10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2013

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to                    

Commission file number 333-21873

First Industrial, L.P.

(Exact Name of Registrant as Specified in its Charter)

Delaware	36-3924586
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

311 S. Wacker Drive, Suite 3900, Chicago, Illinois 60606

(Address of Principal Executive Offices)

(312) 344-4300

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	ý
Non-accelerated filer	o (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

FIRST INDUSTRIAL, L.P.

Form 10-Q

For the Period Ended September 30, 2013

INDEX

	Page
PART I: FINANCIAL INFORMATION
Item 1. Financial Statements	3
Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012	3
Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2013 and 2012	4
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2013 and 2012	5
Consolidated Statement of Changes in Partners’ Capital for the Nine Months Ended September 30, 2013	6
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2013 and 2012	7
Notes to Consolidated Financial Statements	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3. Quantitative and Qualitative Disclosures About Market Risk	35
Item 4. Controls and Procedures	35
PART II: OTHER INFORMATION
Item 1. Legal Proceedings	36
Item 1A. Risk Factors	36
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3. Defaults Upon Senior Securities	36
Item 4. Mine Safety Disclosures	36
Item 5. Other Information	36
Item 6. Exhibits	36
SIGNATURE	37
EXHIBIT INDEX	38

2

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements

FIRST INDUSTRIAL, L.P.

CONSOLIDATED BALANCE SHEETS

	September 30, 2013			December 31, 2012
	(Unaudited) (In thousands except unit and per unit data)
ASSETS
Assets:
Investment in Real Estate:
Land	$	617,037		$	598,404
Buildings and Improvements	2,136,653			2,146,375
Construction in Progress	32,248			19,228
Less: Accumulated Depreciation	(665,688		)	(639,481		)
Net Investment in Real Estate	2,120,250			2,124,526
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $658 and $3,050	2,291			6,765
Investments in and Advances to Other Real Estate Partnerships	196,276			178,104
Cash and Cash Equivalents	6,133			4,357
Tenant Accounts Receivable, Net	3,910			3,867
Investments in Joint Ventures	1,163			1,012
Deferred Rent Receivable, Net	49,595			47,930
Deferred Financing Costs, Net	11,355			10,948
Deferred Leasing Intangibles, Net	23,566			29,374
Prepaid Expenses and Other Assets, Net	97,891			96,999
Total Assets	$	2,512,430		$	2,503,882
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net	$	614,900		$	656,329
Senior Unsecured Notes, Net	445,515			474,150
Unsecured Credit Facility	171,000			98,000
Accounts Payable, Accrued Expenses and Other Liabilities	64,487			78,876
Deferred Leasing Intangibles, Net	12,016			13,597
Rents Received in Advance and Security Deposits	27,767			27,327
Distributions Payable	9,788			452
Total Liabilities	1,345,473			1,348,731
Commitments and Contingencies	—			—
Partners’ Capital:
General Partner Preferred Units	73,587			217,971
General Partner Units (109,975,850 and 98,767,913 units outstanding)	1,014,905			859,727
Limited Partners Units (4,602,833 and 4,702,341 units outstanding)	82,400			84,282
Accumulated Other Comprehensive Loss	(3,935		)	(6,829		)
Total Partners’ Capital	1,166,957			1,155,151
Total Liabilities and Partners’ Capital	$	2,512,430		$	2,503,882

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

3

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended September 30, 2013			Three Months Ended September 30, 2012			Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
	(Unaudited) (In thousands except per unit data)
Revenues:
Rental Income	$	57,423		$	54,549		$	170,302		$	163,013
Tenant Recoveries and Other Income	16,080			14,661			50,824			46,583
Total Revenues	73,503			69,210			221,126			209,596
Expenses:
Property Expenses	23,863			21,819			72,914			67,320
General and Administrative	5,131			4,841			16,975			16,316
Impairment of Real Estate	1,047			—			2,476			(85		)
Depreciation and Other Amortization	25,533			25,201			75,671			78,250
Total Expenses	55,574			51,861			168,036			161,801
Other Income (Expense):
Interest Income	611			676			1,818			2,319
Interest Expense	(16,918		)	(18,644		)	(51,850		)	(59,548		)
Amortization of Deferred Financing Costs	(736		)	(815		)	(2,326		)	(2,437		)
Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements	—			(29		)	52			(334		)
Loss from Retirement of Debt	(662		)	(424		)	(6,034		)	(6,646		)
Total Other Income (Expense)	(17,705		)	(19,236		)	(58,340		)	(66,646		)
Income (Loss) from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income of Joint Ventures, Gain on Change in Control of Interests and Income Tax (Provision) Benefit	224			(1,887		)	(5,250		)	(18,851		)
Equity in Income of Other Real Estate Partnerships	4,546			1,946			9,117			5,512
Equity in Income of Joint Ventures	72			28			119			156
Gain on Change in Control of Interests	—			—			—			776
Income Tax (Provision) Benefit	(63		)	5			(4		)	(5,258		)
Income (Loss) from Continuing Operations	4,779			92			3,982			(17,665		)
Discontinued Operations:
Income Attributable to Discontinued Operations	125			854			518			1,757
Gain on Sale of Real Estate	3,613			4,470			14,020			12,084
Income from Discontinued Operations	3,738			5,324			14,538			13,841
Income (Loss) Before Gain on Sale of Real Estate	8,517			5,416			18,520			(3,824		)
Gain on Sale of Real Estate	221			3,777			483			3,777
Net Income (Loss)	8,738			9,193			19,003			(47		)
Less: Preferred Unit Distributions	(1,392		)	(4,725		)	(7,506		)	(14,285		)
Less: Redemption of Preferred Units	(2,121		)	—			(5,667		)	—
Net Income (Loss) Available to Unitholders and Participating Securities	$	5,225		$	4,468		$	5,830		$	(14,332	)
Basic and Diluted Earnings Per Unit:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.01		$	(0.01	)	$	(0.08	)	$	(0.30	)
Income from Discontinued Operations Attributable to Unitholders	$	0.03		$	0.05		$	0.13		$	0.15
Net Income (Loss) Available to Unitholders	$	0.04		$	0.04		$	0.05		$	(0.15	)
Distributions Per Unit	$	0.085		$	0.00		$	0.255		$	0.00
Weighted Average Units Outstanding - Basic	114,089			98,432			110,823			94,464
Weighted Average Units Outstanding - Diluted	114,404			98,432			110,823			94,464
Net Income (Loss) Available to Unitholders Attributable to:
General Partner	$	5,006		$	4,191		$	5,586		$	(13,564	)
Limited Partners	219			277			244			(768		)
Net Income (Loss) Available to Unitholders and Participating Securities	$	5,225		$	4,468		$	5,830		$	(14,332	)

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

4

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months Ended September 30, 2013		Three Months Ended September 30, 2012		Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
	(Unaudited) (In thousands)
Net Income (Loss)	$	8,738	$	9,193	$	19,003		$	(47	)
Amortization of Interest Rate Protection Agreements	609		579		1,792			1,690
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	17		—		1,116			2,619
Foreign Currency Translation Adjustment	30		54		(14		)	51
Comprehensive Income	$	9,394	$	9,826	$	21,897		$	4,313

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

5

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS’ CAPITAL

	General Partner Preferred Units			General Partner Units			Limited Partner Units			Accumulated Other Comprehensive Loss			Total
	(Unaudited) (In thousands)
Balance as of December 31, 2012	$	217,971		$	859,727		$	84,282		$	(6,829	)	$	1,155,151
Issuance of General Partner Units, Net of Issuance Costs	—			173,785			—			—			173,785
Redemption of Preferred Units	(144,384		)	—			—			—			(144,384		)
Stock Based Compensation Activity	—			2,755			—			—			2,755
Conversion of Limited Partner Units to General Partner Units	—			943			(943		)	—			—
Common Unit Distributions	—			(27,891		)	(1,183		)	—			(29,074		)
Preferred Unit Distributions	(13,173		)	—			—			—			(13,173		)
Net Income	13,173			5,586			244			—			19,003
Other Comprehensive Income	—			—			—			2,894			2,894
Balance as of September 30, 2013	$	73,587		$	1,014,905		$	82,400		$	(3,935	)	$	1,166,957

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

6

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
	(Unaudited) (In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	19,003		$	(47	)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation	62,643			66,633
Amortization of Deferred Financing Costs	2,326			2,437
Other Amortization	21,241			22,074
Impairment of Real Estate	2,652			1,101
Provision for Bad Debt	656			592
Equity in Income of Joint Ventures	(119		)	(156		)
Distributions from Joint Ventures	—			27
Gain on Sale of Real Estate	(14,503		)	(15,861		)
Gain on Change in Control of Interests	—			(776		)
Loss from Retirement of Debt	6,034			6,646
Mark-to-Market (Gain) Loss on Interest Rate Protection Agreements	(52		)	334
Equity in Income of Other Real Estate Partnerships	(9,117		)	(5,512		)
Distributions from Investment in Other Real Estate Partnerships	9,117			5,512
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(3,764		)	2,128
Increase in Deferred Rent Receivable	(2,963		)	(2,376		)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	(9,391		)	(2,193		)
Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt	(4,513		)	(4,059		)
Net Cash Provided by Operating Activities	79,250			76,504
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(47,293		)	(48,519		)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(65,591		)	(51,378		)
Net Proceeds from Sales of Investments in Real Estate	62,084			75,789
Investments in and Advances to Other Real Estate Partnerships	(40,355		)	(22,921		)
Distributions from Other Real Estate Partnerships in Excess of Equity in Income	22,183			30,204
Contributions to and Investments in Joint Ventures	(26		)	(184		)
Repayments of Notes Receivable	454			14,226
Increase in Escrows	(189		)	—
Net Cash Used in Investing Activities	(68,733		)	(2,783		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and Equity Issuance Costs	(3,567		)	(1,433		)
Unit Contributions	174,081			134,905
Repurchase and Retirement of Restricted Units	(2,968		)	(855		)
Common Unit Distributions	(19,286		)	—
Preferred Unit Distributions Paid	(7,958		)	(13,871		)
Redemption of Preferred Units	(150,000		)	—
Payments on Interest Rate Swap Agreement	(865		)	(819		)
Proceeds from Origination of Mortgage Loans Payable	—			97,561
Repayments on Mortgage and Other Loans Payable	(41,389		)	(20,197		)
Repayments of Senior Unsecured Notes	(29,769		)	(152,170		)
Proceeds from Unsecured Credit Facility	289,000			261,000
Repayments on Unsecured Credit Facility	(216,000		)	(383,000		)
Net Cash Used in Financing Activities	(8,721		)	(78,879		)
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents	(20		)	14
Net Increase (Decrease) in Cash and Cash Equivalents	1,796			(5,158		)
Cash and Cash Equivalents, Beginning of Year	4,357			7,624
Cash and Cash Equivalents, End of Year	$	6,133		$	2,480

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

7

FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in thousands except per unit data)

1. Organization and Formation of Partnership

First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") which owns common units in the Operating Partnership ("Units") representing an approximate 96.0% common ownership interest at September 30, 2013. The Company also owns a preferred general partnership interest in the Operating Partnership represented by preferred Units ("Preferred Units") with an aggregate liquidation priority of $75,000 at September 30, 2013. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, approximately a 4.0% interest in the Operating Partnership at September 30, 2013. Operations are also conducted through other partnerships and limited liability companies ("LLCs") of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the L.L.C.s, the "Consolidated Operating Partnership"), the operating data of which is consolidated with that of the Operating Partnership as presented herein. Unless the context otherwise requires, the terms "we," "us," and "our" refer to First Industrial, L.P. and its controlled subsidiaries.

We also hold at least a 99% limited partnership interest in each of eight limited partnerships (together, the "Other Real Estate Partnerships").

We also own noncontrolling equity interests in, and provide various services to, two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture" collectively, the "Joint Ventures"). See Note 5 for more information on the Joint Ventures.

The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnership for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company.

As of September 30, 2013, we owned 632 industrial properties located in 24 states, containing an aggregate of approximately 55.1 million square feet of gross leasable area ("GLA"). On a combined basis, as of September 30, 2013, the Other Real Estate Partnerships owned 65 industrial properties containing an aggregate of approximately 7.4 million square feet of GLA.

Profits, losses and distributions of us, the LLCs and Other Real Estate Partnerships are allocated to the general partner and the limited partners or the members, as applicable, in accordance with the provisions contained within the partnership agreements, operating agreements or other ownership agreements, as applicable.

The Other Real Estate Partnerships and the Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of the Other Real Estate Partnerships and the Joint Ventures are not consolidated with that of the Consolidated Operating Partnership as presented herein.

2. Summary of Significant Accounting Policies

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2012 ("2012 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2012 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2012 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the December 31, 2012 audited consolidated financial statements included in our 2012 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission. In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of September 30, 2013 and December 31, 2012, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2013 and 2012. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2013 and December 31, 2012, and the results of our

8

operations and comprehensive income for each of the three and nine months ended September 30, 2013 and 2012, and our cash flows for each of the nine months ended September 30, 2013 and 2012, and all adjustments are of a normal recurring nature.

Reclassifications

Certain reclassifications have been made to the 2012 financial statements to conform to the 2013 presentation. Additionally, the results of operations for the nine months ended September 30, 2013 include an adjustment of $1,561 to decrease depreciation and amortization expense which should have been recorded during previous periods. Management evaluated the impact of the adjustment and does not believe it is material to the results of the anticipated full year, current period or any previous period.

IRS Tax Refund

On August 24, 2009, we received a private letter ruling from the IRS granting favorable loss treatment under Sections 331 and 336 of the Code on the tax liquidation of one of our former taxable REIT subsidiaries. On November 6, 2009, legislation was signed that allowed businesses with net operating losses for 2008 or 2009 to carry back those losses for up to five years. As a result, we received a refund from the IRS of $40,418 in the fourth quarter of 2009 (the "Refund") in connection with this tax liquidation. The IRS examination team, which is required by statute to review all refund claims in excess of $2,000 on behalf of the Joint Committee on Taxation, indicated to us that it disagreed with certain of the property valuations we obtained from an independent valuation expert in support of our fair value of the liquidated taxable REIT subsidiary and our claim for the Refund. During the year ended December 31, 2012, we reached an agreement with the regional office of the IRS on a proposed adjustment to the Refund. The total agreed-upon adjustment to taxable income was $13,700, which equates to $4,806 of taxes owed. We were also required to pay accrued interest of approximately $500. During the year ended December 31, 2012, the Operating Partnership recorded the charge for the agreed-upon adjustment and the related estimated accrued interest which was reflected as a component of income tax expense. During 2013, the settlement amount was approved by the Joint Committee on Taxation. During the nine months ended September 30, 2013, we paid the agreed upon taxes and related accrued interest.

As a result of the Joint Committee on Taxation's approval, during 2013, we entered into closing agreements with the IRS that determined the timing of the settlement on the tax characterization of the limited partners of the Operating Partnership and the stockholders of the Company. Pursuant to these closing agreements, $8,238 of the preferred stock distributions for the year ended December 31, 2012 are taxable as capital gain.

Recent Accounting Pronouncements

In February 2013, the FASB issued Accounting Standards Update No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"). ASU 2013-02 requires that public companies present, either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. ASU 2013-02 is effective for annual periods beginning after December 15, 2012, and is to be applied prospectively. The adoption of this guidance did not have a material impact on our consolidated financial statements.

3. Investment in Real Estate

Acquisitions

During the nine months ended September 30, 2013, we acquired one industrial property comprising approximately 0.5 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $46,463, excluding costs incurred in conjunction with the acquisition of the industrial property and land parcels.

Sales and Discontinued Operations

During the nine months ended September 30, 2013, we sold 18 industrial properties comprising approximately 1.5 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $64,920. The net gain on the sale of the industrial properties and land parcels was approximately $14,503. The 18 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and net gain on sale of real estate for the 18 industrial properties sold are included in discontinued operations. The results of operations and gain on sale of real estate for the several land parcels, which do not meet the criteria to be included in discontinued operations, are included in continuing operations.

9

At September 30, 2013, we had one industrial property comprising approximately 0.05 million square feet of GLA held for sale. The results of operations of this industrial property held for sale at September 30, 2013 are included in discontinued operations. There can be no assurance that such industrial property held for sale will be sold.

Income from discontinued operations for the nine months ended September 30, 2012 reflects the results of operations of the 18 industrial properties that were sold during the nine months ended September 30, 2013, the results of operations of 26 industrial properties that were sold during the year ended December 31, 2012, the results of operations of the one industrial property identified as held for sale at September 30, 2013 and the gain on sale of real estate relating to 23 industrial properties that were sold during the nine months ended September 30, 2012.

The following table discloses certain information regarding the industrial properties included in discontinued operations for the three and nine months ended September 30, 2013 and 2012:

	Three Months Ended September 30, 2013			Three Months Ended September 30, 2012			Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Total Revenues	$	116		$	3,081		$	2,311		$	11,449
Property Expenses	58			(1,241		)	(871		)	(4,749		)
Impairment of Real Estate	—			—			(176		)	(1,186		)
Depreciation and Amortization	(49		)	(986		)	(746		)	(3,757		)
Gain on Sale of Real Estate	3,613			4,470			14,020			12,084
Income from Discontinued Operations	$	3,738		$	5,324		$	14,538		$	13,841

At September 30, 2013 and December 31, 2012, we had notes receivable outstanding of approximately $40,795 and $41,201, net of a discount of $207 and $255, respectively, which are included as a component of Prepaid Expenses and Other Assets, Net. At September 30, 2013 and December 31, 2012, the fair value of the notes receivable was $41,906 and $44,783, respectively. The fair value of our notes receivable was determined by discounting the future cash flows using current rates at which similar notes with similar remaining maturities would be made to other borrowers. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value of our notes receivable was primarily based upon Level 3 inputs, as discussed below.

Impairment Charges

During the three and nine months ended September 30, 2013 and 2012, we recorded the following net non-cash impairment charges:

	Three Months Ended September 30, 2013		Three Months Ended September 30, 2012		Nine Months Ended September 30, 2013		Nine Months Ended September 30, 2012
Sold or Held for Sale Operating Properties — Discontinued Operations	$	—	$	—	$	176	$	1,186
Operating Properties Not Held For Sale — Continuing Operations	1,047		—		2,476		(85		)
Total Net Impairment	$	1,047	$	—	$	2,652	$	1,101

The impairment charges for assets that qualify to be classified as held for sale are calculated as the difference between the carrying value of the properties and the estimated fair value, less costs to sell. The impairment charges for assets not held for sale are calculated as the difference between the carrying value of the properties and the estimated fair value. The impairment charges recorded during the three months ended September 30, 2013 and nine months ended September 30, 2013 and 2012 were triggered primarily due to marketing certain properties for sale and our assessment of the likelihood and timing of a potential sale transaction.

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The accounting guidance for the fair value measurement provisions for the impairment of long lived assets establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair market values were primarily determined using third party purchase contracts and offers.

The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis during the nine months ended September 30, 2013. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value.

	Fair Value Measurements on a Non-Recurring Basis Using:
Description	At September 30, 2013		Quoted Prices in Active Markets for Identical Assets (Level  1)	Significant Other Observable Inputs (Level 2)	Unobservable Inputs (Level 3)		Total Impairment for the Nine Months Ended
Long-lived Assets Not Held For Sale*	$	6,875	—	—	$	6,875	$	(1,047	)
_____________________

* Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets are sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013.

The following table presents quantitative information about the Level 3 fair value measurements at September 30, 2013.

Quantitative Information about Level 3 Fair Value Measurements:
Description	Fair Value		Valuation Technique	Unobservable Inputs	Range
One industrial property comprising approximately 0.5 million square feet of GLA	$	6,875	Contracted Price	(A)	N/A

(A) The fair value for the property is based upon the value of a third party purchase contract, which is subject to our corroboration for reasonableness.

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4. Investments in and Advances to Other Real Estate Partnerships

The investments in and advances to Other Real Estate Partnerships reflects the Operating Partnership’s limited partnership equity interests in the entities referred to in Note 1 to these consolidated financial statements.

Summarized condensed financial information as derived from the financial statements of the Other Real Estate Partnerships is presented below:

Condensed Combined Balance Sheets

	September 30, 2013			December 31, 2012
ASSETS
Assets:
Net Investment in Real Estate	$	276,525		$	264,284
Note Receivable	123,444			142,982
Other Assets, Net	33,902			34,476
Total Assets	$	433,871		$	441,742
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	98,111		$	107,287
Other Liabilities, Net	14,276			11,570
Partners’ Capital	321,484			322,885
Total Liabilities and Partners’ Capital	$	433,871		$	441,742
Operating Partnership's Share of Equity	$	320,228		$	321,663
Basis Differentials (1)	(123,952		)	(143,559		)
Carrying Value of the Operating Partnership's Investments in Other Real Estate Partnerships	$	196,276		$	178,104

_________________

(1)    This amount represents the aggregate difference between the Operating Partnership's historical cost basis and the basis reflected at the Other Real Estate Partnerships' level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership.

