mainly relate to development, property management and asset management fees due to the Company, from the Joint Ventures and from borrowings made to the September 1998 Joint Venture.

During the years ended December 31, 2005, 2004 and 2003, the Company invested the following amounts in its Joint Ventures as well as received distributions and recognized fees from acquisition, disposition, property management, leasing, development and asset management services in the following amounts:

	Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,
	2005		2004		2003
Contributions	$	43,311	$	3,676	$	5,558
Distributions	$	6,837	$	50,525	$	3,398
Fees	$	8,301	$	2,689	$	2,173

F-18

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The combined summarized financial information of the investments in joint ventures is as follows:

	December 31,			December 31,
	2005			2004
Condensed Combined Balance Sheets
Gross Real Estate Investment	$	1,410,389		$	120,633
Less: Accumulated Depreciation		(30,497	)		(9,308	)
Net Real Estate		1,379,892			111,325
Other Assets		256,233			16,637
Total Assets	$	1,636,125		$	127,962
Debt	$	1,174,296		$	88,398
Other Liabilities		46,962			5,711
Equity		414,867			33,853
Total Liabilities and Equity	$	1,636,125		$	127,962
Company’s share of Equity	$	44,772		$	4,580
Basis Differentials(1)		(531	)		909
Carrying Value of the Company’s investments in joint ventures	$	44,241		$	5,489

(1) This amount represents the aggregate difference between the Company’s historical cost basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of gain deferrals related to properties the Company sold to the Joint Ventures and certain acquisition costs which are not reflected at the joint venture level.

	Year Ended December 31,
	2005		2004		2003
Condensed Combined Statements of Operations
Total Revenues	$	59,411	$	32,353	$	35,603
Expenses
Operating and Other		16,128		11,593		9,725
Interest		20,995		7,712		7,353
Depreciation and Amortization		32,150		12,540		17,585
Total Expenses		69,273		31,845		34,663
Gain (Loss) on Sale of Real Estate		10,761		81,431		(2,069	)
Net Income (Loss)		899		81,939		(1,129	)
Company’s share of Net Income	$	3,699	$	37,301	$	539

5.   Mortgage Loans Payable, Net, Senior Unsecured Debt, Net and Unsecured Lines of Credit

Mortgage Loans Payable, Net

On December 29, 1995, the Company, through an entity in which the Operating Partnership is the sole limited partner and a wholly-owned subsidiary of the Company is the general partner (the “Mortgage Partnership”), entered into a $40,200 mortgage loan (the “1995 Mortgage Loan”). On January 13, 2003, the Company, through the Mortgage Partnership, paid off and retired the 1995 Mortgage Loan. As this pay off and

F-19

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

retirement was prior to the stated maturity date of the 1995 Mortgage Loan, the Company wrote off unamortized deferred financing costs in the amount of approximately $1,466.

On March 20, 1996, the Company, through the Operating Partnership, assumed a $6,424 mortgage loan (the “Assumed Loan I”) that is collateralized by 12 properties in Indianapolis, Indiana. The Assumed Loan I bears interest at a fixed rate of 9.25% and provides for monthly principal and interest payments based on a16.75-year amortization schedule. The Assumed Loan I matures on September 1, 2009. The Assumed Loan I may be prepaid only after December 1999 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium.

On March 20, 1996, the Company, through the Operating Partnership, assumed a $2,993 mortgage loan (the “Assumed Loan II”) that is collateralized by one property in Indianapolis, Indiana. The Assumed Loan II bears interest at a fixed rate of 9.25% and provides for monthly principal and interest payments based on a16.75-year amortization schedule. The Assumed Loan II matures on January 1, 2013. The Assumed Loan may be prepaid only after December 1999 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium.

On April 16, 1998, the Company, through the Operating Partnership, assumed a mortgage loan in the principal amount of $2,525 (the “Acquisition Mortgage Loan IV”). The Acquisition Mortgage Loan IV is collateralized by one property in Baltimore, Maryland, bears interest at a fixed rate of 8.95% and provides for monthly principal and interest payments based on a20-year amortization schedule. The Acquisition Mortgage Loan IV matures on October 1, 2006. The Acquisition Mortgage Loan IV may be prepaid only after October 2001 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium.

On July 16, 1998, the Company, through TK-SV, LTD., assumed a mortgage loan in the principal amount of $2,566 (the “Acquisition Mortgage Loan V”). The Acquisition Mortgage Loan V is collateralized by one property in Tampa, Florida, bears interest at a fixed rate of 9.01% and provides for monthly principal and interest payments based on a30-year amortization schedule. The Acquisition Mortgage Loan V matures on September 1, 2006. In conjunction with the assumption of the Acquisition Mortgage Loan V, the Company recorded a premium in the amount of $315 which will be amortized over the remaining life of the Acquisition Mortgage Loan V as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan V is 6.96%. The Acquisition Mortgage Loan V was paid off and retired on March 1, 2006 (See Note 16).

On April 1, 2002, the Company, through the Operating Partnership, assumed a mortgage loan in the principal amount of $5,814 (the “Acquisition Mortgage Loan VIII”). The Acquisition Mortgage Loan VIII is collateralized by one property in Rancho Dominguez, California, bears interest at a fixed rate of 8.26% and provides for monthly principal and interest payments based on a22-year amortization schedule. The Acquisition Mortgage Loan VIII matures on December 1, 2019. The Acquisition Mortgage Loan VIII may be prepaid only after November 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium.

On April 1, 2002, the Company, through the Operating Partnership, assumed a mortgage loan in the principal amount of $6,030 (the “Acquisition Mortgage Loan IX”). The Acquisition Mortgage Loan IX is collateralized by one property in Bloomington, Minnesota, bears interest at a fixed rate of 8.26% and provides for monthly principal and interest payments based on a22-year amortization schedule. The Acquisition Mortgage Loan IX matures on December 1, 2019. The Acquisition Mortgage Loan IX may be prepaid only after November 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium.

On May 1, 2003, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $14,157 (the “Acquisition Mortgage Loan X”). The Acquisition Mortgage Loan X is collateralized by one property in Hagerstown, Maryland, bears interest at a fixed rate of 8.25% and provides for monthly principal and interest payments based on a30-year amortization schedule. The Acquisition Mortgage Loan X

F-20

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

matures on December 1, 2010. In conjunction with the assumption of the Acquisition Mortgage Loan X, the Company recorded a premium in the amount of $2,927 which will be amortized over the remaining life of the Acquisition Mortgage Loan X as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan X is 5.00%. The Acquisition Mortgage Loan X may be prepaid only after November 2004 in exchange for the greater of a 3% prepayment fee or yield maintenance premium.

On September 12, 2003, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $4,269 (the “Acquisition Mortgage Loan XI”). The Acquisition Mortgage Loan XI was collateralized by one property in Downers Grove, Illinois, bore interest at a fixed rate of 7.61% and provided for monthly principal and interest payments based on a30-year amortization schedule. In conjunction with the assumption of the Acquisition Mortgage Loan XI, the Company recorded a premium in the amount of $621 which was being amortized over the remaining life of the Acquisition Mortgage Loan XI as an adjustment to interest expense. The Acquisition Mortgage Loan XI may be prepaid only after June 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium. On December 3, 2004, the Company paid off and retired the Acquisition Mortgage Loan XI. As this pay off and retirement was prior to the stated maturity date of the Acquisition Mortgage Loan XI, the Company wrote off unamortized deferred financing costs, a loan premium and paid a prepayment penalty in the aggregate amount of approximately $515.

On September 12, 2003, the Company, through the Operating Partnership, assumed a mortgage loan in the amount of $2,325 (the “Acquisition Mortgage Loan XII”). The Acquisition Mortgage Loan XII is collateralized by one property in Indianapolis, Indiana, bears interest at a fixed rate of 7.54% and provides for monthly principal and interest payments based on a30-year amortization schedule. The Acquisition Mortgage Loan XII matures on January 1, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XII, the Company recorded a premium in the amount of $317 which will be amortized over the remaining life of the Acquisition Mortgage Loan XII as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan XII is 5.51%. The Acquisition Mortgage Loan XII may be prepaid only after February 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium.

On September 30, 2004, the Company assumed a mortgage loan in the amount of $12,057 and borrowed an additional $1,400 (collectively referred to as the “Acquisition Mortgage Loan XIII”). The Acquisition Mortgage Loan XIII was collateralized by three properties in Phoenix, Arizona, bore interest at a fixed rate of 5.60% and provided for monthly principal and interest payments based on a30-year amortization schedule. The Acquisition Mortgage Loan XIII matures on November 10, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XIII, the Company recorded a premium in the amount of $467 which was being amortized over the remaining life of the Acquisition Mortgage Loan XIII as an adjustment to interest expense. On July 13, 2005, the Company sold the properties that collateralized the Acquisition Mortgage Loan XIII. In conjunction with the sale, the buyer assumed the Acquisition Mortgage Loan XIII and the Company paid $291 in fees related to the assignment of the Acquisition Mortgage Loan XIII. Consequently, the Company wrote-off the remaining premium on the note of $424. Both the $291 of fees and $424 premium write-off are included in the Gain on Early Retirement of Debt on the Company’s Statement of Operations.

On December 21, 2004, the Company assumed a mortgage loan in the amount of $6,187 (the “Acquisition Mortgage Loan XIV”). The Acquisition Mortgage Loan XIV is collateralized by six properties in Tampa, Florida, bears interest at a fixed rate of 6.94% and provides for monthly principal and interest payments based on a20-year amortization schedule. The Acquisition Mortgage Loan XIV matures on July 1, 2009. In conjunction with the assumption of the Acquisition Mortgage Loan XIV, the Company recorded a premium in the amount of $553 which will be amortized over the remaining life of the Acquisition Mortgage Loan XIV as an adjustment to interest expense. Including the impact of the premium recorded, the Company’s effective

F-21

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

interest rate on the Acquisition Mortgage Loan XIV is 4.58%. The Acquisition Mortgage Loan XIV may be prepaid in exchange for the greater of a 1% prepayment fee or yield maintenance premium.

On January 12, 2005, in conjunction with the acquisition of a parcel of land, the seller provided the Company a mortgage loan in the amount of $1,167 (the “Acquisition Mortgage Loan XV”). The Acquisition Mortgage Loan XV is collateralized by a land parcel in Lebanon, TN, does not require principal payments prior to maturity on January 12, 2006 and has a 0% interest rate. Since the Acquisition Mortgage XV is non-interest bearing, a discount should be applied with an offsetting amount allocated to the basis of the land. The Company has concluded that the discount is not material and has not accounted for the discount or the land basis adjustment. The Acquisition Mortgage Loan XV was paid off and retired on January 12, 2006 (See Note 16).

On March 31, 2005, the Company assumed a mortgage loan in the amount of $1,977 (the “Acquisition Mortgage Loan XVI”). The Acquisition Mortgage Loan XVI is collateralized by one property in New Hope, MN, bears interest at a fixed rate of 5.50% and provides for monthly principal and interest payments based on a20-year amortization schedule. The Acquisition Mortgage Loan XVI matures on September 30, 2024. In conjunction with the assumption of the Acquisition Mortgage Loan XVI, the Company recorded a premium in the amount of $32 which will be amortized as an adjustment to interest expense through March 31, 2009. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan XVI is 5.30%. The Acquisition Mortgage Loan XVI may be prepaid on April 1, 2009 without incurring a prepayment fee.

On June 27, 2005, the Company assumed a mortgage loan in the amount of $3,056 (the “Acquisition Mortgage Loan XVII”). The Acquisition Mortgage Loan XVII is collateralized by one property in Villa Rica, GA, bears interest at a fixed rate of 7.38% and provides for monthly principal and interest payments based on a15-year amortization schedule. The Acquisition Mortgage Loan XVII matures on May 1, 2016. In conjunction with the assumption of the Acquisition Mortgage Loan XVII, the Company recorded a premium in the amount of $258 which will be amortized as an adjustment to interest expense through May 1, 2016. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan XVII is 5.70%. The Acquisition Mortgage Loan XVII may not be prepaid until maturity without incurring a prepayment fee.

On June 30, 2005, the Company assumed a mortgage loan in the amount of $6,513 (the “Acquisition Mortgage Loan XVIII”). The Acquisition Mortgage Loan XVIII is collateralized by one property in Hammonton, NJ, bears interest at a fixed rate of 7.58% and provides for monthly principal and interest payments based on a20-year amortization schedule. The Acquisition Mortgage Loan XVIII matures on March 1, 2011. In conjunction with the assumption of the Acquisition Mortgage Loan XVIII, the Company recorded a premium in the amount of $749 which will be amortized as an adjustment to interest expense through November 30, 2010. Including the impact of the premium recorded, the Company’s effective interest rate on the Acquisition Mortgage Loan XVIII is 4.93%. The Acquisition Mortgage Loan XVIII may be prepaid on December 1, 2010 without incurring a prepayment fee.

Senior Unsecured Debt, Net

On May 13, 1997, the Company, through the Operating Partnership, issued $150,000 of senior unsecured debt which matures on May 15, 2007 and bears a coupon interest rate of 7.60% (the “2007 Notes”). The issue price of the 2007 Notes was 99.965%. Interest is paid semi-annually in arrears on May 15 and November 15. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2007 Notes prior to issuance. The Company settled the interest rate protection agreement for a payment of approximately $41, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2007 Notes

F-22

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2007 Notes is 7.61%.

On May 13, 1997, the Company, through the Operating Partnership, issued $100,000 of senior unsecured debt which matures on May 15, 2027, and bears a coupon interest rate of 7.15% (the “2027 Notes”). The issue price of the 2027 Notes was 99.854%. The 2027 Notes were redeemable, at the option of the holders thereof, on May 15, 2002. The Company received redemption notices from holders representing $84,930 of the 2027 Notes outstanding. On May 15, 2002, the Company, through the Operating Partnership, paid off and retired $84,930 of the 2027 Notes. Interest is paid semi-annually in arrears on May 15 and November 15. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2027 Notes prior to issuance. The Company settled the interest rate protection agreement for approximately $597 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2027 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2027 Notes is 7.11%.

On May 22, 1997, the Company, through the Operating Partnership, issued $100,000 of senior unsecured debt which matured on May 15, 2011 and bore a coupon interest rate of 7.375% (the “2011 PATS”). The issue price of the 2011 PATS was 99.348%. The Company received approximately $1,781 from the holder of the 2011 PATS as consideration for the put option. The Company amortized the put option proceeds over the life of the put option as an adjustment to interest expense. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2011 PATS. The Company amortized the settlement amount of the interest rate protection agreement over the life of the 2011 PATS. Including the impact of the offering discount, the proceeds from the put option and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2011 PATS was 7.26%. On May 17, 2004, the Company exchanged the 2014 Notes (hereinafter defined) for the 2011 PATS (hereinafter defined) and net cash in the amount of $8,877. The Company retired the 2011 PATS.

On November 20, 1997, the Company, through the Operating Partnership, issued $50,000 of senior unsecured debt which matured on November 21, 2005 and bore a coupon interest rate of 6.90%, which was the effective interest rate (the “2005 Notes”). The issue price of the 2005 Notes was 100%. Interest was paid semi-annually in arrears on May 21 and November 21. The 2005 Notes contained certain covenants including limitation on incurrence of debt and debt service coverage. On November 21, 2005 the Company, through the Operating Partnership, paid off and retired the 2005 Notes for $50,000 plus accrued interest.

On December 8, 1997, the Company, through the Operating Partnership, issued $150,000 of senior unsecured debt which matures on December 1, 2006 and bears a coupon interest rate of 7.00% (the “2006 Notes”). The issue price of the 2006 Notes was 100%. Interest is paid semi-annually in arrears on June 1 and December 1. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2006 Notes prior to issuance. The Company settled the interest rate protection agreement for a payment of approximately $2,162, which is included in other comprehensive income. The settlement amount of the interest rate protection agreement is being amortized over the life of the 2006 Notes as an adjustment to interest expense. Including the impact of the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2006 Notes is 7.22%.

On December 8, 1997, the Company, through the Operating Partnership, issued $100,000 of senior unsecured debt which matures on December 1, 2017 and bears a coupon interest rate of 7.50% (the “2017 Notes”). The issue price of the 2017 Notes was 99.808%. Interest is paid semi-annually in arrears on June 1 and December 1. The Operating Partnership is amortizing the debt issue discount over the life of the 2017 Notes as an adjustment to interest expense. Including the impact of the offering discount, the Company’s effective interest rate on the 2017 Notes is 7.52%.

F-23

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

On July 14, 1998, the Company, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on July 15, 2028 and bears a coupon interest rate of 7.60% (the “2028 Notes”). The issue price of the 2028 Notes was 99.882%. Interest is paid semi-annually in arrears on January 15 and July 15. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2028 Notes prior to issuance. The Company settled the interest rate protection agreements for a payment of approximately $11,504, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreements are being amortized over the life of the 2028 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2028 Notes is 8.13%. Approximately $50,000 of the 2028 Notes was purchased, through a broker/dealer, by an entity in which a Director of the Company owns less than a two percent interest.

On March 19, 2001, the Company, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on March 15, 2011 and bears a coupon interest rate of 7.375% (the “2011 Notes”). The issue price of the 2011 Notes was 99.695%. Interest is paid semi-annually in arrears on September 15 and March 15. The Company also entered into an interest rate protection agreement which was used to fix the interest rate on the 2011 Notes prior to issuance. The Company settled the interest rate protection agreement for approximately $371 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2011 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2011 Notes is 7.39%.

On April 15, 2002, the Company, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on April 15, 2012 and bears a coupon interest rate of 6.875% (the “2012 Notes”). The issue price of the 2012 Notes was 99.310%. Interest is paid semi-annually in arrears on April 15 and October 15. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2012 Notes prior to issuance. The Company settled the interest rate protection agreements for approximately $1,772 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreements are being amortized over the life of the 2012 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreement, the Company’s effective interest rate on the 2012 Notes is 6.85%.

On April 15, 2002, the Company, through the Operating Partnership, issued $50,000 of senior unsecured debt which matures on April 15, 2032 and bears a coupon interest rate of 7.75% (the “2032 Notes”). The issue price of the 2032 Notes was 98.660%. Interest is paid semi-annually in arrears on April 15 and October 15. The debt issue discount is being amortized over the life of the 2032 Notes as an adjustment to interest expense. Including the impact of the offering discount, the Company’s effective interest rate on the 2032 Notes is 7.87%.

On May 17, 2004, the Company, through the Operating Partnership, exchanged $125,000 of senior unsecured debt which matures on June 1, 2014, and bears a coupon interest rate of 6.42% (the “2014 Notes”) for the 2011 PATS and net cash in the amount of $8,877. The issue price of the 2014 Notes was 99.123%. Interest is paid semi-annually in arrears on June 1 and December 1. The debt issue discount of the 2014 Notes is being amortized over the life of the 2014 Notes as an adjustment to interest expense. This exchange is being accounted for under EITF 96-19, “Debtor’s Accounting for a Modification or Exchange of Debt Instruments” (“EITF 96-19”). Under EITF 96-19, if the 2011 PATS and the 2014 Notes are not substantially different, the difference between the fair value of the 2011 PATS and the carrying value of the 2011 PATS, as well as the unamortized deferred financing costs of the 2011 PATS on the date of the exchange, is deferred and amortized over the life of the 2014 Notes. The Company is amortizing this amount over the life of the 2014 Notes.

F-24

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Including the impact of the offering discount, the Company’s effective interest rate on the 2014 Notes is 6.54%.

On June 14, 2004, the Company, through the Operating Partnership, issued $125,000 of senior unsecured debt which matures on June 15, 2009 and bears a coupon interest rate of 5.25% (the “2009 Notes”). The issue price of the 2009 Notes was 99.826%. Interest is paid semi-annually in arrears on June 15 and December 15. The Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2009 Notes prior to issuance. The Company settled the interest rate protection agreements for approximately $6,657 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreements are being amortized over the life of the 2009 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreements, the Company’s effective interest rate on the 2009 Notes is 4.10%.

All of the Senior Unsecured Debt contains certain covenants, including limitations on incurrence of debt and debt service coverage.

Unsecured Lines of Credit

The Company has maintained an unsecured revolving credit facility since 1997 (the “Unsecured Line of Credit”). On August 23, 2005, the Company, through the Operating Partnership, amended and restated the Unsecured Line of Credit. The amended and restated unsecured line of credit (the “2005 Unsecured Line of Credit I”) matures on September 28, 2008, has a borrowing capacity of $500,000, with the right, subject to certain conditions, to increase the borrowing capacity up to $600,000 and bears interest at a floating rate of LIBOR plus .625%, or the Prime Rate, at the Company’s election. The net unamortized deferred financing fees related to the Unsecured Line of Credit I and any additional deferred financing fees incurred related to the 2005 Unsecured Line of Credit I are being amortized over the life of the 2005 Unsecured Line of Credit I in accordance with Emerging Issues Task Force Issue 98-14, “Debtor’s Accounting for Changes inLine-of-Credit or Revolving-Debt Arrangements”, except for $51, which represents the write off of deferred financing costs and is included in the gain from early retirement of debt. The 2005 Unsecured Line of Credit I contains certain financial covenants relating to debt service coverage, market value net worth, dividend payout ratio and total funded indebtedness.

In December 2005, the Company, through the Operating Partnership, entered into a non-revolving unsecured line of credit (the “2005 Unsecured Line of Credit II”; together with the 2005 Unsecured Line of Credit I, the “Unsecured Lines of Credit”). The 2005 Unsecured Line of Credit II has a borrowing capacity of $125,000 and matures on March 15, 2006. The 2005 Unsecured Line of Credit II provides for interest only payments at LIBOR plus .625% or at Prime, at the Company’s election. The Company, through the Operating Partnership, paid off and retired the 2005 Unsecured Line of Credit II in January 2006 (See Note 16).

