FR » Topics » GENERAL

This excerpt taken from the FR 10-Q filed May 11, 2009.
GENERAL
 
The Company was organized in the state of Maryland on August 10, 1993. We are a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986 (the “Code”).
 
We began operations on July 1, 1994. Our operations are conducted primarily through the Operating Partnership, of which we are the sole general partner with an approximate 88.7% and 87.6% ownership interest at March 31, 2009 and March 31, 2008, respectively, and through the TRS, of which the Operating Partnership is the sole stockholder. We also conduct operations through other partnerships, corporations, and limited liability companies, the operating data of which, together with that of the Operating Partnership and the TRS, are consolidated with that of the Company, as presented herein. Noncontrolling interest at March 31, 2009 and March 31, 2008 of approximately 11.3% and 12.4%, respectively, represents the aggregate partnership interest in the Operating Partnership held by the limited partners thereof.
 
We also own noncontrolling equity interests in, and provide services to, seven joint ventures whose purpose is to invest in industrial properties (the “2003 Net Lease Joint Venture,” the “2005 Development/Repositioning Joint Venture,” the “2005 Core Joint Venture,” the “2006 Net Lease Co-Investment Program” the “2006 Land/Development Joint Venture.”, the “2007 Canada Joint Venture” and the “2007 Europe Joint Venture,” together the “Joint Ventures”). The Joint Ventures are accounted for under the equity method of accounting. One of the Joint Ventures, the 2007 Europe Joint Venture, does not own any properties.
 
The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.


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As of March 31, 2009, we owned 796 industrial properties (inclusive of developments in process) located in 28 states in the United States and one province in Canada, containing an aggregate of approximately 70.8 million square feet of gross leaseable area (“GLA”).
 
We maintain a website at www.firstindustrial.com. Information on this website shall not constitute part of this Form 10-Q. Copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports are available without charge on our website as soon as reasonably practicable after such reports are filed with or furnished to the Securities and Exchange Commission. In addition, our Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter, Nominating/Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by us, are all available without charge on our website or upon request to us. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted to our website. We also post or otherwise make available on our website from time to time other information that may be of interest to our investors. Please direct requests as follows:
 
First Industrial Realty Trust, Inc.
311 S. Wacker, Suite 4000
Chicago, IL 60606
Attn: Investor Relations
 
These excerpts taken from the FR 10-K filed Mar 2, 2009.
General
 
First Industrial Realty Trust, Inc. is a Maryland corporation organized on August 10, 1993, and is a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986 (the “Code”). We are a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops, and redevelops industrial real estate. As of December 31, 2008, our in-service portfolio consisted of 352 light industrial properties, 121 R&D/flex properties, 152 bulk warehouse properties, 84 regional warehouse properties and 19 manufacturing properties containing approximately 60.6 million square feet of gross leasable area (“GLA”) located in 28 states in the United States and one province in Canada. Our in-service portfolio includes all properties other than developed, redeveloped and acquired properties that have not yet reached stabilized occupancy (generally defined as properties that are 90% leased).
 
Our interests in our properties and land parcels are held through partnerships, corporations, and limited liability companies controlled, directly or indirectly, by the Company, including the Operating Partnership, of which we are the sole general partner with an approximate 88.5% and 87.1% ownership interest at December 31, 2008 and December 31, 2007, respectively, as well as, among others, the TRS, which is a taxable REIT subsidiary of which the Operating Partnership is the sole stockholder, all of whose operating data is consolidated with that of the Company as presented herein.
 
We also own minority equity interests in, and provide various services to, seven joint ventures whose purpose is to invest in industrial properties (the “2003 Net Lease Joint Venture,” the “2005 Development/Repositioning Joint Venture,” the “2005 Core Joint Venture,” the “2006 Net Lease Co-Investment Program,” the “2006 Land/Development Joint Venture,” the “2007 Canada Joint Venture,” and the “2007 Europe Joint Venture”; together the “Joint Ventures”). The Joint Ventures are accounted for under the equity method of accounting. One of the Joint Ventures, the 2007 Europe Joint Venture, does not own any properties and is inactive.
 
The operating data of our Joint Ventures is not consolidated with that of the Company as presented herein.
 
We utilize an operating approach which combines the effectiveness of decentralized, locally-based property management, acquisition, sales and development functions with the cost efficiencies of centralized acquisition, sales and development support, capital markets expertise, asset management and fiscal control systems. At February 20, 2009, we had 340 employees, approximately 34.4% fewer than at February 20, 2008.
 