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Condensed Combined Statements of Operations

	Three Months Ended September 30, 2013			Three Months Ended September 30, 2012			Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Total Revenues	$	9,907		$	9,400		$	29,340		$	29,419
Property Expenses	(2,906		)	(2,604		)	(9,027		)	(8,404		)
Impairment of Real Estate	—			—			—			172
Depreciation and Other Amortization	(3,071		)	(3,351		)	(9,120		)	(10,888		)
Interest Income	1,237			2,019			3,809			6,405
Interest Expense	(1,079		)	(1,483		)	(3,541		)	(4,444		)
Amortization of Deferred Financing Costs	(45		)	(53		)	(142		)	(156		)
Loss from Retirement of Debt	—			—			(214		)	—
Income from Continuing Operations	4,043			3,928			11,105			12,104
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations	91			112			210			(20		)
Gain (Loss) on Sale of Real Estate	1,630			(50		)	1,630			(79		)
Income (Loss) from Discontinued Operations	1,721			62			1,840			(99		)
Income Before Gain on Sale of Real Estate	$	5,764		$	3,990		$	12,945		$	12,005
Gain on Sale of Real Estate	$	70		$	—		$	70		$	—
Net Income	$	5,834		$	3,990		$	13,015		$	12,005

5. Investments in Joint Ventures

At September 30, 2013, the 2003 Net Lease Joint Venture owned four industrial properties comprising approximately 2.5 million square feet of GLA. The 2003 Net Lease Joint Venture is considered a variable interest entity in accordance with the FASB guidance on the consolidation of variable interest entities. We continue to conclude that we are not the primary beneficiary of this venture. As of September 30, 2013, our investment in the 2003 Net Lease Joint Venture is $1,163. Our maximum exposure to loss is equal to our investment. We continue to hold our 10% equity interest in the 2007 Europe Joint Venture. As of September 30, 2013, the 2007 Europe Joint Venture did not own any properties.

During the three and nine months ended September 30, 2013, we recognized fees from our Joint Ventures of $59 and $180, respectively, and $295 and $439 during the three and nine months ended September 30, 2012, respectively.

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6. Indebtedness

The following table discloses certain information regarding our indebtedness:

	Outstanding Balance at						Interest Rate at September 30, 2013		Effective Interest Rate at Issuance		Maturity Date
	September 30, 2013			December  31, 2012
Mortgage Loans Payable, Net	$	614,900		$	656,329		4.03% – 8.26%		4.03% – 8.26%		January 2014- September 2022
Unamortized Premiums	(121		)	(161		)
Mortgage Loans Payable, Gross	$	614,779		$	656,168
Senior Unsecured Notes, Net
2016 Notes	$	159,552		$	159,510		5.750	%	5.91	%	1/15/2016
2017 Notes	54,959			55,385			7.500	%	7.52	%	12/1/2017
2027 Notes	6,066			6,066			7.150	%	7.11	%	5/15/2027
2028 Notes	31,883			55,261			7.600	%	8.13	%	7/15/2028
2032 Notes	10,512			11,500			7.750	%	7.87	%	4/15/2032
2014 Notes	80,772			79,683			6.420	%	6.54	%	6/1/2014
2017 II Notes	101,771			106,745			5.950	%	6.37	%	5/15/2017
Subtotal	$	445,515		$	474,150
Unamortized Discounts	1,381			2,570
Senior Unsecured Notes, Gross	$	446,896		$	476,720
Unsecured Credit Facility	$	171,000		$	98,000		1.631	%	1.631	%	9/29/2017	*

* The maturity date may be extended an additional year at our election, subject to certain restrictions.

Mortgage Loans Payable, Net

During the three and nine months ended September 30, 2013, we paid off and retired prior to maturity mortgage loans payable in the amount of $14,046 and $32,429, respectively. In connection with these prepayments, we recognized $486 and $975 as loss from retirement of debt for the three and nine months ended September 30, 2013, respectively.

As of September 30, 2013, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $771,120. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of September 30, 2013.

Senior Unsecured Notes, Net

During the nine months ended September 30, 2013, we repurchased and retired the following senior unsecured notes prior to maturity:

	Principal Amount Repurchased		Purchase Price
2017 Notes	$	430	$	482
2017 II Notes	5,000		5,300
2028 Notes	23,394		26,547
2032 Notes	1,000		1,163
Total	$	29,824	$	33,492

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In connection with these repurchases prior to maturity, we recognized $5,003 as loss from retirement of debt for the nine months ended September 30, 2013, which is the difference between the repurchase price of $33,492 and the principal amount retired of $29,824, net of the pro rata write off of the unamortized debt issue discount, the unamortized deferred financing costs and the unamortized settlement amount of the interest rate protection agreements related to the repurchase of $28, $191 and $1,116, respectively.

Unsecured Credit Facility

On July 19, 2013, we amended and restated our existing $450,000 revolving credit facility (the "Old Credit Facility"), increasing the borrowing capacity thereunder to $625,000 (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $825,000, subject to certain restrictions. The amendment extended the maturity date from December 12, 2014 to September 29, 2017 with an option to extend an additional one year at our election, subject to certain restrictions. At September 30, 2013, the Unsecured Credit Facility provides for interest only payments initially at LIBOR plus 145 basis points, that varies based on our leverage ratio. In the event we achieve an investment grade rating from one of certain rating agencies, the rate may be decreased at our election, based on the investment grade rating. In connection with the amendment of the Old Credit Facility, we wrote off $56 of unamortized deferred financing costs, which is included in Loss from Retirement of Debt for the three and nine months ended September 30, 2013.

Indebtedness

The following is a schedule of the stated maturities and scheduled principal payments as of September 30, 2013 of our indebtedness, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter:

	Amount
Remainder of 2013	$	2,959
2014	133,327
2015	34,951
2016	275,948
2017	337,783
Thereafter	447,707
Total	$	1,232,675

The Unsecured Credit Facility and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement. We believe that we were in compliance with all covenants as of September 30, 2013. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our noteholders or lenders in a manner that could impose and cause us to incur material costs.

Fair Value

At September 30, 2013 and December 31, 2012, the fair values of our indebtedness were as follows:

	September 30, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable, Net	$	614,900	$	629,823	$	656,329	$	699,903
Senior Unsecured Notes, Net	445,515		483,604		474,150		516,943
Unsecured Credit Facility	171,000		171,000		98,000		98,192
Total	$	1,231,415	$	1,284,427	$	1,228,479	$	1,315,038

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The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar leverage levels and similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes was determined by using rates, as advised by our bankers in certain cases, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured debt from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for our mortgage loans payable, senior unsecured notes and Unsecured Credit Facility was primarily based upon Level 3 inputs.

7. Partners’ Capital

Preferred Contributions

On July 18, 2013, the Company redeemed the 2,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company's 7.25% Series K Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series K Preferred Stock"), at a redemption price of $25.00 per Depositary Share, and paid a pro-rated third quarter dividend of $0.090625 per Depositary Share, totaling $181. An equivalent number of Series K Cumulative Redeemable Preferred Units ("the Series K Preferred Units") were redeemed on July 18, 2013 as well. The initial offering costs associated with the issuance of the Series K Preferred Units, as well as costs associated with the redemption, totaled $2,121 and are reflected as a deduction from net income in determining earnings per unit for the three and nine months ended September 30, 2013.

On April 11, 2013, the Company redeemed the remaining 4,000,000 Depositary Shares, each representing 1/10,000th of a share, of the Company's 7.25% Series J Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series J Preferred Stock"), at a redemption price of $25.00 per Depositary Share, and paid a pro-rated second quarter dividend of $0.055382 per Depositary Share, totaling $221. An equivalent number of Series J Cumulative Redeemable Preferred Units (the "Series J Preferred Units") were redeemed on April 11, 2013 as well. The remaining initial offering costs associated with the issuance of the Series J Preferred Units, as well as costs associated with the redemption, totaled $3,546 and are reflected as a deduction from net income in determining earnings per unit for the nine months ended September 30, 2013.

Unit Contributions

During the nine months ended September 30, 2013, the Company issued 8,400,000 shares of the Company’s common stock in an underwritten public offering. Net proceeds were $132,050. The proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution.

On March 1, 2012, the Company and the Operating Partnership entered into distribution agreements with sales agents to sell up to 12,500,000 shares of the Company's common stock, for up to $125,000 aggregate gross sale proceeds, from time to time in "at-the-market" offerings (the "ATM"). During the nine months ended September 30, 2013, the Company issued 2,315,704 shares of the Company's common stock under the ATM resulting in net proceeds to the Company of $41,735. These proceeds were contributed to us in exchange for an equivalent number of Units and are reflected in our financial statements as a general partner contribution. Under the terms of the ATM, sales are to be made primarily in transactions that are deemed to be "at the market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.

During the nine months ended September 30, 2013, 99,508 limited partnership units were converted into an equivalent number of general partnership units, resulting in a reclassification of $943 between Limited Partners Units and General Partner Units.

Restricted Units and Long-Term Incentive Program

During the nine months ended September 30, 2013, the Company awarded 284,461 shares of restricted stock awards to certain employees, which had a fair value of $4,719 on the date of approval by the Compensation Committee of the Board of Directors. We issued Units to the Company in the same amounts. These restricted stock awards vest over a period of three years. Compensation expense will be charged to earnings over the vesting period for the shares expected to vest except if the recipient is not required to provide future service in exchange for vesting of the shares. If vesting of a recipient's restricted stock is not contingent upon future service, the expense is recognized immediately at the date of grant. During the nine months ended September 30, 2013, we recognized $1,008 of compensation expense related to restricted shares granted during the first quarter to our Chief Executive Officer for which future service was not required.

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The Board of Directors adopted the 2013 Long-Term Incentive Program ("LTIP") and effective July 1, 2013, certain officers and employees of the Company were granted 718,960 performance units ("LTIP Unit Awards"). The LTIP Unit Awards had a fair value of $5,411 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The LTIP Unit Awards vest based upon the relative total shareholder return ("TSR") of the Company's stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The TSR for half of the granted units is calculated based upon the performance from July 1, 2013 through June 30, 2014 and the other half is calculated based upon the performance from July 1, 2013 through December 31, 2015. Compensation expense will be charged to earnings on a straight-line basis over the respective performance periods. At the end of the respective performance periods, each participant will be issued shares of our common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100%, based on our TSR as compared to the TSR of the MSCI US REIT Index and the NAREIT Industrial Index. The participants will also be entitled to dividend equivalents for shares issued pursuant to vested LTIP Unit Awards, which dividend equivalents represent any common dividends that would been paid with respect to such issued shares after the grant of the LTIP Unit Awards and prior to the date of settlement.

We recognized $1,769 and $4,436 for the three and nine months ended September 30, 2013, respectively, and $1,309 and $3,707 for the three and nine months ended September 30, 2012, respectively, in amortization related to restricted stock and unit awards and LTIP Unit Awards, of which $11 and $24, respectively, was capitalized in connection with development activities for the three and nine months ended September 30, 2013, respectively, and $19 and $19 for the three and nine months ended September 30, 2012, respectively. At September 30, 2013, we had $9,094 in unrecognized compensation related to unvested restricted stock and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.90 years.

Distributions

The coupon rate of our Series F Preferred Units resets every quarter at 2.375% plus the greater of (i) the 30 year Treasury constant maturity treasury ("CMT") Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3 month LIBOR. For the third quarter of 2013, the new coupon rate was 5.935%. See Note 11 for additional derivative information related to the Series F Preferred Units coupon rate reset.

The following table summarizes distributions accrued during the nine months ended September 30, 2013:

	Nine Months Ended September 30, 2013
	Distribution per Unit		Total Distribution
General Partner/Limited Partner Units	$	0.255	$	29,074
Series F Preferred Units	$	4,242.04	$	2,121
Series G Preferred Units	$	5,427.00	$	1,357
Series J Preferred Units *	$	5,085.12	$	2,034
Series K Preferred Units **	$	9,968.85	$	1,994

* The second quarter 2013 distribution per unit was pro-rated as discussed in the "Preferred Contributions" section.

**The third quarter 2013 distribution per unit was pro-rated as discussed in the "Preferred Contributions" section.

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8. Accumulated Other Comprehensive Loss

The following tables summarize the changes in Accumulated Other Comprehensive Loss by component for the nine months ended September 30, 2013 and the reclassifications out of Accumulated Other Comprehensive Loss for the three and nine months ended September 30, 2013:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Total
Balance as of December 31, 2012	$	(7,008	)	$	179		$	(6,829	)
Other Comprehensive Loss Before Reclassifications	—			(14		)	(14		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	2,908			—			2,908
Net Current Period Other Comprehensive Income (Loss)	2,908			(14		)	2,894
Balance as of September 30, 2013	$	(4,100	)	$	165		$	(3,935	)

	Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	Three Months Ended September 30, 2013		Nine Months Ended September 30, 2013		Affected Line Item in the Consolidated Statements of Operations
Interest Rate Protection Agreements
Amortization of Interest Rate Protection Agreements	$	609	$	1,792	Interest Expense
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	17		1,116		Loss from Retirement of Debt
	$	626	2,908		Total

9. Supplemental Information to Statements of Cash Flows

	Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Interest Expense Capitalized in Connection with Development Activity	$	2,447		$	1,078
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distribution Payable on General and Limited Partner Units	$	9,788		$	—
Distribution Payable on Preferred Units	$	—		$	5,177
Exchange of Limited Partnership Units for General Partnership Units:
Limited Partnership Units	$	(943	)	$	(2,710	)
General Partnership Units	943			2,710
Total	$	—		$	—
Mortgage Loan Payable Assumed in Conjunction with a Property Acquisition	$	—		$	12,026
Write-off of Fully Depreciated Assets	$	(36,992	)	$	(30,782	)

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10. Earnings Per Unit ("EPU")

The computation of basic and diluted EPU is presented below:

	Three Months Ended September 30, 2013			Three Months Ended September 30, 2012			Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Numerator:
Income (Loss) from Continuing Operations	$	4,779		$	92		$	3,982		$	(17,665	)
Gain on Sale of Real Estate	221			3,777			483			3,777
Income from Continuing Operations Allocable to Participating Securities	(12		)	—			—			—
Preferred Unit Distributions	(1,392		)	(4,725		)	(7,506		)	(14,285		)
Redemption of Preferred Units	(2,121		)	—			(5,667		)	—
Income (Loss) from Continuing Operations Available to Unitholders	$	1,475		$	(856	)	$	(8,708	)	$	(28,173	)
Income from Discontinued Operations	$	3,738		$	5,324		$	14,538		$	13,841
Income from Discontinued Operations Allocable to Participating Securities	(30		)	(34		)	(120		)	—
Income from Discontinued Operations Attributable to Unitholders	$	3,708		$	5,290		$	14,418		$	13,841
Net Income (Loss) Available	$	5,225		$	4,468		$	5,830		$	(14,332	)
Net Income Allocable to Participating Securities	(42		)	(34		)	(120		)	—
Net Income (Loss) Available to Unitholders	$	5,183		$	4,434		$	5,710		$	(14,332	)
Denominator:
Weighted Average Units — Basic	114,089			98,432			110,823			94,464
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards	315			—			—			—
Weighted Average Units - Diluted	114,404			98,432			110,823			94,464
Basic and Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.01		$	(0.01	)	$	(0.08	)	$	(0.30	)
Income from Discontinued Operations Attributable to Unitholders	$	0.03		$	0.05		$	0.13		$	0.15
Net Income (Loss) Available to Unitholders	$	0.04		$	0.04		$	0.05		$	(0.15	)

Participating securities include Units that correspond to the Company's 489,381 and 745,712 of unvested restricted stock awards outstanding at September 30, 2013 and 2012, respectively, which participate in non-forfeitable distributions of the Operating Partnership. Under the two class method, participating security holders are allocated income, in proportion to total weighted average units outstanding, based upon the greater of net income (after reduction for preferred unit distributions and redemption of preferred units) or common distributions declared. Since participating security holders are not obligated to share in losses and no common distributions were declared during the nine months ended September 30, 2012, there was no allocation of income to participating security holders for the nine months ended September 30, 2012.

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The number of weighted average units—diluted is the same as the number of weighted average units — basic for the three months ended September 30, 2012 and nine months ended September 30, 2013 and 2012, as the effect of Units corresponding to the Company's LTIP Unit Awards (which do not participate in non-forfeitable distributions of the Operating Partnership) was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to Unitholders. Units corresponding to the following awards of the Company could be dilutive in future periods:

	Number of Awards Outstanding At September 30, 2013	Number of Awards Outstanding At September 30, 2012
Non-Participating Securities:
Restricted Stock Unit Awards	273,400	713,550
LTIP Unit Awards	718,960	—

11. Derivatives

Our objectives in using interest rate derivatives are to add stability to interest expense or preferred stock dividends and to manage our cash flow volatility and exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

Our Series F Preferred Units are subject to a coupon rate reset. The coupon rate resets every quarter at 2.375% plus the greater of i) the 30 year Treasury CMT Rate, ii) the 10 year Treasury CMT Rate or iii) 3 month LIBOR. For the third quarter of 2013, the new coupon rate was 5.935%. In October 2008, we entered into an interest rate swap agreement with a notional value of $50,000 to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Units (the "Series F Agreement"). This Series F Agreement fixes the 30 year Treasury CMT rate at 5.2175%. Accounting guidance for derivatives does not permit hedge accounting treatment related to equity instruments and therefore the mark-to-market gains or losses related to this agreement are recorded in the statement of operations. For the three and nine months ended September 30, 2013, net gains of $0 and $52, respectively, are recognized as Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements. For the three and nine months ended September 30, 2012, net losses of $29 and $334, respectively, are recognized as Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements. Quarterly payments are treated as a component of the mark-to-market gains or losses and totaled $214 and $774, for the three and nine months ended September 30, 2013, respectively, and $326 and $865 for the three and nine months ended September 30, 2012, respectively. The Series F Agreement matured on October 1, 2013.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Other Comprehensive Income ("OCI") and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $1,846 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods.

The following is a summary of the terms of our derivative and its fair value, which is included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheets:

Hedge Product	Notional Amount		Strike		Trade Date	Maturity Date	Fair Value As  of September 30, 2013		Fair Value As  of December 31, 2012
Derivatives Not Designated as Hedging Instruments:
Series F Agreement*	$	50,000	5.2175	%	October 1, 2008	October 1, 2013	$	—	$	(826	)
_____________________

* Fair value excludes quarterly settlement payment due on Series F Agreement. As of September 30, 2013 and December 31, 2012, the outstanding payable was $214 and $305, respectively.

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The following is a summary of the impact of the derivatives in cash flow hedging relationships on the statements of operations and the statements of OCI for the three and nine months ended September 30, 2013 and 2012:

		Three Months Ended						Nine Months Ended
Interest Rate Products	Location on Statement	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Amortization Reclassified from OCI into Income (Loss)	Interest Expense	$	(609	)	$	(579	)	$	(1,792	)	$	(1,690	)

The guidance for fair value measurement of financial instruments includes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following table sets forth our financial liability that is accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012:

	Fair Value			Fair Value Measurements at Reporting Date Using:
Description				Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Unobservable Inputs (Level 3)
Liabilities:
Series F Agreement at September 30, 2013	$	—		—	—	$	—
Series F Agreement at December 31, 2012	$	(826	)	—	—	$	(826	)

The following table presents the quantitative information about the Level 3 fair value measurements at September 30, 2013 and December 31, 2012:

	Quantitative Information about Level 3 Fair Value Measurements:
Description	Fair Value			Valuation Technique	Unobservable Inputs	Range
Series F Agreement at September 30, 2013	$	—		N/A	N/A	(A)
Series F Agreement at December 31, 2012	$	(826	)	Discounted Cash Flow	Long Dated Treasuries (B)	2.82% - 2.91%
					Own Credit Risk (C)	0.98% - 1.59%

(A) The Series F Agreement matured on October 1, 2013.

(B) Represents the forward 30 year Treasury CMT Rate.

(C) Represents credit default swap spread curve used in the valuation analysis at December 31, 2012.