F-25

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table discloses certain information regarding the Company’s mortgage loans, senior unsecured debt and unsecured lines of credit:

	Outstanding Balance at						Accrued Interest Payable at					Interest Rate at
	December 31,			December 31,			December 31,			December 31,		December 31,			Maturity
	2005			2004			2005			2004		2005			Date
Mortgage Loans Payable, Net
Assumed Loan I	$	2,320		$	2,874		$	—		$	22		9.250	%		09/01/09
Assumed Loan II		1,805			1,995			—			15		9.250	%		01/01/13
Acquisition Mortgage Loan IV		1,936			2,037			14			15		8.950	%		10/01/06
Acquisition Mortgage Loan V		2,380	(1)		2,456	(1)		18			18		9.010	%		09/01/06
Acquisition Mortgage Loan VIII		5,308			5,461			37			38		8.260	%		12/01/19
Acquisition Mortgage Loan IX		5,505			5,664			38			39		8.260	%		12/01/19
Acquisition Mortgage Loan X		15,733	(1)		16,251	(1)		98			99		8.250	%		12/01/10
Acquisition Mortgage Loan XII		2,503	(1)		2,565	(1)		15	��		15		7.540	%		01/01/12
Acquisition Mortgage Loan XIII		—	(3)		13,862	(1)		—			42		5.600	%		11/10/12
Acquisition Mortgage Loan XIV		6,392	(1)		6,740	(1)		34			13		6.940	%		07/01/09
Acquisition Mortgage Loan XV		1,167			—			—			—		0.000	%		01/12/06
Acquisition Mortgage Loan XVI		1,960	(1)		—			9			—		5.500	%		09/30/24
Acquisition Mortgage Loan XVII		3,209	(1)		—			18			—		7.375	%		05/01/16
Acquisition Mortgage Loan XVIII		7,091	(1)		—			42			—		7.580	%		03/01/11
Total	$	57,309		$	59,905		$	323		$	316
Senior Unsecured Debt, Net
2005 Notes	$	—	(4)	$	50,000		$	—		$	383		6.900	%		11/21/05
2006 Notes		150,000			150,000			875			875		7.000	%		12/01/06
2007 Notes		149,992	(2)		149,988	(2)		1,456			1,456		7.600	%		05/15/07
2017 Notes		99,886	(2)		99,876	(2)		625			625		7.500	%		12/01/17
2027 Notes		15,054	(2)		15,053	(2)		138			138		7.150	%		05/15/27
2028 Notes		199,823	(2)		199,815	(2)		7,009			7,009		7.600	%		07/15/28
2011 Notes		199,685	(2)		199,624	(2)		4,343			4,343		7.375	%		03/15/11
2012 Notes		199,132	(2)		198,994	(2)		2,903			2,903		6.875	%		04/15/12
2032 Notes		49,413	(2)		49,390	(2)		818			818		7.750	%		04/15/32
2009 Notes		124,849	(2)		124,806	(2)		292			292		5.250	%		06/15/09
2014 Notes		111,059	(2)		109,978	(2)		669			669		6.420	%		06/01/14
Total	$	1,298,893		$	1,347,524		$	19,128		$	19,511
Unsecured Lines of Credit
2005 Unsecured Line of Credit I	$	332,500		$	167,500		$	1,833		$	549		4.845	%		09/28/08
2005 Unsecured Line of Credit II		125,000			—			232			—		4.995	%		03/15/06
Total	$	457,500		$	167,500		$	2,065		$	549

(1) At December 31, 2005, the Acquisition Mortgage Loan V, the Acquisition Mortgage Loan X, the Acquisition Mortgage Loan XII, the Acquisition Mortgage Loan XIV, the Acquisition Mortgage Loan XVI, the Acquisition Mortgage Loan XVII, the Acquisition Mortgage Loan XVIII, includes unamortized premiums of $24, $1,909, $228, $432, $26, $246, and $681, respectively. At December 31, 2004, the Acquisition Mortgage Loan V, the Acquisition Mortgage Loan X, the Acquisition Mortgage Loan XII, the Acquisition Mortgage Loan XIII and the Acquisition Mortgage Loan XIV include unamortized premiums of $63, $2,291, $267, $453 and $553, respectively.

F-26

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(2)	At December 31, 2005, the 2007 Notes, 2017 Notes, 2027 Notes, 2028 Notes, 2011 Notes, 2012 Notes, 2032 Notes, 2009 Notes and the 2014 Notes are net of unamortized discounts of $8, $114, $16, $177, $315, $868, $587, $151, and $13,941, respectively. At December 31, 2004, the 2007 Notes, 2017 Notes, 2027 Notes, 2028 Notes, 2011 Notes, 2012 Notes, 2032 Notes, 2009 Notes and the 2014 Notes are net of unamortized discounts of $12, $124, $17, $185, $376, $1,006, $610, $194 and $15,022, respectively.
(3)	On July 13, 2005, the Acquisition Mortgage Loan XIII was assumed by a third party in connection with the sale of the properties that collateralized the loan.
(4)	On November 21, 2005 the Company paid off and retired the 2005 Notes.

The following is a schedule of the stated maturities and scheduled principal payments of the mortgage loans, senior unsecured debt and unsecured lines of credit, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter:

	Amount
2006	$	282,381
2007		152,153
2008		334,833
2009		132,195
2010		15,240
Thereafter		909,531
Total	$	1,826,333

Fair Value

At December 31, 2005 and 2004, the fair value of the Company’s mortgage loans payable, senior unsecured debt and unsecured lines of credit were as follows:

	December 31, 2005				December 31, 2004
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Mortgage Loans Payable	$	57,309	$	58,864	$	59,905	$	62,876
Senior Unsecured Debt		1,298,893		1,415,268		1,347,524		1,503,012
Unsecured Lines of Credit		457,500		457,500		167,500		167,500
Total	$	1,813,702	$	1,931,632	$	1,574,929	$	1,733,388

The fair value of the senior unsecured debt was determined by quoted market prices, if available. The fair values of the Company’s senior unsecured debt not valued by quoted market prices and mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of the Unsecured Lines of Credit was equal to their carrying value due to the variable interest rate nature of the loans.

Other Comprehensive Income

In conjunction with the prior issuances of senior unsecured debt, the Company entered into interest rate protection agreements to fix the interest rate on anticipated offerings of senior unsecured debt (the “Interest Rate Protection Agreements”). In the next 12 months, the Company will amortize approximately $1,077 of the Interest Rate Protection Agreements into net income as a decrease to interest expense.

F-27

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

In March 2004, the Company, through the Operating Partnership, entered into an interest rate protection agreement which fixed the interest rate on a forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection agreement had a notional value of $73,500, was effective from July 1, 2004 through July 1, 2009 and fixed the LIBOR rate at 3.354%. In conjunction with the offering of the 2009 Notes, the Company settled this interest rate protection agreement and received proceeds in the amount of $3,817, which is recognized in other comprehensive income. The Company is amortizing this settlement amount into net income over the life of the 2009 Notes as an adjustment to interest expense.

In March 2004, the Company, through the Operating Partnership, entered into another interest rate protection agreement which fixed the interest rate on a forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection agreement had a notional value of $73,500, was effective from August 15, 2004 through August 15, 2009 and fixed the LIBOR rate at 3.326%. In May 2004, the Company reduced the projected amount of the future debt offering and settled $24,500 of this interest rate protection agreement for proceeds in the amount of $1,450 which is recognized in net income as mark-to-market/gain on settlement of interest rate protection agreements. In conjunction with the offering of the 2009 Notes, the Company settled the remaining $49,000 of this interest rate protection agreement and received proceeds in the amount of $2,840, which is recognized in other comprehensive income. The Company is amortizing this settlement amount into net income over the life of the 2009 Notes as an adjustment to interest expense.

In October 2004, the Company, through the Operating Partnership, entered into an interest rate protection agreement which fixed the interest rate on a forecasted offering of unsecured debt which it designated as a cash flow hedge. This interest rate protection agreement had a notional value of $48,980, was effective from January 5, 2005 through January 5, 2010 and fixed the LIBOR rate at 3.909%. In November 2004, the Company settled the interest rate protection agreement for proceeds of $310 due to a delay in the forecasted debt issuance date. Hedge ineffectiveness in the amount of $133, due to a mismatch in forecasted debt issuance dates, was recognized in net income for the year ended December 31, 2004. The remaining $159 was included in other comprehensive income and was reclassified into net income for the year ended December 31, 2005 as the hedge no longer qualified for hedge accounting.

In January 2005, the Company, through First Industrial Development Services, Inc., entered into an interest rate protection agreement which hedged the change in value of a build to suit development project the Company is in the process of constructing. This interest rate protection agreement had a notional value of $50,000, was based on the five year treasury, had a strike rate of 3.936% and settled on October 4, 2005. Per FASB Statement of Financial Accounting Standards No. 133, “Accounting for Derivative Instruments and Hedging Activities” (“FAS 133”), fair value and cash flow hedge accounting for hedges of non-financial assets and liabilities is limited to hedges of the risk of changes in the market price of the entire hedged item because changes in the price of an ingredient or component of a non-financial item generally do not have a predictable, separately measurable effect on the price of the item. Since the interest rate protection agreement is hedging a component of the change in value of the build to suit development, the interest rate protection agreement did not qualify for hedge accounting and the change in value of the interest rate protection agreement was recognized immediately in net income as opposed to other comprehensive income. On October 4, 2005, the Company settled the interest rate protection agreement for proceeds of $675. The settlement was recognized inmark-to-market/gain on settlement of interest rate protection agreements for the year ended December 31, 2005.

In October 2005, the Company, through First Industrial Development Services, Inc., entered into an interest rate protection agreement which hedged the change in value of a build to suit development project the Company is in the process of constructing. This interest rate protection agreement has a notional value of $50,000, is based on the three Month LIBOR rate, has a strike rate of 4.8675%, has an effective date of December 30, 2005 and a termination date of December 30, 2010. Per FAS 133 fair value and cash flow

F-28

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

hedge accounting for hedges of non-financial assets and liabilities is limited to hedges of the risk of changes in the market price of the entire hedged item because changes in the price of an ingredient or component of a non-financial item generally do not have a predictable, separately measurable effect on the price of the item. Since the interest rate protection agreement is hedging a component of the change in value of the build to suit development, the interest rate protection agreement does not qualify for hedge accounting and the change in value of the interest rate protection agreement will be recognized immediately in net income as opposed to other comprehensive income. The Company recognized $16 in net loss from themark-to-market of the interest rate protection agreement for the year ended December 31, 2005. See Note 16 for further disclosure on the settlement of this interest rate protection agreement in 2006.

In December 2005, the Company, through the Operating Partnership, entered into three interest rate protection agreements which fixed the interest rate on a forecasted offering of unsecured debt which it designated as cash flow hedges. Two of the interest rate protection agreements each had a notional value of $48,700 and were effective from December 30, 2005 through December 30, 2015. The interest rate protection agreements fixed the LIBOR rate at 5.066% and 5.067%. The third interest rate protection agreement had a notional value of $48,700, is effective from January 19, 2006 through January 19, 2016, and fixed the LIBOR rate at 4.992%. The Company recognized a loss of $1,414 in other comprehensive income related to themark-to-market of these interest rate protection agreements at December 31, 2005 as the interest rate protection agreements are highly effective based on the hypothetical derivative method. See Note 16 for further disclosure on the settlement of these interest rate protection agreements in January 2006 in conjunction with the issuance of senior unsecured debt.

6.   Stockholders’ Equity

Preferred Stock

On June 6, 1997, the Company issued 2,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 85/8%, $.01 par value, Series C Cumulative Preferred Stock (the “Series C Preferred Stock”), at an initial offering price of $25 per Depositary Share. Dividends on the Series C Preferred Stock, represented by the Depositary Shares, are cumulative from the date of initial issuance and are payable quarterly in arrears. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series C Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series F Preferred Stock (hereinafter defined), Series G Preferred Stock (hereinafter defined) and Series I Preferred Stock (hereinafter defined). The Series C Preferred Stock is not redeemable prior to June 6, 2007. On or after June 6, 2007, the Series C Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series C Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.

On February 4, 1998, the Company issued 5,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.95%, $.01 par value, Series D Cumulative Preferred Stock (the “Series D Preferred Stock”), at an initial offering price of $25 per Depositary Share. On or after February 4, 2003, the Series D Preferred Stock became redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $125,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Company redeemed the Series D Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share, and paid a prorated second quarter dividend of $.36990 per Depositary Share, totaling approximately $1,850. In accordance with EITF D-42, due to the redemption of the Series D Preferred Stock, the initial offering costs associated with the issuance of the Series D Preferred Stock of $4,467 were reflected as a deduction from net income to arrive at net income available to common stockholders in determining earnings per share for the year ended December 31, 2004.

F-29

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

On March 18, 1998, the Company issued 3,000,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.90%, $.01 par value, Series E Cumulative Preferred Stock (the “Series E Preferred Stock”), at an initial offering price of $25 per Depositary Share. On or after March 18, 2003, the Series E Preferred Stock became redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $75,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Company redeemed the Series E Preferred Stock on June 7, 2004 at a redemption price of $25.00 per Depositary Share, and paid a prorated second quarter dividend of $.36757 per Depositary Share, totaling approximately $1,103. In accordance with EITF D-42, due to the redemption of the Series E Preferred Stock, the initial offering costs associated with the issuance of the Series E Preferred Stock of $2,892 were reflected as a deduction from net income to arrive at net income available to common stockholders in determining earnings per share for the year ended December 31, 2004.

On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company’s 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series F Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance through March 31, 2009 (the “Series F Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 6.236% per annum of the liquidation preference (the “Series F Initial Distribution Rate”) (equivalent to $62.36 per Depositary Share). On or after March 31, 2009, the Series F Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.375% (the initial credit spread), plus the greater of (i) the3-month LIBOR Rate, (ii) the10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the30-year Treasury CMT Rate (the adjustable rate)(as defined in the Articles Supplementary), reset quarterly. Dividends on the Series F Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series F Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series F Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock, Series G Preferred Stock (hereinafter defined) and Series I Preferred Stock (hereinafter defined). On or after March 31, 2009, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series F Initial Fixed Rate Period, the Series F Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series F Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.

On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.236%, $.01 par value, Series G Flexible Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share. Dividends on the Series G Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance of the Series G Preferred Stock through March 31, 2014 (the “Series G Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the “Series G Initial Distribution Rate”) (equivalent to $72.36 per Depositary Share). On or after March 31, 2014, the Series G Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.500% (the initial credit spread), plus the greater of (i) the3-month LIBOR Rate, (ii) the10-year Treasury CMT Rate (as defined in the Articles Supplementary), and (iii) the30-year Treasury CMT Rate (the adjustable rate) (as defined in the Articles Supplementary), reset quarterly. Dividends on the Series G Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series G Initial

F-30

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series G Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock, Series F Preferred Stock and Series I Preferred Stock (hereinafter defined). On or after March 31, 2014, subject to any conditions on redemption applicable in any fixed rate period subsequent to the Series G Initial Fixed Rate Period, the Series G Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $1,000.00 per Depositary Share, or $25,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series G Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.

On June 2, 2004, the Company issued 500 shares of 2.965%, $.01 par value, Series H Flexible Cumulative Redeemable Preferred Stock (the “Series H Preferred Stock”), at an initial offering price of $250,000.00 per share. On or after July 2, 2004, the Series H Preferred Stock became redeemable for cash at the option of the Company, in whole but not in part, at a redemption price equivalent, initially, to $242,875.00 per share, plus accrued and unpaid dividends. The Company redeemed the Series H Preferred Stock on July 2, 2004 and paid a prorated second and third quarter dividend of $629.555 per share, totaling approximately $315. In accordance with EITF D-42, due to the redemption of the Series H Preferred Stock, the initial offering costs associated with the issuance of the Series H Preferred Stock of $600 is reflected as a deduction from net income to arrive at net income available to common stockholders in determining earnings per share for the year ended December 31, 2004.

On November 8, 2005 and November 18, 2005, the Company issued 600 and 150 Shares, respectively, of $.01 par value, Series I Flexible Cumulative Redeemable Preferred Stock, (the “Series I Preferred Stock”), in a private placement at an initial offering price of $250,000 per share for an aggregate initial offering price of $187,500. Dividends on the Series I Depositary Shares are payable monthly in arrears commencing December 31, 2005 at an initial dividend rate of One-Month LIBOR plus 1.25%, subject to reset on the four-month, six-month and one year anniversary of the date of issuance. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series I Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock, Series F Preferred Stock and Series G Preferred Stock. See Note 16 for further disclosure on the redemption of the Series I Preferred Stock in January 2006.

The following table summarizes certain information regarding the Company’s preferred stock:

	Stated Value at
	December 31,		December 31,
	2005		2004
Series C Preferred Stock	$	50,000	$	50,000
Series F Preferred Stock		50,000		50,000
Series G Preferred Stock		25,000		25,000
Series I Preferred Stock		187,500		—
Total	$	312,500	$	125,000

Shares of Common Stock

On September 16, 2004, the Company and the Operating Partnership entered into a sales agreement to sell up to 3,900,000 shares of the Company’s common stock from time to time with Cantor Fitzgerald & Co., as sales agent, in a controlled equity offering program. During the year ended December 31, 2004, the Company issued 1,333,600 shares of common stock under the controlled equity offering program and received net proceeds of $48,820.

F-31

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

On December 9, 2005, the Company issued 1,250,000 shares of $.01 par value common stock (the “December 2005 Equity Offering”). The price per share was $39.45 resulting in gross offering proceeds of $49,313. Proceeds to the Company, net of underwriters’ discount and total expenses, were approximately $48,775.

For the years ended December 31, 2005, 2004 and 2003, 81,644, 248,098 and 107,944 respectively, shares of common stock were converted from an equivalent number of limited partnership interests in the Operating Partnership (“Units”).

The following table is a roll-forward of the Company’s shares of common stock outstanding, including unvested restricted shares of common stock for the three years ended December 31, 2005:

	Shares of
	Common Stock
	Outstanding
Balance at December 31, 2002		38,598,321
Issuance of Common Stock and Stock Option Exercises		542,744
Issuance of Restricted Stock Shares		704,844
Repurchase and Retirement of Restricted Stock Shares		(66,183	)
Purchase of Treasury Shares		(37,300	)
Conversion of Operating Partnership Units		107,944
Balance at December 31, 2003		39,850,370
Issuance of Common Stock and Stock Option Exercises		2,621,082
Issuance of Restricted Stock Shares		216,617
Repurchase and Retirement of Restricted Stock Shares		(102,076	)
Conversion of Operating Partnership Units		248,098
Balance at December 31, 2004		42,834,091
Issuance of Common Stock and Stock Option Exercises		1,480,942
Issuance of Restricted Stock Shares		200,042
Repurchase and Retirement of Restricted Stock Shares		(152,009	)
Conversion of Operating Partnership Units		81,644
Balance at December 31, 2005		44,444,710

Non-Qualified Employee Stock Options

For the year ended December 31, 2003, certain employees of the Company exercised 531,473 non-qualified employee stock options. Net proceeds to the Company were approximately $14,799.

For the year ended December 31, 2004, certain employees of the Company exercised 1,663,652 non-qualified employee stock options. Net proceeds to the Company were approximately $37,301.

For the year ended December 31, 2005, certain employees of the Company exercised 248,881 non-qualified employee stock options. Net proceeds to the Company were approximately $6,698.

Restricted Stock

During the years ended December 31, 2005, 2004, and 2003 the Company awarded 200,042, 216,617 and 704,844 restricted shares of common stock, respectively, to certain employees and certain directors of the Company. See Note 13 for further disclosure on the Company’s employee benefit plans.

F-32

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Treasury Stock:

In March 2000, the Company’s Board of Directors approved the repurchase of up to $100,000 of the Company’s common stock. The Company may make purchases from time to time, if price levels warrant, in the open market or in privately negotiated transactions. During the year ended December 31, 2003, the Company repurchased 37,300 shares of its common stock at a weighted average price of approximately $26.73 per share.

Shareholders’ Rights Plan

On September 4, 1997, the Board of Directors of the Company declared a dividend distribution of one Preferred Share Purchase Right (“Right”) for each outstanding share of Common Stock. The dividend distribution was made on October 20, 1997 to stockholders of record as of the close of business on October 19, 1997. In addition, a Right will attach to each share of Common Stock issued in the future. Each Right entitles the registered holder to purchase from the Company one one-hundredth of a share of Junior Participating Preferred Stock (the “Junior Preferred Stock”), at a price of $125 per one one-hundredth of a share (the “Purchase Price”), subject to adjustment. The Rights become exercisable only if a person or group of affiliated or associated persons (an “Acquiring Person”) acquires, or obtains the right to acquire, beneficial ownership of Common Stock or other voting securities (“Voting Stock”) that have 15% or more of the voting power of the outstanding shares of Voting Stock, or if an Acquiring Person commences or makes an announcement of an intention to commence a tender offer or exchange offer to acquire beneficial ownership of Voting Stock that have 15% or more of the voting power of the outstanding shares of Voting Stock. The Rights will expire on October 19, 2007, unless redeemed earlier by the Company at $.001 per Right, or exchanged by the Company at an exchange ratio of one share of Common Stock per Right.

In the event that a person becomes an Acquiring Person, each holder of a Right, other than the Acquiring Person, is entitled to receive, upon exercise, (1) Common Stock having a value equal to two times the Purchase Price of the Right or (2) common stock of the acquiring company having a value equal to two times the Purchase Price of the Right.

The Junior Preferred Stock ranks junior to all other series of the Company’s preferred stock with respect to payment of dividends and as to distributions of assets in liquidation. Each share of Junior Preferred Stock has a quarterly dividend rate per share equal to the greater of $1.00 or 100 times the per share amount of any dividend (other than a dividend payable in shares of Common Stock or a subdivision of the Common Stock) declared on the Common Stock, subject to certain adjustments. In the event of liquidation, the holder of the Junior Preferred Stock is entitled to receive a preferred liquidation payment per share of $1.00 (plus accrued and unpaid dividends) or, if greater, an amount equal to 100 times the payment to be made per share of Common Stock, subject to certain adjustments.

F-33

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Dividends/Distributions

The following table summarizes dividends/distributions declared for the past three years:

	Year Ended 2005				Year Ended 2004				Year Ended 2003
	Dividend/				Dividend/				Dividend/
	Distribution		Total		Distribution		Total		Distribution		Total
	per Share/		Dividend/		per Share/		Dividend/		per Share/		Dividend/
	Unit		Distribution		Unit		Distribution		Unit		Distribution
Common Stock/Operating Partnership Units	$	2.7850	$	139,168	$	2.7500	$	132,585	$	2.7400	$	126,699
Series C Preferred Stock	$	215.6240	$	4,313	$	215.6240	$	4,313	$	215.6240	$	4,313
Series D Preferred Stock	$	—	$	—	$	86.6780	$	4,334	$	198.7480	$	9,937
Series E Preferred Stock	$	—	$	—	$	86.1320	$	2,585	$	197.5000	$	5,926
Series F Preferred Stock	$	6,236.0000	$	3,118	$	3,724.2800	$	1,861	$	—	$	—
Series G Preferred Stock	$	7,236.0000	$	1,809	$	4,321.5000	$	1,080	$	—	$	—
Series H Preferred Stock	$	—	$	—	$	629.5550	$	315	$	—	$	—
Series I Preferred Stock	$	1,930.2431	$	1,448	$	—	$	—	$	—	$	—

7.   Acquisition and Development of Real Estate

In 2003, the Company acquired 64 industrial properties comprising, in the aggregate, approximately 6.6 million square feet (unaudited) of GLA and several land parcels for a total purchase price of approximately $230,391, excluding costs incurred in conjunction with the acquisition of the properties. The Company also substantially completed development of 33 properties comprising approximately 3.2 million square feet (unaudited) of GLA at a cost of approximately $156,268. The Company reclassed the costs of the substantially completed developments from construction in progress to building, tenant improvements and leasing commissions.

In 2004, the Company acquired 79 industrial properties comprising, in the aggregate, approximately 9.2 million square feet (unaudited) of GLA and several land parcels for a total purchase price of approximately $402,388, excluding costs incurred in conjunction with the acquisition of the properties. The Company also substantially completed development of 11 properties comprising approximately 2.3 million square feet (unaudited) of GLA at a cost of approximately $80,241. The Company reclassed the costs of the substantially completed developments from construction in progress to building, tenant improvements and leasing commissions.

In 2005, the Company acquired 161 industrial properties comprising, in the aggregate, approximately 20.1 million square feet (unaudited) of GLA and several land parcels. The gross purchase price for 160 industrial properties and several land parcels totaled approximately $752,674, (approximately $14,698 of which was made through the issuance of 366,472 Units relating to five properties) excluding costs incurred in conjunction with the acquisition of the properties. Additionally, one industrial property was acquired through foreclosure due to a default on a mortgage loan receivable. The Company also substantially completed development of five properties comprising approximately 1.8 million square feet (unaudited) of GLA at a cost of approximately $97,466. The Company reclassed the costs of the substantially completed developments from construction in progress to building, tenant improvements and leasing commissions.