We maintain a website at www.firstindustrial.com. Information on this website shall not constitute part of this Form 10-K. Copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports are available without charge on our website as soon as reasonably practicable after such reports are filed with or furnished to the Securities and Exchange Commission (the “SEC”). In addition, our Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter, Nominating/Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by us, are all available without charge on our website or upon request to us. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted to our website. We also post or otherwise make available on our website from time to time other information that may be of interest to our investors. Please direct requests as follows:
 
First Industrial Realty Trust, Inc.
311 S. Wacker, Suite 4000
Chicago, IL 60606
Attn: Investor Relations


4


Table of Contents

 
General
 
First Industrial Realty Trust, Inc. is a Maryland corporation organized on August 10, 1993, and is a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986 (the “Code”). We are a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops, and redevelops industrial real estate. As of December 31, 2008, our in-service portfolio consisted of 352 light industrial properties, 121 R&D/flex properties, 152 bulk warehouse properties, 84 regional warehouse properties and 19 manufacturing properties containing approximately 60.6 million square feet of gross leasable area (“GLA”) located in 28 states in the United States and one province in Canada. Our in-service portfolio includes all properties other than developed, redeveloped and acquired properties that have not yet reached stabilized occupancy (generally defined as properties that are 90% leased).
 
Our interests in our properties and land parcels are held through partnerships, corporations, and limited liability companies controlled, directly or indirectly, by the Company, including the Operating Partnership, of which we are the sole general partner with an approximate 88.5% and 87.1% ownership interest at December 31, 2008 and December 31, 2007, respectively, as well as, among others, the TRS, which is a taxable REIT subsidiary of which the Operating Partnership is the sole stockholder, all of whose operating data is consolidated with that of the Company as presented herein.
 
We also own minority equity interests in, and provide various services to, seven joint ventures whose purpose is to invest in industrial properties (the “2003 Net Lease Joint Venture,” the “2005 Development/Repositioning Joint Venture,” the “2005 Core Joint Venture,” the “2006 Net Lease Co-Investment Program,” the “2006 Land/Development Joint Venture,” the “2007 Canada Joint Venture,” and the “2007 Europe Joint Venture”; together the “Joint Ventures”). The Joint Ventures are accounted for under the equity method of accounting. One of the Joint Ventures, the 2007 Europe Joint Venture, does not own any properties and is inactive.
 
The operating data of our Joint Ventures is not consolidated with that of the Company as presented herein.
 
We utilize an operating approach which combines the effectiveness of decentralized, locally-based property management, acquisition, sales and development functions with the cost efficiencies of centralized acquisition, sales and development support, capital markets expertise, asset management and fiscal control systems. At February 20, 2009, we had 340 employees, approximately 34.4% fewer than at February 20, 2008.
 
We maintain a website at www.firstindustrial.com. Information on this website shall not constitute part of this Form 10-K. Copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports are available without charge on our website as soon as reasonably practicable after such reports are filed with or furnished to the Securities and Exchange Commission (the “SEC”). In addition, our Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter, Nominating/Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by us, are all available without charge on our website or upon request to us. Amendments to, or waivers from, our Code of Business Conduct and Ethics that apply to our executive officers or directors will also be posted to our website. We also post or otherwise make available on our website from time to time other information that may be of interest to our investors. Please direct requests as follows:
 
First Industrial Realty Trust, Inc.
311 S. Wacker, Suite 4000
Chicago, IL 60606
Attn: Investor Relations


4


Table of Contents

 
General


 



First Industrial Realty Trust, Inc. is a Maryland corporation
organized on August 10, 1993, and is a real estate
investment trust (“REIT”) under Sections 856
through 860 of the Internal Revenue Code of 1986 (the
“Code”). We are a self-administered and fully
integrated real estate company which owns, manages, acquires,
sells, develops, and redevelops industrial real estate. As of
December 31, 2008, our in-service portfolio consisted of
352 light industrial properties, 121 R&D/flex properties,
152 bulk warehouse properties, 84 regional warehouse
properties and 19 manufacturing properties containing
approximately 60.6 million square feet of gross leasable
area (“GLA”) located in 28 states in the United
States and one province in Canada. Our in-service portfolio
includes all properties other than developed, redeveloped and
acquired properties that have not yet reached stabilized
occupancy (generally defined as properties that are 90% leased).


 



Our interests in our properties and land parcels are held
through partnerships, corporations, and limited liability
companies controlled, directly or indirectly, by the Company,
including the Operating Partnership, of which we are the sole
general partner with an approximate 88.5% and 87.1% ownership
interest at December 31, 2008 and December 31, 2007,
respectively, as well as, among others, the TRS, which is a
taxable REIT subsidiary of which the Operating Partnership is
the sole stockholder, all of whose operating data is
consolidated with that of the Company as presented herein.


