First Industrial Realty Trust (FR)

 

We have elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a result, we generally are not subject to federal income taxation to the extent of the income which we distribute if we satisfy the requirements set forth in Section 856 of the Code (pertaining to its organization and types of income and assets) necessary to maintain our status as a REIT. We are required to distribute annually at least 90% of our REIT taxable income, as defined in the Code, to our stockholders and we satisfy certain other requirements.

 

A provision has been made for federal income taxes in the accompanying consolidated financial statements for activities conducted in the TRS, which has been accounted for under SFAS No. 109, “Accounting for Income Taxes” (“SFAS 109”). In accordance with SFAS 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.

 

We and certain of our subsidiaries are subject to certain state and local income, excise and franchise taxes. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance. State and local 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.

 

We file income tax returns in the U.S., and various states and foreign jurisdictions. At December 31, 2007 the TRS was under examination by the Internal Revenue Service for tax years 2004 and 2005. During 2008 we received notification from the Internal Revenue Service that they have completed their examinations of the TRS for the 2004 and 2005 tax years. There were no changes to taxable income of the TRS as a result of the examination. In general, the statutes of limitations for income tax returns remain open for the years 2005 through 2008.

 

 

We have elected to be taxed as a REIT under Sections 856 through 860 of the Code. As a result, we generally are not subject to federal income taxation to the extent of the income which we distribute if we satisfy the requirements set forth in Section 856 of the Code (pertaining to its organization and types of income and assets) necessary to maintain our status as a REIT. We are required to distribute annually at least 90% of our REIT taxable income, as defined in the Code, to our stockholders and we satisfy certain other requirements.

 

A provision has been made for federal income taxes in the accompanying consolidated financial statements for activities conducted in the TRS, which has been accounted for under SFAS No. 109, “Accounting for Income Taxes” (“SFAS 109”). In accordance with SFAS 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.

 

We and certain of our subsidiaries are subject to certain state and local income, excise and franchise taxes. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance. State and local 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.

 

We file income tax returns in the U.S., and various states and foreign jurisdictions. At December 31, 2007 the TRS was under examination by the Internal Revenue Service for tax years 2004 and 2005. During 2008 we received notification from the Internal Revenue Service that they have completed their examinations of the TRS for the 2004 and 2005 tax years. There were no changes to taxable income of the TRS as a result of the examination. In general, the statutes of limitations for income tax returns remain open for the years 2005 through 2008.

 

 

We have elected to be taxed as a REIT under Sections 856
through 860 of the Code. As a result, we generally are not
subject to federal income taxation to the extent of the income
which we distribute if we satisfy the requirements set forth in
Section 856 of the Code (pertaining to its organization and
types of income and assets) necessary to maintain our status as
a REIT. We are required to distribute annually at least 90% of
our REIT taxable income, as defined in the Code, to our
stockholders and we satisfy certain other requirements.

 

A provision has been made for federal income taxes in the
accompanying consolidated financial statements for activities
conducted in the TRS, which has been accounted for under
SFAS No. 109, “Accounting for Income
Taxes” (“SFAS 109”). In accordance with
SFAS 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.

 

We and certain of our subsidiaries are subject to certain state
and local income, excise and franchise taxes. The provision for
excise and franchise taxes has been reflected in general and
administrative expense in the consolidated statements of
operations and has not been separately stated due to its
insignificance. State and local 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.

 

We file income tax returns in the U.S., and various states and
foreign jurisdictions. At December 31, 2007 the TRS was
under examination by the Internal Revenue Service for tax years
2004 and 2005. During 2008 we received notification from the
Internal Revenue Service that they have completed their
examinations of the TRS for the 2004 and 2005 tax years. There
were no changes to taxable income of the TRS as a result of the
examination. In general, the statutes of limitations for income
tax returns remain open for the years 2005 through 2008.

 

 

We have elected to be taxed as a REIT under Sections 856
through 860 of the Code. As a result, we generally are not
subject to federal income taxation to the extent of the income
which we distribute if we satisfy the requirements set forth in
Section 856 of the Code (pertaining to its organization and
types of income and assets) necessary to maintain our status as
a REIT. We are required to distribute annually at least 90% of
our REIT taxable income, as defined in the Code, to our
stockholders and we satisfy certain other requirements.

 

A provision has been made for federal income taxes in the
accompanying consolidated financial statements for activities
conducted in the TRS, which has been accounted for under
SFAS No. 109, “Accounting for Income
Taxes” (“SFAS 109”). In accordance with
SFAS 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.

 

We and certain of our subsidiaries are subject to certain state
and local income, excise and franchise taxes. The provision for
excise and franchise taxes has been reflected in general and
administrative expense in the consolidated statements of
operations and has not been separately stated due to its
insignificance. State and local 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.

 

We file income tax returns in the U.S., and various states and
foreign jurisdictions. At December 31, 2007 the TRS was
under examination by the Internal Revenue Service for tax years
2004 and 2005. During 2008 we received notification from the
Internal Revenue Service that they have completed their
examinations of the TRS for the 2004 and 2005 tax years. There
were no changes to taxable income of the TRS as a result of the
examination. In general, the statutes of limitations for income
tax returns remain open for the years 2005 through 2008.

 

 

We file tax returns in the U.S. and various states and foreign jurisdictions. At December 31, 2007 the TRS was under examination by the Internal Revenue Service for tax years 2004 and 2005. During 2008 we received notification from the Internal Revenue Service that they have completed their examinations of the TRS for the 2004 and 2005 tax years. There were no changes to taxable income of the TRS as a result of the examination.

 

 

We file tax returns in the U.S. and various states and foreign jurisdictions. At December 31, 2007 the TRS was under examination by the Internal Revenue Service for tax years 2004 and 2005. During the three months ended June 30, 2008 we received notification from the Internal Revenue Service that they have completed their examinations of the TRS for the 2004 and 2005 tax years. There were no changes to taxable income of the TRS as a result of the examination.

 

 

In accordance with limited liability company taxation, each of the members is responsible for reporting their share of taxable income or loss. Accordingly, no provision has been made in the consolidated financial

 

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.

 

A provision has been made for federal income taxes in the accompanying consolidated financial statements for activities conducted in its taxable REIT subsidiary, First Industrial Investment, 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 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 and local 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.

 

 

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.

 

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.