Intangible Assets Subject To Amortization in the Period of Acquisition

The fair value of in-place leases, above market leases, and below market leases recorded as a result of the above acquisitions was $59,901, $6,137, and $(23,600), respectively at December 31, 2005. The weighted average life in months of in-place leases, above market leases, and below market leases recorded as a result of 2005 acquisitions was 137, 75 and 115 months, respectively.

F-34

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

8.   Sale of Real Estate, Real Estate Held for Sale and Discontinued Operations

In 2003, the Company sold 130 industrial properties comprising approximately 7.4 million square feet (unaudited) of GLA and several land parcels. Ten of the 130 sold properties comprising approximately 1.4 million square feet (unaudited) of GLA were sold to the December 2001 Joint Venture. Gross proceeds from the sales of the 130 industrial properties and several land parcels were approximately $394,382. The gain on sale of real estate was approximately $95,279, of which $79,485 is shown in discontinued operations. In accordance with FAS 144, the results of operations and gain on sale of real estate, net of income taxes for the 120 of the 130 sold properties are included in discontinued operations.

In 2004, the Company sold 97 industrial properties comprising approximately 7.4 million square feet (unaudited) of GLA and several land parcels. Gross proceeds from the sales of the 97 industrial properties and several land parcels were approximately $424,878. The gain on sale of real estate was approximately $105,000, of which $88,245 is shown in discontinued operations. Ninety-two of the 97 sold industrial properties meet the criteria established by FAS 144 to be included in discontinued operations. Therefore, in accordance with FAS 144, the results of operations and gain on sale of real estate, net of income taxes for the 92 sold industrial properties that meet the criteria established by FAS 144 are included in discontinued operations. The results of operations and gain on sale of real estate, net of income taxes for the five industrial properties and several land parcels that do not meet the criteria established by FAS 144 are included in continuing operations.

In 2005, the Company sold 96 industrial properties comprising approximately 12.8 million square feet (unaudited) of GLA and several land parcels. Of the 96 industrial properties sold, eight industrial property sales were to the March 2005 Joint Venture (see Note 4). Gross proceeds from the sales of the 96 industrial properties and several land parcels were approximately $656,094. The gain on sale of real estate was approximately $161,689, of which $131,955 is shown in discontinued operations. Eighty-six of the 96 sold industrial properties meet the criteria established by FAS 144 to be included in discontinued operations. Therefore, in accordance with FAS 144, the results of operations and gain on sale of real estate for the 86 sold industrial properties that meet the criteria established by FAS 144 are included in discontinued operations. The results of operations and gain on sale of real estate for the ten industrial properties and several land parcels that do not meet the criteria established by FAS 144 are included in continuing operations.

At December 31, 2005, the Company had 5 industrial properties comprising approx. 248,000 square feet (unaudited) of GLA held for sale. In accordance with FAS 144, the results of operations of the five industrial properties held for sale at December 31, 2005 are included in discontinued operations. There can be no assurance that such industrial properties held for sale will be sold.

During the six months ended June 30, 2006, the Company sold 66 industrial properties comprising approximately 8.4 million square feet of GLA. The 66 sold industrial properties meet the criteria established by FAS 144 to be included in discontinued operations for the years ended December 31, 2005, 2004 and 2003. Therefore, in accordance with FAS 144, the results of operations for the 66 sold industrial properties are included in discontinued operations for the years ended December 31, 2005, 2004 and 2003.

At June 30, 2006, the Company had 16 industrial properties comprising approximately 2.1 million square feet of GLA held for sale. In accordance with FAS 144, the results of operations of the 16 industrial properties held for sale at June 30, 2006 are included in discontinued operations for the years ended December 31, 2005, 2004 and 2003. There can be no assurance that such industrial properties held for sale will be sold.

F-35

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The following table discloses certain information regarding the industrial properties included in discontinued operations by the Company for the years ended December 31, 2005, 2004 and 2003, inclusive of the 66 industrial properties the Company sold from January 1, 2006 to June 30, 2006 as well as the 16 industrial properties held for sale at June 30, 2006.

	Year Ended December 31,
	2005			2004			2003
Total Revenues	$	54,438		$	64,557		$	104,133
Operating Expenses		(17,595	)		(21,329	)		(29,242	)
Interest Expense		(373	)		(609	)		(561	)
Depreciation and Amortization		(17,347	)		(17,220	)		(20,858	)
Provision for Income Taxes Allocable to Operations		(4,628	)		(2,813	)		(1,614	)
Gain on Sale of Real Estate		131,955			88,245			79,485
Provision for Income Taxes Allocable to Gain on Sale of Real Estate		(18,718	)		(8,147	)		(1,965	)
Income from Discontinued Operations	$	127,732		$	102,684		$	129,378

In conjunction with certain property sales, the Company provided seller financing. At December 31, 2005, 2004 and 2003, the Company had mortgage notes receivable and accrued interest outstanding of approximately $24,118, $36,075 and $52,920, respectively, which is included as a component of prepaid expenses and other assets. Also, in December 2004, the Company sold $18,419 of its notes receivable to a third party for par.

9.   Supplemental Information to Statements of Cash Flows

Supplemental disclosure of cash flow information:

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2005			2004			2003
Interest paid, net of capitalized interest	$	107,573		$	98,910		$	95,595
Interest capitalized	$	3,271		$	1,304		$	761
Income Taxes Paid	$	36,080		$	7,936		$	1,367
Supplemental schedule of noncash investing and financing activities:
Distribution payable on common stock/units	$	35,752		$	34,255		$	31,889
Distribution payable on preferred stock	$	3,757		$	1,232		$	—
Exchange of units for common shares:
Minority interest	$	(1,951	)	$	(6,195	)	$	(2,750	)
Common stock		1			3			1
Additionalpaid-in-capital		1,950			6,192			2,749
	$	—		$	—		$	—

F-36

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2005			2004			2003
In conjunction with the property and land acquisitions, the following assets and liabilities were assumed:
Deferred Purchase Price	$	—		$	—		$	(10,425	)
Accounts payable and accrued expenses	$	(4,735	)	$	(3,231	)	$	(2,193	)
Issuance of Operating Partnership Units	$	(14,698	)	$	—		$	—
Mortgage debt	$	(11,545	)	$	(18,244	)	$	(20,751	)
Foreclosed property acquisition and write-off of a mortgage loan receivable	$	3,870		$	—		$	—
Write-off of fully depreciated assets	$	67,814		$	26,041		$	—
In conjunction with certain property sales, the Company provided seller financing or assigned a mortgage loan payable:
Notes receivable	$	76,744		$	92,146		$	46,372
Mortgage Note Payable	$	13,242		$	—		$	—

10.   Earnings Per Share (“EPS”)

The computation of basic and diluted EPS is presented below.

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2005			2004			2003
Numerator:
(Loss) Income from Continuing Operations		(40,338	)		12,137			(8,030	)
Gain on Sale of Real Estate, Net of Minority Interest and Income Tax		16,520			9,873			11,482
Less: Preferred Stock Dividends		(10,688	)		(14,488	)		(20,176	)
Less: Redemption of Preferred Stock		—			(7,959	)		—
Loss from Continuing Operations Available to Common Stockholders, Net of Minority Interest — For Basic and Diluted EPS		(34,506	)		(437	)		(16,724	)
Discontinued Operations, Net of Minority Interest and Income Tax		110,922			88,596			110,321
Net Income Available to Common Stockholders — For Basic and Diluted EPS		76,416			88,159			93,597
Denominator:
Weighted Average Shares — Basic		42,431,109			40,557,053			38,541,571
Effect of Dilutive Securities:
Employee and Director Common Stock Options		—			—			—
Employee and Director Shares of Restricted Stock		—			—			—
Weighted Average Shares — Diluted		42,431,109			40,557,053			38,541,571

F-37

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,
	2005			2004			2003
Basic EPS:
Loss from Continuing Operations Available to Common Stockholders, Net of Minority Interest		(0.81	)		(0.01	)		(0.43	)
Discontinued Operations, Net of Minority Interest and Income Tax		2.61			2.18			2.86
Net Income Available to Common Stockholders		1.80			2.17			2.43
Diluted EPS:
Loss from Continuing Operations Available to Common Stockholders, Net of Minority Interest		(0.81	)		(0.01	)		(0.43	)
Discontinued Operations, Net of Minority Interest and Income Tax		2.61			2.18			2.86
Net Income Available to Common Stockholders		1.80			2.17			2.43

Weighted average shares — diluted are the same as weighted average shares — basic for the years ended December 31, 2005, 2004 and 2003 as the dilutive effect of stock options and restricted stock was excluded because its inclusion would have been anti-dilutive to the loss from continuing operations available to common stockholders, net of minority interest. The dilutive stock options and restricted stock excluded from the computation are 141,625 and 82,888, respectively, for the year ended December 31, 2005, 227,423 and 103,551, respectively, for the year ended December 31, 2004 and 91,599 and 29,561, respectively, for the year ended December 31, 2003.

Unvested restricted stock shares of 700,149, 823,836, and 847,103 were outstanding as of December 31, 2005, 2004, and 2003 respectively. Unvested restricted stock shares aggregating 182,651, 211,924, and 210,667 were antidilutive at December 31, 2005, 2004, and 2003, respectively, and accordingly, were excluded from dilution computations.

Additionally, options to purchase common stock of 546,723, 823,421, and 2,504,013 were outstanding as of December 31, 2005, 2004 and 2003, respectively. None of the options outstanding at December 31, 2005 and 2004 were antidilutive and options aggregating 1,858,191 were antidilutive at December 31, 2003, and accordingly, were excluded from dilution computations.

F-38

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

11.   Income Taxes

For income tax purposes, distributions paid to common shareholders are classified as ordinary income, capital gain, return of capital or qualified dividends. For the three years ended December 31, 2005, 2004 and 2003, the distributions per common share were classified as follows:

			As a Percentage					As a Percentage					As a Percentage
	2005		of Distributions			2004		of Distributions			2003		of Distributions
Ordinary income	$	0.3278		11.77	%	$	0.3622	��	13.17	%	$	1.1516		42.03	%
Short-term capital gains		—		—			0.0423		1.54	%		—		—
Long-term capital gains		0.4289		15.40	%		0.8654		31.47	%		0.6173		22.53	%
Unrecaptured Section 1250 gain		0.2158		7.75	%		0.2503		9.10	%		0.2666		9.73	%
Return of capital		1.6276		58.44	%		1.2298		44.72	%		0.7045		25.71	%
Qualified Dividends		0.1849		6.64	%		—		—			—		—
	$	2.785		100.00	%	$	2.7500		100.00	%	$	2.7400		100.00	%

For income tax purposes, distributions paid to preferred shareholders are classified as ordinary income, capital gain, return of capital or qualified dividends. For the three years ended December 31, 2005, 2004 and 2003, the preferred distributions per depositary share were classified as follows:

			As a Percentage					As a Percentage					As a Percentage
	2005		of Distributions			2004		of Distributions			2003		of Distributions
Ordinary income	$	0.5992		27.79	%	$	0.9249		23.81	%	$	3.4614		56.57	%
Short-term capital gains		—		—			0.1080		2.78	%		—		—
Long-term capital gains		0.8023		37.21	%		2.2119		56.94	%		1.8558		30.33	%
Unrecaptured Section 1250 gain		0.4041		18.74	%		0.6398		16.47	%		0.8016		13.10	%
Qualified Dividends		0.3506		16.26	%		—		—			—		—
	$	2.1562		100.00	%	$	3.8846		100.00	%	$	6.1188		100.00	%

The components of income tax (expense) benefit for the Company’s taxable REIT subsidiary (the “TRS”) for the years ended December 31, 2005, 2004 and 2003 are comprised of the following:

	2005			2004			2003
Current:
Federal	$	(19,265	)	$	(8,074	)	$	(873	)
State		(4,519	)		(1,654	)		(218	)
Deferred:
Federal		4,299			1,070			391
State		1,009			219			98
	$	(18,476	)	$	(8,439	)	$	(602	)

In addition to income tax expense/benefit recognized by the TRS, $1,956 of state income taxes was recognized by the Company and is included in income tax expense (benefit) on the consolidated statement of operations for the year ended December 31, 2005.

F-39

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) of the TRS include the following as of December 31, 2005, 2004 and 2003:

	2005			2004			2003
Bad debt expense	$	118		$	—		$	—
Investment in partnerships		648			—			—
Fixed assets		4,363			2,012			310
Prepaid rent		461			323			149
Capitalized general and administrative expense under 263(A)		2,696			818			576
Deferred losses/gains		878			334			1,054
Mark-to-Market of interest rate protection agreements		6			—			—
Capitalized interest under 263(A)		184			—			117
Total deferred tax assets	$	9,354		$	3,487		$	2,206
Straight-line rent		(923	)		(430	)		(438	)
Build to suit development		(66	)		—			—
Total deferred tax liabilities	$	(989	)	$	(430	)	$	(438	)
Total net deferred tax asset	$	8,365		$	3,057		$	1,768

The TRS does not have any net operating loss carryforwards or tax credit carryforwards.

The TRS’s components of income tax expense for the years ended December 31, 2005, 2004 and 2003 are as follows:

	2005			2004			2003
Tax expense associated with income from operations on sold properties which is included in discontinued operations	$	(4,628	)	$	(2,813	)	$	(1,614	)
Tax expense associated with gains and losses on the sale of real estate which is included in discontinued operations		(18,718	)		(8,147	)		(1,965	)
Tax expense associated with gains and losses on the sale of real estate		(10,711	)		(5,312	)		(2,328	)
Income tax benefit		15,581			7,833			5,305
Income tax expense	$	(18,476	)	$	(8,439	)	$	(602	)

In addition to the TRS’s income tax expense, the Company recognized $1,956 in state income taxes which are included in income tax benefit on the Company’s consolidated statement of operations for the year ended December 31, 2005.

F-40

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

The income tax benefit pertaining to income from continuing operations and gain on sale of real estate for the TRS differs from the amounts computed by applying the applicable federal statutory rate as follows:

	2005			2004			2003
Tax benefit at Federal rate related to continuing operations	$	2,869		$	2,257		$	2,140
State tax benefit, net of Federal benefit		412			281			315
Meals and Entertainment		(19	)		(16	)		(12	)
Prior year provision to return adjustments		1,578			(112	)		518
State tax rate differential		38			11			(27	)
Other		(8	)		100			43
Net Income tax benefit	$	4,870		$	2,521		$	2,977

In addition to the income tax benefit pertaining to income from continuing operations and gain on sale of real estate for the TRS, the income tax benefit from continuing operations on the Company’s Consolidated Statement of Operations for the year ended December 31, 2005 includes $1,956 of state income taxes recognized by the Company.

12.   Future Rental Revenues

The Company’s properties are leased to tenants under net and semi-net operating leases. Minimum lease payments receivable, excluding tenant reimbursements of expenses, under non-cancelable operating leases in effect as of December 31, 2005 are approximately as follows:

2006	$	275,202
2007		234,897
2008		188,003
2009		147,668
2010		112,392
Thereafter		418,420
Total	$	1,376,582

13.   Employee Benefit Plans

The Company maintains three stock incentive plans (the “Stock Incentive Plans”) which are administered by the Compensation Committee of the Board of Directors. There are approximately 10.0 million shares reserved under the Stock Incentive Plans. Only officers, other employees of the Company, its Independent Directors and its affiliates generally are eligible to participate in the Stock Incentive Plans.

The Stock Incentive Plans authorize (i) the grant of stock options that qualify as incentive stock options under Section 422 of the Code, (ii) the grant of stock options that do not so qualify, (iii) restricted stock awards, (iv) performance share awards and (v) dividend equivalent rights. The exercise price of the stock options is determined by the Compensation Committee. Special provisions apply to awards granted under the Stock Incentive Plans in the event of a change in control in the Company. As of December 31, 2005, stock options and restricted stock covering 1.2 million shares were outstanding and 2.6 million shares were available

F-41

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

under the Stock Incentive Plans. The outstanding stock options generally vest over one to three year periods and have lives of ten years. Stock option transactions are summarized as follows:

				Weighted
				Average		Exercise Price
	Shares			Exercise Price		per Share
Outstanding at December 31, 2002		3,142,635		$	30.06	$	18.25-$33.15
Exercised		(531,473	)	$	27.99	$	20.25-$33.13
Expired or Terminated		(107,149	)	$	31.34	$	25.13-$33.13
Outstanding at December 31, 2003		2,504,013		$	30.45	$	18.25-$33.15
Exercised		(1,663,652	)	$	30.33	$	18.25-$33.15
Expired or Terminated		(16,940	)	$	30.17	$	22.75-$33.13
Outstanding at December 31, 2004		823,421		$	30.74	$	18.25-$33.15
Exercised		(248,881	)	$	29.57	$	18.25-$33.13
Expired or Terminated		(27,817	)	$	30.71	$	25.13-$33.13
Outstanding at December 31, 2005		546,723		$	31.27	$	22.75-$33.15

The following table summarizes currently outstanding and exercisable options as of December 31, 2005:

	Number		Weighted		Weighted
	Outstanding		Average		Average
	and		Remaining		Exercise
Range of Exercise Price	Exercisable		Contractual Life		Price
$22.75-$27.69		49,070		2.74		26.25
$30.00-$33.15		497,653		4.83		31.76

In September 1994, the Board of Directors approved and the Company adopted a 401(k)/Profit Sharing Plan. Under the Company’s 401(k)/Profit Sharing Plan, all eligible employees may participate by making voluntary contributions. The Company may make, but is not required to make, matching contributions. For the years ended December 31, 2005, 2004 and 2003, the Company made matching contributions of approximately $358, $305, and $109, respectively.

During 2003, the Company awarded 692,888 shares of restricted Common Stock to certain employees and 11,956 shares of restricted Common Stock to certain Directors. These restricted shares of Common Stock had a fair value of approximately $20,640 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings over the vesting period.

During 2004, the Company awarded 206,117 shares of restricted Common Stock to certain employees and 10,500 shares of restricted Common Stock to certain Directors. These restricted shares of Common Stock had a fair value of approximately $8,379 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings over the vesting period.

During 2005, the Company awarded 189,878 shares of restricted Common Stock to certain employees and 10,164 shares of restricted Common Stock to certain Directors. These restricted shares of Common Stock had a fair value of approximately $8,381 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings over the vesting period.

14.   Related Party Transactions

The Company periodically engages in transactions for which CB Richard Ellis, Inc. acts as a broker. A relative of one of the Company’s officers/Directors is an employee of CB Richard Ellis, Inc. For the years

F-42

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

ended December 31, 2005, 2004 and 2003, this relative received brokerage commissions in the amount of $285, $29 and $116, respectively.

15.   Commitments and Contingencies

In the normal course of business, the Company is involved in legal actions arising from the ownership of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on the consolidated financial position, operations or liquidity of the Company.

Twelve 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 in excess of the Company’s depreciated cost of the asset. The Company has no notice of any exercise of any tenant purchase option.

The Company has committed to the construction of certain industrial properties totaling approximately 4.5 million square feet (unaudited) of GLA. The estimated total construction costs are approximately $182.0 million (unaudited). Of this amount, approximately $93.8 million (unaudited) remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated completion cost stated above.

At December 31, 2005, the Company had 17 other letters of credit outstanding in the aggregate amount of $7,596. These letters of credit expire between March 31, 2006 and December 31, 2007.

Ground and Operating Lease Agreements

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which the Company is the lessee, as of December 31, 2005, are as follows:

2006	$	1,678
2007		1,171
2008		2,014
2009		1,657
2010		1,510
Thereafter		32,630
Total	$	40,660

16.   Subsequent Events

On January 3, 2006, the Company paid fourth quarter 2005 dividends of $53.906 per share ($.53906 per Depositary Share) on its Series C Preferred Stock, totaling, in the aggregate, approximately $1,078; and a dividend of $1,930.243 per share ($.1930 per Depositary Share) on its Series I Preferred Stock, totaling, in the aggregate, approximately $1,448.

On January 5, 2006, the Company, through First Industrial Development Services, Inc., settled the interest rate protection agreement entered into in October 2005 with a notional value of $50,000 for a payment of $186.

��

The Company redeemed the Series I Preferred Stock on January 13, 2006 for $242,875.00 per share, and paid a prorated first quarter dividend of $470.667 per share, totaling approximately $353. In accordance with EITF D-42, due to the redemption of the Series I Preferred Stock, the initial offering costs associated with the issuance of the Series I Preferred Stock of approximately $.7 million will be reflected as a deduction from net

F-43

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

income to arrive at net income available to common stockholders in determining earnings per share for the three months ended March 31, 2006.

On January 13, 2006, the Company issued 6,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company’s 7.25%, $.01 par value, Series J Flexible Cumulative Redeemable Preferred Stock (the “Series J Preferred Stock”), at an initial offering price of $25.00 per Depositary Share. Dividends on the Series J Preferred Stock, represented by the Depositary Shares, are cumulative from the date of initial issuance and are payable quarterly in arrears. However, during any period that both (i) the depositary shares are not listed on the NYSE or AMEX, or quoted on NASDAQ, and (ii) the Company is not subject to the reporting requirements of the Exchange Act, but the preferred shares are outstanding, the Company will increase the dividend on the preferred shares to a rate of 8.25% of the liquidation preference per year. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series J Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series C Preferred Stock, Series F Preferred Stock, Series G Preferred Stock and Series I Preferred Stock. The Series J Preferred Stock is not redeemable prior to January 15, 2011. However, if at any time both (i) the depositary shares cease to be listed on the NYSE or the AMEX, or quoted on NASDAQ, and (ii) the Company ceases to be subject to the reporting requirements of the Exchange Act, but the preferred shares are outstanding, then the preferred shares will be redeemable, in whole but not in part at the Company’s option, within 90 days of the date upon which the depositary shares cease to be listed and the Company ceases to be subject to such reporting requirements, at a redemption price equivalent to $25.00 per Depositary Share, plus all accrued and unpaid dividends to the date of redemption. On or after January 15, 2011, the Series J Preferred Stock is redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25.00 per Depositary Share, or $150,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. The Series J Preferred Stock has no stated maturity and is not convertible into any other securities of the Company.

On January 23, 2006, the Company and the Operating Partnership paid a fourth quarter 2005 distribution of $.7000 per common share/unit, totaling approximately $35,752.

On March 8, 2006, the Company declared a first quarter 2006 distribution of $.7000 per commonshare/unit on its common stock/units which is payable on April 17, 2006. The Company also declared first quarter 2006 dividends of $53.906 per share ($.53906 per Depositary Share), on its Series C Preferred Stock, totaling, in the aggregate, approximately $1,078, which is payable on March 31, 2006; semi-annual dividends of $3,118.00 per share ($31.18 per Depositary Share) on its Series F Preferred Stock, totaling, in the aggregate, approximately $1,559, which is payable on March 31, 2006; semi-annual dividends of $3,618.00 per share ($36.18 per Depositary Share) on its Series G Preferred Stock, totaling, in the aggregate, approximately $904, which is payable on March 31, 2006; and quarterly dividends of $3.927.08 per share ($.3927 per Depositary Share) on its Series J Preferred Stock, totaling, in the aggregate, approximately $2,356, which is payable on March 31, 2006.

From January 1, 2006 to March 8, 2006, the Company awarded 303,142 shares of restricted common stock to certain employees and 1,169 shares of restricted common stock to certain Directors. These shares of restricted common stock had a fair value of approximately $11,957 on the date of grant. The restricted common stock vests over periods from one to ten years. Compensation expense will be charged to earnings over the respective vesting period.