 



We also own minority equity interests in, and provide various
services to, seven joint ventures whose purpose is to invest in
industrial properties (the “2003 Net Lease Joint
Venture,” the “2005 Development/Repositioning Joint
Venture,” the “2005 Core Joint Venture,” the
“2006 Net Lease Co-Investment Program,” the “2006
Land/Development Joint Venture,” the “2007 Canada
Joint Venture,” and the “2007 Europe Joint
Venture”; together the “Joint Ventures”). The
Joint Ventures are accounted for under the equity method of
accounting. One of the Joint Ventures, the 2007 Europe Joint
Venture, does not own any properties and is inactive.


 



The operating data of our Joint Ventures is not consolidated
with that of the Company as presented herein.


 



We utilize an operating approach which combines the
effectiveness of decentralized, locally-based property
management, acquisition, sales and development functions with
the cost efficiencies of centralized acquisition, sales and
development support, capital markets expertise, asset management
and fiscal control systems. At February 20, 2009, we had
340 employees, approximately 34.4% fewer than at February
20, 2008.


 



We maintain a website at www.firstindustrial.com. Information on
this website shall not constitute part of this
Form 10-K.
Copies of our annual report on
Form 10-K,
quarterly reports on
Form 10-Q,
current reports on
Form 8-K
and amendments to such reports are available without charge on
our website as soon as reasonably practicable after such reports
are filed with or furnished to the Securities and Exchange
Commission (the “SEC”). In addition, our Corporate
Governance Guidelines, Code of Business Conduct and Ethics,
Audit Committee Charter, Compensation Committee Charter,
Nominating/Corporate Governance Committee Charter, along with
supplemental financial and operating information prepared by us,
are all available without charge on our website or upon request
to us. Amendments to, or waivers from, our Code of Business
Conduct and Ethics that apply to our executive officers or
directors will also be posted to our website. We also post or
otherwise make available on our website from time to time other
information that may be of interest to our investors. Please
direct requests as follows:


 



First Industrial Realty Trust, Inc.



311 S. Wacker, Suite 4000



Chicago, IL 60606



Attn: Investor Relations





4





Table of Contents





 




General


 



First Industrial Realty Trust, Inc. is a Maryland corporation
organized on August 10, 1993, and is a real estate
investment trust (“REIT”) under Sections 856
through 860 of the Internal Revenue Code of 1986 (the
“Code”). We are a self-administered and fully
integrated real estate company which owns, manages, acquires,
sells, develops, and redevelops industrial real estate. As of
December 31, 2008, our in-service portfolio consisted of
352 light industrial properties, 121 R&D/flex properties,
152 bulk warehouse properties, 84 regional warehouse
properties and 19 manufacturing properties containing
approximately 60.6 million square feet of gross leasable
area (“GLA”) located in 28 states in the United
States and one province in Canada. Our in-service portfolio
includes all properties other than developed, redeveloped and
acquired properties that have not yet reached stabilized
occupancy (generally defined as properties that are 90% leased).


 



Our interests in our properties and land parcels are held
through partnerships, corporations, and limited liability
companies controlled, directly or indirectly, by the Company,
including the Operating Partnership, of which we are the sole
general partner with an approximate 88.5% and 87.1% ownership
interest at December 31, 2008 and December 31, 2007,
respectively, as well as, among others, the TRS, which is a
taxable REIT subsidiary of which the Operating Partnership is
the sole stockholder, all of whose operating data is
consolidated with that of the Company as presented herein.


 



We also own minority equity interests in, and provide various
services to, seven joint ventures whose purpose is to invest in
industrial properties (the “2003 Net Lease Joint
Venture,” the “2005 Development/Repositioning Joint
Venture,” the “2005 Core Joint Venture,” the
“2006 Net Lease Co-Investment Program,” the “2006
Land/Development Joint Venture,” the “2007 Canada
Joint Venture,” and the “2007 Europe Joint
Venture”; together the “Joint Ventures”). The
Joint Ventures are accounted for under the equity method of
accounting. One of the Joint Ventures, the 2007 Europe Joint
Venture, does not own any properties and is inactive.


 



The operating data of our Joint Ventures is not consolidated
with that of the Company as presented herein.


 



We utilize an operating approach which combines the
effectiveness of decentralized, locally-based property
management, acquisition, sales and development functions with
the cost efficiencies of centralized acquisition, sales and
development support, capital markets expertise, asset management
and fiscal control systems. At February 20, 2009, we had
340 employees, approximately 34.4% fewer than at February
20, 2008.