The valuation of the Series F Agreement was determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the instrument. This analysis reflected the contractual terms of the agreement including the period to maturity. In adjusting the fair value of the Series F Agreement for the effect of nonperformance risk, we had considered the impact of netting and any applicable credit enhancement. To comply with the provisions of fair value measurement, we calculated a credit valuation adjustment ("CVA") to appropriately reflect both our own nonperformance risk and our counterparty's nonperformance risk in the fair value measurements. We considered the Series F Agreement to be classified as Level 3 in the fair value hierarchy due to a significant number of unobservable inputs. The Series F Agreement swapped a fixed rate of 5.2175% for floating rate payments based on 30 year Treasury CMT Rate. No market observable prices exist for long dated Treasuries. Therefore, we had classified the Series F Agreement in its entirety as Level 3.

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The following table presents a reconciliation of our liability classified as Level 3 at September 30, 2013:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivatives
Ending Liability Balance at December 31, 2012	$	(826	)
Mark-to-Market of the Series F Agreement	826
Ending Liability Balance at September 30, 2013	$	—

12. Commitments and Contingencies

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

In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial buildings. At September 30, 2013, we have committed to the development of three industrial buildings totaling approximately 1.1 million square feet of GLA. The estimated total construction costs as of September 30, 2013, are approximately $94,400. Of this amount, approximately $27,700 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated completion cost stated above.

13. Subsequent Events

From October 1, 2013 to November 1, 2013, we paid off prior to maturity mortgage loans payable in the aggregate amount of $31,966.

From October 1, 2013 to November 1, 2013, we acquired 100% of an LLC interest that owned one industrial property for a purchase price of approximately $26,349, excluding costs incurred in conjunction with the acquisition of the industrial property and sold three industrial properties and one land parcel for approximately $4,644.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Form 10-Q.

This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations, are generally identifiable by use of the words "believe," "expect," "intend," "plan," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "should," or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities (including the Internal Revenue Service); the Company's ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including both public and private capital) to us and to our potential counterparties; the availability and attractiveness of terms of additional debt repurchases; interest rates; our credit agency ratings; our ability to comply with applicable financial covenants; competition; changes in supply and demand for industrial properties (including land, the supply and demand for which is inherently more volatile than other types of industrial property) in the Operating Partnership's current and proposed market areas; difficulties in consummating acquisitions and dispositions; risks related to our investments in properties through joint ventures; environmental liabilities; slippages in development or lease-up schedules; tenant creditworthiness; higher-than-expected costs; changes in asset valuations and related impairment charges; changes in general accounting principles, policies and guidelines applicable to real estate investment trusts; international business risks and those additional factors described under the heading "Risk Factors" and elsewhere in the Operating Partnership’s annual report on Form 10-K for the year ended December 31, 2012, and in the Company's subsequent Exchange Act reports, including this quarterly report. We caution you not to place undue reliance on forward looking statements, which reflect our analysis only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. Unless the context otherwise requires, the terms "we," "us," and "our" refer to First Industrial, L.P. and respective controlled subsidiaries.

GENERAL

First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") which owns common units in the Operating Partnership ("Units") representing an approximate 96.0% ownership interest at September 30, 2013. The Company also owns a preferred general partnership interest in the Operating Partnership represented by preferred units ("Preferred Units") with an aggregate liquidation priority of $75.0 million at September 30, 2013. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, an approximate 4.0% interest in the Operating Partnership at September 30, 2013. Operations are also conducted through other partnerships and limited liability companies ("LLCs") of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the LLCs, the "Consolidated Operating Partnership"), the operating data of which is consolidated with that of the Operating Partnership as presented herein.

We also hold at least a 99% limited partnership interest in each of eight limited partnerships (together, the "Other Real Estate Partnerships").

We also own noncontrolling equity interests in, and provide various services to, two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture" and, collectively, the "Joint Ventures"). See Note 5 to the Consolidated Financial Statements for more information on the Joint Ventures.

The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnership for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company.

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As of September 30, 2013, we owned 632 industrial properties located in 24 states, containing an aggregate of approximately 55.1 million square feet of gross leasable area ("GLA"). On a combined basis, as of September 30, 2013, the Other Real Estate Partnerships owned 65 industrial properties containing an aggregate of approximately 7.4 million square feet of GLA.

Profits, losses and distributions of us, the LLCs and Other Real Estate Partnerships are allocated to the general partner and the limited partners, or the members, as applicable, in accordance with the provisions contained within the partnership agreements or ownership agreements, as applicable.

The Other Real Estate Partnerships and the Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of the Other Real Estate Partnerships and the Joint Ventures are not consolidated with that of the Consolidated Operating Partnership as presented herein.

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 ("SEC"). You may also read and copy any document filed at the public reference facilities of the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at (800) SEC-0330 for further information about the public reference facilities. These documents also may be accessed through the SEC's Interactive Data Electronic Application via the SEC's home page on the Internet (http://www.sec.gov). In addition, our Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter and 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 Drive, Suite 3900

Chicago, IL 60606

Attn: Investor Relations

MANAGEMENT’S OVERVIEW

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

We generate revenue primarily from rental income and tenant recoveries from long-term (generally three to six years) operating leases of our industrial properties. Such revenue is offset by certain property specific operating expenses, such as real estate taxes, repairs and maintenance, property management, utilities and insurance expenses, along with certain other costs and expenses, such as depreciation and amortization costs and general and administrative and interest expenses. Our revenue growth is dependent, in part, on our ability to (i) increase rental income, through increasing either or both occupancy rates and rental rates at our properties, (ii) maximize tenant recoveries and (iii) minimize operating and certain other expenses. Revenues generated from rental income and tenant recoveries are a significant source of funds, in addition to income generated from gains/losses on the sale of our properties (as discussed below), for our liquidity. The leasing of property, in general, and occupancy rates, rental rates, operating expenses and certain non-operating expenses, in particular, are impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond our control. The leasing of property also entails various risks, including the risk of tenant default. If we were unable to maintain or increase occupancy rates and rental rates at our properties or to maintain tenant recoveries and operating and certain other expenses consistent with historical levels and proportions, our revenue would decline. Further, if a significant number of our tenants were unable to pay rent (including tenant recoveries) or if we were unable to rent our properties on favorable terms, our financial condition, results of operations, cash flow and the Company’s ability to pay dividends on, and the market price of, the Company’s common stock would be adversely affected.

Our revenue growth is also dependent, in part, on our ability to acquire existing, and acquire and develop new, additional industrial properties on favorable terms. The Operating Partnership seeks to identify opportunities to acquire existing industrial properties on favorable terms, and, when conditions permit, also seeks to identify opportunities to acquire and develop new industrial properties on favorable terms. Existing properties, as they are acquired, and acquired and developed properties, as they are leased, generate revenue from rental income, tenant recoveries and fees, income from which, as discussed above, is a

24

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

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

We utilize a portion of the net sales proceeds from property sales, borrowings under our unsecured credit facility (the "Unsecured Credit Facility") and proceeds from the issuance, when and as warranted, of additional debt and equity securities to refinance debt and finance future acquisitions and developments. Access to external capital on favorable terms plays a key role in our financial condition and results of operations, as it impacts our cost of capital and our ability and cost to refinance existing indebtedness as it matures and to fund acquisitions and developments or through the issuance, when and as warranted, of additional equity securities. Our ability to access external capital on favorable terms is dependent on various factors, including general market conditions, interest rates, credit ratings on our capital stock and debt, the market’s perception of our growth potential, our current and potential future earnings and cash distributions and the market price of the Company’s capital stock. If we were unable to access external capital on favorable terms, our financial condition, results of operations, cash flow and the Company’s ability to pay dividends on, and the market price of, the Company’s common stock could be adversely affected.

RESULTS OF OPERATIONS

The tables below summarize our operating results for the three and nine months ended September 30, 2013 and 2012. The operating results include a break out of our revenues, property expenses and depreciation and other amortization by various categories for the three and nine months ended September 30, 2013 and 2012. Same store properties are properties owned prior to January 1, 2012 and held as an operating property through September 30, 2013 and developments and redevelopments that were placed in service prior to January 1, 2012 or were substantially completed for the 12 months prior to January 1, 2012. Properties which are at least 75% occupied at acquisition are placed in service. Acquisitions that are less than 75% occupied at the date of acquisition, developments and redevelopments are placed in service as they reach the earlier of a) stabilized occupancy (generally defined as 90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2011 and held as an operating property through September 30, 2013. Sold properties are properties that were sold subsequent to December 31, 2011. (Re)Developments and land are land parcels and developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2012 or b) stabilized prior to January 1, 2012. Other revenues are derived from the operations of our maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Other expenses are derived from the operations of our maintenance company and other miscellaneous regional expenses.

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

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Comparison of Nine Months Ended September 30, 2013 to Nine Months Ended September 30, 2012

Our net income (loss) available to unitholders and participating securities was $5.8 million and $(14.3) million for the nine months ended September 30, 2013 and 2012, respectively. Basic and diluted net income (loss) available to unitholders was $0.05 per Unit and $(0.15) per Unit for the nine months ended September 30, 2013 and 2012, respectively.

For the nine months ended September 30, 2013 and 2012, the average occupancy rates of our same store properties were 89.8% and 87.9%, respectively.

	Nine Months Ended September 30,
	2013			2012			$ Change			% Change
	($ in 000’s)
REVENUES
Same Store Properties	$	213,868		$	206,307		$	7,561		3.7	%
Acquired Properties	1,681			1,392			289			20.8	%
Sold Properties	2,053			11,076			(9,023		)	(81.5	)%
(Re) Developments and Land, Not Included Above	4,785			117			4,668			3,989.7	%
Other	1,050			2,153			(1,103		)	(51.2	)%
	$	223,437		$	221,045		$	2,392		1.1	%
Discontinued Operations	(2,311		)	(11,449		)	9,138			(79.8	)%
Total Revenues	$	221,126		$	209,596		$	11,530		5.5	%

Revenues from same store properties increased $7.6 million primarily due to increases in occupancy and tenant recoveries. Revenues from acquired properties increased $0.3 million due to one 0.4 million square foot property acquired in February 2012 in our Central Pennsylvania market. Revenues from sold properties decreased $9.0 million due to the 44 industrial properties sold subsequent to December 31, 2011 totaling approximately 5.6 million square feet of GLA. Revenues from (re)developments and land increased $4.7 million due to an increase in occupancy. Other revenues decreased $1.1 million primarily due to certain one-time revenue transactions during the nine months ended September 30, 2012, as well as a decrease in leasing fees earned from our Joint Ventures and a decrease in revenues from the operations of our maintenance company for the nine months ended September 30, 2013, as compared to the nine months ended September 30, 2012.

	Nine Months Ended September 30,
	2013			2012			$ Change			% Change
	($ in 000’s)
PROPERTY EXPENSES
Same Store Properties	$	64,993		$	60,587		$	4,406		7.3	%
Acquired Properties	589			305			284			93.1	%
Sold Properties	743			4,762			(4,019		)	(84.4	)%
(Re) Developments and Land, Not Included Above	1,272			362			910			251.4	%
Other	6,188			6,053			135			2.2	%
	$	73,785		$	72,069		$	1,716		2.4	%
Discontinued Operations	(871		)	(4,749		)	3,878			(81.7	)%
Total Property Expenses	$	72,914		$	67,320		$	5,594		8.3	%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $4.4 million primarily due to an increase in real estate tax expense due to refunds received in 2012 relating to previous years and an increase in repairs and maintenance expense due to the higher snow removal costs incurred during the nine months ended September 30, 2013 as compared to the nine months ended September 30, 2012 due to the mild 2012 winter. Property expenses from acquired properties increased $0.3 million due to properties acquired subsequent to December 31, 2011. Property expenses from sold properties decreased $4.0 million due to properties sold subsequent to December 31, 2011. Property expenses from (re)developments and land increased $0.9 million primarily due to an increase in real estate tax expense. Other expenses remained relatively unchanged.

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General and administrative expense remained relatively unchanged.

The impairment charges included in continuing operations for the nine months ended September 30, 2013 of $2.5 million are primarily due to marketing certain properties for sale and our assessment of the likelihood of a potential sale transaction. The impairment reversal included in continuing operations for the nine months ended September 30, 2012 of $0.1 million is primarily comprised of an impairment reversal relating to certain industrial properties that no longer qualified for held for sale classification.

	Nine Months Ended September 30,
	2013			2012			$ Change			% Change
	($ in 000’s)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties	$	73,218		$	76,851		$	(3,633	)	(4.7	)%
Acquired Properties	880			588			292			49.7	%
Sold Properties	661			3,566			(2,905		)	(81.5	)%
(Re) Developments and Land, Not Included Above	1,149			166			983			592.2	%
Corporate Furniture, Fixtures and Equipment	509			836			(327		)	(39.1	)%
	$	76,417		$	82,007		$	(5,590	)	(6.8	)%
Discontinued Operations	(746		)	(3,757		)	3,011			(80.1	)%
Total Depreciation and Other Amortization	$	75,671		$	78,250		$	(2,579	)	(3.3	)%

Depreciation and other amortization for same store properties decreased $3.6 million due to certain intangible assets related to acquisitions of real estate becoming fully depreciated as well as an adjustment recorded during the nine months ended September 30, 2013 to decrease depreciation and amortization expense which should have been recorded in previous periods. Depreciation and other amortization from acquired properties increased $0.3 million due to properties acquired subsequent to December 31, 2011. Depreciation and other amortization from sold properties decreased $2.9 million due to properties sold subsequent to December 31, 2011. Depreciation and other amortization for (re)developments and land increased $1.0 million primarily due to an increase in substantial completion of developments. Corporate furniture, fixtures and equipment depreciation expense decreased $0.3 million due to assets becoming fully depreciated.

Interest income decreased $0.5 million, or 21.6%, primarily due to a decrease in the weighted average note receivable balance outstanding for the nine months ended September 30, 2013 as compared to the nine months ended September 30, 2012.

Interest expense for the nine months ended September 30, 2013 and 2012, respectively, decreased $7.7 million, or 12.9%, primarily due to a decrease in the weighted average debt balance outstanding for the nine months ended September 30, 2013 ($1,228.6 million) as compared to the nine months ended September 30, 2012 ($1,359.9 million), an increase in capitalized interest of $1.3 million for the nine months ended September 30, 2013 as compared to the nine months ended September 30, 2012 due to an increase in development activities, and a decrease in the weighted average interest rate for the nine months ended September 30, 2013 (5.91%) as compared to the nine months ended September 30, 2012 (5.97%).

Amortization of deferred financing costs remained relatively unchanged.

In October 2008, we entered into an interest rate swap agreement (the "Series F Agreement") to mitigate our exposure to floating interest rates related to the coupon reset of our Series F Preferred Units. The Series F Agreement has a notional value of $50.0 million. The Series F Agreement fixes the 30 year Treasury constant maturity treasury rate at 5.2175%. We recorded $0.1 million in mark-to-market net gain, inclusive of $0.8 million in swap payments, for the nine months ended September 30, 2013, as compared to $0.3 million in mark-to-market net loss, inclusive of $0.9 million in swap payments, for the nine months ended September 30, 2012. The Series F Agreement matured on October 1, 2013.

For the nine months ended September 30, 2013, we recognized a net loss from retirement of debt of $6.0 million due to the partial repurchase of certain series of our senior unsecured notes, the early payoff of certain mortgage loans and the write-off of certain unamortized loan fees associated with the amendment of our revolving line of credit. For the nine months ended September 30, 2012, we recognized a net loss from retirement of debt of $6.6 million due to the partial repurchase of certain series of our senior unsecured notes.

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Equity in income of other real estate partnerships increased $3.6 million, or 65.4%, during the nine months ended September 30, 2013 as compared to the nine months ended September 30, 2012 primarily due to an increase in gain on sale of real estate.

Equity in income of joint ventures remained relatively unchanged.

For the nine months ended September 30, 2012, we recognized $0.8 million of gain on change in control of interests related to the acquisition of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The $0.8 million of gain represents the difference between our carrying value and fair value of our equity interest on the acquisition date.

The income tax provision decreased $5.3 million or 99.9% during the nine months ended September 30, 2013 compared to the nine months ended September 30, 2012 primarily due to a one-time IRS audit adjustment related to the 2009 liquidation of a former taxable REIT subsidiary that was recorded during the nine months ended September 30, 2012.

The following table summarizes certain information regarding the industrial properties included in discontinued operations for the nine months ended September 30, 2013 and 2012.

	Nine Months Ended September 30,
	2013			2012
	($ in 000’s)
Total Revenues	$	2,311		$	11,449
Property Expenses	(871		)	(4,749		)
Impairment of Real Estate	(176		)	(1,186		)
Depreciation and Amortization	(746		)	(3,757		)
Gain on Sale of Real Estate	14,020			12,084
Income from Discontinued Operations	$	14,538		$	13,841

Income from discontinued operations for the nine months ended September 30, 2013 reflects the results of operations and gain on sale of real estate relating to 18 industrial properties that were sold during the nine months ended September 30, 2013 and the results of operations of one industrial property that was identified as held for sale at September 30, 2013. The impairment loss for the nine months ended September 30, 2013 of $0.2 million primarily relates to an impairment charge recorded due to the carrying value of a certain property exceeding the estimated fair value based upon a third party purchase contract for a property held for sale during 2013.

Income from discontinued operations for the nine months ended September 30, 2012 reflects the gain on sale of real estate relating to 23 industrial properties that were sold during the nine months ended September 30, 2012, the results of operations of 26 industrial properties that were sold during the year ended December 31, 2012, the results of operations of 18 industrial properties that were sold during the nine months ended September 30, 2013 and the results of operations of the one industrial property identified as held for sale at September 30, 2013. The impairment loss for the nine months ended September 30, 2012 of $1.2 million primarily relates to an impairment charge recorded due to carrying values of certain properties exceeding the estimated fair values based upon third party purchase contracts for properties held for sale during 2012.

The $0.5 million and $3.8 million gain on sale of real estate for the nine months ended September 30, 2013 and 2012, respectively, resulted from the sale of several land parcels that did not meet the criteria for inclusion in discontinued operations.

Comparison of Three Months Ended September 30, 2013 to Three Months Ended September 30, 2012

Our net income available to unitholders and participating securities was $5.2 million and $4.5 million for the three months ended September 30, 2013 and 2012, respectively. Basic and diluted net income available to unitholders was $0.04 per per Unit for the three months ended September 30, 2013 and 2012.

For the three months ended September 30, 2013 and 2012, the average occupancy rates of our same store properties were 90.1% and 87.7%, respectively.

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	Three Months Ended September 30,
	2013			2012			$ Change			% Change
	($ in 000’s)
REVENUES
Same Store Properties	$	70,838		$	67,894		$	2,944		4.3	%
Acquired Properties	555			560			(5		)	(0.9	)%
Sold Properties	72			3,056			(2,984		)	(97.6	)%
(Re) Developments and Land, Not Included Above	1,800			5			1,795			35,900.0	%
Other	354			776			(422		)	(54.4	)%
	$	73,619		$	72,291		$	1,328		1.8	%
Discontinued Operations	(116		)	(3,081		)	2,965			(96.2	)%
Total Revenues	$	73,503		$	69,210		$	4,293		6.2	%

Revenues from same store properties increased $2.9 million primarily due to increases in occupancy and tenant recoveries. Revenues from acquired properties remained relatively unchanged. Revenues from sold properties decreased $3.0 million due to the 44 industrial properties sold subsequent to December 31, 2011 totaling approximately 5.6 million square feet of GLA. Revenues from (re)developments and land increased $1.8 million due to an increase in occupancy. Other revenues decreased $0.4 million primarily related to a decrease in leasing fees earned from our Joint Ventures and a decrease in revenues from the operations of our maintenance company for the three months ended September 30, 2013, as compared to the three months ended September 30, 2012.

	Three Months Ended September 30,
	2013			2012			$ Change			% Change
	($ in 000’s)
PROPERTY EXPENSES
Same Store Properties	$	21,052		$	19,222		$	1,830		9.5	%
Acquired Properties	291			129			162			125.6	%
Sold Properties	(101		)	1,366			(1,467		)	(107.4	)%
(Re) Developments and Land, Not Included Above	466			69			397			575.4	%
Other	2,097			2,274			(177		)	(7.8	)%
	$	23,805		$	23,060		$	745		3.2	%
Discontinued Operations	58			(1,241		)	1,299			(104.7	)%
Total Property Expenses	$	23,863		$	21,819		$	2,044		9.4	%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties increased $1.8 million primarily due to an increase in real estate expense due to refunds received in 2012 as well as lowered reassessments during 2012 of certain properties. Property expenses from acquired properties increased $0.2 million due to properties acquired subsequent to December 31, 2011. Property expenses from sold properties decreased $1.5 million due to properties sold subsequent to December 31, 2011. Property expenses from (re)developments and land increased $0.4 million primarily due to an increase in real estate tax expense. Other expenses remained relatively unchanged.