From January 1, 2006 to March 6, 2006, the Company acquired 23 industrial properties and several land parcels for a total estimated investment of approximately $149,705 (approximately $867 of which was made through the issuance of Units). The Company also sold 16 industrial properties including the industrial property that is accounted for as a build to suit development for sale, for approximately $240,095 of gross proceeds during this period.

F-44

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

On January 10, 2006, the Company, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on January 15, 2016 and bears a coupon interest rate of 5.75% (the “2016 Notes”). The issue price of the 2016 Notes was 99.653%. Interest is paid semi-annually in arrears on January 15 and July 15. In December 2005, the Company also entered into interest rate protection agreements which were used to fix the interest rate on the 2016 Notes prior to issuance. The Company settled the interest rate protection agreements on January 9, 2006 for a payment of approximately $1,729, which will be included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreements will be amortized over the life of the 2016 Notes as an adjustment to interest expense. Including the impact of the offering discount and the settlement amount of the interest rate protection agreements, the Company’s effective interest rate on the 2016 Notes is 5.91%. The 2016 Notes contain certain covenants, including limitations on incurrence of debt and debt service coverage.

On January 10, 2006, the Company, through the Operating Partnership, paid off and retired the 2005 Unsecured Line of Credit II.

On January 12, 2006, the Company paid off and retired the Acquisition Mortgage Loan XV.

On March 1, 2006, the Company paid off and retired the Acquisition Mortgage Loan V.

17.   Quarterly Financial Information (unaudited)

The following table summarizes quarterly financial information of the Company. The first, second and third fiscal quarters of 2005 and all fiscal quarters in 2004 have been revised in accordance with FAS 144.

Net income available to common stockholders and basic and diluted EPS from net income available to common stockholders has not been affected.

	Year Ended December 31, 2005
	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter
Total Revenues		76,225			75,285			91,634			94,681
Equity in (Loss) Income of Joint Ventures		(122	)		(98	)		3,978			(59	)
Minority Interest Allocable to Continuing Operations		1,530			1,860			1,778			2,511
Loss from Continuing Operations, Net of Income Tax and Minority Interest		(7,923	)		(10,202	)		(9,404	)		(12,872	)
Income from Discontinued Operations, Net of Income Tax		14,035			34,978			36,249			42,550
Minority Interest Allocable to Discontinued Operations		(1,842	)		(4,575	)		(4,788	)		(5,625	)
Gain on Sale of Real Estate, Net of Income Tax		13,950			1,786			1,659			1,626
Minority Interest Allocable to Gain on Sale of Real Estate		(1,830	)		(234	)		(219	)		(215	)
Net Income		16,390			21,753			23,497			25,464
Preferred Stock Dividends		(2,310	)		(2,310	)		(2,310	)		(3,758	)
Net Income Available to Common Stockholders	$	14,080		$	19,443		$	21,187		$	21,706

F-45

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	Year Ended December 31, 2005
��	First		Second			Third			Fourth
	Quarter		Quarter			Quarter			Quarter
Basic Earnings Per Share:
Income (Loss) From Continuing Operations		0.04		(0.26	)		(0.24	)		(0.36	)
Income From Discontinued Operations		0.29		0.72			0.74			0.86
Net Income Available to Common Stockholders		0.33		0.46			0.50			0.51
Weighted Average Shares Outstanding		42,158		42,285			42,468			42,806
Diluted Earnings Per Share:
Income (Loss) From Continuing Operations		0.04		(0.26	)		(0.24	)		(0.36	)
Income From Discontinued Operations		0.29		0.72			0.74			0.86
Net Income Available to Common Stockholders		0.33		0.46			0.50			0.51
Weighted Average Shares Outstanding		42,466		42,285			42,468			42,806

	Year Ended December 31, 2004
	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter
Total Revenues		68,249			66,613			68,620			75,074
Equity in Income (Loss) of Joint Ventures		245			301			36,763			(8	)
Minority Interest Allocable to Continuing Operations		1,188			2,428			(3,295	)		1,368
(Loss) Income from Continuing Operations, Net of Income Tax and Minority Interest		(2,177	)		(2,854	)		23,204			(6,035	)
Income from Discontinued Operations, Net of Income Tax		32,735			31,088			13,360			25,553
Minority Interest Allocable to Discontinued Operations		(4,675	)		(4,275	)		(1,829	)		(3,376	)
Gain on Sale of Real Estate, Net of Income Tax		2,516			2,643			2,026			4,264
Minority Interest Allocable to Gain Sale of Real Estate		(359	)		(363	)		(277	)		(563	)
Net Income		28,040			26,239			36,484			19,843
Preferred Stock Dividends		(5,044	)		(4,790	)		(2,344	)		(2,310	)
Less: Redemption of Preferred Stock		—			(7,359	)		(600	)		—
Net Income Available to Common Stockholders	$	22,996		$	14,090		$	33,540		$	17,533

F-46

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

	Year Ended December 31, 2004
	First			Second			Third		Fourth
	Quarter			Quarter			Quarter		Quarter
Basic Earnings Per Share:
(Loss) Income From Continuing Operations		(0.13	)		(0.32	)		0.54		(0.11	)
Income from Discontinued Operations		0.71			0.66			0.29		0.53
Net Income Available to Common Stockholders		0.58			0.35			0.83		0.42
Weighted Average Shares Outstanding		39,530			40,336			40,450		41,899
Diluted Earnings Per Share:
(Loss) Income From Continuing Operations		(0.13	)		(0.32	)		0.54		(0.11	)
Income from Discontinued Operations		0.71			0.66			0.28		0.53
Net Income Available to Common Stockholders		0.58			0.35			0.82		0.42
Weighted Average Shares Outstanding		39,530			40,336			40,764		41,899

F-47

FIRST INDUSTRIAL REALTY TRUST, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

18.   Pro Forma Financial Information (unaudited)

The following Pro Forma Condensed Statements of Operations for the years ended December 31, 2005 and 2004 (the “Pro Forma Statements”) are presented as if the acquisition of 73 operating industrial properties between January 1, 2005 and December 31, 2005 had occurred at the beginning of each year. The Pro Forma Statements do not include acquisitions between January 1, 2005 and December 31, 2005 for industrial properties that were vacant upon purchase, were leased back to the sellers upon purchase or were subsequently sold before December 31, 2005. The Pro Forma Condensed Statements of Operations include all necessary adjustments to reflect the occurrence of purchases and sales of properties during 2005 as of January 1, 2005 and 2004.

The Pro Forma Statements are not necessarily indicative of what the Company’s results of operations would have been for the years ended December 31, 2005 and 2004, nor do they purport to present the future results of operations of the Company.

Pro Forma Condensed Statements of Operations

	Year Ended			Year Ended
	December 31,			December 31,
	2005			2004
Total Revenues	$	361,410		$	311,007
(Loss) Income from Continuing Operations Available to Common Stockholders, Net of Minority Interest		(25,553	)		10,852
Income from Discontinued Operations, Net of Minority Interest and Income Taxes		111,133			90,130
Net Income	$	96,268		$	123,429
Less: Preferred Dividends	$	(10,688	)	$	(14,488	)
Less: Redemption of Preferred Stock		—		$	(7,959	)
Net Income Available to Common Stockholders	$	85,580		$	100,982
(Loss) Income from Continuing Operations Available to Common Stockholders, Net of Minority Interest Per Weighted Average Common Share Outstanding
Basic	$	(0.60	)	$	0.27
Diluted	$	(0.60	)	$	0.27
Income from Discontinued Operations, Net of Minority Interest and Income Taxes Per Weighted Average Common Share Outstanding
Basic	$	2.62		$	2.22
Diluted	$	2.62		$	2.20
Net Income Available to Common Stockholders Per Weighted Average Common Share Outstanding
Basic	$	2.02		$	2.49
Diluted	$	2.02		$	2.47

19.   Other Events

Subsequent to the filing of the Company’s annual report onForm 10-K on March 16, 2006, the Company has revised its audited consolidated financial statements for the years ended December 31, 2005, 2004, and

F-48

2003, due to certain provisions of Statement of Financial Accounting Standards (SFAS) No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” that require the Company to report the results of operations of a property if it has either been disposed or is classified as held for sale in discontinued operations and meets certain other criteria. Accordingly, the Company has retrospectively adjusted its audited consolidated financial statements for the years ended December 31, 2005, 2004 and 2003, to reflect 61 properties that were sold during the six months ended June 30, 2006 that were not classified as held for sale at December 31, 2005, and 16 properties that were held for sale at June 30, 2006, that met the criteria to be classified as discontinued operations. The effect of the reclassification represents a $8.7 million, $6.8 million, and $9.3 million decrease in its previously reported income from continuing operations for the years ended December 31, 2005, 2004 and 2003, respectively. As a result of the foregoing, Notes 8, 10, 11, 17 (unaudited), and 18 (unaudited) to the consolidated financial statements for the years ended December 31, 2005, 2004, and 2003 have been updated. There is no effect on the Company’s previously reported net income, financial condition or cash flows.

F-49

FIRST INDUSTRIAL REALTY TRUST, INC.
SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION
As Of December 31, 2005

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation			Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05			Renovated	Lives (Years)
	(Dollars in thousands)
Atlanta
4250 River Green Parkway	Duluth, GA			264	$	1,522	$	93	$	264	$	1,615	$	1,879	$	453		1988	(o)
3450 Corporate Parkway	Duluth, GA			506		2,904		444		506		3,348		3,854		953		1988	(o)
3425 Corporate Parkway	Duluth, GA			385		2,212		199		385		2,411		2,796		740		1990	(o)
1650 GA Highway 155	McDonough, GA			788		4,544		204		788		4,748		5,536		1,331		1991	(o)
14101 Industrial Park Boulevard	Covington, GA			285		1,658		703		285		2,361		2,646		581		1984	(o)
801-804 Blacklawn Road	Conyers, GA			361		2,095		842		361		2,937		3,298		807		1982	(o)
1665 Dogwood Drive	Conyers, GA			635		3,662		78		635		3,739		4,374		1,072		1973	(o)
1715 Dogwood Drive	Conyers, GA			288		1,675		80		288		1,755		2,043		493		1973	(o)
11235 Harland Drive	Covington, GA			125		739		88		125		827		952		226		1988	(o)
4050 Southmeadow Parkway	Atlanta, GA			401		2,813		311		425		3,100		3,525		889		1991	(o)
4051 Southmeadow Parkway	Atlanta, GA			726		4,130		1,084		726		5,214		5,940		1,594	��	1989	(o)
4071 Southmeadow Parkway	Atlanta, GA			750		4,460		974		828		5,356		6,184		1,518		1991	(o)
4081 Southmeadow Parkway	Atlanta, GA			1,012		5,918		1,586		1,157		7,359		8,516		1,842		1989	(o)
370 Great Southwest Parkway(k)	Atlanta, GA			527		2,984		579		546		3,544		4,089		847		1986	(o)
955 Cobb Place	Kennesaw, GA			780		4,420		417		804		4,813		5,617		1,000		1991	(o)
2039 Monier Blvd	Lithia Springs, GA			501		2,770		148		501		2,917		3,419		445		1999	(o)
1005 Sigman Road	Conyers, GA			566		3,134		160		574		3,285		3,860		515		1986	(o)
2050 East Park Drive	Conyers, GA			452		2,504		111		459		2,608		3,067		405		1998	(o)
220 Greenwood Court	McDonough, GA			1,700		—		9,402		1,700		9,402		11,102		943		2000	(o)
1256 Oakbrook Drive	Norcross, GA			336		1,907		310		339		2,215		2,553		286		1984	(o)
1265 Oakbrook Drive	Norcross, GA			307		1,742		185		309		1,926		2,235		209		1984	(o)
1266 Oakbrook Drive	Norcross, GA			234		1,326		54		235		1,378		1,613		152		1984	(o)
1275 Oakbrook Drive	Norcross, GA			400		2,269		99		403		2,365		2,768		260		1986	(o)
1280 Oakbrook Drive	Norcross, GA			281		1,592		235		283		1,826		2,108		225		1986	(o)
1300 Oakbrook Drive	Norcross, GA			420		2,381		185		423		2,563		2,986		274		1986	(o)
1325 Oakbrook Drive	Norcross, GA			332		1,879		207		334		2,084		2,417		238		1986	(o)
1351 Oakbrook Drive	Norcross, GA			370		2,099		118		373		2,215		2,588		252		1984	(o)
1346 Oakbrook Drive	Norcross, GA			740		4,192		128		744		4,315		5,059		484		1985	(o)

S-1

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
1412 Oakbrook Drive	Norcross, GA			313		1,776		206		315		1,980		2,296		227	1985	(o)
7800 The Bluffs(r)	Austell, GA			490		2,415		447		496		2,856		3,352		247	1995	(o)
Greenwood Industrial Park	McDonough, GA			1,550		—		7,485		1,550		7,485		9,035		252	2003	(o)
3060 South Park Blvd	Ellenwood, GA			1,600		12,464		961		1,603		13,422		15,025		1,120	1992	(o)
46 Kent Drive	Cartersville, GA			875		2,476		13		879		2,485		3,364		55	2001	(o)
100 Dorris Williams Industrial -King	Atlanta, GA	(j)		401		3,754		42		406		3,791		4,197		127	2000	(o)
605 Stonehill Diver	Atlanta, GA			485		1,979		24		490		1,998		2,488		93	1970	(o)
5095 Phillips Lee Drive	Atlanta, GA			735		3,627		24		740		3,646		4,386		82	1985/1990	(o)
6514 Warren Drive	Norcross, GA			510		1,250		9		513		1,256		1,769		58	1999	(o)
6544 Warren Drive	Norcross, GA			711		2,310		16		715		2,322		3,037		58	1999	(o)
720 Industrial Boulevard	Dublin, GA			250		2,632		18		252		2,648		2,900		56	1973/2000	(o)
5356 East Ponce DeLeon	One Mountain, GA			604		3,888		20		607		3,905		4,512		25	1982	(o)
5390 East Ponce DeLeon	One Mountain, GA			397		1,791		11		399		1,800		2,199		11	1982	(o)
195 & 197 Collins Boulevard	Athens, GA			1,410		5,344		37		1,419		5,372		6,791		107	1969/1984	(o)
4349 Avery Drive	Gainsville, GA			1,862		4,322		34		1,873		4,344		6,218		75	1977	(o)
Baltimore
3431 Benson	Baltimore, MD			553		3,062		317		562		3,370		3,932		667	1988	(o)
1820 Portal	Baltimore, MD	(f)		884		4,891		455		899		5,330		6,230		1,018	1982	(o)
8900 Yellow Brick Road	Baltimore, MD			447		2,473		372		475		2,817		3,292		550	1982	(o)
7476 New Ridge	Hanover, MD			394		2,182		385		401		2,560		2,961		471	1987	(o)
504 Advantage Way(r)	Aberdeen, MD			2,799		15,864		813		2,802		16,674		19,476		1,154	1987/92	(o)
9700 Martin Luther King Hwy	Lanham, MD			700		1,920		720		700		2,640		3,340		276	1980	(o)
9730 Martin Luther King Hwy	Lanham, MD			500		955		678		500		1,633		2,133		146	1980	(o)
4600 Boston Way	Lanham, MD			1,400		2,482		217		1,400		2,699		4,099		242	1980	(o)
4621 Boston Way(r)	Lanham, MD			1,100		3,070		369		1,100		3,439		4,539		286	1980	(o)
4720 Boston Way(r)	Lanham, MD			1,200		2,174		930		1,200		3,104		4,304		321	1979	(o)
2250 Randolph Drive	Dulles, VA			3,200		8,187		36		3,208		8,215		11,423		363	1999	(o)
22630 Dulles Summit Court	Dulles, VA			2,200		9,346		127		2,206		9,467		11,673		397	1998	(o)
4201 Forbes Boulevard	Lanham, MD			356		1,823		191		375		1,995		2,370		49	1989	(o)
4370-4383 Lottsford Vista Road	Lanham, MD			279		1,358		68		296		1,408		1,705		45	1989	(o)
4400 Lottsford Vista Road	Lanham, MD			351		1,955		108		372		2,042		2,414		54	1989	(o)
4420 Lottsford Vista Road	Lanham, MD			539		2,196		118		568		2,285		2,853		66	1989	(o)
11204 McCormick Road	Hunt Valley, MD			1,017		3,132		81		1,038		3,192		4,230		18	1962	(o)
11110 Pepper Road	Hunt Valley, MD			918		2,529		68		938		2,577		3,515		12	1964	(o)

S-2

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or			Gross Amount Carried
			(b)				Completion			At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation					Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
11100 Gilroy Road	Hunt Valley, MD			901		1,455		43			919		1,480		2,399		8	1972	(o)
318 Clubhouse	Hunt Valley, MD			701		1,691		(24	)		718		1,650		2,368		11	1984	(o)
336 Clubhouse	Hunt Valley, MD			982		3,158		82			1,004		3,218		4,222		18	1976	(o)
10709 Gilroy Road	Hunt Valley, MD			907		2,884		(173	)		913		2,705		3,618		15	1978	(o)
10707 Gilroy Road	Hunt Valley, MD			1,111		3,819		96			1,136		3,890		5,026		21	1977	(o)
10947 Golden West	Hunt Valley, MD			1,134		3,436		64			1,135		3,499		4,634		13	1983	(o)
38 Loveton Circle	Hunt Valley, MD			1,664		2,151		77			1,701		2,191		3,892		19	1983	(o)
7120-7132 Ambassador Road	Hunt Valley, MD			829		1,329		15			847		1,326		2,173		9	1970	(o)
7142 Ambassador Road	Hunt Valley, MD			924		2,876		71			942		2,929		3,871		9	1973	(o)
7144-7160 Ambassador Road	Hunt Valley, MD			979		1,672		67			1,000		1,718		2,718		14	1974	(o)
7223-7249 Ambassador Road	Hunt Valley, MD			1,283		2,674		103			1,311		2,748		4,060		21	1967/87	(o)
7200 Rutherford	Hunt Valley, MD			1,032		2,150		62			1,054		2,190		3,244		17	1978	(o)
2700 Lord Baltimore	Hunt Valley, MD			875		1,826		(58	)		897		1,746		2,643		13	1978	(o)
9800 Martin Luther King Hwy	Lanham, MD			1,200		2,457		543			1,200		3,000		4,200		258	1978	(o)
4501 Hollins Ferry Road	Baltimore, MD			3,000		10,108		929			3,058		10,979		14,037		509	1982/92	(o)
11212 McCormick Road	Hunt Valley, MD			776		623		37			798		638		1,436		6	1961/1973	(o)
Central Pennsylvania
1214-B Freedom Road	Cranberry Township, PA			31		994		612			200		1,438		1,637		761	1982	(o)
401 Russell Drive	Middletown, PA			262		857		2,065			287		2,896		3,184		1,371	1990	(o)
2700 Commerce Drive	Middletown, PA			196		997		710			206		1,697		1,903		827	1990	(o)
2701 Commerce Drive	Middletown, PA			141		859		1,160			164		1,996		2,160		841	1989	(o)
2780 Commerce Drive	Middletown, PA			113		743		1,039			209		1,687		1,895		832	1989	(o)
5020 Louise Drive	Mechanicsburg, PA			707		—		2,901			716		2,892		3,608		720	1995	(o)
350 Old Silver Springs Road	Mechanicsburg, PA			510		2,890		4,493			541		7,352		7,893		1,426	1968/97	(o)
16522 Hunters Green Parkway	Hagerstown, MD	(h)		1,390		13,104		3,902			1,863		16,534		18,396		1,088	2000	(o)
18212 Shawley Drive	Hagerstown, MD			1,000		5,847		106			1,016		5,937		6,953		276	1992	(o)
301 Railroad Avenue	Shiremanstown, PA			1,181		4,447		1,212			1,343		5,497		6,840		222	1970	(o)
431 Railroad Avenue	Shiremanstown, PA			1,293		7,164		289			1,340		7,406		8,746		244	1968	(o)
Golden Eagle Business Center	Harrisburg, PA			585		3,176		83			600		3,245		3,844		57	2000	(o)
270 Old Silver Spring Road	Mechanicsburg, PA			350		—		3,649			350		3,649		3,999		332	2001	(o)
37 Valleyview Business Park	Jessup, PA			542		—		2,971			542		2,972		3,513		77	2004	(o)
170 Marcel Drive	Winchester, VA			1,544		5,463		266			1,544		5,730		7,273		—	1997	(o)
320 Museum Road	Washington, PA			201		1,819		33			205		1,849		2,053		18	1967/75	(o)
Chicago
720-730 Landwehr Road	Northbrook, IL			521		2,982		1,143			521		4,125		4,646		1,131	1978	(o)

S-3

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
20W201 101st Street	Lemont, IL			967		5,554		875		968		6,428		7,396		1,911	1988	(o)
3600 West Pratt Avenue	Lincolnwood, IL			1,050		5,767		1,238		1,050		7,005		8,055		2,021	1953/88	(o)
6750 South Sayre Avenue	Bedford Park, IL			224		1,309		433		224		1,742		1,966		441	1975	(o)
585 Slawin Court	Mount Prospect, IL			611		3,505		183		611		3,688		4,300		1,021	1992	(o)
2300 Windsor Court	Addison, IL			688		3,943		504		696		4,439		5,135		1,344	1986	(o)
3505 Thayer Court	Aurora, IL			430		2,472		35		430		2,507		2,938		717	1989	(o)
305-311 Era Drive	Northbrook, IL			200		1,154		146		205		1,296		1,501		361	1978	(o)
4330 South Racine Avenue	Chicago, IL			448		1,893		550		468		2,424		2,891		1,872	1978	(o)
12241 Melrose Street	Franklin Park, IL			332		1,931		1,826		469		3,620		4,089		1,091	1969	(o)
3150-3160 MacArthur Boulevard	Northbrook, IL			429		2,518		23		429		2,541		2,970		736	1978	(o)
365 North Avenue	Carol Stream, IL			1,081		6,882		3,890		1,111		10,742		11,853		2,909	1969	(o)
305-307 East North Ave	Carol Stream, IL			126		—		2,717		128		2,716		2,844		360	1999	(o)
11939 S Central Avenue	Alsip, IL			1,208		6,843		2,155		1,305		8,900		10,205		1,829	1972	(o)
405 East Shawmut	LaGrange, IL			368		2,083		365		387		2,428		2,815		486	1965	(o)
1010-50 Sesame Street	Bensenville, IL			979		5,546		2,285		1,048		7,761		8,810		1,305	1976	(o)
7401 South Pulaski	Chicago, IL			664		3,763		1,215		669		4,974		5,643		1,024	1975/86	(o)
7501 S. Pulaski	Chicago, IL			318		2,038		738		318		2,777		3,094		514	1975/86	(o)
385 Fenton Lane	West Chicago, IL			868		4,918		567		884		5,468		6,352		1,263	1990	(o)
905 Paramount	Batavia, IL			243		1,375		391		252		1,757		2,009		355	1977	(o)
1005 Paramount	Batavia, IL			282		1,600		454		293		2,043		2,336		401	1978	(o)
2120-24 Roberts	Broadview, IL			220		1,248		369		231		1,607		1,838		391	1960	(o)
700 Business Center Drive	Mount Prospect, IL			270		1,492		120		288		1,594		1,882		202	1980	(o)
800 Business Center Drive	Mount Prospect, IL			631		3,493		233		666		3,691		4,358		468	1988/99	(o)
580 Slawin Court	Mount Prospect, IL			233		1,292		234		254		1,505		1,760		180	1985	(o)
1150 Feehanville Drive	Mount Prospect, IL			260		1,437		131		273		1,555		1,829		203	1983	(o)
1200 Business Center D rive	Mount Prospect, IL			765		4,237		335		814		4,524		5,338		576	1988/2000	(o)
1331 Business Center Drive	Mount Prospect, IL			235		1,303		136		255		1,419		1,674		181	1985	(o)
19W661 101st Street	Lemont, IL			1,200		6,643		1,400		1,220		8,023		9,242		844	1988	(o)
175 Wall Street	Glendale Heights, IL			427		2,363		191		433		2,548		2,981		236	1990	(o)
800-820 Thorndale Avenue	Bensenville, IL			751		4,159		109		761		4,258		5,019		326	1985	(o)
830-890 Supreme Drive	Bensenville, IL			671		3,714		247		679		3,953		4,632		406	1981	(o)
1661 Feehanville Drive	Mount Prospect, IL			985		5,455		1,134		1,044		6,530		7,574		845	1986	(o)
2250 Arthur Avenue.	Elk Grove Village, IL			800		1,543		41		809		1,576		2,384		208	1973/86	(o)