 



We maintain a website at www.firstindustrial.com. Information on
this website shall not constitute part of this
Form 10-K.
Copies of our annual report on
Form 10-K,
quarterly reports on
Form 10-Q,
current reports on
Form 8-K
and amendments to such reports are available without charge on
our website as soon as reasonably practicable after such reports
are filed with or furnished to the Securities and Exchange
Commission (the “SEC”). In addition, our Corporate
Governance Guidelines, Code of Business Conduct and Ethics,
Audit Committee Charter, Compensation Committee Charter,
Nominating/Corporate Governance Committee Charter, along with
supplemental financial and operating information prepared by us,
are all available without charge on our website or upon request
to us. Amendments to, or waivers from, our Code of Business
Conduct and Ethics that apply to our executive officers or
directors will also be posted to our website. We also post or
otherwise make available on our website from time to time other
information that may be of interest to our investors. Please
direct requests as follows:


 



First Industrial Realty Trust, Inc.



311 S. Wacker, Suite 4000



Chicago, IL 60606



Attn: Investor Relations





4





Table of Contents





 




General
 
At December 31, 2008, we owned 728 in-service industrial properties containing an aggregate of approximately 60.6 million square feet of GLA in 28 states and one province in Canada, with a diverse base of more than 1,900 tenants engaged in a wide variety of businesses, including manufacturing, retail, wholesale


15


Table of Contents

trade, distribution and professional services. The average annual rental per square foot on a portfolio basis for 2008, calculated at December 31, 2008, was $4.54. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. The weighted average age of the properties as of December 31, 2008 was approximately 20 years. We maintain insurance on our properties that we believe is adequate.
 
We classify our properties into five industrial categories: light industrial, R&D/flex, bulk warehouse, regional warehouse and manufacturing. While some properties may have characteristics which fall under more than one property type, we use what we believe is the most dominant characteristic to categorize the property.
 
The following describes, generally, the different industrial categories:
 
  •  Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 feet, are comprised of 5%-50% of office space, contain less than 50% of manufacturing space and have a land use ratio of 4:1. The land use ratio is the ratio of the total property area to the area occupied by the building.
 
  •  R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet, are comprised of 50% or more of office space, contain less than 25% of manufacturing space and have a land use ratio of 4:1.
 
  •  Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1.
 
  •  Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1.
 
  •  Manufacturing properties are a diverse category of buildings that have a ceiling height of 10-18 feet, are comprised of 5%-15% of office space, contain at least 50% of manufacturing space and have a land use ratio of 4:1.


16


Table of Contents

 
Each of the properties is wholly owned by us or our consolidated subsidiaries. The following tables summarize certain information as of December 31, 2008, with respect to our in-service properties.
 
General
 
At December 31, 2008, we owned 728 in-service industrial properties containing an aggregate of approximately 60.6 million square feet of GLA in 28 states and one province in Canada, with a diverse base of more than 1,900 tenants engaged in a wide variety of businesses, including manufacturing, retail, wholesale


15


Table of Contents

trade, distribution and professional services. The average annual rental per square foot on a portfolio basis for 2008, calculated at December 31, 2008, was $4.54. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. The weighted average age of the properties as of December 31, 2008 was approximately 20 years. We maintain insurance on our properties that we believe is adequate.
 
We classify our properties into five industrial categories: light industrial, R&D/flex, bulk warehouse, regional warehouse and manufacturing. While some properties may have characteristics which fall under more than one property type, we use what we believe is the most dominant characteristic to categorize the property.
 
The following describes, generally, the different industrial categories:
 
  •  Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 feet, are comprised of 5%-50% of office space, contain less than 50% of manufacturing space and have a land use ratio of 4:1. The land use ratio is the ratio of the total property area to the area occupied by the building.
 
  •  R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet, are comprised of 50% or more of office space, contain less than 25% of manufacturing space and have a land use ratio of 4:1.
 
  •  Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1.
 
  •  Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1.
 
  •  Manufacturing properties are a diverse category of buildings that have a ceiling height of 10-18 feet, are comprised of 5%-15% of office space, contain at least 50% of manufacturing space and have a land use ratio of 4:1.


16


Table of Contents

 
Each of the properties is wholly owned by us or our consolidated subsidiaries. The following tables summarize certain information as of December 31, 2008, with respect to our in-service properties.
 
General


 



At December 31, 2008, we owned 728 in-service industrial
properties containing an aggregate of approximately
60.6 million square feet of GLA in 28 states and one
province in Canada, with a diverse base of more than 1,900
tenants engaged in a wide variety of businesses, including
manufacturing, retail, wholesale





15





Table of Contents






trade, distribution and professional services. The average
annual rental per square foot on a portfolio basis for 2008,
calculated at December 31, 2008, was $4.54. The properties are
generally located in business parks that have convenient access
to interstate highways
and/or rail
and air transportation. The weighted average age of the
properties as of December 31, 2008 was approximately
20 years. We maintain insurance on our properties that we
believe is adequate.