General and administrative expense remained relatively unchanged.

The impairment charge included in continuing operations for the three months ended September 30, 2013 of $1.0 million is primarily due to marketing a certain property for sale and our assessment of the likelihood of a potential sale transaction.

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	Three Months Ended September 30,
	2013			2012			$ Change			% Change
	($ in 000’s)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties	$	24,564		$	24,701		$	(137	)	(0.6	)%
Acquired Properties	395			220			175			79.5	%
Sold Properties	31			952			(921		)	(96.7	)%
(Re) Developments and Land, Not Included Above	455			56			399			712.5	%
Corporate Furniture, Fixtures and Equipment	137			258			(121		)	(46.9	)%
	$	25,582		$	26,187		$	(605	)	(2.3	)%
Discontinued Operations	(49		)	(986		)	937			(95.0	)%
Total Depreciation and Other Amortization	$	25,533		$	25,201		$	332		1.3	%

Depreciation and other amortization for same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $0.2 million due to properties acquired subsequent to December 31, 2011. Depreciation and other amortization from sold properties decreased $0.9 million due to properties sold subsequent to December 31, 2011. Depreciation and other amortization for (re)developments and land increased $0.4 million primarily due to an increase in substantial completion of developments. Corporate furniture, fixtures and equipment depreciation expense decreased $0.1 million due to assets becoming fully depreciated.

Interest income remained relatively unchanged.

Interest expense for the three months ended September 30, 2013 and 2012, respectively, decreased $1.7 million, or 9.3%, primarily due to a decrease in the weighted average debt balance outstanding for the three months ended September 30, 2013 ($1,254.0 million) as compared to the three months ended September 30, 2012 ($1,320.7 million), an increase in capitalized interest of $0.1 million for the three months ended September 30, 2013 as compared to the three months ended September 30, 2012 due to an increase in development activities, and a decrease in the weighted average interest rate for the three months ended September 30, 2013 (5.61%) as compared to the three months ended September 30, 2012 (5.83%).

Amortization of deferred financing costs decreased $0.1 million, or 9.7%, due to lower deferred financing costs due to the amendment to our credit facility in July 2013 and the write off of financing costs related to the early retirement of certain mortgage loans and the repurchase and retirement of certain senior unsecured notes, offset by the costs associated with the origination of mortgage financings during 2012.

We recorded no mark-to-market net gain, as the mark-to-market net gain was offset by $0.2 million in swap payments, for the three months ended September 30, 2013, as compared to $0.03 million in mark-to-market net loss, inclusive of $0.3 million in swap payments, for the three months ended September 30, 2012.

For the three months ended September 30, 2013, we recognized a net loss from retirement of debt of $0.7 million due to the partial repurchase of certain series of our senior unsecured notes, the early payoff of certain mortgage loans and the write-off of certain unamortized loan fees associated with the amendment of our revolving line of credit. For the three months ended September 30, 2012, we recognized a net loss from retirement of debt of $0.4 million due to the partial repurchase of certain series of our senior unsecured notes.

Equity in income of other real estate partnerships increased $2.6 million, or 133.6%, during the three months ended September 30, 2013 as compared to the three months ended September 30, 2012 primarily due to an increase in gain on sale of real estate.

Equity in income of joint ventures remained relatively unchanged.

The income tax provision remained relatively unchanged.

30

The following table summarizes certain information regarding the industrial properties included in discontinued operations for the three months ended September 30, 2013 and 2012.

	Three Months Ended September 30,
	2013			2012
	($ in 000’s)
Total Revenues	$	116		$	3,081
Property Expenses	58			(1,241		)
Depreciation and Amortization	(49		)	(986		)
Gain on Sale of Real Estate	3,613			4,470
Income from Discontinued Operations	$	3,738		$	5,324

Income from discontinued operations for the three months ended September 30, 2013 reflects the results of operations and gain on sale of real estate relating to six industrial properties that were sold during the three months ended September 30, 2013 and the results of operations of one industrial property that was identified as held for sale at September 30, 2013.

Income from discontinued operations for the three months ended September 30, 2012 reflects the gain on sale of real estate relating to 17 industrial properties that were sold during the three months ended September 30, 2012, the results of operations of 26 industrial properties that were sold during the year ended December 31, 2012, the results of operations of 18 industrial properties that were sold during the nine months ended September 30, 2013 and the results of operations of the one industrial property identified as held for sale at September 30, 2013.

The $0.2 million and $3.8 million gain on sale of real estate for the three months ended September 30, 2013 and 2012, resulted from the sale of several land parcels that did not meet the criteria for inclusion in discontinued operations.

LEASING ACTIVITY

The following table provides a summary of our leasing activity for the three and nine months ended September 30, 2013. The table does not include month to month leases or leases with terms less than twelve months. New leases where there were no prior comparable leases, due to extended downtime or materially different lease structures, are also excluded.

	Number of Leases Signed	Square Feet Signed (in 000’s)	Net Effective Rent Per Square Foot (1)		GAAP Basis Rent Growth (2)		Weighted Average Lease Term (3)	Turnover Costs Per Square Foot (4)		Weighted Average Retention (5)
New Leases - Third Quarter 2013	59	813	$	4.64	(9.7	)%	4.4	$	6.24	N/A
Renewal Leases - Third Quarter 2013	79	1,640	$	3.71	10.4	%	4.0	$	1.21	67.6	%
Third Quarter 2013 - Total / Weighted Average	138	2,453	$	4.02	1.7	%	4.1	$	2.87	67.6	%
New Leases - Year to Date 2013	161	2,188	$	4.51	(7.0	)%	5.3	$	6.61	N/A
Renewal Leases - Year to Date 2013	288	5,736	$	4.17	8.6	%	3.6	$	1.22	73.9	%
Year to Date 2013 - Total / Weighted Average	449	7,924	$	4.26	3.5	%	4.1	$	2.71	73.9	%

(1) Net effective rent is the average net rent calculated in accordance with GAAP, over the term of the lease.

(2) GAAP basis rent growth is a ratio of the change in net effective rent (on a GAAP basis, including straight-line rent adjustments as required by GAAP) compared to the net effective rent (on a GAAP basis) of the comparable lease.

(3) The lease term is expressed in years. Assumes no exercise of lease renewal option, if any.

(4) Turnover costs are comprised of the costs incurred or capitalized for improvements of vacant and renewal spaces, as well as the commissions paid and costs capitalized for leasing transactions. Turnover costs per square foot represent the total turnover costs expected to be incurred on the leases signed during the period and do not reflect actual expenditures for the period.

31

(5) Represents the weighted average square feet of tenants renewing their respective leases.

During the three and nine months ended September 30, 2013, we signed 46 and 113 new leases, respectively, with free rent periods during the lease term on 0.7 million and 1.7 million square feet of GLA, respectively. Total concessions are $1.1 million and $2.5 million, respectively, associated with these new leases. Additionally, during the three and nine months ended September 30, 2013, we signed 12 and 53 renewal leases, respectively, with free rent periods during the lease term on 0.2 million and 1.1 million square feet of GLA, respectively. Total concessions are $0.3 million and $1.0 million, respectively, associated with these renewal leases.

LIQUIDITY AND CAPITAL RESOURCES

At September 30, 2013, our cash and cash equivalents were approximately $6.1 million. We also had $454.0 million available for additional borrowings under our Unsecured Credit Facility, subject to certain restrictions.

We considered our short-term (through September 30, 2014) liquidity needs and the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet these needs. Our 2014 Notes, in the aggregate principal amount of $81.8 million, are due June 2, 2014. Additionally, we have $21.8 million in mortgage loans payable outstanding at September 30, 2013 that have maturities prior to September 30, 2014. We expect to satisfy the payment obligations on the 2014 Notes and the mortgage loans payable due prior to September 30, 2014 with borrowings on our Unsecured Credit Facility. With the exception of the 2014 Notes and the $21.8 million of mortgage loans payable, we believe that our principal short-term liquidity needs are to fund normal recurring expenses, property acquisitions, developments, renovations, expansions and other nonrecurring capital improvements, debt service requirements, preferred distributions, the minimum distributions required to maintain the Company’s REIT qualification under the Code and distributions approved by the Company's Board of Directors. We anticipate that these needs will be met with cash flows provided by operating activities as well as the disposition of select assets. These needs may also be met by the issuance of additional Units, subject to market conditions and contractual restrictions.

We expect to meet long-term (after September 30, 2014) liquidity requirements such as property acquisitions, developments, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through the disposition of select assets, long-term unsecured and secured indebtedness and the issuance of additional Units and preferred Units, subject to market conditions.

We also financed the development or acquisition of additional properties through borrowings under our Unsecured Credit Facility and may finance the development or acquisition of additional properties through such borrowings, to the extent capacity is available, in the future. At September 30, 2013, borrowings under our Unsecured Credit Facility bore interest at a weighted average interest rate of 1.631%. As of November 1, 2013, we had approximately $370.0 million available for additional borrowings under our Unsecured Credit Facility, subject to certain restrictions. Our Unsecured Credit Facility contains certain financial covenants including limitations on incurrence of debt and debt service coverage. Our access to borrowings may be limited if we fail to meet any of these covenants. We believe that we were in compliance with our financial covenants as of September 30, 2013, and we anticipate that we will be able to operate in compliance with our financial covenants for the remainder of 2013.

Our senior unsecured notes have been assigned credit ratings from Standard & Poor’s, Moody’s and Fitch Ratings of BB+/Ba2/BB, respectively. In the event of a downgrade, we believe we would continue to have access to sufficient capital; however, our cost of borrowing would increase and our ability to access certain financial markets may be limited.

Nine Months Ended September 30, 2013

Net cash provided by operating activities of approximately $79.3 million for the nine months ended September 30, 2013, was comprised primarily of the non-cash adjustments of approximately $78.0 million and net income of approximately $19.0 million, offset by the net change in operating assets and liabilities of approximately $13.2 million and payments of premiums, discounts and prepayment penalties associated with retirement of debt of approximately $4.5 million. The adjustments for the non-cash items of approximately $78.0 million are primarily comprised of depreciation and amortization of approximately $86.2 million, the loss from retirement of debt of approximately $6.0 million, the impairment of real estate of approximately $2.7 million and the provision for bad debt of approximately $0.7 million, offset by the gain on sale of real estate of approximately $14.5 million, the effect of the straight-lining of rental income of approximately $3.0 million and equity in income of our Joint Ventures of $0.1 million.

32

Net cash used in investing activities of approximately $68.7 million for the nine months ended September 30, 2013, was comprised primarily of investments in and advances to the Other Real Estate Partnerships, the acquisition of one industrial property and several land parcels, the development of real estate, capital expenditures related to the improvement of existing real estate, payments related to leasing activities and an increase in escrows, offset by the net proceeds from the sale of real estate, distributions from the Other Real Estate Partnerships in excess of equity in income and the repayments on our notes receivable.

During the nine months ended September 30, 2013, we acquired one industrial property comprising approximately 0.5 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $47.3 million, including costs incurred in conjunction with the acquisition of the industrial property and land parcels.

During the nine months ended September 30, 2013, we sold 18 industrial properties comprising approximately 1.5 million square feet of GLA and several land parcels. Proceeds from the sales of the 18 industrial properties and several land parcels, net of closing costs, were approximately $62.1 million. We are in various stages of discussions with third parties for the sale of additional properties and plan to continue to selectively market other properties for sale for the remainder of 2013.

Net cash used in financing activities of approximately $8.7 million for the nine months ended September 30, 2013, was comprised primarily of the redemption of our 7.25% Series J Cumulative Redeemable Preferred Units (the "Series J Preferred Units"), the redemption of our 7.25% Series K Cumulative Redeemable Preferred Units (the "Series K Preferred Units"), repayments on our senior unsecured notes and mortgage loans payable, general and limited partnership Unit and preferred general partnership Unit distributions, payments of debt and equity issuance costs, the repurchase and retirement of restricted Units and payments on the interest rate swap agreement, offset by net proceeds from the issuance of Units and net proceeds from our Unsecured Credit Facility.

During the nine months ended September 30, 2013, we paid off and retired prior to maturity mortgage loans in the amount of $32.4 million and we repurchased $29.8 million of our unsecured notes at an aggregate purchase price of $33.5 million. We may from time to time repay additional amounts of our outstanding debt. Any repayments would depend upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors we consider important. Future repayments may materially impact our liquidity, taxable income and results of operations.

During the nine months ended September 30, 2013, the Company redeemed the remaining 4,000,000 Depositary Shares of the Company's 7.25% Series J Cumulative Redeemable Preferred Stock for $25.00 per Depositary Share, or $100.0 million in the aggregate, and paid a prorated second quarter dividend of $0.055382 per Depositary Share, totaling approximately $0.2 million. An equivalent number of Series J Preferred Units were redeemed during the nine months ended September 30, 2013 as well. Additionally, during the nine months ended September 30, 2013, the Company redeemed all of the 2,000,000 outstanding Depositary Shares of the Company's 7.25% Series K Cumulative Redeemable Preferred Stock for $25.00 per Depositary Share, or $50.0 million in the aggregate, and paid a pro-rated third quarter dividend of $0.090625 per Depositary Share, totaling approximately $0.2 million. An equivalent number of Series K Preferred Units were redeemed during the nine months ended September 30, 2013 as well.

During the nine months ended September 30, 2013, the Company issued 8,400,000 shares of the Company's common stock through a public offering, resulting in proceeds, net of the underwriter's discount, of approximately $132.3 million. Additionally, during the nine months ended September 30, 2013, the Company issued 2,315,704 shares of the Company's common stock through the Company's "at-the-market" equity offering program, resulting in net proceeds of approximately $41.7 million. These proceeds were contributed to us in exchange for an equivalent number of Units.

Market Risk

The following discussion about our risk-management activities includes "forward-looking statements" that involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. Our business subjects us to market risk from interest rates, and to a much lesser extent, foreign currency fluctuations.

Interest Rate Risk

This analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the financial instruments and derivative instruments which are held by us at September 30, 2013 that are sensitive to changes in interest rates. While this analysis may have some use as a benchmark, it should not be viewed as a forecast.

In the normal course of business, we also face risks that are either non-financial or non-quantifiable. Such risks principally include credit risk and legal risk and are not represented in the following analysis.

33

At September 30, 2013, $1,060.4 million (86.1% of total debt at September 30, 2013) of our debt was fixed rate debt and $171.0 million (13.9% of total debt at September 30, 2013) of our debt was variable rate debt. Currently, we do not enter into financial instruments for trading or other speculative purposes.

For fixed rate debt, changes in interest rates generally affect the fair value of the debt, but not our earnings or cash flows. Conversely, for variable rate debt, changes in the base interest rate used to calculate the all-in interest rate generally do not impact the fair value of the debt, but would affect our future earnings and cash flows. The interest rate risk and changes in fair market value of fixed rate debt generally do not have a significant impact on us until we are required to refinance such debt. See Note 6 to the Consolidated Financial Statements for a discussion of the maturity dates of our various fixed rate debt.

Based upon the amount of variable rate debt outstanding at September 30, 2013, a 10% increase or decrease in the interest rate on our variable rate debt would decrease or increase, respectively, future net income and cash flows by approximately $0.3 million per year. The foregoing calculation assumes an instantaneous increase or decrease in the rates applicable to the amount of borrowings outstanding under our Unsecured Credit Facility at September 30, 2013. Changes in LIBOR could result in a greater than 10% increase to such rates. In addition, the calculation does not account for other possible actions, such as prepayment, that we might take in response to any rate increase. A 10% increase in interest rates would decrease the fair value of the fixed rate debt at September 30, 2013 by approximately $18.8 million to $1,094.6 million. A 10% decrease in interest rates would increase the fair value of the fixed rate debt at September 30, 2013 by approximately $19.5 million to $1,132.9 million.

The use of derivative financial instruments allows us to manage risks of increases in interest rates with respect to the effect these fluctuations would have on our earnings and cash flows. As of September 30, 2013, we had one outstanding derivative with a notional amount of $50.0 million which mitigates our exposure to floating interest rates related to the coupon rate reset of our Series F Preferred Units. The derivative matured on October 1, 2013.

Foreign Currency Exchange Rate Risk

Owning industrial property outside of the United States exposes the Operating Partnership to the possibility of volatile movements in foreign exchange rates. Changes in foreign currencies can affect the operating results of international operations reported in U.S. dollars and the value of the foreign assets reported in U.S. dollars. The economic impact of foreign exchange rate movements is complex because such changes are often linked to variability in real growth, inflation, interest rates, governmental actions and other factors. At September 30, 2013, we owned one land parcel for which the U.S. dollar was not the functional currency. The land parcel is located in Ontario, Canada and uses the Canadian dollar as its functional currency.

IRS Tax Refund

On August 24, 2009, we received a private letter ruling from the IRS granting favorable loss treatment under Sections 331 and 336 of the Code on the tax liquidation of one of our former taxable REIT subsidiaries. On November 6, 2009, legislation was signed that allowed businesses with net operating losses for 2008 or 2009 to carry back those losses for up to five years. As a result, we received a refund from the IRS of $40.4 million in the fourth quarter of 2009 (the "Refund") in connection with this tax liquidation. The IRS examination team, which is required by statute to review all refund claims in excess of $2.0 million on behalf of the Joint Committee on Taxation, indicated to us that it disagreed with certain of the property valuations we obtained from an independent valuation expert in support of our fair value of the liquidated taxable REIT subsidiary and our claim for the Refund. During the year ended December 31, 2012, we reached an agreement with the regional office of the IRS on a proposed adjustment to the Refund. The total agreed-upon adjustment to taxable income was $13.7 million, which equates to $4.8 million of taxes owed. We were also required to pay accrued interest of approximately $0.5 million. During the year ended December 31, 2012, the Operating Partnership recorded the charge for the agreed-upon adjustment and the related estimated accrued interest which was reflected as a component of income tax expense. During 2013, the settlement amount was approved by the Joint Committee on Taxation. During the nine months ended September 30, 2013, we paid the agreed upon taxes and related accrued interest.

As a result of the Joint Committee on Taxation's approval, during 2013 we entered into closing agreements with the IRS that determined the timing of the settlement on the tax characterization of the limited partners of the Operating Partnership and the stockholders of the Company. Pursuant to these closing agreements, $8.2 million of the preferred stock distributions for the year ended December 31, 2012 are taxable as capital gain.

34

Recent Accounting Pronouncements

Refer to Note 2 to the Consolidated Financial Statements.

Subsequent Events

From October 1, 2013 to November 1, 2013, we paid off prior to maturity mortgage loans payable in the aggregate amount of $32.0 million.

From October 1, 2013 to November 1, 2013, we acquired 100% of an LLC interest that owned one industrial property for a purchase price of approximately $26.3 million, excluding costs incurred in conjunction with the acquisition of the industrial property and sold three industrial properties and one land parcel for approximately $4.6 million.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Response to this item is included in Item 2, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" above.

Item 4. Controls and Procedures

Our principal executive officer and principal financial officer, in evaluating the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this report, based on the evaluation of these controls and procedures required by Exchange Act Rules 13a-15(b) or 15d-15(b), have concluded that as of the end of such period our disclosure controls and procedures were effective.

There has been no change in our internal control over financial reporting that occurred during the fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

35

PART II: OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

None.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit Number	Description
10.1	Amended and Restated Unsecured Revolving Credit Agreement dated as of July 19, 2013 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed July 22, 2013).
31.1*	Certification of the Principal Executive Officer of First Industrial Realty Trust, Inc., registrant’s sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.2*	Certification of the Principal Financial Officer of First Industrial Realty Trust, Inc., registrant’s sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
32.1**	Certification of the Principal Executive Officer and the Principal Financial Officer of First Industrial Realty Trust, Inc., registrant’s sole general partner, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.1*	The following financial statements from First Industrial, L.P.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, formatted in XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Comprehensive Income (unaudited), (iv) Consolidated Statement of Changes in Partbers’ Capital (unaudited), (v) Consolidated Statements of Cash Flows (unaudited) and (vi) Notes to Consolidated Financial Statements (unaudited).

*	Filed herewith.
**	Furnished herewith.