S-4

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
1850 Touhy & 1158-60 McCage Ave	Elk Grove Village, IL			1,500		4,842		57		1,514		4,885		6,399		351	1978	(o)
1088-1130 Thorndale Avenue	Bensenville, IL			2,103		3,674		12		2,108		3,681		5,789		93	1983	(o)
855-891 Busse(Route 83)	Bensenville, IL			1,597		2,767		11		1,601		2,774		4,375		72	1983	(o)
1060-1074 W. Thorndale Ave.	Bensenville, IL			1,704		2,108		31		1,709		2,134		3,843		61	1982	(o)
400 Crossroads Parkway	Bolingbrook, IL			1,178		9,453		26		1,181		9,476		10,657		159	1988	(o)
7609 West Industrial Drive	Forest Park, IL			1,207		2,343		161		1,213		2,497		3,711		69	1974	(o)
7801 West Industrial Drive	Forest Park, IL			1,215		3,020		19		1,220		3,034		4,254		74	1976	(o)
825 East 26th Street	LaGrange Park, IL			1,547		2,078		149		1,617		2,157		3,774		54	1959/88	(o)
501 Airport Road(r)	Aurora, IL			694		—		5,256		694		5,256		5,950		415	2002	(o)
251 Airport Road(r)	Aurora, IL			983		—		6,653		983		6,654		7,636		657	2002	(o)
1900-1960 Devon Avenue	Elk Grove Village, IL			1,154		2,552		195		1,167		2,734		3,901		124	1979	(o)
3686 South Central	Rockford, IL			200		2,520		11		200		2,531		2,731		72	1998	(o)
749 Southrock	Rockford, IL			379		2,814		13		380		2,825		3,206		105	1992	(o)
725 Kimberly Drive	Carol Stream, IL			793		1,395		10		801		1,397		2,198		23	1987	(o)
2802 Bloomington Road	Champaign, IL			1,002		7,544		45		1,007		7,583		8,591		47	1996	(o)
17001 S. Vincennes	Thornton, IL			497		504		6		500		507		1,007		9	1974	(o)
Cincinnati
9900-9970 Princeton	Cincinnati, OH			545		3,088		1,709		566		4,775		5,342		1,315	1970	(o)
2940 Highland Avenue	Cincinnati, OH			1,717		9,730		2,258		1,772		11,933		13,705		3,151	1969/74	(o)
4700-4750 Creek Road	Blue Ash, OH			1,080		6,118		772		1,109		6,860		7,970		1,788	1960	(o)
12072 Best Place	Springboro, OH			426		—		3,177		443		3,160		3,604		610	1984	(o)
901 Pleasant Valley Drive	Springboro, OH			304		1,721		166		316		1,875		2,191		370	1984/94	(o)
4440 Mulhauser Road	Cincinnati, OH			655		39		5,741		655		5,780		6,435		1,197	1999	(o)
4434 Mulhauser Road	Cincinnati, OH			444		16		4,684		463		4,681		5,144		764	1999	(o)
9449 Glades Drive	Hamilton, OH			465		—		4,080		477		4,068		4,545		581	1999	(o)
420 Wars Corner Road(r)	Loveland, OH			600		1,083		1,010		606		2,087		2,693		324	1985	(o)
422 Wards Corner Road	Loveland, OH			600		1,811		451		605		2,256		2,862		354	1985	(o)
4436 Muhlhauser Road(r)	Hamilton, OH			630		—		5,663		630		5,664		6,293		607	2001	(o)
4438 Muhlhauser Road(r)	Hamilton, OH			779		—		6,823		779		6,823		7,602		680	2000	(o)
9200 Brookfield Court	Florence, KY			578		3,551		72		582		3,619		4,201		120	1996	(o)
4663 Dues Drive	West Chester, OH			858		2,273		204		875		2,460		3,335		130	1972	(o)
7401 Fremont Pike #1	Perrysburg, OH			291		1,130		26		296		1,151		1,447		7	1955/70	(o)
7401 Fremont Pike #2	Perrysburg, OH			280		1,088		25		285		1,108		1,393		7	1980	(o)
7401 Fremont Pike #3	Perrysburg, OH			334		1,300		30		340		1,324		1,664		8	1984	(o)

S-5

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or			Gross Amount Carried
			(b)				Completion			At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation					Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
7401 Fremont Pike #4	Perrysburg, OH			502		1,952		44			511		1,987		2,498		13	1985	(o)
7401 Fremont Pike #5	Perrysburg, OH			340		1,323		31			346		1,347		1,694		8	1990	(o)
7401 Fremont Pike #6	Perrysburg, OH			340		1,323		31			346		1,347		1,694		8	1990	(o)
7401 Fremont Pike #7	Perrysburg, OH			357		1,389		33			364		1,415		1,779		9	1991	(o)
7401 Fremont Pike #8	Perrysburg, OH			704		2,739		64			717		2,789		3,507		18	1993	(o)
7401 Fremont Pike #9	Perrysburg, OH			18		68		2			18		70		88		0	1998	(o)
7401 Fremont Pike #10	Perrysburg, OH			38		149		4			39		152		191		1	1951	(o)
Cleveland
1 Allen Bradley Drive	Mayfield Heights, OH			3,034		48,475		269			3,051		48,726		51,778		276	1995	(o)
Columbus
3800 Lockbourne Industrial Pkwy	Columbus, OH			1,045		6,421		14			1,045		6,435		7,480		1,529	1986	(o)
3880 Groveport Road	Columbus, OH			1,955		12,154		600			1,955		12,755		14,709		3,087	1986	(o)
1819 North Walcutt Road	Columbus, OH			637		4,590		(296	)		637		4,294		4,931		1,105	1973	(o)
4300 Cemetary Road(r)	Hillard, OH			764		6,248		(1,424	)		764		4,823		5,588		1,133	1968/74	(o)
4115 Leap Road(k)	Hillard, OH			756		4,297		485			756		4,781		5,537		892	1977	(o)
3300 Lockbourne	Columbus, OH			708		3,920		1,241			710		5,159		5,869		1,075	1964	(o)
1076 Pittsburgh Drive	Delaware, OH			2,497		5,103		22			2,505		5,117		7,622		157	1996	(o)
6150 Huntley Road	Columbus, OH			986		5,162		16			989		5,175		6,164		101	2002	(o)
Dallas/Fort Worth
1275-1281 Roundtable Drive	Dallas, TX			117		839		53			117		892		1,009		184	1966	(o)
2406-2416 Walnut Ridge	Dallas, TX			178		1,006		290			183		1,291		1,474		278	1978	(o)
12750 Perimiter Drive	Dallas, TX			638		3,618		635			660		4,232		4,892		805	1979	(o)
1324-1343 Roundtable Drive	Dallas, TX			178		1,006		227			184		1,227		1,411		240	1972	(o)
2401-2419 Walnut Ridge	Dallas, TX			148		839		119			153		953		1,106		201	1978	(o)
4248-4252 Simonton	Farmers Ranch, TX			888		5,032		412			920		5,412		6,332		1,169	1973	(o)
900-906 Great Southwest Pkwy	Arlington, TX			237		1,342		596			270		1,905		2,175		368	1972	(o)
2179 Shiloh Road	Garland, TX			251		1,424		68			256		1,486		1,742		299	1982	(o)
2159 Shiloh Road	Garland, TX			108		610		40			110		648		758		130	1982	(o)
2701 Shiloh Road	Garland, TX			818		4,636		1,209			923		5,740		6,663		1,275	1981	(o)
12784 Perimeter Drive(l)	Dallas, TX			350		1,986		461			396		2,401		2,797		494	1981	(o)
3000 West Commerce	Dallas, TX			456		2,584		530			469		3,101		3,570		599	1980	(o)
3030 Hansboro	Dallas, TX			266		1,510		385			276		1,885		2,161		382	1971	(o)
5222 Cockrell Hill	Dallas, TX			296		1,677		389			306		2,056		2,363		390	1973	(o)
405-407 113th	Arlington, TX			181		1,026		431			185		1,452		1,637		264	1969	(o)

S-6

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
816 111th Street	Arlington, TX			251		1,421		224		258		1,638		1,896		330	1972	(o)
7341 Dogwood Park	Richland Hills, TX			79		435		219		84		649		732		152	1973	(o)
7427 Dogwood Park	Richland Hills, TX			96		532		556		102		1,083		1,185		142	1973	(o)
7348-54 Tower Street	Richland Hills, TX			88		489		196		94		679		773		120	1978	(o)
7370 Dogwood Park	Richland Hills, TX			91		503		97		96		594		691		122	1987	(o)
7339-41 Tower Street	Richland Hills, TX			98		541		66		104		601		705		109	1980	(o)
7437-45 Tower Street	Richland Hills, TX			102		563		79		108		635		743		124	1977	(o)
7331-59 Airport Freeway	Richland Hills, TX			354		1,958		363		372		2,303		2,675		411	1987	(o)
7338-60 Dogwood Park	Richland Hills, TX			106		587		102		112		683		796		127	1978	(o)
7450-70 Dogwood Park	Richland Hills, TX			106		584		125		112		703		815		140	1985	(o)
7423-49 Airport Freeway	Richland Hills, TX			293		1,621		334		308		1,940		2,248		421	1985	(o)
7400 Whitehall Street	Richland Hills, TX			109		603		91		115		688		804		126	1994	(o)
1602-1654 Terre Colony	Dallas, TX			458		2,596		230		468		2,816		3,284		467	1981	(o)
3330 Duncanville Road	Dallas, TX			197		1,114		28		199		1,139		1,338		158	1987	(o)
6851-6909 Snowden Road	Fort Worth, TX			1,025		5,810		483		1,038		6,280		7,318		905	1985/86	(o)
2351-2355 Merritt Drive	Garland, TX			101		574		125		103		698		800		118	1986	(o)
10575 Vista Park	Dallas, TX			366		2,074		214		371		2,283		2,654		322	1988	(o)
701-735 North Plano Road	Richardson, TX			696		3,944		118		705		4,053		4,758		576	1972/94	(o)
2259 Merritt Drive	Garland, TX			96		544		45		97		588		685		82	1986	(o)
2260 Merritt Drive	Garland, TX			319		1,806		47		323		1,849		2,172		259	1986/99	(o)
2220 Merritt Drive	Garland, TX			352		1,993		258		356		2,247		2,603		297	1986/2000	(o)
2010 Merritt Drive	Garland, TX			350		1,981		112		354		2,088		2,442		304	1986	(o)
2363 Merritt Drive	Garland, TX			73		412		117		74		529		602		67	1986	(o)
2447 Merritt Drive	Garland, TX			70		395		81		71		475		546		57	1986	(o)
2465-2475 Merritt Drive	Garland, TX			91		514		21		92		535		626		74	1986	(o)
2485-2505 Merritt Drive	Garland, TX			431		2,440		415		436		2,849		3,285		356	1986	(o)
2081 Hutton Drive — Bldg 1(l)	Carrolton, TX			448		2,540		480		453		3,016		3,468		459	1981	(o)
2150 Hutton Drive	Carrolton, TX			192		1,089		315		194		1,402		1,596		231	1980	(o)
2110 Hutton Drive	Carrolton, TX			374		2,117		172		377		2,285		2,662		310	1985	(o)
2025 McKenzie Drive	Carrolton, TX			437		2,478		431		442		2,904		3,346		447	1985	(o)
2019 McKenzie Drive	Carrolton, TX			502		2,843		174		507		3,012		3,519		418	1985	(o)
1420 Valwood Parkway — Bldg 1(k)	Carrolton, TX			460		2,608		609		466		3,212		3,677		429	1986	(o)
1620 Valwood Parkway(l)	Carrolton, TX			1,089		6,173		1,165		1,100		7,327		8,427		1,095	1986	(o)
1505 Luna Road — Bldg II	Carrolton, TX			167		948		160		169		1,106		1,275		151	1988	(o)

S-7

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or			Gross Amount Carried
			(b)				Completion			At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation					Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
1625 West Crosby Road	Carrolton, TX			617		3,498		678			631		4,162		4,793		670	1988	(o)
2029-2035 McKenzie Drive	Carrolton, TX			306		1,870		1,015			306		2,885		3,191		625	1985	(o)
1840 Hutton Drive(k)	Carrolton, TX			811		4,597		521			819		5,111		5,930		656	1986	(o)
1420 Valwood Pkwy — Bldg II	Carrolton, TX			373		2,116		422			377		2,534		2,912		376	1986	(o)
2015 McKenzie Drive	Carrolton, TX			510		2,891		316			516		3,202		3,717		392	1986	(o)
2105 McDaniel Drive	Carrolton, TX			502		2,844		735			507		3,573		4,080		448	1986	(o)
2009 McKenzie Drive	Carrolton, TX			476		2,699		506			481		3,201		3,682		413	1987	(o)
1505 Luna Road — Bldg I	Carrolton, TX			521		2,953		571			529		3,516		4,045		412	1988	(o)
900-1100 Avenue S	Grand Prairie, TX			623		3,528		325			629		3,846		4,475		437	1985	(o)
15001 Trinity Blvd	Ft. Worth, TX			529		2,998		50			534		3,043		3,578		253	1984	(o)
Plano Crossing(m)	Plano, TX			1,961		11,112		171			1,981		11,263		13,243		943	1998	(o)
7413A-C Dogwood Park	Richland Hills, TX			110		623		102			111		724		835		58	1990	(o)
7450 Tower Street	Richland Hills, TX			36		204		160			36		363		399		23	1977	(o)
7436 Tower Street	Richland Hills, TX			57		324		147			58		471		528		31	1979	(o)
7501 Airport Freeway	Richland Hills, TX			113		638		50			115		686		800		67	1983	(o)
7426 Tower Street	Richland Hills, TX			76		429		18			76		446		522		36	1978	(o)
7427-7429 Tower Street	Richland Hills, TX			75		427		15			76		441		517		36	1981	(o)
2840-2842 Handley Ederville Rd	Richland Hills, TX			112		635		34			113		668		781		56	1977	(o)
7451-7477 Airport Freeway	Richland Hills, TX			256		1,453		211			259		1,661		1,920		189	1984	(o)
7415 Whitehall Street	Richland Hills, TX			372		2,107		137			375		2,241		2,616		200	1986	(o)
7450 Whitehall Street	Richland Hills, TX			104		591		10			105		600		705		49	1978	(o)
7430 Whitehall Street	Richland Hills, TX			143		809		15			144		822		966		68	1985	(o)
7420 Whitehall Street	Richland Hills, TX			110		621		28			111		648		759		60	1985	(o)
300 Wesley Way	Richland Hills, TX			208		1,181		17			211		1,196		1,407		98	1995	(o)
825-827 Avenue H(k), (r)	Arlington, TX			600		3,006		193			604		3,195		3,799		210	1979	(o)
1013-31 Avenue M(r)	Grand Prairie, TX			300		1,504		52			302		1,554		1,856		101	1978	(o)
1172-84 113th Street(k)	Grand Prairie, TX			700		3,509		30			704		3,534		4,239		199	1980	(o)
1200-16 Avenue H(k)	Arlington, TX			600		2,846		(17	)		604		2,825		3,429		181	1981/82	(o)
1322-66 N. Carrier Parkway(l)	Grand Prairie, TX			1,000		5,012		58			1,006		5,064		6,070		297	1979	(o)
2401-2407 Centennial Dr.	Arlington, TX			600		2,534		60			604		2,591		3,194		161	1977	(o)
3111 West Commerce Street	Dallas, TX			1,000		3,364		45			1,011		3,398		4,409		202	1979	(o)
4201 Kellway	Addison, TX			306		1,342		56			317		1,387		1,704		57	1980	(o)
9150 West Royal Lane	Irving, TX			818		3,767		18			820		3,783		4,603		74	1985	(o)
13800 Senlac Drive	Farmers Ranch, TX			823		4,042		12			825		4,052		4,877		96	1988	(o)

S-8

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
801-831 S. Great Southwest Pkwy	Grand Prairie, TX			2,581		16,556		257		2,586		16,808		19,394		538	1975	(o)
801-842 Heinz Way	Grand Prairie, TX			599		3,327		34		601		3,359		3,960		73	1977	(o)
901-937 Heinz Way	Grand Prairie, TX			493		2,823		7		494		2,829		3,323		70	1997	(o)
2104 Hutton Drive	Carrolton, TX			246		1,393		172		249		1,563		1,811		199	1990	(o)
7451 Dogwood Park	Richland Hills, TX			133		753		195		134		947		1,081		156	1977	(o)
2821 Cullen Street	Fort Worth, TX			71		404		6		72		409		481		33	1961	(o)
2900 Avenue E	Arlington, TX			296		—		1,936		296		1,936		2,232		39	1968	(o)
14500 E. Beltwood	Dallas, TX			309		1,368		18		312		1,383		1,695		14	1980	(o)
Denver
7100 North Broadway — 1	Denver, CO			201		1,141		405		215		1,532		1,748		360	1978	(o)
7100 North Broadway — 2	Denver, CO			203		1,150		272		204		1,420		1,624		325	1978	(o)
7100 North Broadway — 3	Denver, CO			139		787		152		140		938		1,078		217	1978	(o)
7100 North Broadway — 5	Denver, CO			178		1,018		149		178		1,167		1,345		276	1978	(o)
7100 North Broadway — 6	Denver, CO			269		1,526		372		271		1,896		2,167		484	1978	(o)
20100 East 32nd Avenue Parkway	Aurora, CO			314		1,888		173		314		2,060		2,374		540	1997	(o)
700 West 48th Street	Denver, CO			302		1,711		439		307		2,145		2,452		508	1984	(o)
702 West 48th Street	Denver, CO			135		763		128		139		886		1,025		216	1984	(o)
6425 North Washington	Denver, CO			374		2,118		318		385		2,424		2,809		543	1983	(o)
3370 North Peoria Street	Aurora, CO			163		924		70		163		994		1,157		225	1978	(o)
3390 North Peoria Street	Aurora, CO			145		822		85		147		906		1,052		200	1978	(o)
3508-3538 North Peoria Street	Aurora, CO			260		1,472		485		264		1,953		2,217		482	1978	(o)
3568 North Peoria Street	Aurora, CO			222		1,260		355		225		1,612		1,837		376	1978	(o)
4785 Elati	Denver, CO			173		981		212		175		1,192		1,367		295	1972	(o)
4770 Fox Street	Denver, CO			132		750		118		134		866		1,000		194	1972	(o)
1550 W. Evans	Denver, CO			385		2,200		411		385		2,610		2,995		549	1975	(o)
3751-71 Revere Street	Denver, CO			262		1,486		208		267		1,689		1,957		371	1980	(o)
3871 Revere	Denver, CO			361		2,047		559		368		2,599		2,967		550	1980	(o)
4570 Ivy Street	Denver, CO			219		1,239		174		220		1,411		1,632		324	1985	(o)
5855 Stapleton Drive North	Denver, CO			288		1,630		282		290		1,911		2,201		428	1985	(o)
5885 Stapleton Drive North	Denver, CO			376		2,129		175		380		2,300		2,680		458	1985	(o)
5977-5995 North Broadway	Denver, CO			268		1,518		446		271		1,961		2,232		392	1978	(o)
2952-5978 North Broadway	Denver, CO			414		2,346		728		422		3,067		3,489		682	1978	(o)
4721 Ironton Street	Denver, CO			232		1,313		1,520		236		2,827		3,064		987	1969	(o)

S-9

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or			Gross Amount Carried
			(b)				Completion			At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation					Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
7100 North Broadway — 7	Denver, CO			215		1,221		227			217		1,445		1,663		361	1985	(o)
7100 North Broadway — 8	Denver, CO			79		448		104			80		551		631		112	1985	(o)
6804 East 48th Avenue	Denver, CO			253		1,435		403			256		1,835		2,092		369	1973	(o)
445 Bryant Street	Denver, CO			1,829		10,219		1,719			1,829		11,938		13,767		2,458	1960	(o)
East 47th Drive — A	Denver, CO			441		2,689		(6	)		441		2,683		3,124		576	1997	(o)
9500 West 49th Street — A	Wheatridge, CO			283		1,625		328			286		1,951		2,236		459	1997	(o)
9500 West 49th Street — B	Wheatridge, CO			225		1,272		70			226		1,341		1,567		270	1997	(o)
9500 West 49th Street — C	Wheatridge, CO			600		3,409		126			600		3,536		4,136		738	1997	(o)
9500 West 49th Street — D	Wheatridge, CO			246		1,537		179			246		1,716		1,962		555	1997	(o)
8100 South Park Way — A	Littleton, CO			423		2,507		192			423		2,699		3,121		565	1997	(o)
8100 South Park Way — B	Littleton, CO			103		582		162			104		743		847		177	1984	(o)
8100 South Park Way — C	Littleton, CO			568		3,219		223			575		3,435		4,010		698	1984	(o)
451-591 East 124th Avenue	Littleton, CO			383		2,145		805			383		2,950		3,333		665	1979	(o)
608 Garrison Street	Lakewood, CO			265		1,501		395			267		1,894		2,161		396	1984	(o)
610 Garrison Street	Lakewood, CO			264		1,494		438			266		1,931		2,196		439	1984	(o)
15000 West 6th Avenue	Golden, CO			913		5,174		1,232			916		6,404		7,320		1,498	1985	(o)
14998 West 6th Avenue Bldg E	Golden, CO			565		3,199		224			568		3,419		3,987		757	1995	(o)
14998 West 6th Avenue Bldg F	Englewood, CO			269		1,525		86			271		1,610		1,881		360	1995	(o)
12503 East Euclid Drive	Denver, CO			1,208		6,905		769			1,208		7,675		8,882		1,731	1986	(o)
6547 South Racine Circle	Denver, CO			739		4,241		152			739		4,393		5,132		889	1996	(o)
7800 East Iliff Avenue	Denver, CO			188		1,067		245			190		1,310		1,500		258	1983	(o)
2369 South Trenton Way	Denver, CO			292		1,656		170			294		1,825		2,118		408	1983	(o)
2422 S. Trenton Way	Denver, CO			241		1,364		243			243		1,605		1,848		348	1983	(o)
2452 South Trenton Way	Denver, CO			421		2,386		201			426		2,582		3,008		532	1983	(o)
1600 South Abilene	Aurora, CO			465		2,633		79			467		2,710		3,177		573	1986	(o)
1620 South Abilene	Aurora, CO			268		1,520		101			270		1,619		1,890		340	1986	(o)
1640 South Abilene	Aurora, CO			368		2,085		141			382		2,213		2,594		490	1986	(o)
13900 East Florida Ave	Aurora, CO			189		1,071		79			190		1,149		1,339		244	1986	(o)
14401-14492 East 33rd Place	Aurora, CO			440		2,519		294			440		2,817		3,257		583	1979	(o)
11701 East 53rd Avenue	Denver, CO			416		2,355		194			422		2,542		2,964		528	1985	(o)
5401 Oswego Street	Denver, CO			273		1,547		329			278		1,871		2,148		457	1985	(o)
3811 Joilet(r)	Denver, CO			735		4,166		448			752		4,597		5,349		859	1977	(o)
2630 West 2nd Avenue	Denver, CO			51		286		5			51		291		342		61	1970	(o)
2650 West 2nd Avenue	Denver, CO			221		1,252		191			223		1,441		1,664		306	1970	(o)
14818 West 6th Avenue Bldg A	Golden, CO			468		2,799		389			468		3,188		3,656		801	1985	(o)