 



We classify our properties into five industrial categories:
light industrial, R&D/flex, bulk warehouse, regional
warehouse and manufacturing. While some properties may have
characteristics which fall under more than one property type, we
use what we believe is the most dominant characteristic to
categorize the property.


 



The following describes, generally, the different industrial
categories:


 
























































  • 

Light industrial properties are of less than 100,000 square
feet, have a ceiling height of
16-21 feet,
are comprised of 5%-50% of office space, contain less than 50%
of manufacturing space and have a land use ratio of 4:1. The
land use ratio is the ratio of the total property area to the
area occupied by the building.
 
  • 

R&D/flex buildings are of less than 100,000 square
feet, have a ceiling height of less than 16 feet, are
comprised of 50% or more of office space, contain less than 25%
of manufacturing space and have a land use ratio of 4:1.
 
  • 

Bulk warehouse buildings are of more than 100,000 square
feet, have a ceiling height of at least 22 feet, are
comprised of 5%-15% of office space, contain less than 25% of
manufacturing space and have a land use ratio of 2:1.
 
  • 

Regional warehouses are of less than 100,000 square feet,
have a ceiling height of at least 22 feet, are comprised of
5%-15% of office space, contain less than 25% of manufacturing
space and have a land use ratio of 2:1.
 
  • 

Manufacturing properties are a diverse category of buildings
that have a ceiling height of
10-18 feet,
are comprised of 5%-15% of office space, contain at least 50% of
manufacturing space and have a land use ratio of 4:1.





16





Table of Contents





 



Each of the properties is wholly owned by us or our consolidated
subsidiaries. The following tables summarize certain information
as of December 31, 2008, with respect to our in-service
properties.


 




General


 



At December 31, 2008, we owned 728 in-service industrial
properties containing an aggregate of approximately
60.6 million square feet of GLA in 28 states and one
province in Canada, with a diverse base of more than 1,900
tenants engaged in a wide variety of businesses, including
manufacturing, retail, wholesale





15





Table of Contents






trade, distribution and professional services. The average
annual rental per square foot on a portfolio basis for 2008,
calculated at December 31, 2008, was $4.54. The properties are
generally located in business parks that have convenient access
to interstate highways
and/or rail
and air transportation. The weighted average age of the
properties as of December 31, 2008 was approximately
20 years. We maintain insurance on our properties that we
believe is adequate.


 



We classify our properties into five industrial categories:
light industrial, R&D/flex, bulk warehouse, regional
warehouse and manufacturing. While some properties may have
characteristics which fall under more than one property type, we
use what we believe is the most dominant characteristic to
categorize the property.


 



The following describes, generally, the different industrial
categories:


 
























































  • 

Light industrial properties are of less than 100,000 square
feet, have a ceiling height of
16-21 feet,
are comprised of 5%-50% of office space, contain less than 50%
of manufacturing space and have a land use ratio of 4:1. The
land use ratio is the ratio of the total property area to the
area occupied by the building.
 
  • 

R&D/flex buildings are of less than 100,000 square
feet, have a ceiling height of less than 16 feet, are
comprised of 50% or more of office space, contain less than 25%
of manufacturing space and have a land use ratio of 4:1.
 
  • 

Bulk warehouse buildings are of more than 100,000 square
feet, have a ceiling height of at least 22 feet, are
comprised of 5%-15% of office space, contain less than 25% of
manufacturing space and have a land use ratio of 2:1.
 
  • 

Regional warehouses are of less than 100,000 square feet,
have a ceiling height of at least 22 feet, are comprised of
5%-15% of office space, contain less than 25% of manufacturing
space and have a land use ratio of 2:1.
 
  • 

Manufacturing properties are a diverse category of buildings
that have a ceiling height of
10-18 feet,
are comprised of 5%-15% of office space, contain at least 50% of
manufacturing space and have a land use ratio of 4:1.





16





Table of Contents





 



Each of the properties is wholly owned by us or our consolidated
subsidiaries. The following tables summarize certain information
as of December 31, 2008, with respect to our in-service
properties.


 




This excerpt taken from the FR 10-Q filed Nov 10, 2008.
GENERAL
 
The Company was organized in the state of Maryland on August 10, 1993. We are a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986 (the “Code”).
 
We began operations on July 1, 1994. Our operations are conducted primarily through the Operating Partnership, of which we are the sole general partner with an approximate 87.6% and 87.3% ownership interest at September 30, 2008 and 2007, respectively, and through the TRS, of which the Operating Partnership is the sole stockholder. We also conduct operations through other partnerships, corporations, and limited liability companies, the operating data of which, together with that of the Operating Partnership and the TRS, is consolidated with that of the Company, as presented herein. Minority interest at September 30, 2008 and 2007 of approximately 12.4% and 12.7%, respectively, represents the aggregate partnership interest in the Operating Partnership held by the limited partners thereof.
 