36

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

FIRST INDUSTRIAL, L.P.
By: FIRST INDUSTRIAL REALTY TRUST, INC. Its Sole General Partner
By:	/s/ SCOTT A. MUSIL
	Scott A. Musil Chief Financial Officer (Principal Financial Officer)

Date: November 1, 2013

37

EXHIBIT INDEX

Exhibit Number	Description
10.1	Amended and Restated Unsecured Revolving Credit Agreement dated as of July 19, 2013 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed July 22, 2013).
31.1*	Certification of the Principal Executive Officer of First Industrial Realty Trust, Inc., registrant’s sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.2*	Certification of the Principal Financial Officer of First Industrial Realty Trust, Inc., registrant’s sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
32.1**	Certification of the Principal Executive Officer and the Principal Financial Officer of First Industrial Realty Trust, Inc., registrant’s sole general partner, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.1*	The following financial statements from First Industrial, L.P.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, formatted in XBRL: (i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statements of Operations (unaudited), (iii) Consolidated Statements of Comprehensive Income (unaudited), (iv) Consolidated Statement of Changes in Partners’ Capital (unaudited), (v) Consolidated Statements of Cash Flows (unaudited) and (vi) Notes to Consolidated Financial Statements (unaudited).

*	Filed herewith.
**	Furnished herewith.

38

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Bruce W. Duncan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of First Industrial, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ BRUCE W. DUNCAN

Bruce W. Duncan

President and Chief Executive Officer (Principal Executive Officer)

First Industrial Realty Trust, Inc.

Date: November 1, 2013

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott A. Musil, certify that:

1. I have reviewed this quarterly report on Form 10-Q of First Industrial, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ SCOTT A. MUSIL

Scott A. Musil

Chief Financial Officer (Principal Financial Officer)

First Industrial Realty Trust, Inc.

Date: November 1, 2013

EX-32.1

EXHIBIT 32.1

CERTIFICATION

Accompanying Form 10-Q Report

of First Industrial, L.P.

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Chapter 63, Title 18 U.S.C. §1350(a) and (b))

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chapter 63, Title 18 U.S.C. § 1350(a) and (b)), each of the undersigned hereby certifies, to his knowledge, that the Quarterly Report on Form 10-Q for the period ended September 30, 2013 of First Industrial, L.P. (the “Company”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ BRUCE W. DUNCAN

Bruce W. Duncan

President and Chief Executive Officer

(Principal Executive Officer)

First Industrial Realty Trust, Inc.

Date: November 1, 2013

/s/ SCOTT A. MUSIL

Scott A. Musil

Chief Financial Officer

(Principal Financial Officer)

First Industrial Realty Trust, Inc.

Date: November 1, 2013

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. The information contained in this written statement shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference to such filing.

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Earnings Per Unit ("EPU")

9 Months Ended

Sep. 30, 2013

Earnings Per Unit [Abstract]

Earnings Per Unit ("EPU")

10. Earnings Per Unit ("EPU")

The computation of basic and diluted EPU is presented below:

	Three Months Ended September 30, 2013			Three Months Ended September 30, 2012			Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Numerator:
Income (Loss) from Continuing Operations	$	4,779		$	92		$	3,982		$	(17,665	)
Gain on Sale of Real Estate	221			3,777			483			3,777
Income from Continuing Operations Allocable to Participating Securities	(12		)	—			—			—
Preferred Unit Distributions	(1,392		)	(4,725		)	(7,506		)	(14,285		)
Redemption of Preferred Units	(2,121		)	—			(5,667		)	—
Income (Loss) from Continuing Operations Available to Unitholders	$	1,475		$	(856	)	$	(8,708	)	$	(28,173	)
Income from Discontinued Operations	$	3,738		$	5,324		$	14,538		$	13,841
Income from Discontinued Operations Allocable to Participating Securities	(30		)	(34		)	(120		)	—
Income from Discontinued Operations Attributable to Unitholders	$	3,708		$	5,290		$	14,418		$	13,841
Net Income (Loss) Available	$	5,225		$	4,468		$	5,830		$	(14,332	)
Net Income Allocable to Participating Securities	(42		)	(34		)	(120		)	—
Net Income (Loss) Available to Unitholders	$	5,183		$	4,434		$	5,710		$	(14,332	)
Denominator:
Weighted Average Units — Basic	114,089			98,432			110,823			94,464
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards	315			—			—			—
Weighted Average Units - Diluted	114,404			98,432			110,823			94,464
Basic and Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.01		$	(0.01	)	$	(0.08	)	$	(0.30	)
Income from Discontinued Operations Attributable to Unitholders	$	0.03		$	0.05		$	0.13		$	0.15
Net Income (Loss) Available to Unitholders	$	0.04		$	0.04		$	0.05		$	(0.15	)

Participating securities include Units that correspond to the Company's 489,381 and 745,712 of unvested restricted stock awards outstanding at September 30, 2013 and 2012, respectively, which participate in non-forfeitable distributions of the Operating Partnership. Under the two class method, participating security holders are allocated income, in proportion to total weighted average units outstanding, based upon the greater of net income (after reduction for preferred unit distributions and redemption of preferred units) or common distributions declared. Since participating security holders are not obligated to share in losses and no common distributions were declared during the nine months ended September 30, 2012, there was no allocation of income to participating security holders for the nine months ended September 30, 2012.

The number of weighted average units—diluted is the same as the number of weighted average units — basic for the three months ended September 30, 2012 and nine months ended September 30, 2013 and 2012, as the effect of Units corresponding to the Company's LTIP Unit Awards (which do not participate in non-forfeitable distributions of the Operating Partnership) was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to Unitholders. Units corresponding to the following awards of the Company could be dilutive in future periods:

	Number of Awards Outstanding At September 30, 2013	Number of Awards Outstanding At September 30, 2012
Non-Participating Securities:
Restricted Stock Unit Awards	273,400	713,550
LTIP Unit Awards	718,960	—

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Earnings per Unit ("EPU") - Non-Participating Securities (Detail)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Restricted Stock Unit Awards
Antidilutive Securities Excluded from Computation of Earnings Per Unit
Number of awards outstanding to non-participating securities	273,400	713,550
LTIP Unit Awards
Antidilutive Securities Excluded from Computation of Earnings Per Unit
Number of awards outstanding to non-participating securities	718,960	0

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Rental Income	$ 57,423	$ 54,549	$ 170,302	$ 163,013
Tenant Recoveries and Other Income	16,080	14,661	50,824	46,583
Total Revenues	73,503	69,210	221,126	209,596
Expenses:
Property Expenses	23,863	21,819	72,914	67,320
General and Administrative	5,131	4,841	16,975	16,316
Impairment of Real Estate	1,047	0	2,476	(85)
Depreciation and Other Amortization	25,533	25,201	75,671	78,250
Total Expenses	55,574	51,861	168,036	161,801
Other Income (Expense):
Interest Income	611	676	1,818	2,319
Interest Expense	(16,918)	(18,644)	(51,850)	(59,548)
Amortization of Deferred Financing Costs	(736)	(815)	(2,326)	(2,437)
Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements	0	(29)	52	(334)
Loss from Retirement of Debt	(662)	(424)	(6,034)	(6,646)
Total Other Income (Expense)	(17,705)	(19,236)	(58,340)	(66,646)
Income (Loss) from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income of Joint Ventures, Gain on Change in Control of Interests and Income Tax (Provision) Benefit	224	(1,887)	(5,250)	(18,851)
Equity in Income of Other Real Estate Partnerships	4,546	1,946	9,117	5,512
Equity in Income of Joint Ventures	72	28	119	156
Gain on Change in Control of Interests	0	0	0	776
Income Tax (Provision) Benefit	(63)	5	(4)	(5,258)
Income (Loss) from Continuing Operations	4,779	92	3,982	(17,665)
Discontinued Operations:
Income Attributable to Discontinued Operations	125	854	518	1,757
Gain on Sale of Real Estate	3,613	4,470	14,020	12,084
Income from Discontinued Operations	3,738	5,324	14,538	13,841
Income (Loss) Before Gain on Sale of Real Estate	8,517	5,416	18,520	(3,824)
Gain on Sale of Real Estate	221	3,777	483	3,777
Net Income (Loss)	8,738	9,193	19,003	(47)
Less: Preferred Unit Distributions	(1,392)	(4,725)	(7,506)	(14,285)
Less: Redemption of Preferred Units	(2,121)	0	(5,667)	0
Net Income (Loss) Available to Unitholders and Participating Securities	5,225	4,468	5,830	(14,332)
Basic and Diluted Earnings Per Unit:
Income (Loss) from Continuing Operations Available to Unitholders	$ 0.01	$ (0.01)	$ (0.08)	$ (0.30)
Income from Discontinued Operations Attributable to Unitholders	$ 0.03	$ 0.05	$ 0.13	$ 0.15
Net Income (Loss) Available to Unitholders	$ 0.04	$ 0.04	$ 0.05	$ (0.15)
Distributions Per Unit	$ 0.085	$ 0.00	$ 0.255	$ 0.00
Weighted Average Units — Basic	114,089	98,432	110,823	94,464
Weighted Average Number of Shares Outstanding, Diluted	114,404	98,432	110,823	94,464
Net Income (Loss) Available to Unitholders Attributable to:
General Partner	5,006	4,191	5,586	(13,564)
Limited Partners	219	277	244	(768)
Net Income (Loss) Available to Unitholders and Participating Securities	$ 5,225	$ 4,468	$ 5,830	$ (14,332)

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Investment in Real Estate

9 Months Ended

Sep. 30, 2013

Investment in Real Estate [Abstract]

Investment in Real Estate

3. Investment in Real Estate

Acquisitions

During the nine months ended September 30, 2013, we acquired one industrial property comprising approximately 0.5 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $46,463, excluding costs incurred in conjunction with the acquisition of the industrial property and land parcels.

Sales and Discontinued Operations

During the nine months ended September 30, 2013, we sold 18 industrial properties comprising approximately 1.5 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $64,920. The net gain on the sale of the industrial properties and land parcels was approximately $14,503. The 18 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and net gain on sale of real estate for the 18 industrial properties sold are included in discontinued operations. The results of operations and gain on sale of real estate for the several land parcels, which do not meet the criteria to be included in discontinued operations, are included in continuing operations.

At September 30, 2013, we had one industrial property comprising approximately 0.05 million square feet of GLA held for sale. The results of operations of this industrial property held for sale at September 30, 2013 are included in discontinued operations. There can be no assurance that such industrial property held for sale will be sold.

Income from discontinued operations for the nine months ended September 30, 2012 reflects the results of operations of the 18 industrial properties that were sold during the nine months ended September 30, 2013, the results of operations of 26 industrial properties that were sold during the year ended December 31, 2012, the results of operations of the one industrial property identified as held for sale at September 30, 2013 and the gain on sale of real estate relating to 23 industrial properties that were sold during the nine months ended September 30, 2012.

The following table discloses certain information regarding the industrial properties included in discontinued operations for the three and nine months ended September 30, 2013 and 2012:

	Three Months Ended September 30, 2013			Three Months Ended September 30, 2012			Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Total Revenues	$	116		$	3,081		$	2,311		$	11,449
Property Expenses	58			(1,241		)	(871		)	(4,749		)
Impairment of Real Estate	—			—			(176		)	(1,186		)
Depreciation and Amortization	(49		)	(986		)	(746		)	(3,757		)
Gain on Sale of Real Estate	3,613			4,470			14,020			12,084
Income from Discontinued Operations	$	3,738		$	5,324		$	14,538		$	13,841

At September 30, 2013 and December 31, 2012, we had notes receivable outstanding of approximately $40,795 and $41,201, net of a discount of $207 and $255, respectively, which are included as a component of Prepaid Expenses and Other Assets, Net. At September 30, 2013 and December 31, 2012, the fair value of the notes receivable was $41,906 and $44,783, respectively. The fair value of our notes receivable was determined by discounting the future cash flows using current rates at which similar notes with similar remaining maturities would be made to other borrowers. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value of our notes receivable was primarily based upon Level 3 inputs, as discussed below.

Impairment Charges

During the three and nine months ended September 30, 2013 and 2012, we recorded the following net non-cash impairment charges:

	Three Months Ended September 30, 2013		Three Months Ended September 30, 2012		Nine Months Ended September 30, 2013		Nine Months Ended September 30, 2012
Sold or Held for Sale Operating Properties — Discontinued Operations	$	—	$	—	$	176	$	1,186
Operating Properties Not Held For Sale — Continuing Operations	1,047		—		2,476		(85		)
Total Net Impairment	$	1,047	$	—	$	2,652	$	1,101

The impairment charges for assets that qualify to be classified as held for sale are calculated as the difference between the carrying value of the properties and the estimated fair value, less costs to sell. The impairment charges for assets not held for sale are calculated as the difference between the carrying value of the properties and the estimated fair value. The impairment charges recorded during the three months ended September 30, 2013 and nine months ended September 30, 2013 and 2012 were triggered primarily due to marketing certain properties for sale and our assessment of the likelihood and timing of a potential sale transaction.

The accounting guidance for the fair value measurement provisions for the impairment of long lived assets establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair market values were primarily determined using third party purchase contracts and offers.

The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis during the nine months ended September 30, 2013. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value.

	Fair Value Measurements on a Non-Recurring Basis Using:
Description	At September 30, 2013		Quoted Prices in Active Markets for Identical Assets (Level  1)	Significant Other Observable Inputs (Level 2)	Unobservable Inputs (Level 3)		Total Impairment for the Nine Months Ended
Long-lived Assets Not Held For Sale*	$	6,875	—	—	$	6,875	$	(1,047	)
_____________________

* Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets are sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013.

The following table presents quantitative information about the Level 3 fair value measurements at September 30, 2013.

Quantitative Information about Level 3 Fair Value Measurements:
Description	Fair Value		Valuation Technique	Unobservable Inputs	Range
One industrial property comprising approximately 0.5 million square feet of GLA	$	6,875	Contracted Price	(A)	N/A

(A) The fair value for the property is based upon the value of a third party purchase contract, which is subject to our corroboration for reasonableness.

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Indebtedness (Tables)

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Information Regarding Indebtedness

The following table discloses certain information regarding our indebtedness:

	Outstanding Balance at						Interest Rate at September 30, 2013		Effective Interest Rate at Issuance		Maturity Date
	September 30, 2013			December  31, 2012
Mortgage Loans Payable, Net	$	614,900		$	656,329		4.03% – 8.26%		4.03% – 8.26%		January 2014- September 2022
Unamortized Premiums	(121		)	(161		)
Mortgage Loans Payable, Gross	$	614,779		$	656,168
Senior Unsecured Notes, Net
2016 Notes	$	159,552		$	159,510		5.750	%	5.91	%	1/15/2016
2017 Notes	54,959			55,385			7.500	%	7.52	%	12/1/2017
2027 Notes	6,066			6,066			7.150	%	7.11	%	5/15/2027
2028 Notes	31,883			55,261			7.600	%	8.13	%	7/15/2028
2032 Notes	10,512			11,500			7.750	%	7.87	%	4/15/2032
2014 Notes	80,772			79,683			6.420	%	6.54	%	6/1/2014
2017 II Notes	101,771			106,745			5.950	%	6.37	%	5/15/2017
Subtotal	$	445,515		$	474,150
Unamortized Discounts	1,381			2,570
Senior Unsecured Notes, Gross	$	446,896		$	476,720
Unsecured Credit Facility	$	171,000		$	98,000		1.631	%	1.631	%	9/29/2017	*

* The maturity date may be extended an additional year at our election, subject to certain restrictions.

Senior Unsecured Notes Repurchases

During the nine months ended September 30, 2013, we repurchased and retired the following senior unsecured notes prior to maturity:

	Principal Amount Repurchased		Purchase Price
2017 Notes	$	430	$	482
2017 II Notes	5,000		5,300
2028 Notes	23,394		26,547
2032 Notes	1,000		1,163
Total	$	29,824	$	33,492

Schedule of Maturities of Long-term Debt

The following is a schedule of the stated maturities and scheduled principal payments as of September 30, 2013 of our indebtedness, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter:

	Amount
Remainder of 2013	$	2,959
2014	133,327
2015	34,951
2016	275,948
2017	337,783
Thereafter	447,707
Total	$	1,232,675

Summary of Indebtedness At Estimated Fair Value

At September 30, 2013 and December 31, 2012, the fair values of our indebtedness were as follows:

	September 30, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable, Net	$	614,900	$	629,823	$	656,329	$	699,903
Senior Unsecured Notes, Net	445,515		483,604		474,150		516,943
Unsecured Credit Facility	171,000		171,000		98,000		98,192
Total	$	1,231,415	$	1,284,427	$	1,228,479	$	1,315,038

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Derivatives - Summary of Impact of Derivatives in Cash Flow Hedging Relationships on Statement of Operations and Statement of OCI (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Derivative [Line Items]
Amortization Reclassified from OCI into Income (Loss)	$ 609	$ 579	$ 1,792	$ 1,690
Interest Expense [Member]
Derivative [Line Items]
Amortization Reclassified from OCI into Income (Loss)	$ (609)	$ (579)	$ (1,792)	$ (1,690)

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Derivatives

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

11. Derivatives

Our objectives in using interest rate derivatives are to add stability to interest expense or preferred stock dividends and to manage our cash flow volatility and exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

Our Series F Preferred Units are subject to a coupon rate reset. The coupon rate resets every quarter at 2.375% plus the greater of i) the 30 year Treasury CMT Rate, ii) the 10 year Treasury CMT Rate or iii) 3 month LIBOR. For the third quarter of 2013, the new coupon rate was 5.935%. In October 2008, we entered into an interest rate swap agreement with a notional value of $50,000 to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Units (the "Series F Agreement"). This Series F Agreement fixes the 30 year Treasury CMT rate at 5.2175%. Accounting guidance for derivatives does not permit hedge accounting treatment related to equity instruments and therefore the mark-to-market gains or losses related to this agreement are recorded in the statement of operations. For the three and nine months ended September 30, 2013, net gains of $0 and $52, respectively, are recognized as Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements. For the three and nine months ended September 30, 2012, net losses of $29 and $334, respectively, are recognized as Mark-to-Market Gain (Loss) on Interest Rate Protection Agreements. Quarterly payments are treated as a component of the mark-to-market gains or losses and totaled $214 and $774, for the three and nine months ended September 30, 2013, respectively, and $326 and $865 for the three and nine months ended September 30, 2012, respectively. The Series F Agreement matured on October 1, 2013.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Other Comprehensive Income ("OCI") and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $1,846 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods.

The following is a summary of the terms of our derivative and its fair value, which is included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheets:

Hedge Product	Notional Amount		Strike		Trade Date	Maturity Date	Fair Value As  of September 30, 2013		Fair Value As  of December 31, 2012
Derivatives Not Designated as Hedging Instruments:
Series F Agreement*	$	50,000	5.2175	%	October 1, 2008	October 1, 2013	$	—	$	(826	)
_____________________

* Fair value excludes quarterly settlement payment due on Series F Agreement. As of September 30, 2013 and December 31, 2012, the outstanding payable was $214 and $305, respectively.

The following is a summary of the impact of the derivatives in cash flow hedging relationships on the statements of operations and the statements of OCI for the three and nine months ended September 30, 2013 and 2012:

		Three Months Ended						Nine Months Ended
Interest Rate Products	Location on Statement	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Amortization Reclassified from OCI into Income (Loss)	Interest Expense	$	(609	)	$	(579	)	$	(1,792	)	$	(1,690	)

The guidance for fair value measurement of financial instruments includes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following table sets forth our financial liability that is accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012:

	Fair Value			Fair Value Measurements at Reporting Date Using:
Description				Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Unobservable Inputs (Level 3)
Liabilities:
Series F Agreement at September 30, 2013	$	—		—	—	$	—
Series F Agreement at December 31, 2012	$	(826	)	—	—	$	(826	)

The following table presents the quantitative information about the Level 3 fair value measurements at September 30, 2013 and December 31, 2012:

	Quantitative Information about Level 3 Fair Value Measurements:
Description	Fair Value			Valuation Technique	Unobservable Inputs	Range
Series F Agreement at September 30, 2013	$	—		N/A	N/A	(A)
Series F Agreement at December 31, 2012	$	(826	)	Discounted Cash Flow	Long Dated Treasuries (B)	2.82% - 2.91%
					Own Credit Risk (C)	0.98% - 1.59%

(A) The Series F Agreement matured on October 1, 2013.

(B) Represents the forward 30 year Treasury CMT Rate.

(C) Represents credit default swap spread curve used in the valuation analysis at December 31, 2012.

The valuation of the Series F Agreement was determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the instrument. This analysis reflected the contractual terms of the agreement including the period to maturity. In adjusting the fair value of the Series F Agreement for the effect of nonperformance risk, we had considered the impact of netting and any applicable credit enhancement. To comply with the provisions of fair value measurement, we calculated a credit valuation adjustment ("CVA") to appropriately reflect both our own nonperformance risk and our counterparty's nonperformance risk in the fair value measurements. We considered the Series F Agreement to be classified as Level 3 in the fair value hierarchy due to a significant number of unobservable inputs. The Series F Agreement swapped a fixed rate of 5.2175% for floating rate payments based on 30 year Treasury CMT Rate. No market observable prices exist for long dated Treasuries. Therefore, we had classified the Series F Agreement in its entirety as Level 3.