S-10

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
14828 West 6th Avenue Bldg B	Golden, CO			503		2,942		541		503		3,482		3,985		815	1985	(o)
12055 E 49th Ave/4955 Peoria	Denver, CO			298		1,688		562		305		2,243		2,547		518	1984	(o)
4940-4950 Paris	Denver, CO			152		861		174		156		1,032		1,187		199	1984	(o)
4970 Paris	Denver, CO			95		537		69		97		604		701		112	1984	(o)
7367 South Revere Parkway	Englewood, CO			926		5,124		264		934		5,380		6,314		1,067	1997	(o)
8200 East Park Meadows Drive(k)	Lone Tree, CO			1,297		7,348		983		1,304		8,324		9,628		1,192	1984	(o)
3250 Quentin(k)	Aurora, CO			1,220		6,911		617		1,230		7,518		8,747		1,100	1984/2000	(o)
11585 E. 53rd Ave.(k)	Denver, CO			1,770		10,030		1,090		1,780		11,110		12,890		1,286	1984	(o)
10500 East 54th Ave.(l)	Denver, CO			1,253		7,098		937		1,260		8,027		9,287		1,045	1986	(o)
8835 W. 116th Street	Broomfield, CO			1,151		6,523		870		1,304		7,240		8,544		520	2002	(o)
3101-3151 S. Platte River Dr.	Englewood, CO			2,500		8,549		172		2,504		8,717		11,221		508	1974	(o)
3155-3199 S. Platte River Dr.	Englewood, CO			1,700		7,787		64		1,702		7,849		9,551		428	1974	(o)
3201-3273 S. Platte River Dr.	Englewood, CO			1,600		6,592		161		1,602		6,750		8,353		433	1974	(o)
18150 E. 32nd Street	Aurora, CO			563		3,188		1,168		572		4,347		4,919		718	2000	(o)
8820 W. 116th Street(r)	Broomfield, CO			338		1,918		316		372		2,199		2,571		145	2001	(o)
3400 Fraser Street	Aurora, CO			616		3,593		5		620		3,595		4,214		119	1965	(o)
7005 East 46th Avenue	Denver, CO			512		2,025		22		517		2,042		2,559		49	1996	(o)
Hilltop Business Center I — Bldg. B(r)	Littleton, CO			739		—		3,577		739		3,578		4,316		416	2001	(o)
Jeffco Business Center A(r)	Broomfield, CO			312		—		1,730		370		1,671		2,042		358	2001	(o)
Park Centre A(r)	Westminister, CO			441		—		4,241		441		4,241		4,682		545	2001	(o)
Park Centre B(r)	Westminister, CO			374		—		3,222		374		3,221		3,596		471	2001	(o)
Park Centre C(r)	Westminister, CO			374		—		3,022		374		3,022		3,396		422	2001	(o)
Park Centre D(r)	Westminister, CO			441		—		3,772		441		3,771		4,213		546	2001	(o)
9586 Interstate 25 East Frontage	Longmont, CO			898		5,038		229		939		5,226		6,165		27	1997	(o)
Des Moines
2250 Delaware Ave	Des Moines, IA			277		1,609		366		277		1,976		2,253		420	1975	(o)
1021 W. First Street, Hwy 93	Sumner, IA			99		2,540		17		100		2,556		2,656		28	1990/1995	(o)
Detroit
1731 Thorncroft	Troy, MI			331		1,904		173		331		2,077		2,408		578	1969	(o)
1653 E. Maple	Troy, MI			192		1,104		57		192		1,161		1,352		327	1990	(o)
47461 Clipper	Plymouth Township, MI			122		723		12		122		735		856		216	1992	(o)
238 Executive Drive	Troy, MI			52		173		554		100		679		779		555	1973	(o)

S-11

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
256 Executive Drive	Troy, MI			44		146		436		85		541		626		439	1974	(o)
301 Executive Drive	Troy, MI			71		293		731		133		962		1,095		718	1974	(o)
449 Executive Drive	Troy, MI			125		425		1,030		218		1,362		1,580		1,002	1975	(o)
501 Executive Drive	Troy, MI			71		236		678		129		856		985		446	1984	(o)
451 Robbins Drive	Troy, MI			96		448		961		192		1,313		1,505		923	1975	(o)
1095 Crooks Road	Troy, MI			331		1,017		1,006		360		1,994		2,354		1,153	1986	(o)
1416 Meijer Drive	Troy, MI			94		394		342		121		709		830		483	1980	(o)
1624 Meijer Drive	Troy, MI			236		1,406		902		373		2,171		2,544		1,357	1984	(o)
1972 Meijer Drive	Troy, MI			315		1,301		721		372		1,965		2,337		1,143	1985	(o)
1621 Northwood Drive	Troy, MI			85		351		918		215		1,140		1,354		951	1977	(o)
1707 Northwood Drive	Troy, MI			95		262		1,221		239		1,339		1,578		841	1983	(o)
1788 Northwood Drive	Troy, MI			50		196		549		103		692		795		488	1977	(o)
1821 Northwood Drive	Troy, MI			132		523		742		220		1,177		1,397		975	1977	(o)
1826 Northwood Drive	Troy, MI			55		208		394		103		554		657		461	1977	(o)
1864 Northwood Drive	Troy, MI			57		190		437		107		577		684		479	1977	(o)
2277 Elliott Avenue	Troy, MI			48		188		501		104		633		737		479	1975	(o)
2451 Elliott Avenue	Troy, MI			78		319		742		164		975		1,139		790	1974	(o)
2730 Research Drive	Rochester Hills, MI			903		4,215		674		903		4,889		5,792		2,715	1988	(o)
2791 Research Drive	Rochester Hills, MI			557		2,731		707		560		3,435		3,995		1,603	1991	(o)
2871 Research Drive	Rochester Hills, MI			324		1,487		372		327		1,856		2,183		932	1991	(o)
2911 Research Drive	Rochester Hills, MI			504		2,136		654		504		2,790		3,294		1,345	1992	(o)
3011 Research Drive	Rochester Hills, MI			457		2,104		346		457		2,450		2,907		1,392	1988	(o)
2870 Technology Drive	Rochester Hills, MI			275		1,262		228		279		1,486		1,765		840	1988	(o)
2900 Technology Drive	Rochester Hills, MI			214		977		531		219		1,503		1,722		650	1992	(o)
2920 Technology Drive	Rochester Hills, MI			153		671		196		153		868		1,020		420	1992	(o)
2930 Technology Drive	Rochester Hills, MI			131		594		380		138		966		1,105		440	1991	(o)
2950 Technology Drive	Rochester Hills, MI			178		819		223		185		1,035		1,220		524	1991	(o)
23014 Commerce Drive	Farmington Hills, MI			39		203		169		56		355		411		209	1983	(o)
23028 Commerce Drive	Farmington Hills, MI			98		507		247		125		727		852		436	1983	(o)
23035 Commerce Drive	Farmington Hills, MI			71		355		262		93		596		688		344	1983	(o)
23042 Commerce Drive	Farmington Hills, MI			67		277		306		89		561		650		330	1983	(o)
23065 Commerce Drive	Farmington Hills, MI			71		408		213		93		599		692		352	1983	(o)
23070 Commerce Drive	Farmington Hills, MI			112		442		759		125		1,188		1,313		777	1983	(o)
23079 Commerce Drive	Farmington Hills, MI			68		301		316		79		605		685		309	1983	(o)
23093 Commerce Drive	Farmington Hills, MI			211		1,024		844		295		1,784		2,079		1,053	1983	(o)

S-12

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
23135 Commerce Drive	Farmington Hills, MI			146		701		256		158		945		1,103		521	1986	(o)
23163 Commerce Drive	Farmington Hills, MI			111		513		313		138		799		937		438	1986	(o)
23177 Commerce Drive	Farmington Hills, MI			175		1,007		612		254		1,540		1,794		852	1986	(o)
23206 Commerce Drive	Farmington Hills, MI			125		531		324		137		842		980		477	1985	(o)
23370 Commerce Drive	Farmington Hills, MI			59		233		308		66		534		600		304	1980	(o)
1451 East Lincoln Avenue	Madison Heights, MI			299		1,703		248		306		1,944		2,250		537	1967	(o)
4400 Purks Drive	Auburn Hills, MI			602		3,410		3,421		612		6,821		7,433		1,890	1987	(o)
4177A Varsity Drive	Ann Arbor, MI			90		536		48		90		584		673		174	1993	(o)
6515 Cobb Drive	Sterling Heights, MI			305		1,753		247		305		2,000		2,305		586	1984	(o)
32450 N Avis Drive	Madison Heights, MI			281		1,590		99		286		1,684		1,970		332	1974	(o)
12707 Eckles Road	Plymouth Township, MI			255		1,445		109		267		1,543		1,809		363	1990	(o)
9300-9328 Harrison Rd	Romulus, MI			147		834		393		154		1,219		1,374		300	1978	(o)
9330-9358 Harrison Rd	Romulus, MI			81		456		302		85		754		839		194	1978	(o)
28420-28448 Highland Rd	Romulus, MI			143		809		212		149		1,015		1,164		265	1979	(o)
28450-28478 Highland Rd	Romulus, MI			81		461		272		85		730		815		196	1979	(o)
28421-28449 Highland Rd	Romulus, MI			109		617		291		114		903		1,017		261	1980	(o)
28451-28479 Highland Rd	Romulus, MI			107		608		177		112		780		892		210	1980	(o)
28825-28909 Highland Rd	Romulus, MI			70		395		267		73		659		732		169	1981	(o)
28933-29017 Highland Rd	Romulus, MI			112		634		150		117		779		896		198	1982	(o)
28824-28908 Highland Rd	Romulus, MI			134		760		219		140		972		1,113		215	1982	(o)
28932-29016 Highland Rd	Romulus, MI			123		694		322		128		1,011		1,139		230	1982	(o)
9710-9734 Harrison Rd	Romulus, MI			125		706		149		130		850		980		205	1987	(o)
9740-9772 Harrison Rd	Romulus, MI			132		749		130		138		872		1,011		208	1987	(o)
9840-9868 Harrison Rd	Romulus, MI			144		815		168		151		977		1,127		243	1987	(o)
9800-9824 Harrison Rd	Romulus, MI			117		664		94		123		753		876		172	1987	(o)
29265-29285 Airport Dr	Romulus, MI			140		794		289		147		1,076		1,223		294	1983	(o)
29185-29225 Airport Dr	Romulus, MI			140		792		258		146		1,044		1,191		246	1983	(o)
29149-29165 Airport Dr	Romulus, MI			216		1,225		227		226		1,442		1,668		328	1984	(o)
29101-29115 Airport Dr	Romulus, MI			130		738		249		136		981		1,117		237	1985	(o)
29031-29045 Airport Dr	Romulus, MI			124		704		123		130		821		951		202	1985	(o)
29050-29062 Airport Dr	Romulus, MI			127		718		156		133		868		1,001		234	1986	(o)
29120-29134 Airport Dr	Romulus, MI			161		912		298		169		1,203		1,371		301	1986	(o)
29200-29214 Airport Dr	Romulus, MI			170		963		337		178		1,292		1,469		347	1985	(o)
9301-9339 Middlebelt Rd	Romulus, MI			124		703		195		130		892		1,022		216	1983	(o)
26980 Trolley Industrial Drive	Taylor, MI			450		2,550		1,017		463		3,554		4,017		799	1997	(o)

S-13

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
32975 Capitol Avenue	Livonia, MI			135		748		332		144		1,071		1,215		207	1978	(o)
2725 S. Industrial Highway	Ann Arbor, MI			660		3,654		322		704		3,931		4,636		748	1997	(o)
32920 Capitol Avenue	Livonia, MI			76		422		83		82		499		581		93	1973	(o)
11923 Brookfield Avenue	Livonia, MI			120		665		460		128		1,116		1,245		378	1973	(o)
11965 Brookfield Avenue	Livonia, MI			120		665		67		128		724		852		138	1973	(o)
13405 Stark Road	Livonia, MI			46		254		136		49		387		436		75	1980	(o)
1170 Chicago Road	Troy, MI			249		1,380		232		266		1,595		1,861		292	1983	(o)
1200 Chicago Road	Troy, MI			268		1,483		226		286		1,691		1,977		307	1984	(o)
450 Robbins Drive	Troy, MI			166		920		223		178		1,132		1,309		210	1976	(o)
1230 Chicago Road	Troy, MI			271		1,498		142		289		1,622		1,911		308	1996	(o)
12886 Westmore Avenue	Livonia, MI			190		1,050		186		202		1,224		1,426		227	1981	(o)
12898 Westmore Avenue	Livonia, MI			190		1,050		235		202		1,273		1,475		241	1981	(o)
33025 Industrial Road	Livonia, MI			80		442		130		85		567		652		108	1980	(o)
47711 Clipper Street	Plymouth Township, MI			539		2,983		265		575		3,212		3,787		611	1996	(o)
32975 Industrial Road	Livonia, MI			160		887		341		171		1,217		1,388		242	1984	(o)
32985 Industrial Road	Livonia, MI			137		761		149		147		900		1,047		167	1985	(o)
32995 Industrial Road	Livonia, MI			160		887		180		171		1,056		1,227		211	1983	(o)
12874 Westmore Avenue	Livonia, MI			137		761		239		147		990		1,137		176	1984	(o)
33067 Industrial Road	Livonia, MI			160		887		305		171		1,181		1,352		211	1984	(o)
1775 Bellingham	Troy, MI			344		1,902		238		367		2,117		2,484		394	1987	(o)
1785 East Maple	Troy, MI			92		507		86		98		587		685		111	1985	(o)
1807 East Maple	Troy, MI			321		1,775		199		342		1,953		2,295		376	1984	(o)
980 Chicago	Troy, MI			206		1,141		103		220		1,230		1,450		234	1985	(o)
1840 Enterprise Drive	Rochester Hills, MI			573		3,170		328		611		3,460		4,071		653	1990	(o)
1885 Enterprise Drive	Rochester Hills, MI			209		1,158		115		223		1,259		1,482		240	1990	(o)
1935-55 Enterprise Drive	Rochester Hills, MI			1,285		7,144		701		1,371		7,759		9,130		1,474	1990	(o)
5500 Enterprise Court	Warren, MI			675		3,737		447		721		4,138		4,859		783	1989	(o)
750 Chicago Road	Troy, MI			323		1,790		337		345		2,105		2,450		400	1986	(o)
800 Chicago Road	Troy, MI			283		1,567		525		302		2,073		2,375		494	1985	(o)
850 Chicago Road	Troy, MI			183		1,016		232		196		1,235		1,431		221	1984	(o)
2805 S. Industrial Highway	Ann Arbor, MI			318		1,762		264		340		2,004		2,344		424	1990	(o)
6833 Center Drive	Sterling Heights, MI			467		2,583		206		493		2,763		3,256		541	1998	(o)
32201 North Avis Drive	Madison Heights, MI			345		1,911		519		349		2,427		2,776		594	1974	(o)
1100 East Mandoline Road	Madison Heights, MI			888		4,915		1,620		897		6,526		7,423		1,438	1967	(o)
30081 Stephenson Highway	Madison Heights, MI			271		1,499		379		274		1,874		2,149		368	1967	(o)

S-14

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
1120 John A. Papalas Drive(l)	Lincoln Park, MI			586		3,241		543		593		3,777		4,370		720	1985	(o)
4872 S. Lapeer Road	Lake Orion Twsp, MI			1,342		5,441		1,921		1,412		7,292		8,704		1,570	1999	(o)
22701 Trolley Industrial	Taylor, MI			795		—		7,494		849		7,440		8,289		1,418	1999	(o)
1400 Allen Drive	Troy, MI			209		1,154		120		212		1,271		1,483		160	1979	(o)
1408 Allen Drive	Troy, MI			151		834		171		153		1,003		1,156		182	1979	(o)
1305 Stephenson Hwy	Troy, MI			345		1,907		154		350		2,055		2,406		270	1979	(o)
32505 Industrial Drive	Madison Heights, MI			345		1,910		418		351		2,322		2,673		338	1979	(o)
1799-1813 Northfield Drive(k)	Rochester Hills, MI			481		2,665		135		490		2,792		3,281		390	1980	(o)
32200 N. Avis	Madison Heights, MI			503		3,367		—		503		3,367		3,870		49	1973	(o)
100 Kay Industrial	Orion, MI			677		2,018		380		685		2,390		3,075		80	1987	(o)
1849 West Maple Road	Troy, MI			1,688		2,790		26		1,699		2,806		4,504		23	1986	(o)
28435 Automation Blvd.(r)	Wixom, MI			621		—		3,663		621		3,663		4,284		99	2004	(o)
12163 Globe Street	Detroit, MI			595		979		154		596		1,132		1,728		49	1980	(o)
32500 Capitol Avenue	Livonia, MI			258		1,032		11		260		1,041		1,301		9	1970	(o)
32650 Capitol Avenue	Livonia, MI			282		1,128		50		284		1,176		1,460		10	1970	(o)
32700 Capitol Avenue	Livonia, MI			399		1,596		23		401		1,617		2,018		13	1970	(o)
11800 Sears Drive	Livonia, MI			693		1,507		30		703		1,527		2,230		60	1971	(o)
10675 Middlebelt Road	Romulus, MI			219		875		98		226		966		1,192		8	1966	(o)
1099 Church Road	Troy, MI			702		1,332		45		721		1,358		2,079		21	1980	(o)
Grand Rapids
5050 Kendrick Court(r)	Grand Rapids, MI			1,721		11,433		5,302		1,721		16,735		18,455		4,573	1988/94	(o)
5015 52nd Street SE	Grand Rapids, MI			234		1,321		143		234		1,464		1,698		436	1987	(o)
Houston
2102-2314 Edwards Street	Houston, TX			348		1,973		902		382		2,841		3,223		531	1961	(o)
4545 Eastpark Drive	Houston, TX			235		1,331		715		240		2,041		2,281		437	1972	(o)
3351 Rauch St	Houston, TX			272		1,541		189		278		1,724		2,002		338	1970	(o)
3851 Yale St	Houston, TX			413		2,343		694		425		3,026		3,451		667	1971	(o)
3337-3347 Rauch Street	Houston, TX			227		1,287		216		233		1,498		1,731		299	1970	(o)
8505 N Loop East	Houston, TX			439		2,489		618		449		3,097		3,546		615	1981	(o)
4749-4799 Eastpark Dr	Houston, TX			594		3,368		1,125		611		4,476		5,087		916	1979	(o)
4851 Homestead Road	Houston, TX			491		2,782		900		504		3,669		4,174		725	1973	(o)
3365-3385 Rauch Street	Houston, TX			284		1,611		163		290		1,768		2,058		386	1970	(o)
5050 Campbell Road	Houston, TX			461		2,610		330		470		2,930		3,401		588	1970	(o)
4300 Pine Timbers	Houston, TX			489		2,769		587		499		3,345		3,845		670	1980	(o)
2500-2530 Fairway Park Drive	Houston, TX			766		4,342		695		792		5,010		5,802		997	1974	(o)

S-15

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
6550 Longpointe	Houston, TX			362		2,050		519		370		2,560		2,930		499	1980	(o)
1815 Turning Basin Dr	Houston, TX			487		2,761		521		531		3,238		3,769		643	1980	(o)
1819 Turning Basin Dr	Houston, TX			231		1,308		550		251		1,837		2,088		355	1980	(o)
1805 Turning Basin Drive	Houston, TX			564		3,197		686		616		3,831		4,447		779	1980	(o)
7000 Empire Drive	Houston, TX			450		2,552		1,185		452		3,736		4,187		977	1980	(o)
9777 West Gulfbank Drive	Houston, TX			1,216		6,899		1,398		1,216		8,297		9,513		1,900	1980	(o)
9835A Genard Road	Houston, TX			1,505		8,333		3,301		1,581		11,558		13,139		1,841	1980	(o)
9835B Genard Road	Houston, TX			245		1,357		463		256		1,809		2,065		257	1980	(o)
10161 Harwin Drive	Houston, TX			505		2,861		792		511		3,648		4,158		628	1979/1981	(o)
10165 Harwin Drive	Houston, TX			218		1,234		673		220		1,905		2,125		277	1979/1981	(o)
10175 Harwin Drive	Houston, TX			267		1,515		344		270		1,856		2,126		364	1979/1981	(o)
10325-10415 Landsbury Drive(l)	Houston, TX			696		3,854		439		704		4,284		4,989		411	1982	(o)
8705 City Park Loop	Houston, TX			710		2,983		956		714		3,935		4,649		335	1982	(o)
11505 State Highway 225	LaPorte City, TX			940		4,675		615		940		5,290		6,230		148	2003	(o)
6955 Portwest Drive	Houston, TX			314		1,686		19		318		1,701		2,019		6	1985	(o)
6925 Portwest Drive	Houston, TX			402		1,360		19		407		1,374		1,781		7	1985	(o)
600 Kenrick(r)	Houston, TX			900		1,791		156		913		1,934		2,847		156	1981	(o)
1500 E. Main	LaPorte City, TX			201		1,328		9		202		1,336		1,538		17	1972/1982	(o)
Indianapolis
2900 N Shadeland Avenue	Indianapolis, IN			2,057		13,565		3,170		2,057		16,734		18,792		4,025	1957/1992	(o)
2400 North Shadeland	Indianapolis, IN			142		802		198		149		993		1,142		217	1970	(o)
2402 North Shadeland	Indianapolis, IN			466		2,640		612		489		3,229		3,718		730	1970	(o)
7901 West 21st St.	Indianapolis, IN			1,048		6,027		414		1,048		6,441		7,489		1,437	1985	(o)
1445 Brookville Way	Indianapolis, IN			459		2,603		730		476		3,317		3,793		895	1989	(o)
1440 Brookville Way	Indianapolis, IN			665		3,770		769		685		4,520		5,205		1,055	1990	(o)
1240 Brookville Way	Indianapolis, IN			247		1,402		317		258		1,709		1,967		426	1990	(o)
1220 Brookville Way	Indianapolis, IN			223		40		68		226		104		331		20	1990	(o)
1345 Brookville Way	Indianapolis, IN	(t)		586		3,321		837		601		4,142		4,744		1,078	1992	(o)
1350 Brookville Way	Indianapolis, IN			205		1,161		213		212		1,368		1,579		342	1994	(o)
1341 Sadlier Circle E Dr	Indianapolis, IN	(c)		131		743		377		136		1,115		1,251		289	1971/1992	(o)
1322-1438 Sadlier Circle E Dr	Indianapolis, IN	(c)		145		822		271		152		1,087		1,239		300	1971/1992	(o)
1327-1441 Sadlier Circle E Dr	Indianapolis, IN	(c)		218		1,234		433		225		1,660		1,885		398	1992	(o)
1304 Sadlier Circle E Dr	Indianapolis, IN	(c)		71		405		150		75		552		627		151	1971/1992	(o)
1402 Sadlier Circle E Dr	Indianapolis, IN	(c)		165		934		434		171		1,363		1,533		351	1970/1992	(o)