We also own minority equity interests in, and provide various services to, seven joint ventures which invest in industrial properties (the “2003 Net Lease Joint Venture,” the “2005 Development/Repositioning Joint Venture,” the “2005 Core Joint Venture,” the “2006 Net Lease Co-Investment Program,” the “2006 Land/Development Joint Venture,” the “2007 Canada Joint Venture,” and the “2007 Europe Joint Venture”; together the “Joint Ventures”). The Joint Ventures are accounted for under the equity method of accounting. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.
 
As of September 30, 2008, we owned 803 industrial properties (inclusive of developments in process) containing an aggregate of approximately 71.4 million square feet of gross leaseable area (“GLA”), located in 29 states in the United States and one province in Canada.


18


Table of Contents

This excerpt taken from the FR 10-Q filed Aug 11, 2008.
GENERAL
 
The Company was organized in the state of Maryland on August 10, 1993. We are a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986 (the “Code”).
 
We began operations on July 1, 1994. Our operations are conducted primarily through the Operating Partnership, of which we are the sole general partner with an approximate 87.6% and 87.5% ownership interest at June 30, 2008 and 2007, respectively, and through the TRS, of which the Operating Partnership is the sole stockholder. We also conduct operations through other partnerships, corporations, and limited liability companies, the operating data of which, together with that of the Operating Partnership and the TRS, is consolidated with that of the Company, as presented herein. Minority interest at June 30, 2008 and 2007 of approximately 12.4% and 12.5%, respectively, represents the aggregate partnership interest in the Operating Partnership held by the limited partners thereof.
 
We also own minority equity interests in, and provide various services to, seven joint ventures which invest in industrial properties (the “2003 Net Lease Joint Venture,” the “2005 Development/Repositioning Joint Venture,” the “2005 Core Joint Venture,” the “2006 Net Lease Co-Investment Program” the “2006 Land/Development Joint Venture.”, the “2007 Canada Joint Venture”, and the “2007 Europe Joint Venture”; together the “Joint Ventures”). The Joint Ventures are accounted for under the equity method of accounting. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.
 
As of June 30, 2008, we owned 813 industrial properties (inclusive of developments in process) located in 28 states in the United States and one province in Canada, containing an aggregate of approximately 71.4 million square feet of gross leaseable area (“GLA”).


18


 

This excerpt taken from the FR 10-Q filed May 7, 2008.
GENERAL
 
The Company was organized in the state of Maryland on August 10, 1993. We are a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986 (the “Code”).
 
We began operations on July 1, 1994. Our operations are conducted primarily through the Operating Partnership, of which we are the sole general partner with an approximate 87.6% and 87.4% ownership interest at March 31, 2008 and March 31, 2007, respectively, and through the TRS, of which the Operations Partnership is the sole stockholder. We also conduct operations through other partnerships, corporations, and limited liability companies, the operating data of which, together with that of the Operating Partnership and the TRS, is consolidated with that of the Company, as presented herein. Minority interest at March 31, 2008 and March 31, 2007 of approximately 12.4% and 12.6%, respectively, represents the aggregate partnership interest in the Operating Partnership held by the limited partners thereof.
 
We also own minority equity interests in, and provide various services to, seven joint ventures which invest in industrial properties (the “2003 Net Lease Joint Venture,” the “2005 Development/Repositioning Joint Venture,” the “2005 Core Joint Venture,” the “2006 Net Lease Co-Investment Program” the “2006 Land/Development Joint Venture.”, the “2007 Canada Joint Venture” and the “2007 Europe Joint Venture,” together the “Joint Ventures”). The Joint Ventures are accounted for under the equity method of accounting. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.
 
As of March 31, 2008, we owned 856 industrial properties (inclusive of developments in process) located in 28 states in the United States and one province in Canada, containing an aggregate of approximately 74.3 million square feet of gross leaseable area (“GLA”).


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These excerpts taken from the FR 10-K filed Feb 26, 2008.
General
 
At December 31, 2007, we owned 804 in-service industrial properties containing an aggregate of approximately 64.0 million square feet of GLA in 28 states and one province in Canada, with a diverse base of more than 2,300 tenants engaged in a wide variety of businesses, including manufacturing, retail, wholesale trade, distribution and professional services. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. The weighted average age of the properties as of December 31, 2007 was approximately 20 years. We maintain insurance on our properties that we believe is adequate.
 
We classify our properties into five industrial categories: light industrial, R&D/flex, bulk warehouse, regional warehouse and manufacturing. While some properties may have characteristics which fall under more than one property type, we use what we believe is the most dominant characteristic to categorize the property.