The following table presents a reconciliation of our liability classified as Level 3 at September 30, 2013:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivatives
Ending Liability Balance at December 31, 2012	$	(826	)
Mark-to-Market of the Series F Agreement	826
Ending Liability Balance at September 30, 2013	$	—

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Accumulated Other Comprehensive Loss (Changes in AOCI) (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of December 31, 2012	$ (6,829)
Other Comprehensive Loss Before Reclassifications	(14)
Amounts Reclassified from Accumulated Other Comprehensive Loss	2,908
Net Current Period Other Comprehensive Income (Loss)	2,894
Balance as of September 30, 2013	(3,935)
Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of December 31, 2012	(7,008)
Other Comprehensive Loss Before Reclassifications	0
Amounts Reclassified from Accumulated Other Comprehensive Loss	2,908
Net Current Period Other Comprehensive Income (Loss)	2,908
Balance as of September 30, 2013	(4,100)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of December 31, 2012	179
Other Comprehensive Loss Before Reclassifications	(14)
Amounts Reclassified from Accumulated Other Comprehensive Loss	0
Net Current Period Other Comprehensive Income (Loss)	(14)
Balance as of September 30, 2013	$ 165

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Derivatives - Fair Value Measurements on Recurring Basis (Detail) (Series F Agreement [Member], USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Fair Value On Recurring Basis [Line Items]
Fair Value of Liabilities	$ 0	$ (826)
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value On Recurring Basis [Line Items]
Fair Value of Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2)
Fair Value On Recurring Basis [Line Items]
Fair Value of Liabilities	0	0
Fair Value, Measurements, Recurring [Member] | Unobservable Inputs (Level 3)
Fair Value On Recurring Basis [Line Items]
Fair Value of Liabilities	$ 0	$ (826)

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Investments in and Advances to Other Real Estate Partnerships - Condensed Combined Balance Sheets (Parenthetical) (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Schedule Of Condensed Consolidating Balance Sheets [Line Items]
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	$ 658	$ 3,050

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Supplemental Information to Statements of Cash Flows (Tables)

9 Months Ended

Sep. 30, 2013

Supplemental Cash Flow Information [Abstract]

Supplemental Information to Statements of Cash Flows

Supplemental Information to Statements of Cash Flows

	Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Interest Expense Capitalized in Connection with Development Activity	$	2,447		$	1,078
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distribution Payable on General and Limited Partner Units	$	9,788		$	—
Distribution Payable on Preferred Units	$	—		$	5,177
Exchange of Limited Partnership Units for General Partnership Units:
Limited Partnership Units	$	(943	)	$	(2,710	)
General Partnership Units	943			2,710
Total	$	—		$	—
Mortgage Loan Payable Assumed in Conjunction with a Property Acquisition	$	—		$	12,026
Write-off of Fully Depreciated Assets	$	(36,992	)	$	(30,782	)

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Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2013

Accumulated Other Comprehensive Loss [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following tables summarize the changes in Accumulated Other Comprehensive Loss by component for the nine months ended September 30, 2013 and the reclassifications out of Accumulated Other Comprehensive Loss for the three and nine months ended September 30, 2013:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Total
Balance as of December 31, 2012	$	(7,008	)	$	179		$	(6,829	)
Other Comprehensive Loss Before Reclassifications	—			(14		)	(14		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	2,908			—			2,908
Net Current Period Other Comprehensive Income (Loss)	2,908			(14		)	2,894
Balance as of September 30, 2013	$	(4,100	)	$	165		$	(3,935	)

Reclassification out of Accumulated Other Comprehensive Income

	Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	Three Months Ended September 30, 2013		Nine Months Ended September 30, 2013		Affected Line Item in the Consolidated Statements of Operations
Interest Rate Protection Agreements
Amortization of Interest Rate Protection Agreements	$	609	$	1,792	Interest Expense
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	17		1,116		Loss from Retirement of Debt
	$	626	2,908		Total

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Partners' Capital - Additional Information (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended						9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013 Series K Cumulative Redeemable Preferred Stock [Member]	Sep. 30, 2013 Series J Cumulative Redeemable Preferred Stock [Member]	Sep. 30, 2013 ATM [Member]	Mar. 01, 2012 ATM [Member]	Sep. 30, 2013 Restricted Stock [Member]	Sep. 30, 2013 LTIP Unit Awards	Sep. 30, 2013 Series F Preferred Units [Member]
Class of Stock [Line Items]
Depositary shares redeemed					2,000,000	4,000,000
Portion of preferred stock					0.0001	0.0001
Dividend rate per share					7.25%	7.25%
Par value of each depositary share					$ 0.01	$ 0.01
Redemption price per share					$ 25.00	$ 25.00
Preferred dividend per depositary share					$ 0.090625	$ 0.055382
Total preferred dividend, depositary shares					$ 181	$ 221
Cost associated with share redemption	2,121	0	5,667	0	2,121	3,546
Underwritten public offering shares			8,400,000
Net proceeds from underwriting			132,050
Shares of common stock issuable under at-the-market offering								12,500,000
Common stock issued under at-the-market offering							2,315,704
Aggregate gross sale proceeds								125,000
Proceeds from issuance of common stock							41,735
Conversion of units to common stock			99,508
Reclassification between limited and general units due to conversion			943
Restricted stock/unit awards to employees									284,461	718,960
Fair value of Long Term Incentive Program unit awards										5,411
Minimum Percentage Of Shares Obtainable Under Long Term Incentive Program										0.00%
Maximum Percentage Of Shares Obtainable Under Long Term Incentive Program										100.00%
Fair value of restricted stock/unit awards									4,719
Vesting period of restricted stock/unit awards to employees									3 years
Compensation expense related to restricted shares issued during the quarter			1,008
Amortization related to restricted stock and unit awards	1,769	1,309	4,436	3,707
Amount of share based compensation expense capitalized	11	19	24	19
Unrecognized compensation expense related to restricted stock/unit awards	$ 9,094		$ 9,094
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			0 years 10 months 26 days
Minimum fixed coupon rate of preferred stock											2.375%
Number of years of U.S. treasury rate one											30 years
Number of years of U.S. treasury rate two											10 years
LIBOR rate											3 month LIBOR
New coupon rate of preferred stock											5.935%

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Investment in Real Estate - Net Non-Cash Impairment Charges (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Impairment Charges [Line Items]
Total Net Impairment	$ 1,047	$ 0	$ 2,652	$ 1,101
Held for Sale and Sold Operating Properties - Discontinued Operations
Impairment Charges [Line Items]
Total Net Impairment	0	0	176	1,186
Operating Properties Marketed For Sale - Continuing Operations
Impairment Charges [Line Items]
Total Net Impairment	$ 1,047	$ 0	$ 2,476	$ (85)

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Investments in Joint Ventures - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013 Property sqft	Sep. 30, 2012	Sep. 30, 2013 Property sqft	Sep. 30, 2012	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Number of industrial properties owned	632		632
Gross leasable area (GLA) of industrial properties owned	55,100,000		55,100,000
Investment in Joint Venture	$ 1,163		$ 1,163		$ 1,012
Fees received from joint ventures	59	295	180	439
2003 Net Lease Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of industrial properties owned	4		4
Gross leasable area (GLA) of industrial properties owned	2,500,000		2,500,000
Investment in Joint Venture	$ 1,163		$ 1,163
2007 Europe Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of industrial properties owned	0		0
Equity interest	10.00%		10.00%

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Accumulated Other Comprehensive Loss (Amounts Reclassified from AOCI) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Amortization of Interest Rate Protection Agreements	$ (16,918)	$ (18,644)	$ (51,850)	$ (59,548)
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	(662)	(424)	(6,034)	(6,646)
Total	(17,705)	(19,236)	(58,340)	(66,646)
Interest Rate Protection Agreements | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification out of Accumulated Other Comprehensive Income [Line Items]
Amortization of Interest Rate Protection Agreements	609		1,792
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	17		1,116
Total	$ 626		$ 2,908

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Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2009 Internal Revenue Service (IRS) [Member] Settlement with Taxing Authority [Member]	Sep. 30, 2013 Internal Revenue Service (IRS) [Member] Settlement with Taxing Authority [Member]	Dec. 31, 2012 Internal Revenue Service (IRS) [Member] Settlement with Taxing Authority [Member]	Sep. 30, 2013 Prior Period Adjustment [Member]
Summary of Significant Accounting Policies [Line Items]
Depreciation and other amortization	$ 25,533	$ 25,201	$ 75,671	$ 78,250				$ 1,561
Period to carry back net operating losses						up to 5 years
IRS tax refund					40,418
Refunds in excess are required to be reviewed by Joint Committee on Taxation						2,000
Agreed refund adjustment to taxable income							13,700
Taxes owed							4,806
Accrued interest							500
Preferred stock distributions taxable as capital gain							$ 8,238

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Indebtedness - Senior Unsecured Notes Repurchases (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Unsecured Senior Notes [Line Items]
Principal Amount Repurchased	$ 29,824
Purchase Price	33,492
2017 Notes
Unsecured Senior Notes [Line Items]
Principal Amount Repurchased	430
Purchase Price	482
2017 II Notes
Unsecured Senior Notes [Line Items]
Principal Amount Repurchased	5,000
Purchase Price	5,300
2028 Notes
Unsecured Senior Notes [Line Items]
Principal Amount Repurchased	23,394
Purchase Price	26,547
2032 Notes
Unsecured Senior Notes [Line Items]
Principal Amount Repurchased	1,000
Purchase Price	$ 1,163

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Partners' Capital (Tables)

9 Months Ended

Sep. 30, 2013

Dividend Distributions

The following table summarizes distributions accrued during the nine months ended September 30, 2013:

	Nine Months Ended September 30, 2013
	Distribution per Unit		Total Distribution
General Partner/Limited Partner Units	$	0.255	$	29,074
Series F Preferred Units	$	4,242.04	$	2,121
Series G Preferred Units	$	5,427.00	$	1,357
Series J Preferred Units *	$	5,085.12	$	2,034
Series K Preferred Units **	$	9,968.85	$	1,994

* The second quarter 2013 distribution per unit was pro-rated as discussed in the "Preferred Contributions" section.

**The third quarter 2013 distribution per unit was pro-rated as discussed in the "Preferred Contributions" section.

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CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS CAPITAL (USD $) In Thousands, unless otherwise specified	Total	General Partner Preferred Units	General Partner Units	Limited Partner Units	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2012	$ 1,155,151	$ 217,971	$ 859,727	$ 84,282	$ (6,829)
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of General Partner Units, Net of Issuance Costs	173,785		173,785
Redemption of Preferred Units	(144,384)	(144,384)
Stock Based Compensation Activity	2,755		2,755
Conversion of Limited Partner Units to General Partner Units	0		943	(943)
Common Unit Distributions	(29,074)		(27,891)	(1,183)
Preferred Unit Distributions	(13,173)	(13,173)
Net Income	19,003	13,173	5,586	244
Other Comprehensive Income	2,894				2,894
Balance at Sep. 30, 2013	$ 1,166,957	$ 73,587	$ 1,014,905	$ 82,400	$ (3,935)

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Organization and Formation of Partnership

9 Months Ended

Sep. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Formation of Partnership

1. Organization and Formation of Partnership

First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") which owns common units in the Operating Partnership ("Units") representing an approximate 96.0% common ownership interest at September 30, 2013. The Company also owns a preferred general partnership interest in the Operating Partnership represented by preferred Units ("Preferred Units") with an aggregate liquidation priority of $75,000 at September 30, 2013. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, approximately a 4.0% interest in the Operating Partnership at September 30, 2013. Operations are also conducted through other partnerships and limited liability companies ("LLCs") of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the L.L.C.s, the "Consolidated Operating Partnership"), the operating data of which is consolidated with that of the Operating Partnership as presented herein. Unless the context otherwise requires, the terms "we," "us," and "our" refer to First Industrial, L.P. and its controlled subsidiaries.

We also hold at least a 99% limited partnership interest in each of eight limited partnerships (together, the "Other Real Estate Partnerships").

We also own noncontrolling equity interests in, and provide various services to, two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture" collectively, the "Joint Ventures"). See Note 5 for more information on the Joint Ventures.

The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnership for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company.

As of September 30, 2013, we owned 632 industrial properties located in 24 states, containing an aggregate of approximately 55.1 million square feet of gross leasable area ("GLA"). On a combined basis, as of September 30, 2013, the Other Real Estate Partnerships owned 65 industrial properties containing an aggregate of approximately 7.4 million square feet of GLA.

Profits, losses and distributions of us, the LLCs and Other Real Estate Partnerships are allocated to the general partner and the limited partners or the members, as applicable, in accordance with the provisions contained within the partnership agreements, operating agreements or other ownership agreements, as applicable.

The Other Real Estate Partnerships and the Joint Ventures are accounted for under the equity method of accounting. Accordingly, the operating data of the Other Real Estate Partnerships and the Joint Ventures are not consolidated with that of the Consolidated Operating Partnership as presented herein.

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Investments in and Advances to Other Real Estate Partnerships

9 Months Ended

Sep. 30, 2013

Investments in and Advances to Other Real Estate Partnerships

4. Investments in and Advances to Other Real Estate Partnerships

The investments in and advances to Other Real Estate Partnerships reflects the Operating Partnership’s limited partnership equity interests in the entities referred to in Note 1 to these consolidated financial statements.

Summarized condensed financial information as derived from the financial statements of the Other Real Estate Partnerships is presented below:

Condensed Combined Balance Sheets

	September 30, 2013			December 31, 2012
ASSETS
Assets:
Net Investment in Real Estate	$	276,525		$	264,284
Note Receivable	123,444			142,982
Other Assets, Net	33,902			34,476
Total Assets	$	433,871		$	441,742
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	98,111		$	107,287
Other Liabilities, Net	14,276			11,570
Partners’ Capital	321,484			322,885
Total Liabilities and Partners’ Capital	$	433,871		$	441,742
Operating Partnership's Share of Equity	$	320,228		$	321,663
Basis Differentials (1)	(123,952		)	(143,559		)
Carrying Value of the Operating Partnership's Investments in Other Real Estate Partnerships	$	196,276		$	178,104

_________________

(1)    This amount represents the aggregate difference between the Operating Partnership's historical cost basis and the basis reflected at the Other Real Estate Partnerships' level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership.

Condensed Combined Statements of Operations

	Three Months Ended September 30, 2013			Three Months Ended September 30, 2012			Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Total Revenues	$	9,907		$	9,400		$	29,340		$	29,419
Property Expenses	(2,906		)	(2,604		)	(9,027		)	(8,404		)
Impairment of Real Estate	—			—			—			172
Depreciation and Other Amortization	(3,071		)	(3,351		)	(9,120		)	(10,888		)
Interest Income	1,237			2,019			3,809			6,405
Interest Expense	(1,079		)	(1,483		)	(3,541		)	(4,444		)
Amortization of Deferred Financing Costs	(45		)	(53		)	(142		)	(156		)
Loss from Retirement of Debt	—			—			(214		)	—
Income from Continuing Operations	4,043			3,928			11,105			12,104
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations	91			112			210			(20		)
Gain (Loss) on Sale of Real Estate	1,630			(50		)	1,630			(79		)
Income (Loss) from Discontinued Operations	1,721			62			1,840			(99		)
Income Before Gain on Sale of Real Estate	$	5,764		$	3,990		$	12,945		$	12,005
Gain on Sale of Real Estate	$	70		$	—		$	70		$	—
Net Income	$	5,834		$	3,990		$	13,015		$	12,005

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the accounting policies described in the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2012 ("2012 Form 10-K") and should be read in conjunction with such consolidated financial statements and related notes. The 2012 year end consolidated balance sheet data included in this Form 10-Q filing was derived from the audited consolidated financial statements in our 2012 Form 10-K, but does not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). The following notes to these interim consolidated financial statements highlight significant changes to the notes included in the December 31, 2012 audited consolidated financial statements included in our 2012 Form 10-K and present interim disclosures as required by the Securities and Exchange Commission. In order to conform with GAAP, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of September 30, 2013 and December 31, 2012, and the reported amounts of revenues and expenses for the three and nine months ended September 30, 2013 and 2012. Actual results could differ from those estimates. In our opinion, the accompanying unaudited interim consolidated financial statements reflect all adjustments necessary for a fair statement of our financial position as of September 30, 2013 and December 31, 2012, and the results of our operations and comprehensive income for each of the three and nine months ended September 30, 2013 and 2012, and our cash flows for each of the nine months ended September 30, 2013 and 2012, and all adjustments are of a normal recurring nature.

Reclassifications

Certain reclassifications have been made to the 2012 financial statements to conform to the 2013 presentation. Additionally, the results of operations for the nine months ended September 30, 2013 include an adjustment of $1,561 to decrease depreciation and amortization expense which should have been recorded during previous periods. Management evaluated the impact of the adjustment and does not believe it is material to the results of the anticipated full year, current period or any previous period.

IRS Tax Refund

On August 24, 2009, we received a private letter ruling from the IRS granting favorable loss treatment under Sections 331 and 336 of the Code on the tax liquidation of one of our former taxable REIT subsidiaries. On November 6, 2009, legislation was signed that allowed businesses with net operating losses for 2008 or 2009 to carry back those losses for up to five years. As a result, we received a refund from the IRS of $40,418 in the fourth quarter of 2009 (the "Refund") in connection with this tax liquidation. The IRS examination team, which is required by statute to review all refund claims in excess of $2,000 on behalf of the Joint Committee on Taxation, indicated to us that it disagreed with certain of the property valuations we obtained from an independent valuation expert in support of our fair value of the liquidated taxable REIT subsidiary and our claim for the Refund. During the year ended December 31, 2012, we reached an agreement with the regional office of the IRS on a proposed adjustment to the Refund. The total agreed-upon adjustment to taxable income was $13,700, which equates to $4,806 of taxes owed. We were also required to pay accrued interest of approximately $500. During the year ended December 31, 2012, the Operating Partnership recorded the charge for the agreed-upon adjustment and the related estimated accrued interest which was reflected as a component of income tax expense. During 2013, the settlement amount was approved by the Joint Committee on Taxation. During the nine months ended September 30, 2013, we paid the agreed upon taxes and related accrued interest.

As a result of the Joint Committee on Taxation's approval, during 2013, we entered into closing agreements with the IRS that determined the timing of the settlement on the tax characterization of the limited partners of the Operating Partnership and the stockholders of the Company. Pursuant to these closing agreements, $8,238 of the preferred stock distributions for the year ended December 31, 2012 are taxable as capital gain.

Recent Accounting Pronouncements

In February 2013, the FASB issued Accounting Standards Update No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"). ASU 2013-02 requires that public companies present, either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. ASU 2013-02 is effective for annual periods beginning after December 15, 2012, and is to be applied prospectively. The adoption of this guidance did not have a material impact on our consolidated financial statements.

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Indebtedness - Information Regarding Indebtedness (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013		Dec. 31, 2012
Debt Instrument [Line Items]
Mortgage Loans Payable, Net	$ 614,900		$ 656,329
Unamortized Premiums	(121)		(161)
Mortgage Loans Payable, Gross	614,779		656,168
Senior Unsecured Notes, Net	445,515		474,150
Unamortized Discounts	1,381		2,570
Senior Unsecured Notes, Gross	446,896		476,720
Unsecured Credit Facility	171,000		98,000
Secured Debt
Debt Instrument [Line Items]
Interest Rate, Minimum	4.03%
Interest Rate, Maximum	8.26%
Effective Interest Rate, Minimum	4.03%
Effective Interest Rate, Maximum	8.26%
Maturity Date Range, Start	Jan. 01, 2014
Maturity Date Range, End	Sep. 01, 2022
2016 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	159,552		159,510
Interest Rate	5.75%
Effective Interest Rate	5.91%
Maturity Date	Jan. 15, 2016
2017 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	54,959		55,385
Interest Rate	7.50%
Effective Interest Rate	7.52%
Maturity Date	Dec. 01, 2017
2027 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	6,066		6,066
Interest Rate	7.15%
Effective Interest Rate	7.11%
Maturity Date	May 15, 2027
2028 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	31,883		55,261
Interest Rate	7.60%
Effective Interest Rate	8.13%
Maturity Date	Jul. 15, 2028
2032 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	10,512		11,500
Interest Rate	7.75%
Effective Interest Rate	7.87%
Maturity Date	Apr. 15, 2032
2014 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	80,772		79,683
Interest Rate	6.42%
Effective Interest Rate	6.54%
Maturity Date	Jun. 01, 2014
2017 II Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net	$ 101,771		$ 106,745
Interest Rate	5.95%
Effective Interest Rate	6.37%
Maturity Date	May 15, 2017
Line of Credit
Debt Instrument [Line Items]
Interest Rate	1.631%
Effective Interest Rate	1.631%
Maturity Date	Sep. 29, 2017	[1]

[1] * The maturity date may be extended an additional year at our election, subject to certain restrictions.