S-16

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
1504 Sadlier Circle E Dr	Indianapolis, IN	(c)		219		1,238		269		226		1,500		1,725		343	1971/1992	(o)
1311 Sadlier Circle E Dr	Indianapolis, IN	(c)		54		304		98		57		399		455		90	1971/1992	(o)
1365 Sadlier Circle E Dr	Indianapolis, IN	(c)		121		688		283		126		966		1,092		202	1971/1992	(o)
1352-1354 Sadlier Circle E Dr	Indianapolis, IN	(c)		178		1,008		373		184		1,374		1,558		328	1970/1992	(o)
1335 Sadlier Circle E Dr	Indianapolis, IN	(c)		81		460		172		85		628		712		177	1971/1992	(o)
1327 Sadlier Circle E Dr	Indianapolis, IN	(c)		52		295		78		55		370		425		105	1971/1992	(o)
1425 Sadlier Circle E Dr	Indianapolis, IN	(c)		21		117		39		23		154		177		36	1971/1992	(o)
1230 Brookville Way	Indianapolis, IN			103		586		60		109		641		750		158	1995	(o)
6951 E 30th St	Indianapolis, IN			256		1,449		234		265		1,674		1,939		413	1995	(o)
6701 E 30th St	Indianapolis, IN			78		443		43		82		482		564		119	1995	(o)
6737 E 30th St	Indianapolis, IN			385		2,181		285		398		2,452		2,851		632	1995	(o)
1225 Brookville Way	Indianapolis, IN			60		—		416		68		408		476		91	1997	(o)
6555 E 30th St	Indianapolis, IN			484		4,760		1,623		484		6,382		6,867		1,632	1969/1981	(o)
2432-2436 Shadeland	Indianapolis, IN			212		1,199		465		230		1,645		1,875		419	1968	(o)
8402-8440 E 33rd St	Indianapolis, IN			222		1,260		663		230		1,915		2,145		454	1977	(o)
8520-8630 E 33rd St	Indianapolis, IN			326		1,848		741		336		2,580		2,916		625	1976	(o)
8710-8768 E 33rd St	Indianapolis, IN			175		993		436		187		1,416		1,603		347	1979	(o)
3316-3346 N. Pagosa Court	Indianapolis, IN			325		1,842		622		335		2,453		2,788		590	1977	(o)
3331 Raton Court	Indianapolis, IN			138		802		241		138		1,043		1,181		300	1979	(o)
6751 E 30th St	Indianapolis, IN			728		2,837		257		741		3,081		3,822		649	1997	(o)
9200 East 146th Street	Noblesville, IN			181		1,221		1,004		181		2,225		2,406		488	1961/1981	(o)
6575 East 30th Street	Indianapolis, IN			118		—		2,050		128		2,040		2,168		406	1998	(o)
6585 East 30th Street	Indianapolis, IN			196		—		3,239		196		3,238		3,435		627	1998	(o)
8525 E. 33rd Street	Indianapolis, IN			1,300		2,091		908		1,308		2,991		4,299		650	1978	(o)
5705-97 Park Plaza Ct.(r)	Indianapolis, IN	(u)		600		2,194		890		609		3,075		3,684		472	1977	(o)
8219 Northwest Blvd.	Indianapolis, IN			900		3,081		391		902		3,470		4,372		327	1990	(o)
8227 Northwest Blvd.(r)	Indianapolis, IN			600		5,502		553		602		6,053		6,655		532	1990	(o)
9319-9341 Castlegate Drive(r)	Indianapolis, IN			530		1,235		1,005		544		2,227		2,770		257	1983	(o)
9332-9350 Castlegate Drive	Indianapolis, IN			420		646		683		429		1,320		1,749		197	1983	(o)
2855 Michigan Road	Madison, IN			504		1,169		11		509		1,174		1,684		97	1962	(o)
9210 East 146th Street	Noblesville, IN			66		684		799		66		1,483		1,549		443	1978	(o)
6101-6119 Guion Road(r)	Indianapolis, IN			400		661		440		405		1,096		1,501		165	1976	(o)
1380 Perry Road	Plainfield, IN			781		5,156		31		781		5,187		5,968		160	1997	(o)
3300 Tenth Street	Indianapolis, IN			301		3,428		21		303		3,447		3,750		55	1961/2002	(o)

S-17

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or			Gross Amount Carried
			(b)				Completion			At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation					Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
4640 Martin Luther King Jr. Boulevard	Anderson, IN			161		664		6			163		669		831		10	1999	(o)
7225 America Way	Anderson, IN			251		1,049		(41	)		253		1,006		1,259		11	1996	(o)
6512 Production Drive	Anderson, IN			58		281		3			58		284		342		3	1995	(o)
6628 Production Drive	Anderson, IN			150		680		7			151		686		837		7	1995	(o)
2902 Enterprise Drive	Anderson, IN			230		4,573		44			232		4,615		4,847		32	1995	(o)
Los Angeles
19914 Via Baron Way	Rancho Dominguez, CA	(d)		1,590		9,010		235			1,616		9,219		10,835		815	1973	(o)
14912 Shoemaker Ave.	Santa Fe Springs, CA			42		236		17			46		249		295		23	1967	(o)
14920 Shoemaker Ave.	Santa Fe Springs, CA			37		212		26			42		234		276		24	1967	(o)
14928 Shoemaker Ave.	Santa Fe Springs, CA			37		212		9			42		217		259		20	1967	(o)
14938 Shoemaker Ave.	Santa Fe Springs, CA			37		212		12			42		220		262		21	1967	(o)
14944 Shoemaker Ave.	Santa Fe Springs, CA			326		1,848		98			336		1,936		2,272		183	1978	(o)
14946 Shoemaker Ave.	Santa Fe Springs, CA			275		1,559		100			284		1,650		1,934		168	1978	(o)
14948 Shoemaker Ave.	Santa Fe Springs, CA			100		568		34			106		596		702		57	1978	(o)
14141 Alondra Blvd.	Santa Fe Springs, CA			2,570		14,565		4,295			2,598		18,833		21,430		1,425	1969	(o)
12616 Yukon Ave	Hawthorne, CA			685		3,884		94			696		3,967		4,663		349	1987	(o)
3355 El Segundo Blvd(l)	Hawthorne, CA			267		1,510		1,187			418		2,546		2,964		263	1959	(o)
12621 Cerise	Hawthorne, CA			265		2,344		(773	)		265		1,572		1,837		158	1959	(o)
333 Turnbull Canyon Road	City of Industry, CA			2,700		1,824		266			2,700		2,090		4,790		201	1968/1985	(o)
350-390 Manville St.	Compton, CA			2,300		3,768		103			2,313		3,857		6,171		196	1979	(o)
1944 Vista Bella Way	Rancho Dominguez, CA			1,746		3,148		586			1,821		3,659		5,480		79	1976	(o)
2000 Vista Bella Way	Rancho Dominguez, CA			817		1,673		291			852		1,929		2,781		40	1971	(o)
2835 East Ana Street Drive	Rancho Dominguez, CA			1,682		2,750		13			1,770		2,675		4,445		13	1972/2000	(o)
Louisville
9001 Cane Run Road	Louisville, KY			524		—		5,577			560		5,541		6,101		1,426	1998	(o)
9101 Cane Run Road	Louisville, KY			608		—		6,114			608		6,113		6,722		749	2000	(o)
Milwaukee
N25 W23050 Paul Road	Pewaukee, WI			474		2,723		2,002			485		4,715		5,200		1,052	1989	(o)
N25 W23255 Paul Road	Pewaukee, WI			569		3,270		(2	)		569		3,268		3,837		946	1987	(o)
N27 W23293 Roundy Drive	Pewaukee, WI			412		2,837		56			420		2,885		3,305		818	1989	(o)
6523 N Sydney Place	Glendale, WI			172		976		197			176		1,170		1,346		293	1978	(o)
8800 W Bradley	Milwaukee, WI			375		2,125		215			388		2,327		2,715		543	1982	(o)
4560 N 124th Street	Wauwatosa, WI			118		667		85			129		741		870		159	1976	(o)
4410-80 North 132nd Street	Butler, WI			355		—		4,023			359		4,019		4,378		570	1999	(o)

S-18

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
5355 South Westridge Drive	New Berlin, WI			1,630		7,058		92		1,646		7,134		8,780		331	1997	(o)
320-34 W. Vogel	Milwaukee, WI			506		3,199		14		508		3,211		3,719		171	1970	(o)
4950 S. 6th Avenue	Milwaukee, WI			299		1,565		7		301		1,571		1,871		105	1970	(o)
1711 Paramount Court	Waukesha, WI			308		1,762		19		311		1,778		2,089		45	1997	(o)
17005 W. Ryerson Road	New Berlin, WI			403		3,647		32		405		3,676		4,082		72	1985/88	(o)
W 140 N9059 Lilly Road	Iomonee Falls, WI			343		1,153		93		366		1,223		1,589		12	1995	(o)
N120W18485 Freistadt Road	Germantown, WI			700		3,183		49		704		3,228		3,932		223	1996	(o)
4921 S. 2nd Street	Milwaukee, WI			101		713		2		101		715		816		31	1970	(o)
200 W. Vogel Ave., Bldg B	Milwaukee, WI			301		2,150		10		302		2,159		2,461		102	1970	(o)
187 Kohlman Road	Fond du Lac, WI			547		2,125		47		556		2,163		2,719		14	1992/95	(o)
247 Kohlman Road	Fond du Lac, WI			346		1,346		30		352		1,370		1,722		9	1992/95	(o)
122-342 Kohlman Road	Fond du Lac, WI			2,624		10,205		221		2,669		10,381		13,050		65	1978/91	(o)
1500 Peebles Drive	Richland Center, WI			1,577		1,018		15		1,588		1,022		2,610		51	1967/72	(o)
Minneapolis/St. Paul
6507-6545 Cecilia Circle	Bloomington, MN			357		1,320		1,241		386		2,532		2,918		1,315	1980	(o)
6201 West 111th Street	Bloomington, MN	(e)		1,358		8,622		3,794		1,499		12,276		13,774		5,803	1987	(o)
6403-6545 Cecilia Drive	Bloomington, MN			366		1,363		1,135		395		2,469		2,864		1,349	1980	(o)
6925-6943 Washington Avenue	Edina, MN			117		504		1,104		237		1,488		1,725		1,097	1972	(o)
6955-6973 Washington Avenue	Edina, MN			117		486		529		207		926		1,132		791	1972	(o)
7251-7267 Washington Avenue	Edina, MN			129		382		717		182		1,046		1,228		750	1972	(o)
7301-7325 Washington Avenue	Edina, MN			174		391		122		193		494		687		97	1972	(o)
7101 Winnetka Avenue North	Brooklyn Park, MN			2,195		6,084		3,364		2,228		9,416		11,643		4,900	1990	(o)
7600 Golden Triangle Drive	Eden Prairie, MN			566		1,394		1,156		615		2,501		3,116		1,400	1989	(o)
9901 West 74th Street	Eden Prairie, MN			621		3,289		2,991		639		6,262		6,901		3,102	1983/88	(o)
12220-12222 Nicollet Avenue	Burnsville, MN			105		425		380		114		797		910		466	1989/90	(o)
12250-12268 Nicollet Avenue	Burnsville, MN			260		1,054		474		296		1,492		1,788		675	1989/90	(o)
12224-12226 Nicollet Avenue	Burnsville, MN			190		770		715		207		1,468		1,675		557	1989/90	(o)
1030 Lone Oak Road	Eagan, MN			456		2,703		573		456		3,276		3,732		856	1988	(o)
1060 Lone Oak Road	Eagan, MN			624		3,700		722		624		4,422		5,046		1,189	1988	(o)
5400 Nathan Lane	Plymouth, MN			749		4,461		923		757		5,376		6,133		1,761	1990	(o)
10120 W 76th Street	Eden Prairie, MN			315		1,804		1,361		315		3,164		3,480		1,272	1987	(o)
7615 Golden Triangle	Eden Prairie, MN			268		1,532		686		268		2,218		2,486		514	1987	(o)
7625 Golden Triangle	Eden Prairie, MN			415		2,375		1,106		415		3,481		3,896		954	1987	(o)
2605 Fernbrook Lane North	Plymouth, MN			443		2,533		646		445		3,177		3,621		767	1987	(o)
12155 Nicollet Ave.	Burnsville, MN			286		—		1,725		288		1,723		2,011		437	1995	(o)

S-19

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
6655 Wedgewood Road	Maple Grove, MN			1,466		8,342		3,294		1,466		11,636		13,101		2,858	1989	(o)
900 Apollo Road	Eagan, MN			1,029		5,855		1,152		1,030		7,006		8,036		1,807	1970	(o)
7316 Aspen Lane North	Brooklyn Park, MN			368		2,156		802		377		2,949		3,326		737	1978	(o)
73rd Avenue North	Brooklyn Park, MN			504		2,856		540		512		3,388		3,900		848	1995	(o)
2720 Arthur Street	Roseville, MN			824		4,671		548		832		5,210		6,043		1,319	1995	(o)
4100 Peavey Road	Chaska, MN			277		2,261		770		277		3,031		3,308		682	1988	(o)
11300 Hamshire Ave South	Bloomington, MN			527		2,985		1,457		541		4,428		4,969		868	1983	(o)
375 Rivertown Drive	Woodbury, MN			1,083		6,135		2,698		1,503		8,413		9,916		1,773	1996	(o)
5205 Highway 169	Plymouth, MN			446		2,525		1,073		740		3,303		4,043		831	1960	(o)
6451-6595 Citywest Parkway	Eden Prairie, MN			525		2,975		1,369		538		4,330		4,869		1,027	1984	(o)
7100-7198 Shady Oak Road	Eden Prairie, MN			715		4,054		1,144		736		5,178		5,913		1,490	1982/2002	(o)
7500-7546 Washington Square	Eden Prairie, MN			229		1,300		739		235		2,034		2,269		422	1975	(o)
7550-7558 Washington Square	Eden Prairie, MN			153		867		176		157		1,039		1,196		219	1975	(o)
5240-5300 Valley Industrial Blvd S	Shakopee, MN			362		2,049		973		371		3,012		3,383		669	1973	(o)
7125 Northland Terrace	Brooklyn Park, MN			660		3,740		931		767		4,564		5,331		1,035	1996	(o)
6477-6525 City West Parkway	Eden Prairie, MN			810		4,590		1,001		819		5,582		6,401		1,173	1984	(o)
1157 Valley Park Drive	Shakopee, MN			760		—		6,144		888		6,016		6,904		983	1997	(o)
500-530 Kasota Avenue SE	Minneapolis, MN			415		2,354		1,008		432		3,345		3,777		794	1976	(o)
770-786 Kasota Avenue SE	Minneapolis, MN			333		1,888		531		347		2,405		2,752		478	1976	(o)
800 Kasota Avenue SE	Minneapolis, MN			524		2,971		742		597		3,640		4,236		761	1976	(o)
2530-2570 Kasota Avenue	St. Paul, MN			407		2,308		758		465		3,008		3,473		598	1976	(o)
1280 Energy Park Drive	St. Paul, MN			700		2,779		23		705		2,797		3,502		155	1984	(o)
9600 West 76th Street(r)	Eden Prairie, MN			1,000		2,450		34		1,034		2,449		3,484		96	1997	(o)
9700 West 76th Street	Eden Prairie, MN			1,000		2,709		133		1,038		2,804		3,842		128	1984/97	(o)
5017 Boone Avenue North	New Hope, MN	(i)		1,000		1,599		58		1,009		1,648		2,657		120	1971/74	(o)
2300 West Highway 13(I-35 Dist Ctr)	Burnsville, MN			2,517		6,069		325		2,524		6,387		8,911		405	1970/76	(o)
1087 Park Place	Shakopee, MN			1,195		4,891		15		1,198		4,903		6,101		110	1996/2000	(o)
5391 12th Avenue SE	Shakopee, MN			1,392		8,149		22		1,395		8,168		9,563		167	1998	(o)
4701 Valley Industrial Boulevard	Shakopee, MN			1,296		7,157		18		1,299		7,172		8,471		219	1997	(o)
7600 69th Avenue	Greenfield, MN			1,500		8,328		1,808		1,510		10,126		11,636		579	2004	(o)
Park 2000 III(r)	Shakopee, MN			590		—		4,953		590		4,953		5,543		445	2001	(o)

S-20

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
Nashville
	1621 Heil Quaker Boulevard	Nashville, TN				413		2,383		1,467		430		3,833		4,263	965	1975(o)
3099 Barry Drive	Portland, TN			418		2,368		148		421		2,512		2,933		602	1995	(o)
3150 Barry Drive	Portland, TN			941		5,333		309		981		5,602		6,583		1,297	1993	(o)
5599 Highway 31 West	Portland, TN			564		3,196		211		571		3,400		3,971		829	1995	(o)
1650 Elm Hill Pike	Nashville, TN			329		1,867		110		332		1,975		2,306		424	1984	(o)
1931 Air Lane Drive	Nashville, TN			489		2,785		245		493		3,026		3,519		644	1984	(o)
470 Metroplex Drive(k)	Nashville, TN			619		3,507		1,195		626		4,695		5,321		1,214	1986	(o)
1150 Antiock Pike	Nashville, TN			661		3,748		423		669		4,164		4,832		911	1987	(o)
4640 Cummings Park	Nashville, TN			360		2,040		174		365		2,209		2,574		335	1986	(o)
556 Metroplex Drive	Nashville, TN			227		1,285		111		231		1,392		1,623		188	1983	(o)
1740 River Hills Drive	Nashville, TN			848		4,383		223		888		4,566		5,454		278	1978	(o)
375 Belvedere Drive	Gallatin, TN			221		3,179		40		221		3,218		3,440		227	1979/85	(o)
575 Church Drive	Nashville, TN			485		1,411		174		499		1,571		2,070		12	1994	(o)
100 Rockwell Drive	Nashville, TN			501		4,260		45		506		4,299		4,806		52	1975/80	(o)
Northern New Jersey
14 World’s Fair Drive	Franklin, NJ			483		2,735		440		503		3,154		3,658		679	1980	(o)
12 World’s Fair Drive	Franklin, NJ			572		3,240		552		593		3,770		4,363		796	1981	(o)
22 World’s Fair Drive	Franklin, NJ			364		2,064		310		375		2,363		2,738		463	1983	(o)
26 World’s Fair Drive	Franklin, NJ			361		2,048		201		377		2,233		2,611		485	1984	(o)
24 World’s Fair Drive	Franklin, NJ			347		1,968		404		362		2,358		2,719		542	1984	(o)
20 World’s Fair Drive Lot 13	Sumerset, NJ			9		—		2,641		691		1,959		2,650		280	1999	(o)
45 Route 46	Pine Brook, NJ			969		5,491		444		978		5,925		6,904		900	1974/1987	(o)
43 Route 46	Pine Brook, NJ			474		2,686		421		479		3,103		3,581		483	1974/1987	(o)
39 Route 46	Pine Brook, NJ			260		1,471		163		262		1,631		1,893		230	1970	(o)
26 Chapin Road	Pine Brook, NJ			956		5,415		516		965		5,922		6,886		798	1983	(o)
30 Chapin Road	Pine Brook, NJ			960		5,440		376		969		5,807		6,776		794	1983	(o)
20 Hook Mountain Road	Pine Brook, NJ			1,507		8,542		1,002		1,534		9,518		11,052		1,228	1972/1984	(o)
30 Hook Mountain Road	Pine Brook, NJ			389		2,206		313		396		2,512		2,908		348	1972/1987	(o)
55 Route 46	Pine Brook, NJ			396		2,244		161		403		2,398		2,801		313	1978/1994	(o)
16 Chapin Road	Pine Brook, NJ			885		5,015		306		901		5,306		6,206		716	1987	(o)
20 Chapin Road	Pine Brook, NJ			1,134		6,426		351		1,154		6,757		7,911		936	1987	(o)
Sayreville Lot 3	Sayreville, NJ			996		—		5,301		996		5,301		6,297		182	2002	(o)
Sayreville Lot 4	Sayreville, NJ			944		—		4,633		944		4,633		5,577		367	2001	(o)
400 Raritan Center Parkway	Edison, NJ			829		4,722		481		836		5,197		6,033		565	1983	(o)

S-21

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
300 Columbus Circle	Edison, NJ			1,257		7,122		913		1,269		8,023		9,292		903	1983	(o)
400 Apgar	Franklin Township, NJ			780		4,420		580		796		4,985		5,780		480	1987	(o)
500 Apgar	Franklin Township, NJ			361		2,044		257		368		2,294		2,662		285	1987	(o)
201 Circle Dr. North	Piscataway, NJ			840		4,760		489		857		5,232		6,089		497	1987	(o)
1 Pearl Ct	Allendale, NJ			623		3,528		625		649		4,127		4,775		324	1978	(o)
2 Pearl Ct	Allendale, NJ			255		1,445		1,180		403		2,477		2,880		191	1979	(o)
3 Pearl Ct	Allendale, NJ			440		2,491		201		458		2,673		3,131		247	1978	(o)
4 Pearl Ct	Allendale, NJ			450		2,550		611		469		3,142		3,611		309	1979	(o)
5 Pearl Ct	Allendale, NJ			505		2,860		530		526		3,370		3,895		321	1977	(o)
6 Pearl Ct	Allendale, NJ			1,160		6,575		523		1,177		7,082		8,258		583	1980	(o)
7 Pearl Ct	Allendale, NJ			513		2,907		216		520		3,116		3,636		256	1979	(o)
59 Route 17	Allendale, NJ			518		2,933		1,059		539		3,970		4,509		414	1979	(o)
309-319 Pierce Street	Somerset, NJ			1,300		4,628		67		1,309		4,685		5,995		263	1986	(o)
50 Triangle Blvd	Carlstadt, NJ			497		2,195		203		532		2,363		2,895		76	1967	(o)
12 Thornton Road	Oakland, NJ			1,300		3,652		55		1,316		3,691		5,007		185	1981	(o)
Orlando
Lake Point IV	Tampa, FL			909		4,613		53		920		4,654		5,575		87	1987	(o)
Philadelphia
230-240 Welsh Pool Road	Exton, PA			154		851		128		170		963		1,133		186	1975/1997	(o)
264 Welsh Pool Road	Exton, PA			147		811		121		162		918		1,079		179	1975/1996	(o)
254 Welsh Pool Road	Exton, PA			152		842		463		184		1,273		1,457		276	1975/1998	(o)
256 Welsh Pool Road	Exton, PA			82		452		449		94		889		983		153	1975/1999	(o)
213 Welsh Pool Road	Exton, PA			149		827		286		173		1,089		1,262		302	1975/1998	(o)
251 Welsh Pool Road	Exton, PA			144		796		232		159		1,013		1,172		180	1975/1991	(o)
253-255 Welsh Pool Road	Exton, PA			113		626		154		125		769		893		145	1975/1980	(o)
151-161 Philips Road	Exton, PA			191		1,059		291		229		1,312		1,541		267	1975/1990	(o)
216 Philips Road	Exton, PA			199		1,100		268		220		1,347		1,567		278	1985	(o)
964 Postal Road	Lehigh, PA			215		1,216		116		224		1,322		1,546		157	1986	(o)
966 Postal Road	Lehigh, PA			268		1,517		116		279		1,622		1,901		196	1987	(o)
999 Postal Road	Lehigh, PA			439		2,486		343		458		2,810		3,268		342	1988	(o)
7331 William Avenue	Lehigh, PA			311		1,764		122		325		1,872		2,197		223	1989	(o)
7350 William Ave.	Lehigh, PA			552		3,128		670		576		3,774		4,350		606	1989	(o)
7377 William Ave.	Lehigh, PA			290		1,645		229		303		1,861		2,164		245	1989	(o)
2000 Cabot Boulevard West	Langhorne, PA			414		2,346		502		424		2,839		3,262		265	1984	(o)
2005 Cabot Boulevard West	Langhorne, PA			315		1,785		222		322		1,999		2,322		199	1984	(o)