13


 

The following describes, generally, the different industrial categories:
 
  •  Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 feet, are comprised of 5%-50% of office space, contain less than 50% of manufacturing space and have a land use ratio of 4:1. The land use ratio is the ratio of the total property area to the area occupied by the building.
 
  •  R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet, are comprised of 50% or more of office space, contain less than 25% of manufacturing space and have a land use ratio of 4:1.
 
  •  Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1.
 
  •  Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5%-15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1.
 
  •  Manufacturing properties are a diverse category of buildings that have a ceiling height of 10-18 feet, are comprised of 5%-15% of office space, contain at least 50% of manufacturing space and have a land use ratio of 4:1.


14


 

 
Each of the properties is wholly owned by us or our consolidated subsidiaries. The following tables summarize certain information as of December 31, 2007, with respect to our in-service properties.
 
General


 



At December 31, 2007, we owned 804 in-service industrial
properties containing an aggregate of approximately
64.0 million square feet of GLA in 28 states and one
province in Canada, with a diverse base of more than 2,300
tenants engaged in a wide variety of businesses, including
manufacturing, retail, wholesale trade, distribution and
professional services. The properties are generally located in
business parks that have convenient access to interstate
highways
and/or rail
and air transportation. The weighted average age of the
properties as of December 31, 2007 was approximately
20 years. We maintain insurance on our properties that we
believe is adequate.


 



We classify our properties into five industrial categories:
light industrial, R&D/flex, bulk warehouse, regional
warehouse and manufacturing. While some properties may have
characteristics which fall under more than one property type, we
use what we believe is the most dominant characteristic to
categorize the property.





13





 






The following describes, generally, the different industrial
categories:


 
























































  • 

Light industrial properties are of less than 100,000 square
feet, have a ceiling height of
16-21 feet,
are comprised of 5%-50% of office space, contain less than 50%
of manufacturing space and have a land use ratio of 4:1. The
land use ratio is the ratio of the total property area to the
area occupied by the building.
 
  • 

R&D/flex buildings are of less than 100,000 square
feet, have a ceiling height of less than 16 feet, are
comprised of 50% or more of office space, contain less than 25%
of manufacturing space and have a land use ratio of 4:1.
 
  • 

Bulk warehouse buildings are of more than 100,000 square
feet, have a ceiling height of at least 22 feet, are
comprised of 5%-15% of office space, contain less than 25% of
manufacturing space and have a land use ratio of 2:1.
 
  • 

Regional warehouses are of less than 100,000 square feet,
have a ceiling height of at least 22 feet, are comprised of
5%-15% of office space, contain less than 25% of manufacturing
space and have a land use ratio of 2:1.
 
  • 

Manufacturing properties are a diverse category of buildings
that have a ceiling height of
10-18 feet,
are comprised of 5%-15% of office space, contain at least 50% of
manufacturing space and have a land use ratio of 4:1.





14





 





 



Each of the properties is wholly owned by us or our consolidated
subsidiaries. The following tables summarize certain information
as of December 31, 2007, with respect to our in-service
properties.


 




This excerpt taken from the FR 10-Q filed Nov 5, 2007.
GENERAL
 
The Company was organized in the state of Maryland on August 10, 1993. The Company is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code (the “Code”). The Company’s operations are conducted primarily through First Industrial, L.P. (the “Operating Partnership”) of which the Company is the sole general partner with an approximate 87.3% ownership interest at September 30, 2007. Minority interest in the Company at September 30, 2007 represents the approximate 12.7% aggregate partnership interest in the Operating Partnership held by the limited partners thereof.
 
As of September 30, 2007, the Company owned 915 industrial properties (inclusive of developments in process) located in 28 states and one province in Canada, containing an aggregate of approximately 78.0 million square feet of gross leaseable area (“GLA”). Of the 915 industrial properties owned by the Company, 813 are held by the Operating Partnership and certain of its direct or indirect subsidiaries and 102 are held by limited partnerships in which the Operating Partnership is the limited partner, and in one case is also a general partner, and wholly-owned subsidiaries of the Company are the general partners.
 
The Company, through separate wholly-owned limited liability companies of which the Operating Partnership or an entity wholly-owned by the Operating Partnership is the sole member, also owns minority equity interests in, and provides various services to, five joint ventures which invest in industrial properties (the “May 2003 Joint Venture”, the “March 2005 Joint Venture” , the “September 2005 Joint Venture”, the “March 2006 Co-Investment Program” and the “July 2006 Joint Venture”; together the “Joint Ventures”). The Company, through separate wholly-owned limited liability companies of which the Operating Partnership or an entity wholly-owned by the Operating Partnership is the sole member, also owned economic interests in and provided various services to a sixth joint venture, the September 1998 Joint Venture. On January 31, 2007, the Company purchased the 90% equity interest from the institutional investor in the September 1998 Joint Venture. Effective January 31, 2007, the assets and liabilities and results of operations of the September 1998 Joint Venture are consolidated with the Company since the Company effectively owns 100% of the equity interest. Prior to January 31, 2007, the September 1998


19


Table of Contents

Joint Venture was accounted for under the equity method of accounting. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.
 