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Earnings Per Unit ("EPU") (Tables)

9 Months Ended

Sep. 30, 2013

Earnings Per Unit [Abstract]

Computation of Basic and Diluted EPU

The computation of basic and diluted EPU is presented below:

	Three Months Ended September 30, 2013			Three Months Ended September 30, 2012			Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Numerator:
Income (Loss) from Continuing Operations	$	4,779		$	92		$	3,982		$	(17,665	)
Gain on Sale of Real Estate	221			3,777			483			3,777
Income from Continuing Operations Allocable to Participating Securities	(12		)	—			—			—
Preferred Unit Distributions	(1,392		)	(4,725		)	(7,506		)	(14,285		)
Redemption of Preferred Units	(2,121		)	—			(5,667		)	—
Income (Loss) from Continuing Operations Available to Unitholders	$	1,475		$	(856	)	$	(8,708	)	$	(28,173	)
Income from Discontinued Operations	$	3,738		$	5,324		$	14,538		$	13,841
Income from Discontinued Operations Allocable to Participating Securities	(30		)	(34		)	(120		)	—
Income from Discontinued Operations Attributable to Unitholders	$	3,708		$	5,290		$	14,418		$	13,841
Net Income (Loss) Available	$	5,225		$	4,468		$	5,830		$	(14,332	)
Net Income Allocable to Participating Securities	(42		)	(34		)	(120		)	—
Net Income (Loss) Available to Unitholders	$	5,183		$	4,434		$	5,710		$	(14,332	)
Denominator:
Weighted Average Units — Basic	114,089			98,432			110,823			94,464
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards	315			—			—			—
Weighted Average Units - Diluted	114,404			98,432			110,823			94,464
Basic and Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.01		$	(0.01	)	$	(0.08	)	$	(0.30	)
Income from Discontinued Operations Attributable to Unitholders	$	0.03		$	0.05		$	0.13		$	0.15
Net Income (Loss) Available to Unitholders	$	0.04		$	0.04		$	0.05		$	(0.15	)

Non-Participating Securities

Units corresponding to the following awards of the Company could be dilutive in future periods:

	Number of Awards Outstanding At September 30, 2013	Number of Awards Outstanding At September 30, 2012
Non-Participating Securities:
Restricted Stock Unit Awards	273,400	713,550
LTIP Unit Awards	718,960	—

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Investment in Real Estate - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended		12 Months Ended
	Sep. 30, 2013 sqft Property	Sep. 30, 2012 Property	Dec. 31, 2012 Property
Real Estate Investments [Line Items]
Number of industrial properties acquired	1
Square footage of real estate property acquired	500,000
Purchase price of acquisitions	$ 46,463
Number of industrial properties sold	18	23	26
Gross leasable area (GLA) of industrial properties sold	1,500,000
Gross proceeds from the sale of industrial properties and land parcels	64,920
Net gain on sale of properties and land parcels	14,503	15,861
Number of industrial properties held for sale	1
Gross leasable area (GLA) of industrial properties held for sale	50,000
Impairment reversal of industrial properties		1,605
Notes receivable outstanding	40,795		41,201
Net discount of notes receivable outstanding	207		255
Fair value of notes receivable	$ 41,906		$ 44,783
Discontinuing Operations [Member]
Real Estate Investments [Line Items]
Number of sold properties included in discontinued operations	18

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Investments in and Advances to Other Real Estate Partnerships - Condensed Combined Balance Sheets (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013		Dec. 31, 2012
Assets:
Net Investment in Real Estate	$ 2,120,250		$ 2,124,526
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $658 and $3,050	2,291		6,765
Total Assets	2,512,430		2,503,882
Liabilities:
Mortgage Loans Payable	614,900		656,329
Partners’ Capital	1,166,957		1,155,151
Total Liabilities and Partners’ Capital	2,512,430		2,503,882
Carrying Value of the Operating Partnership's Investments in Other Real Estate Partnerships	196,276		178,104
Other Real Estate Partnerships
Assets:
Net Investment in Real Estate	276,525		264,284
Note Receivable	123,444		142,982
Other Assets, Net	33,902		34,476
Total Assets	433,871		441,742
Liabilities:
Mortgage Loans Payable	98,111		107,287
Other Liabilities, Net	14,276		11,570
Partners’ Capital	321,484		322,885
Total Liabilities and Partners’ Capital	433,871		441,742
Operating Partnership's Share of Equity	320,228		321,663
Basis Differentials (1)	(123,952)	[1]	(143,559)	[1]
Carrying Value of the Operating Partnership's Investments in Other Real Estate Partnerships	$ 196,276		$ 178,104

[1] This amount represents the aggregate difference between the Operating Partnership's historical cost basis and the basis reflected at the Other Real Estate Partnerships' level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership.

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Derivatives - Summary of Derivatives and Fair Values (Detail) (Series F Agreement [Member], USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Series F Agreement [Member]
Derivative [Line Items]
Notional Amount	$ 50,000
Strike	5.2175%
Trade Date	Oct. 01, 2008
Maturity Date	Oct. 01, 2013
Fair Value of Derivative Liabilities	$ 0	$ (826)

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Supplemental Information to Statements of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Interest Expense Capitalized in Connection with Development Activity	$ 2,447	$ 1,078
Mortgage Loan Payable Assumed in Conjunction with a Property Acquisition	0	12,026
Write-off of Fully Depreciated Assets	(36,992)	(30,782)
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distribution payable	9,788
Exchange of Limited Partnership Units for General Partnership Units:
Conversion of Limited Partner Units to General Partner Units	0	0
Limited Partnership Units
Exchange of Limited Partnership Units for General Partnership Units:
Conversion of Limited Partner Units to General Partner Units	(943)	(2,710)
General Partnership Units
Exchange of Limited Partnership Units for General Partnership Units:
Conversion of Limited Partner Units to General Partner Units	943	2,710
General and Limited Partner Units
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distribution payable	9,788	0
Preferred Units
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distribution payable	$ 0	$ 5,177

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Indebtedness - Summary of Indebtedness at Estimated Fair Value (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Debt Disclosure [Abstract]
Mortgage Loans Payable, Net, Carrying Amount	$ 614,900	$ 656,329
Senior Unsecured Notes, Net, Carrying Amount	445,515	474,150
Unsecured Credit Facility, Carrying Amount	171,000	98,000
Total, Carrying Amount	1,231,415	1,228,479
Mortgage Loans Payable, Net, Fair Value	629,823	699,903
Senior Unsecured Notes, Net, Fair Value	483,604	516,943
Unsecured Credit Facility, Fair Value	171,000	98,192
Total, Fair Value	$ 1,284,427	$ 1,315,038

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	$ 658	$ 3,050
General Partner Units Outstanding	109,975,850	98,767,913
Limited Partners Units Outstanding	4,602,833	4,702,341

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Partners' Capital

9 Months Ended

Sep. 30, 2013

Partners' Capital

7. Partners’ Capital

Preferred Contributions

On July 18, 2013, the Company redeemed the 2,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company's 7.25% Series K Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series K Preferred Stock"), at a redemption price of $25.00 per Depositary Share, and paid a pro-rated third quarter dividend of $0.090625 per Depositary Share, totaling $181. An equivalent number of Series K Cumulative Redeemable Preferred Units ("the Series K Preferred Units") were redeemed on July 18, 2013 as well. The initial offering costs associated with the issuance of the Series K Preferred Units, as well as costs associated with the redemption, totaled $2,121 and are reflected as a deduction from net income in determining earnings per unit for the three and nine months ended September 30, 2013.

On April 11, 2013, the Company redeemed the remaining 4,000,000 Depositary Shares, each representing 1/10,000th of a share, of the Company's 7.25% Series J Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series J Preferred Stock"), at a redemption price of $25.00 per Depositary Share, and paid a pro-rated second quarter dividend of $0.055382 per Depositary Share, totaling $221. An equivalent number of Series J Cumulative Redeemable Preferred Units (the "Series J Preferred Units") were redeemed on April 11, 2013 as well. The remaining initial offering costs associated with the issuance of the Series J Preferred Units, as well as costs associated with the redemption, totaled $3,546 and are reflected as a deduction from net income in determining earnings per unit for the nine months ended September 30, 2013.

Unit Contributions

During the nine months ended September 30, 2013, the Company issued 8,400,000 shares of the Company’s common stock in an underwritten public offering. Net proceeds were $132,050. The proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution.

On March 1, 2012, the Company and the Operating Partnership entered into distribution agreements with sales agents to sell up to 12,500,000 shares of the Company's common stock, for up to $125,000 aggregate gross sale proceeds, from time to time in "at-the-market" offerings (the "ATM"). During the nine months ended September 30, 2013, the Company issued 2,315,704 shares of the Company's common stock under the ATM resulting in net proceeds to the Company of $41,735. These proceeds were contributed to us in exchange for an equivalent number of Units and are reflected in our financial statements as a general partner contribution. Under the terms of the ATM, sales are to be made primarily in transactions that are deemed to be "at the market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.

During the nine months ended September 30, 2013, 99,508 limited partnership units were converted into an equivalent number of general partnership units, resulting in a reclassification of $943 between Limited Partners Units and General Partner Units.

Restricted Units and Long-Term Incentive Program

During the nine months ended September 30, 2013, the Company awarded 284,461 shares of restricted stock awards to certain employees, which had a fair value of $4,719 on the date of approval by the Compensation Committee of the Board of Directors. We issued Units to the Company in the same amounts. These restricted stock awards vest over a period of three years. Compensation expense will be charged to earnings over the vesting period for the shares expected to vest except if the recipient is not required to provide future service in exchange for vesting of the shares. If vesting of a recipient's restricted stock is not contingent upon future service, the expense is recognized immediately at the date of grant. During the nine months ended September 30, 2013, we recognized $1,008 of compensation expense related to restricted shares granted during the first quarter to our Chief Executive Officer for which future service was not required.

The Board of Directors adopted the 2013 Long-Term Incentive Program ("LTIP") and effective July 1, 2013, certain officers and employees of the Company were granted 718,960 performance units ("LTIP Unit Awards"). The LTIP Unit Awards had a fair value of $5,411 on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The LTIP Unit Awards vest based upon the relative total shareholder return ("TSR") of the Company's stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The TSR for half of the granted units is calculated based upon the performance from July 1, 2013 through June 30, 2014 and the other half is calculated based upon the performance from July 1, 2013 through December 31, 2015. Compensation expense will be charged to earnings on a straight-line basis over the respective performance periods. At the end of the respective performance periods, each participant will be issued shares of our common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100%, based on our TSR as compared to the TSR of the MSCI US REIT Index and the NAREIT Industrial Index. The participants will also be entitled to dividend equivalents for shares issued pursuant to vested LTIP Unit Awards, which dividend equivalents represent any common dividends that would been paid with respect to such issued shares after the grant of the LTIP Unit Awards and prior to the date of settlement.

We recognized $1,769 and $4,436 for the three and nine months ended September 30, 2013, respectively, and $1,309 and $3,707 for the three and nine months ended September 30, 2012, respectively, in amortization related to restricted stock and unit awards and LTIP Unit Awards, of which $11 and $24, respectively, was capitalized in connection with development activities for the three and nine months ended September 30, 2013, respectively, and $19 and $19 for the three and nine months ended September 30, 2012, respectively. At September 30, 2013, we had $9,094 in unrecognized compensation related to unvested restricted stock and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.90 years.

Distributions

The coupon rate of our Series F Preferred Units resets every quarter at 2.375% plus the greater of (i) the 30 year Treasury constant maturity treasury ("CMT") Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3 month LIBOR. For the third quarter of 2013, the new coupon rate was 5.935%. See Note 11 for additional derivative information related to the Series F Preferred Units coupon rate reset.

The following table summarizes distributions accrued during the nine months ended September 30, 2013:

	Nine Months Ended September 30, 2013
	Distribution per Unit		Total Distribution
General Partner/Limited Partner Units	$	0.255	$	29,074
Series F Preferred Units	$	4,242.04	$	2,121
Series G Preferred Units	$	5,427.00	$	1,357
Series J Preferred Units *	$	5,085.12	$	2,034
Series K Preferred Units **	$	9,968.85	$	1,994

* The second quarter 2013 distribution per unit was pro-rated as discussed in the "Preferred Contributions" section.

**The third quarter 2013 distribution per unit was pro-rated as discussed in the "Preferred Contributions" section.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Statement of Other Comprehensive Income [Abstract]
Net Income (Loss)	$ 8,738	$ 9,193	$ 19,003	$ (47)
Amortization of Interest Rate Protection Agreements	609	579	1,792	1,690
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	17	0	1,116	2,619
Foreign Currency Translation Adjustment	30	54	(14)	51
Comprehensive Income	$ 9,394	$ 9,826	$ 21,897	$ 4,313

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Derivatives - Quantitative Information About Level 3 Fair Value Measurements (Detail) (USD $) In Thousands, unless otherwise specified			6 Months Ended		12 Months Ended
	Sep. 30, 2013 Series F Agreement [Member]	Dec. 31, 2012 Series F Agreement [Member]	Jun. 30, 2013 Discounted Cash Flow [Member] Unobservable Inputs (Level 3) Derivative Financial Instruments, Liabilities [Member]		Dec. 31, 2012 Discounted Cash Flow [Member] Unobservable Inputs (Level 3) Derivative Financial Instruments, Liabilities [Member] Minimum		Dec. 31, 2012 Discounted Cash Flow [Member] Unobservable Inputs (Level 3) Derivative Financial Instruments, Liabilities [Member] Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Fair value inputs, long dated treasuries			0.00%	[1]	2.82%	[1]	2.91%	[1]
Fair value inputs, own credit risk					0.98%	[2]	1.59%	[2]
Fair Value	$ 0	$ (826)

[1] (B)Represents the forward 30 year Treasury CMT Rate.

[2] (C)Represents credit default swap spread curve used in the valuation analysis at December 31, 2012.

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CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Investment in Real Estate:
Land	$ 617,037	$ 598,404
Buildings and Improvements	2,136,653	2,146,375
Construction in Progress	32,248	19,228
Less: Accumulated Depreciation	(665,688)	(639,481)
Net Investment in Real Estate	2,120,250	2,124,526
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $658 and $3,050	2,291	6,765
Investments in and Advances to Other Real Estate Partnerships	196,276	178,104
Cash and Cash Equivalents	6,133	4,357
Tenant Accounts Receivable, Net	3,910	3,867
Investments in Joint Ventures	1,163	1,012
Deferred Rent Receivable, Net	49,595	47,930
Deferred Financing Costs, Net	11,355	10,948
Deferred Leasing Intangibles, Net	23,566	29,374
Prepaid Expenses and Other Assets, Net	97,891	96,999
Total Assets	2,512,430	2,503,882
Indebtedness:
Mortgage Loans Payable, Net	614,900	656,329
Senior Unsecured Notes, Net	445,515	474,150
Unsecured Credit Facility	171,000	98,000
Accounts Payable, Accrued Expenses and Other Liabilities	64,487	78,876
Deferred Leasing Intangibles, Net	12,016	13,597
Rents Received in Advance and Security Deposits	27,767	27,327
Distributions Payable	9,788	452
Total Liabilities	1,345,473	1,348,731
Commitments and Contingencies	0	0
Partners’ Capital:
General Partner Preferred Units	73,587	217,971
General Partner Units (109,975,850 and 98,767,913 units outstanding)	1,014,905	859,727
Limited Partners Units (4,602,833 and 4,702,341 units outstanding)	82,400	84,282
Accumulated Other Comprehensive Loss	(3,935)	(6,829)
Total Partners’ Capital	1,166,957	1,155,151
Total Liabilities and Partners’ Capital	$ 2,512,430	$ 2,503,882

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Earnings per Unit ("EPU") - Computation of Basic and Diluted EPU (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Numerator:
Income (Loss) from Continuing Operations	$ 4,779	$ 92	$ 3,982	$ (17,665)
Gain on Sale of Real Estate	221	3,777	483	3,777
Income from Continuing Operations Allocable to Participating Securities	(12)	0	0	0
Preferred Unit Distributions	(1,392)	(4,725)	(7,506)	(14,285)
Redemption of Preferred Units	(2,121)	0	(5,667)	0
Income (Loss) from Continuing Operations Available to Unitholders	1,475	(856)	(8,708)	(28,173)
Income from Discontinued Operations	3,738	5,324	14,538	13,841
Income from Discontinued Operations Allocable to Participating Securities	(30)	(34)	(120)	0
Income from Discontinued Operations Attributable to Unitholders	3,708	5,290	14,418	13,841
Net Income (Loss) Available	5,225	4,468	5,830	(14,332)
Net Income Allocable to Participating Securities	(42)	(34)	(120)	0
Net Income (Loss) Available to Unitholders	$ 5,183	$ 4,434	$ 5,710	$ (14,332)
Denominator:
Weighted Average Units — Basic	114,089	98,432	110,823	94,464
LTIP Unit Awards	315	0	0	0
Weighted Average Units - Diluted	114,404	98,432	110,823	94,464
Basic and Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$ 0.01	$ (0.01)	$ (0.08)	$ (0.30)
Income from Discontinued Operations Attributable to Unitholders	$ 0.03	$ 0.05	$ 0.13	$ 0.15
Net Income (Loss) Available to Unitholders	$ 0.04	$ 0.04	$ 0.05	$ (0.15)

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Derivatives (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivatives and Fair Values

The following is a summary of the terms of our derivative and its fair value, which is included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheets:

Hedge Product	Notional Amount		Strike		Trade Date	Maturity Date	Fair Value As  of September 30, 2013		Fair Value As  of December 31, 2012
Derivatives Not Designated as Hedging Instruments:
Series F Agreement*	$	50,000	5.2175	%	October 1, 2008	October 1, 2013	$	—	$	(826	)
_____________________

* Fair value excludes quarterly settlement payment due on Series F Agreement. As of September 30, 2013 and December 31, 2012, the outstanding payable was $214 and $305, respectively.

Summary of Impact of Derivatives in Cash Flow Hedging Relationships on Statement of Operations and Statement of OCI

The following is a summary of the impact of the derivatives in cash flow hedging relationships on the statements of operations and the statements of OCI for the three and nine months ended September 30, 2013 and 2012:

		Three Months Ended						Nine Months Ended
Interest Rate Products	Location on Statement	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Amortization Reclassified from OCI into Income (Loss)	Interest Expense	$	(609	)	$	(579	)	$	(1,792	)	$	(1,690	)

Fair Value Measurements on Recurring Basis

The following table sets forth our financial liability that is accounted for at fair value on a recurring basis as of September 30, 2013 and December 31, 2012:

	Fair Value			Fair Value Measurements at Reporting Date Using:
Description				Quoted Prices in Active  Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Unobservable Inputs (Level 3)
Liabilities:
Series F Agreement at September 30, 2013	$	—		—	—	$	—
Series F Agreement at December 31, 2012	$	(826	)	—	—	$	(826	)

Quantitative Information About Level 3 Fair Value Measurements

The following table presents the quantitative information about the Level 3 fair value measurements at September 30, 2013 and December 31, 2012:

	Quantitative Information about Level 3 Fair Value Measurements:
Description	Fair Value			Valuation Technique	Unobservable Inputs	Range
Series F Agreement at September 30, 2013	$	—		N/A	N/A	(A)
Series F Agreement at December 31, 2012	$	(826	)	Discounted Cash Flow	Long Dated Treasuries (B)	2.82% - 2.91%
					Own Credit Risk (C)	0.98% - 1.59%

(A) The Series F Agreement matured on October 1, 2013.

(B) Represents the forward 30 year Treasury CMT Rate.

(C) Represents credit default swap spread curve used in the valuation analysis at December 31, 2012.