S-22

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or			Gross Amount Carried
			(b)				Completion			At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation					Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
2010 Cabot Boulevard West	Langhorne, PA			513		2,907		593			525		3,488		4,013		392	1984	(o)
2200 Cabot Boulevard West	Langhorne, PA			428		2,427		338			438		2,754		3,193		305	1979	(o)
2260-2270 Cabot Boulevard West	Langhorne, PA			361		2,044		459			369		2,494		2,864		274	1980	(o)
3000 Cabot Boulevard West	Langhorne, PA			509		2,886		611			521		3,485		4,006		405	1986	(o)
180 Wheeler Court	Langhorne, PA			447		2,533		132			458		2,654		3,112		271	1974	(o)
2512 Metropolitan Drive	Trevose, PA			242		1,369		204			248		1,566		1,814		164	1981	(o)
2515 Metropolitan Drive	Trevose, PA			259		1,466		97			265		1,557		1,822		174	1974	(o)
2555 Metropolitan Drive	Trevose, PA			347		1,968		98			355		2,058		2,413		200	1981	(o)
2450 Metropolitan Drive	Trevose, PA			571		3,234		822			586		4,041		4,627		498	1983	(o)
2495 Metropolitan Drive	Trevose, PA			551		3,124		105			566		3,214		3,780		314	1981	(o)
4667 Somerton Road	Trevose, PA			637		3,608		754			652		4,348		4,999	��	563	1974	(o)
835 Wheeler Way	Langhorne, PA			293		1,658		477			319		2,108		2,427		276	1974	(o)
14 McFadden Road	Palmer, PA			600		1,349		56			625		1,380		2,005		95	1994/2000	(o)
2801 Red Lion Road	Philadelphia, PA			950		5,916		88			964		5,990		6,954		413	1969/90	(o)
3240 S.78th Street	Philadelphia, PA			515		1,245		50			532		1,278		1,810		10	1980	(o)
Phoenix
1045 South Edward Drive	Tempe, AZ			390		2,160		86			394		2,242		2,636		371	1976	(o)
46 N. 49th Ave	Phoenix, AZ			283		1,704		718			283		2,422		2,706		341	1986	(o)
240 N. 48th Ave	Phoenix, AZ			482		1,913		95			482		2,009		2,490		209	1977	(o)
220 N. 48th Ave	Phoenix, AZ			530		1,726		143			531		1,868		2,399		179	1977	(o)
54 N. 48th Ave	Phoenix, AZ			130		625		39			131		663		794		62	1977	(o)
64 N. 48th Ave	Phoenix, AZ			180		458		55			181		512		693		57	1977	(o)
236 N. 48th Ave	Phoenix, AZ			120		322		34			120		356		476		38	1977	(o)
10 S. 48th Ave	Phoenix, AZ			510		1,687		166			512		1,851		2,363		179	1977	(o)
115 E. Watkins St.	Phoenix, AZ			170		816		112			171		928		1,098		81	1979	(o)
135 E. Watkins St.	Phoenix, AZ			380		1,962		127			382		2,087		2,469		202	1977	(o)
10220 S. 51st Street	Phoenix, AZ			400		1,493		47			406		1,535		1,940		112	1985	(o)
50 South 56th Street	Chandler, AZ			1,200		3,333		(49	)		1,207		3,277		4,484		118	1991/97	(o)
4701 W. Jefferson	Phoenix, AZ			926		2,195		628			929		2,820		3,749		129	1984	(o)
725 No. 73rd Avenue	Phoenix, AZ			791		4,201		887			795		5,083		5,879		166	2005	(o)
825 No. 73rd Avenue	Phoenix, AZ			696		3,726		180			699		3,903		4,602		94	2005	(o)
7225 W. Roosevelt	Phoenix, AZ			704		3,376		534			707		3,907		4,614		105	2005	(o)
Portland
2315 NW 21st Place	Portland, OR			301		1,247		10			303		1,255		1,558		8	1966/79	(o)

S-23

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or			Gross Amount Carried
			(b)				Completion			At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation					Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
Raleigh
70 Reems Creek	Asheville, NC			1,816		4,943		36			1,826		4,969		6,795		38	1979/81	(o)
101 Reliance Road	Kings Mountain, NC			402		3,482		428			405		3,907		4,312		47	1981	(o)
Salt Lake City
512 Lawndale Drive(n)	Salt Lake City, UT			2,705		15,749		2,636			2,705		18,385		21,089		4,142	1981	(o)
1270 West 2320 South	West Valley, UT			138		784		167			143		947		1,090		217	1986/92	(o)
1275 West 2240 South	West Valley, UT			395		2,241		473			408		2,702		3,109		548	1986/92	(o)
1288 West 2240 South	West Valley, UT			119		672		170			123		838		960		208	1986/92	(o)
2235 South 1300 West	West Valley, UT			198		1,120		265			204		1,379		1,583		330	1986/92	(o)
1293 West 2200 South	West Valley, UT			158		896		192			163		1,084		1,247		263	1986/92	(o)
1279 West 2200 South	West Valley, UT			198		1,120		68			204		1,182		1,386		248	1986/92	(o)
1272 West 2240 South	West Valley, UT			336		1,905		471			347		2,365		2,712		626	1986/92	(o)
1149 West 2240 South	West Valley, UT			217		1,232		77			225		1,302		1,526		258	1986/92	(o)
1142 West 2320 South	West Valley, UT			217		1,232		190			225		1,415		1,640		354	1997	(o)
1152 West 2240 South	West Valley, UT			2,067		—		3,295			2,114		3,249		5,363		441	1999	(o)
369 Orange Street	Salt Lake City, UT			600		2,855		187			602		3,039		3,642		286	1980	(o)
1330 W. 3300 South Avenue	Ogden, UT			1,100		2,353		611			1,100		2,964		4,064		280	1982	(o)
San Diego
9051 Siempre Viva Rd.(r)	San Diego, CA			540		1,598		198			541		1,796		2,336		184	1989	(o)
9163 Siempre Viva Rd.	San Diego, CA			430		1,621		211			431		1,832		2,262		156	1989	(o)
9295 Siempre Viva Rd.	San Diego, CA			540		1,569		138			541		1,706		2,247		159	1989	(o)
9255 Customhouse Plaza	San Diego, CA			3,230		11,030		822			3,234		11,848		15,082		1,041	1989	(o)
16275 Technology Drive	San Diego, CA			2,848		8,641		42			2,859		8,672		11,531		29	1963/85	(o)
42374 Avenida Alvarado(l)	Temecula, CA			797		4,514		334			812		4,832		5,644		368	1987	(o)
9375 Customhouse Plaza	San Diego, CA			430		1,384		211			431		1,595		2,025		150	1989	(o)
9465 Customhouse Plaza	San Diego, CA			430		1,437		180			431		1,616		2,047		156	1989	(o)
9485 Customhouse Plaza	San Diego, CA			1,200		2,792		249			1,201		3,039		4,241		262	1989	(o)
2675 Customhouse Court	San Diego, CA			590		2,082		139			591		2,220		2,811		205	1989	(o)
1725 Dornoch Court	San Diego, CA			1,896		5,435		557			1,899		5,989		7,888		145	1987	(o)
Southern New Jersey
5 North Olnev Ave.	Cherry Hill, NJ			157		1,524		(475	)		157		1,049		1,206		200	1963/1985	(o)
2 Springdale Road	Cherry Hill, NJ			126		701		141			126		843		969		156	1968	(o)
4 Springdale Road(k)	Cherry Hill, NJ			332		1,853		967			332		2,820		3,152		459	1963/85	(o)
8 Springdale Road	Cherry Hill, NJ			258		1,436		704			258		2,140		2,398		412	1966	(o)
2050 Springdale Road	Cherry Hill, NJ			277		1,545		1,165			277		2,709		2,986		542	1965	(o)

S-24

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or			Gross Amount Carried
			(b)				Completion			At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation					Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
16 Springdale Road	Cherry Hill, NJ			240		1,336		129			240		1,466		1,705		276	1967	(o)
5 Esterbrook Lane	Cherry Hill, NJ			240		1,336		236			240		1,572		1,812		289	1966/88	(o)
2 Pin Oak Lane	Cherry Hill, NJ			314		1,757		606			314		2,363		2,677		454	1968	(o)
28 Springdale Road	Cherry Hill, NJ			190		1,060		208			190		1,269		1,459		235	1967	(o)
3 Esterbrook Lane	Cherry Hill, NJ			198		1,102		486			198		1,588		1,786		286	1968	(o)
4 Esterbrook Lane	Cherry Hill, NJ			232		1,294		43			232		1,336		1,569		257	1969	(o)
26 Springdale Road	Cherry Hill, NJ			226		1,257		501			226		1,757		1,983		322	1968	(o)
1 Keystone Ave.	Cherry Hill, NJ			218		1,223		934			218		2,157		2,375		404	1969	(o)
21 Olnev Ave.	Cherry Hill, NJ			68		380		65			68		445		513		82	1969	(o)
19 Olnev Ave.	Cherry Hill, NJ			200		1,119		1,112			200		2,231		2,431		384	1971	(o)
2 Keystone Ave.	Cherry Hill, NJ			214		1,194		545			214		1,739		1,953		341	1970	(o)
18 Olnev Ave.	Cherry Hill, NJ			247		1,382		100			247		1,482		1,729		281	1974	(o)
2030 Springdale Rod	Cherry Hill, NJ			523		2,914		1,499			523		4,413		4,936		878	1977	(o)
111 Whittendale Drive	Morrestown, NJ			515		2,916		130			522		3,046		3,568		459	1991/96	(o)
9 Whittendale	Morrestown, NJ			337		1,911		78			343		1,983		2,326		224	2000	(o)
1931 Olney Road	Cherry Hill, NJ			262		1,486		100			267		1,581		1,848		134	1969	(o)
7851 Airport	Pennsauken, NJ			160		508		382			163		888		1,050		103	1966	(o)
103 Central(r)	Mt. Laurel, NJ			610		1,847		1,552			619		3,390		4,009		404	1970	(o)
999 Grand Avenue	Hammonton, NJ	(v)		969		8,793		96			979		8,879		9,858		343	1980	(o)
7860-7870 Airport	Pennsauken, NJ			120		366		278			122		642		764		82	1968	(o)
St. Louis
8921-8971 Fost Avenue	Hazelwood, MO			431		2,479		114			431		2,593		3,025		754	1971	(o)
9043-9083 Frost Avenue	Hazelwood, MO			319		1,838		863			319		2,701		3,020		752	1970/77	(o)
2121 Chapin Industrial Drive	Vinita Park, MO			606		4,384		(4,136	)		614		240		854		87	1969/94	(o)
10431-10449 Midwest Industrial Blvd	Olivette, MO			237		1,360		512			237		1,872		2,109		601	1967	(o)
10751 Midwest Industrial Boulevard	Olivette, MO			193		1,119		355			194		1,474		1,667		450	1965	(o)
6951 N Hanley(k)	Hazelwood, MO			405		2,295		1,305			419		3,586		4,005		809	1965	(o)
1037 Warson — Bldg A	St. Louis, MO			246		1,359		185			251		1,539		1,790		134	1968	(o)
1037 Warson — Bldg B	St. Louis, MO			380		2,103		885			388		2,980		3,368		213	1968	(o)
1037 Warson — Bldg C	St. Louis, MO			303		1,680		504			310		2,177		2,487		186	1968	(o)
1037 Warson — Bldg D	St. Louis, MO			353		1,952		151			360		2,095		2,455		189	1968	(o)
6821-6857 Hazelwood Ave	Berkeley, MO			985		6,205		702			985		6,907		7,892		668	2001	(o)
13701 Rider Trail North	Earth City, MO			800		2,099		484			804		2,579		3,383		363	1985	(o)

S-25

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or			Gross Amount Carried
			(b)				Completion			At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation					Building and				Depreciation		Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision			Land		Improvements		Total		12/31/05		Renovated	Lives (Years)
	(Dollars in thousands)
1908-2000 Innerbelt(k)	Overland, MO			1,590		9,026		670			1,591		9,696		11,286		1,007	1987	(o)
8449-95 Mid-County Industrial	Vinita Park, MO			520		1,590		178			520		1,768		2,288		183	1988	(o)
84104-76 Mid County Industrial	Vinita Park, MO			540		2,109		(34	)		540		2,075		2,615		204	1989	(o)
2001 Innerbelt Business Center	Overland, MO			1,050		4,451		169			1,050		4,620		5,670		438	1987	(o)
Tampa
6202 Benjamin Road	Tampa, FL			203		1,151		456			211		1,598		1,810		372	1981	(o)
6204 Benjamin Road	Tampa, FL			432		2,445		367			454		2,789		3,244		590	1982	(o)
6206 Benjamin Road	Tampa, FL			397		2,251		463			416		2,695		3,111		564	1983	(o)
6302 Benjamin Road	Tampa, FL			214		1,212		222			224		1,424		1,648		302	1983	(o)
6304 Benjamin Road	Tampa, FL			201		1,138		183			209		1,312		1,522		286	1984	(o)
6306 Benjamin Road	Tampa, FL			257		1,457		231			269		1,676		1,945		330	1984	(o)
6308 Benjamin Road	Tampa, FL			345		1,958		336			362		2,278		2,639		473	1984	(o)
5313 Johns Road	Tampa, FL			204		1,159		201			257		1,307		1,564		254	1991	(o)
5602 Thompson Center Court	Tampa, FL			115		652		131			120		778		898		174	1972	(o)
5525 Johns Road	Tampa, FL			192		1,086		76			200		1,155		1,354		232	1993	(o)
5709 Johns Road	Tampa, FL			192		1,086		165			200		1,244		1,443		287	1990	(o)
5711 Johns Road	Tampa, FL			243		1,376		120			255		1,483		1,738		300	1990	(o)
5453 W Waters Avenue	Tampa, FL			71		402		105			82		496		578		105	1987	(o)
5455 W Waters Avenue	Tampa, FL			307		1,742		269			326		1,993		2,318		403	1987	(o)
5553 W Waters Avenue	Tampa, FL			307		1,742		195			326		1,918		2,244		385	1987	(o)
5501 W Waters Avenue	Tampa, FL			154		871		192			162		1,055		1,217		223	1990	(o)
5503 W Waters Avenue	Tampa, FL			71		402		50			75		448		523		94	1990	(o)
5555 W Waters Avenue	Tampa, FL			213		1,206		138			221		1,336		1,557		280	1990	(o)
5557 W Waters Avenue	Tampa, FL			59		335		35			62		366		429		73	1990	(o)
5463 W Waters Avenue	Tampa, FL	(g)		497		2,751		766			560		3,454		4,014		636	1996	(o)
5461 W Waters	Tampa, FL			261		—		1,197			265		1,193		1,458		209	1998	(o)
5481 W. Waters Avenue	Tampa, FL			558		—		2,306			561		2,304		2,865		382	1999	(o)
4515-4519 George Road	Tampa, FL			633		3,587		503			640		4,083		4,723		499	1985	(o)
6301 Benjamin Road	Tampa, FL			292		1,657		84			295		1,739		2,033		206	1986	(o)
5723 Benjamin Road	Tampa, FL			406		2,301		54			409		2,352		2,761		263	1986	(o)
6313 Benjamin Road	Tampa, FL			229		1,296		134			231		1,428		1,659		191	1986	(o)
5801 Benjamin Road	Tampa, FL			564		3,197		141			569		3,334		3,903		373	1986	(o)
5802 Benjamin Road	Tampa, FL			686		3,889		471			692		4,355		5,047		521	1986	(o)
5925 Benjamin Road	Tampa, FL			328		1,859		361			331		2,217		2,548		238	1986	(o)
6089 Johns Road	Tampa, FL	(w)		180		987		40			186		1,022		1,207		48	1985	(o)

S-26

							(s)
							Costs
							Capitalized
							Subsequent to
							Acquisition or		Gross Amount Carried
			(b)				Completion		At Close of Period 12/31/05						Accumulated
	Location	(a)	Initial Cost				and Valuation				Building and				Depreciation			Year Built/	Depreciable
Building Address	(City/State)	Encumbrances	Land		Buildings		Provision		Land		Improvements		Total		12/31/05			Renovated	Lives (Years)
	(Dollars in thousands)
6091 Johns Road(r)	Tampa, FL	(w)		140		730		22		144		748		892		38		1986	(o)
6103 Johns Road	Tampa, FL	(w)		220		1,160		42		226		1,196		1,422		56		1986	(o)
6201 Johns Road(r)	Tampa, FL	(w)		200		1,107		51		205		1,153		1,358		69		1981	(o)
6203 Johns Road(r)	Tampa, FL	(w)		300		1,460		56		311		1,506		1,816		102		1987	(o)
6205 Johns Road(r)	Tampa, FL	(w)		270		1,363		18		278		1,373		1,651		50		2000	(o)
6101 Johns Road(r)	Tampa, FL			210		833		36		216		862		1,079		57		1981	(o)
4908 Tampa West Blvd	Tampa, FL			2,622		8,643		31		2,630		8,666		11,296		44		1979/83	(o)
Toronto
135 Dundas Street	Cambridge Ontario, Canada			3,128		4,958		133		3,176		5,043		8,219		104		1953/59	(o)
678 Erie Street	Stratford Ontario, Canada			786		557		43		800		586		1,386		37		1955/76	(o)
Other
4200 West Harry Street(l)	Wichita, KS			193		2,224		1,777		532		3,662		4,194		1,918		1972	(o)
6601 S. 33rd Street	McAllen, TX			231		1,276		166		233		1,440		1,673		240		1975	(o)
9601A Dessau Road	Austin, TX			255		—		2,221		366		2,110		2,476		428		1999	(o)
9601B Dessau Road	Austin, TX			248		—		1,674		355		1,567		1,922		207		1999	(o)
9601C Dessau Road	Austin, TX			248		—		2,204		355		2,097		2,452		761		1999	(o)
555 Vista Blvd	Sparks, NV			1,093		9,592		201		1,093		9,793		10,887		873		1980	(o)
3501 Maple Street(r)	Abilene, TX			67		1,057		1,354		266		2,212		2,478		974		1980	(o)
6266 Hurt Road(r)	Horn Lake, MS			427		—		2,250		427		2,250		2,677		239		1963	(o)
6266 Hurt Road Building B(r)	Horn Lake, MS			—		—		867		99		767		867		4		1963	(o)
6266 Hurt Road Building C(r)	Horn Lake, MS			—		—		292		278		14		292		1		1963	(o)
1105 Industrial Lane	Malvern, AK			135		—		5,957		177		5,915		6,092		25		2005	(o)
7601 NW 107th Terrace	Kansas City, MO			746		4,712		13		748		4,723		5,471		171		1982/87	(o)
12626 Silicon Drive	San Antonio, TX			768		3,448		20		776		3,459		4,236		75		1981/95	(o)
100 Nemec Way	Byhalia, MS			488		11,438		340		797		11,469		12,266		203		1988/92	(o)
3100 Pinson Valley Parkway	Birmingham, AL			303		742		6		305		746		1,051		6		1970	(o)
1245 N. Hearne Avenue	Shreveport, LA			99		1,263		11		100		1,272		1,373		13		1981/2004	(o)
5024 Pelham Road	Greenville, SC			2,258		5,011		41		2,272		5,038		7,310		58		1977/1992	(o)
Redevelopments/ Developments/ Developable Land				54,738		2,673		58,560		70,573		45,399		115,972		701
				517,286	$	2,126,595	$	568,530	$	547,927	$	2,664,484	$	3,212,412	$	412,039	(q)

S-27

NOTES:

(a)	See description of encumbrances in Note 5 to Notes to Consolidated Financial Statements.
(b)	Initial cost for each respective property is tangible purchase price allocated in accordance with SFAS No. 141.
(c)	These properties collateralize the Assumed Loan I.
(d)	This property collateralizes the Acquisition Mortgage Loan VIII.
(e)	This property collateralizes the Acquisition Mortgage Loan IX.
(f)	This property collateralizes the Acquisition Mortgage Loan IV.
(g)	This property collateralizes the Acquisition Mortgage Loan V.
(h)	This property collateralizes the Acquisition Mortgage Loan X.
(i)	This property collateralizes the Acquisition Mortgage Loan XVI.
(j)	This property collateralizes the Acquisition Mortgage Loan XVII
(k)	Comprised of two properties.
(l)	Comprised of three properties.
(m)	Comprised of four properties.
(n)	Comprised of 28 properties.
(o)	Depreciation is computed based upon the following estimated lives:

Buildings, Improvements	20 to 50 years
Tenant Improvements, Leasehold Improvements	Life of lease
Furniture, Fixtures and Equipment	5 to 10 years

(p)	These properties represent developable land and redevelopments that have not been placed in service.
(q)	Excludes $66,328 of Construction in Progress (including $254 of construction in progress included in held for sale), and includes real estate held for sale of $6,521 (Land), $11,203 (Buildings and Improvements), and $1,473 (Accumulated Depreciation).
(r)	Property is not in-service as of 12/31/05.
(s)	Improvements are net of write-off of fully depreciated assets.
(t)	This property collateralizes the Assumed Loan II.
(u)	This property collateralizes the Acquisition Mortgage Loan XII.
(v)	This property collateralizes the Acquisition Mortgage Loan XVIII
(w)	These properties collateralize the Acquisition Mortgage Loan XIV
	At December 31, 2005, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $3.0 billion (excluding construction in progress.)

S-28

FIRST INDUSTRIAL REALTY TRUST, INC.

SCHEDULE III:
REAL ESTATE AND ACCUMULATED DEPRECIATION (continued)
As of December 31, 2005

The changes in total real estate assets for the three years ended December 31, 2005 are as follows:

	2005			2004			2003
	(Dollars in thousands)
Balance, Beginning of Year	$	2,910,468		$	2,738,034		$	2,706,125
Acquisition, Construction Costs and Improvements		875,028			508,572			334,836
Disposition of Assets		(473,743	)		(313,940	)		(302,927	)
Write-off of Fully Depreciated Assets		(33,013	)		(22,198	)		—
Balance, End of Year	$	3,278,740		$	2,910,468		$	2,738,034

The changes in accumulated depreciation for the three years ended December 31, 2005 are as follows:

	2005			2004			2003
Balance, Beginning of Year	$	381,297		$	349,252		$	310,517
Depreciation for Year		99,338			82,757			73,902
Disposition of Assets		(35,946	)		(28,514	)		(35,167	)
Write-off of Fully Depreciated Assets		(32,650	)		(22,198	)		—
Balance, End of Year	$	412,039		$	381,297		$	349,252

S-29