This excerpt taken from the FR 10-Q filed Aug 9, 2007.
GENERAL
 
The Company was organized in the state of Maryland on August 10, 1993. The Company is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code (the “Code”). The Company’s operations are conducted primarily through First Industrial, L.P. (the “Operating Partnership”) of which the Company is the sole general partner with an approximate 87.5% ownership interest at June 30, 2007. Minority interest in the Company at June 30, 2007 represents the approximate 12.5% aggregate partnership interest in the Operating Partnership held by the limited partners thereof.
 
As of June 30, 2007, the Company owned 935 industrial properties (inclusive of developments in process) located in 28 states and one Province in Canada, containing an aggregate of approximately 77.8 million square feet of gross leaseable area (“GLA”). Of the 935 industrial properties owned by the Company, 737 are held by the Operating Partnership and limited liability companies of which the Operating Partnership is the sole member, 103 are held by limited partnerships in which the Operating Partnership is the limited partner and wholly-owned subsidiaries of the Company are the general partners and 95 are held by an entity wholly-owned by the Operating Partnership.
 
The Company, through separate wholly-owned limited liability companies of which the Operating Partnership or an entity wholly-owned by the Operating Partnership is the sole member, also owns minority equity interests in, and provides various services to, five joint ventures which invest in industrial properties (the “May 2003 Joint Venture”, the “March 2005 Joint Venture” , the “September 2005 Joint Venture”, the “March 2006 Co-Investment Program” and the “July 2006 Joint Venture”; together the “Joint Ventures”). The Company, through separate wholly-owned limited liability companies of which the Operating Partnership or an entity wholly-owned by the Operating Partnership is the sole member, also owned economic interests in and provided various services to a sixth joint venture, the September 1998 Joint Venture. On January 31, 2007, the Company purchased the 90% equity interest from the institutional investor in the September 1998 Joint Venture. Effective January 31, 2007, the assets and liabilities and results of operations of the September 1998 Joint Venture are consolidated with the Company since the Company effectively owns 100% of the equity interest. Prior to January 31, 2007, the September 1998


19


Table of Contents

Joint Venture was accounted for under the equity method of accounting. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.
 
This excerpt taken from the FR 10-Q filed May 4, 2007.
GENERAL
 
The Company was organized in the state of Maryland on August 10, 1993. The Company is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code (the “Code”). The Company’s operations are conducted primarily through First Industrial, L.P. (the “Operating Partnership”) of which the Company is the sole general partner with an approximate 87.4% ownership interest at March 31, 2007. Minority interest in the Company at March 31, 2007 represents the approximate 12.6% aggregate partnership interest in the Operating Partnership held by the limited partners thereof.
 
As of March 31, 2007, the Company owned 959 industrial properties (inclusive of developments in process) located in 28 states and one Province in Canada, containing an aggregate of approximately 76.8 million square feet of gross leaseable area (“GLA”). Of the 959 industrial properties owned by the Company, 741 are held by the Operating Partnership and limited liability companies of which the Operating Partnership is the sole member, 102 are held by limited partnerships in which the Operating Partnership is the limited partner and wholly-owned subsidiaries of the Company are the general partners and 116 are held by an entity wholly-owned by the Operating Partnership.
 
The Company, through separate wholly-owned limited liability companies of which the Operating Partnership or an entity wholly-owned by the Operating Partnership is the sole member, also owns minority equity interests in, and provides various services to, five joint ventures which invest in industrial properties (the “May 2003 Joint Venture”, the “March 2005 Joint Venture” , the “September 2005 Joint Venture”, the “March 2006 Co-Investment Program” and the “July 2006 Joint Venture”; together the “Joint Ventures”). The Company, through separate wholly-owned limited liability companies of which the Operating Partnership or an entity wholly-owned by the Operating Partnership is the sole member, also owns economic interests in and provided various services to a sixth joint venture, the September 1998 Joint Venture. On January 31, 2007, the Company purchased the 90% equity interest from the institutional investor in the September 1998 Joint Venture. Effective January 31, 2007, the assets and liabilities and results of operations of the September 1998 Joint Venture are consolidated with the Company since the Company effectively owns 100% of the equity interest. Prior to January 31, 2007, the September 1998 Joint Venture was accounted for under the equity method of accounting. The operating data of the Joint Ventures is not consolidated with that of the Company as presented herein.


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