Reconciliation of Liabilities Classified as Level 3

The following table presents a reconciliation of our liability classified as Level 3 at September 30, 2013:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivatives
Ending Liability Balance at December 31, 2012	$	(826	)
Mark-to-Market of the Series F Agreement	826
Ending Liability Balance at September 30, 2013	$	—

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Investments in and Advances to Other Real Estate Partnerships (Tables)

9 Months Ended

Sep. 30, 2013

Investments in and Advances to Other Real Estate Partnerships [Abstract]

Condensed Combined Balance Sheets

Condensed Combined Balance Sheets

	September 30, 2013			December 31, 2012
ASSETS
Assets:
Net Investment in Real Estate	$	276,525		$	264,284
Note Receivable	123,444			142,982
Other Assets, Net	33,902			34,476
Total Assets	$	433,871		$	441,742
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	98,111		$	107,287
Other Liabilities, Net	14,276			11,570
Partners’ Capital	321,484			322,885
Total Liabilities and Partners’ Capital	$	433,871		$	441,742
Operating Partnership's Share of Equity	$	320,228		$	321,663
Basis Differentials (1)	(123,952		)	(143,559		)
Carrying Value of the Operating Partnership's Investments in Other Real Estate Partnerships	$	196,276		$	178,104

_________________

(1)    This amount represents the aggregate difference between the Operating Partnership's historical cost basis and the basis reflected at the Other Real Estate Partnerships' level. Basis differentials relate to the elimination of a note receivable and related accrued interest between a Other Real Estate Partnership and wholly owned subsidiaries of the Operating Partnership.

Condensed Combined Statements of Operations

Condensed Combined Statements of Operations

	Three Months Ended September 30, 2013			Three Months Ended September 30, 2012			Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Total Revenues	$	9,907		$	9,400		$	29,340		$	29,419
Property Expenses	(2,906		)	(2,604		)	(9,027		)	(8,404		)
Impairment of Real Estate	—			—			—			172
Depreciation and Other Amortization	(3,071		)	(3,351		)	(9,120		)	(10,888		)
Interest Income	1,237			2,019			3,809			6,405
Interest Expense	(1,079		)	(1,483		)	(3,541		)	(4,444		)
Amortization of Deferred Financing Costs	(45		)	(53		)	(142		)	(156		)
Loss from Retirement of Debt	—			—			(214		)	—
Income from Continuing Operations	4,043			3,928			11,105			12,104
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations	91			112			210			(20		)
Gain (Loss) on Sale of Real Estate	1,630			(50		)	1,630			(79		)
Income (Loss) from Discontinued Operations	1,721			62			1,840			(99		)
Income Before Gain on Sale of Real Estate	$	5,764		$	3,990		$	12,945		$	12,005
Gain on Sale of Real Estate	$	70		$	—		$	70		$	—
Net Income	$	5,834		$	3,990		$	13,015		$	12,005

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Indebtedness - Schedule of Maturities of Long-term Debt (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013
Debt Disclosure [Abstract]
Remainder of 2013	$ 2,959
2014	133,327
2015	34,951
2016	275,948
2017	337,783
Thereafter	447,707
Total	$ 1,232,675

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Derivatives - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended			9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Sep. 30, 2013 Series F Preferred Units [Member]	Oct. 31, 2008 Series F Preferred Units [Member]
Derivative [Line Items]
Minimum fixed coupon rate of preferred stock						2.375%
Number of years of U.S. treasury rate one						30 years
Number of years of U.S. treasury rate two						10 years
LIBOR rate						3 month LIBOR
New coupon rate of preferred stock						5.935%
Notional value of interest rate swap agreement							$ 50,000
Treasury rate of agreement							5.2175%
Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements	0	(29)	52	(334)
Settlement payments of mark-to-market gains or losses	214	326	774	865
Amortization to be reclassified from OCI into income			1,846
Number of years of long dated treasuries			30 years
Outstanding settlement payment due on the agreement	$ 214		$ 214		$ 305

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Investments in and Advances to Other Real Estate Partnerships - Condensed Combined Statements of Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Schedule Of Condensed Consolidating Statement Of Operations [Line Items]
Total Revenues	$ 73,503	$ 69,210	$ 221,126	$ 209,596
Property Expenses	(23,863)	(21,819)	(72,914)	(67,320)
Impairment of Real Estate			(2,652)	(1,101)
Depreciation and Other Amortization	(25,533)	(25,201)	(75,671)	(78,250)
Interest Income	611	676	1,818	2,319
Interest Expense	(16,918)	(18,644)	(51,850)	(59,548)
Amortization of Deferred Financing Costs	(736)	(815)	(2,326)	(2,437)
Loss from Retirement of Debt	(662)	(424)	(6,034)	(6,646)
Income (Loss) from Continuing Operations	4,779	92	3,982	(17,665)
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations	125	854	518	1,757
Gain (Loss) on Sale of Real Estate	3,613	4,470	14,020	12,084
Income from Discontinued Operations	3,738	5,324	14,538	13,841
Income (Loss) Before Gain on Sale of Real Estate	8,517	5,416	18,520	(3,824)
Gain on Sale of Real Estate	221	3,777	483	3,777
Net Income (Loss)	8,738	9,193	19,003	(47)
Other Real Estate Partnerships
Schedule Of Condensed Consolidating Statement Of Operations [Line Items]
Total Revenues	9,907	9,400	29,340	29,419
Property Expenses	(2,906)	(2,604)	(9,027)	(8,404)
Impairment of Real Estate	0	0	0	172
Depreciation and Other Amortization	(3,071)	(3,351)	(9,120)	(10,888)
Interest Income	1,237	2,019	3,809	6,405
Interest Expense	(1,079)	(1,483)	(3,541)	(4,444)
Amortization of Deferred Financing Costs	(45)	(53)	(142)	(156)
Loss from Retirement of Debt	0	0	(214)	0
Income (Loss) from Continuing Operations	4,043	3,928	11,105	12,104
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations	91	112	210	(20)
Gain (Loss) on Sale of Real Estate	1,630	(50)	1,630	(79)
Income from Discontinued Operations	1,721	62	1,840	(99)
Income (Loss) Before Gain on Sale of Real Estate	5,764	3,990	12,945	12,005
Gain on Sale of Real Estate	70	0	70	0
Net Income (Loss)	$ 5,834	$ 3,990	$ 13,015	$ 12,005

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Investment in Real Estate - Fair Value Measurements on Non-Recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived Assets Sold Impairment	$ (1,047)	[1]
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived Assets Held for Sale	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived Assets Held for Sale	0
Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived Assets Held for Sale	6,875	[1]
Fair Value, Measurements, Nonrecurring
Fair Value Assets And Liabilities Measured On Nonrecurring Basis [Line Items]
Long-lived Assets Held for Sale	$ 6,875	[1]

[1] Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets are sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013.

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Investment in Real Estate - Quantitative Information About Level 3 Fair Value Measurements (Detail) (Unobservable Inputs (Level 3), USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013 sqft Property
Contracted Price [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of industrial properties	1
Gross leaseable area	500,000
Third Party Pricing [Member]
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Fair value of property	$ 6,875

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Indebtedness

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Indebtedness

6. Indebtedness

The following table discloses certain information regarding our indebtedness:

	Outstanding Balance at						Interest Rate at September 30, 2013		Effective Interest Rate at Issuance		Maturity Date
	September 30, 2013			December  31, 2012
Mortgage Loans Payable, Net	$	614,900		$	656,329		4.03% – 8.26%		4.03% – 8.26%		January 2014- September 2022
Unamortized Premiums	(121		)	(161		)
Mortgage Loans Payable, Gross	$	614,779		$	656,168
Senior Unsecured Notes, Net
2016 Notes	$	159,552		$	159,510		5.750	%	5.91	%	1/15/2016
2017 Notes	54,959			55,385			7.500	%	7.52	%	12/1/2017
2027 Notes	6,066			6,066			7.150	%	7.11	%	5/15/2027
2028 Notes	31,883			55,261			7.600	%	8.13	%	7/15/2028
2032 Notes	10,512			11,500			7.750	%	7.87	%	4/15/2032
2014 Notes	80,772			79,683			6.420	%	6.54	%	6/1/2014
2017 II Notes	101,771			106,745			5.950	%	6.37	%	5/15/2017
Subtotal	$	445,515		$	474,150
Unamortized Discounts	1,381			2,570
Senior Unsecured Notes, Gross	$	446,896		$	476,720
Unsecured Credit Facility	$	171,000		$	98,000		1.631	%	1.631	%	9/29/2017	*

* The maturity date may be extended an additional year at our election, subject to certain restrictions.

Mortgage Loans Payable, Net

During the three and nine months ended September 30, 2013, we paid off and retired prior to maturity mortgage loans payable in the amount of $14,046 and $32,429, respectively. In connection with these prepayments, we recognized $486 and $975 as loss from retirement of debt for the three and nine months ended September 30, 2013, respectively.

As of September 30, 2013, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $771,120. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of September 30, 2013.

Senior Unsecured Notes, Net

During the nine months ended September 30, 2013, we repurchased and retired the following senior unsecured notes prior to maturity:

	Principal Amount Repurchased		Purchase Price
2017 Notes	$	430	$	482
2017 II Notes	5,000		5,300
2028 Notes	23,394		26,547
2032 Notes	1,000		1,163
Total	$	29,824	$	33,492

In connection with these repurchases prior to maturity, we recognized $5,003 as loss from retirement of debt for the nine months ended September 30, 2013, which is the difference between the repurchase price of $33,492 and the principal amount retired of $29,824, net of the pro rata write off of the unamortized debt issue discount, the unamortized deferred financing costs and the unamortized settlement amount of the interest rate protection agreements related to the repurchase of $28, $191 and $1,116, respectively.

Unsecured Credit Facility

On July 19, 2013, we amended and restated our existing $450,000 revolving credit facility (the "Old Credit Facility"), increasing the borrowing capacity thereunder to $625,000 (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $825,000, subject to certain restrictions. The amendment extended the maturity date from December 12, 2014 to September 29, 2017 with an option to extend an additional one year at our election, subject to certain restrictions. At September 30, 2013, the Unsecured Credit Facility provides for interest only payments initially at LIBOR plus 145 basis points, that varies based on our leverage ratio. In the event we achieve an investment grade rating from one of certain rating agencies, the rate may be decreased at our election, based on the investment grade rating. In connection with the amendment of the Old Credit Facility, we wrote off $56 of unamortized deferred financing costs, which is included in Loss from Retirement of Debt for the three and nine months ended September 30, 2013.

Indebtedness

The following is a schedule of the stated maturities and scheduled principal payments as of September 30, 2013 of our indebtedness, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter:

	Amount
Remainder of 2013	$	2,959
2014	133,327
2015	34,951
2016	275,948
2017	337,783
Thereafter	447,707
Total	$	1,232,675

The Unsecured Credit Facility and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement. We believe that we were in compliance with all covenants as of September 30, 2013. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our noteholders or lenders in a manner that could impose and cause us to incur material costs.

Fair Value

At September 30, 2013 and December 31, 2012, the fair values of our indebtedness were as follows:

	September 30, 2013				December 31, 2012
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable, Net	$	614,900	$	629,823	$	656,329	$	699,903
Senior Unsecured Notes, Net	445,515		483,604		474,150		516,943
Unsecured Credit Facility	171,000		171,000		98,000		98,192
Total	$	1,231,415	$	1,284,427	$	1,228,479	$	1,315,038

The fair values of our mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar leverage levels and similar remaining maturities. The current market rates we utilized were internally estimated. The fair value of the senior unsecured notes was determined by using rates, as advised by our bankers in certain cases, that are based upon recent trades within the same series of the senior unsecured notes, recent trades for senior unsecured notes with comparable maturities, recent trades for fixed rate unsecured debt from companies with profiles similar to ours, as well as overall economic conditions. The fair value of the Unsecured Credit Facility was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. We have concluded that our determination of fair value for our mortgage loans payable, senior unsecured notes and Unsecured Credit Facility was primarily based upon Level 3 inputs.

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Organization and Formation of Partnership - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013 Property Jointventures sqft State
Organization and Formation of Partnership [Line Items]
Ownership interest of sole general partner	96.00%
Ownership interest of limited partners	4.00%
General partner preferred units liquidation preference	$ 75,000
Number of joint ventures	2
Number of industrial properties owned	632
Number of states in which industrial properties owned are located	24
Gross leasable area (GLA) of industrial properties owned	55,100,000
Other Real Estate Partnerships
Organization and Formation of Partnership [Line Items]
Minimum ownership interest in limited partnerships	99.00%
Minimum ownership interest of limited partnerships	0.01%
Number of limited partnerships	8
Number of industrial properties owned	65
Gross leasable area (GLA) of industrial properties owned	7,400,000

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Indebtedness - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Jul. 19, 2013	Dec. 14, 2011
Debt Disclosure [Line Items]
Loss from Retirement of Debt	$ (662)	$ (424)	$ (6,034)	$ (6,646)
Principal amount of senior unsecured notes repurchased			29,824
Purchase price senior unsecured notes			33,492
Unamortized deferred financing cost, wrote off			56
Line of credit facility, maximum borrowing capacity					625,000	450,000
Line of credit facility, increase, additional borrowings			825,000
Number of years of extension of line of credit facility at election			1 year
Line of credit facility, interest rate description			145
Mortgages
Debt Disclosure [Line Items]
Mortgage loans paid off and retired prior to maturity	14,046		32,429
Loss from Retirement of Debt	486		975
Carrying value of industrial properties held under mortgage	771,120		771,120
Unsecured Debt
Debt Disclosure [Line Items]
Loss from Retirement of Debt			5,003
Principal amount of senior unsecured notes repurchased			29,824
Purchase price senior unsecured notes			33,492
Unamortized debt issue discount			28
Unamortized deferred financing cost, wrote off			191
Unamortized settlement amount of interest rate protection agreements			$ 1,116

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Supplemental Information to Statements of Cash Flows

9 Months Ended

Sep. 30, 2013

Supplemental Cash Flow Information [Abstract]

Supplemental Information to Statements of Cash Flows

9. Supplemental Information to Statements of Cash Flows

	Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Interest Expense Capitalized in Connection with Development Activity	$	2,447		$	1,078
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distribution Payable on General and Limited Partner Units	$	9,788		$	—
Distribution Payable on Preferred Units	$	—		$	5,177
Exchange of Limited Partnership Units for General Partnership Units:
Limited Partnership Units	$	(943	)	$	(2,710	)
General Partnership Units	943			2,710
Total	$	—		$	—
Mortgage Loan Payable Assumed in Conjunction with a Property Acquisition	$	—		$	12,026
Write-off of Fully Depreciated Assets	$	(36,992	)	$	(30,782	)

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Investments in Joint Ventures

9 Months Ended

Sep. 30, 2013

Equity Method Investments and Joint Ventures [Abstract]

Investments in Joint Ventures

5. Investments in Joint Ventures

At September 30, 2013, the 2003 Net Lease Joint Venture owned four industrial properties comprising approximately 2.5 million square feet of GLA. The 2003 Net Lease Joint Venture is considered a variable interest entity in accordance with the FASB guidance on the consolidation of variable interest entities. We continue to conclude that we are not the primary beneficiary of this venture. As of September 30, 2013, our investment in the 2003 Net Lease Joint Venture is $1,163. Our maximum exposure to loss is equal to our investment. We continue to hold our 10% equity interest in the 2007 Europe Joint Venture. As of September 30, 2013, the 2007 Europe Joint Venture did not own any properties.

During the three and nine months ended September 30, 2013, we recognized fees from our Joint Ventures of $59 and $180, respectively, and $295 and $439 during the three and nine months ended September 30, 2012, respectively.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 19,003	$ (47)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation	62,643	66,633
Amortization of Deferred Financing Costs	2,326	2,437
Other Amortization	21,241	22,074
Impairment of Real Estate	2,652	1,101
Provision for Bad Debt	656	592
Equity in Income of Joint Ventures	(119)	(156)
Distributions from Joint Ventures	0	27
Gain on Sale of Real Estate	(14,503)	(15,861)
Gain on Change in Control of Interests	0	(776)
Loss from Retirement of Debt	6,034	6,646
Mark-to-Market (Gain) Loss on Interest Rate Protection Agreements	(52)	334
Equity in Income of Other Real Estate Partnerships	(9,117)	(5,512)
Distributions from Investment in Other Real Estate Partnerships	9,117	5,512
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(3,764)	2,128
Increase in Deferred Rent Receivable	(2,963)	(2,376)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	(9,391)	(2,193)
Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt	(4,513)	(4,059)
Net Cash Provided by Operating Activities	79,250	76,504
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(47,293)	(48,519)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(65,591)	(51,378)
Net Proceeds from Sales of Investments in Real Estate	62,084	75,789
Investments in and Advances to Other Real Estate Partnerships	(40,355)	(22,921)
Distributions from Other Real Estate Partnerships in Excess of Equity in Income	22,183	30,204
Contributions to and Investments in Joint Ventures	(26)	(184)
Repayments of Notes Receivable	454	14,226
Increase in Escrows	(189)	0
Net Cash Used in Investing Activities	(68,733)	(2,783)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and Equity Issuance Costs	(3,567)	(1,433)
Unit Contributions	174,081	134,905
Repurchase and Retirement of Restricted Units	(2,968)	(855)
Common Unit Distributions	(19,286)	0
Preferred Unit Distributions Paid	(7,958)	(13,871)
Redemption of Preferred Units	(150,000)	0
Payments on Interest Rate Swap Agreement	(865)	(819)
Proceeds from Origination of Mortgage Loans Payable	0	97,561
Repayments on Mortgage and Other Loans Payable	(41,389)	(20,197)
Repayments of Senior Unsecured Notes	(29,769)	(152,170)
Proceeds from Unsecured Credit Facility	289,000	261,000
Repayments on Unsecured Credit Facility	(216,000)	(383,000)
Net Cash Used in Financing Activities	(8,721)	(78,879)
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents	(20)	14
Net Increase (Decrease) in Cash and Cash Equivalents	1,796	(5,158)
Cash and Cash Equivalents, Beginning of Year	4,357	7,624
Cash and Cash Equivalents, End of Year	$ 6,133	$ 2,480

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Earnings Per Unit ("EPU") - Additional Information (Detail)	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Unit [Abstract]
Unvested restricted stock awards outstanding	489,381	745,712

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Partners' Capital - Dividend Distributions (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Class of Stock [Line Items]
Distributions Per Unit	$ 0.085	$ 0.00	$ 0.255	$ 0.00
Total Distribution			$ 13,173
General Partner/Limited Partner Units [Member]
Class of Stock [Line Items]
Distributions Per Unit			$ 0.255
Total Distribution			29,074
Series F Preferred Units [Member]
Class of Stock [Line Items]
Distribution Per Unit			$ 4,242.04
Total Distribution			2,121
Series G Preferred Units [Member]
Class of Stock [Line Items]
Distribution Per Unit			$ 5,427.00
Total Distribution			1,357
Series J Preferred Units [Member]
Class of Stock [Line Items]
Distribution Per Unit			$ 5,085.12
Total Distribution			2,034
Series K Preferred Units [Member]
Class of Stock [Line Items]
Distribution Per Unit			$ 9,968.85
Total Distribution			$ 1,994

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Investment in Real Estate - Summary Regarding Industrial Properties Included in Discontinued Operations (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Investment in Real Estate [Abstract]
Total Revenues	$ 116	$ 3,081	$ 2,311	$ 11,449
Property Expenses	58	(1,241)	(871)	(4,749)
Impairment of Real Estate	0	0	(176)	(1,186)
Depreciation and Amortization	(49)	(986)	(746)	(3,757)
Gain on Sale of Real Estate	3,613	4,470	14,020	12,084
Income from Discontinued Operations	$ 3,738	$ 5,324	$ 14,538	$ 13,841

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Derivatives - Reconciliation of Liabilities Classified as Level 3 (Detail) (Unobservable Inputs (Level 3), USD $) In Thousands, unless otherwise specified			9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013 Mark-to-Market on Series F Agreement
Derivative [Line Items]
Ending Liability Balance	$ 0	$ (826)
Mark-to-Market of the Series F Agreement			826
Ending Liability Balance	$ 0	$ (826)

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Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

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

In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial buildings. At September 30, 2013, we have committed to the development of three industrial buildings totaling approximately 1.1 million square feet of GLA. The estimated total construction costs as of September 30, 2013, are approximately $94,400. Of this amount, approximately $27,700 remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated completion cost stated above.

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Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2013

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

8. Accumulated Other Comprehensive Loss

The following tables summarize the changes in Accumulated Other Comprehensive Loss by component for the nine months ended September 30, 2013 and the reclassifications out of Accumulated Other Comprehensive Loss for the three and nine months ended September 30, 2013:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Total
Balance as of December 31, 2012	$	(7,008	)	$	179		$	(6,829	)
Other Comprehensive Loss Before Reclassifications	—			(14		)	(14		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	2,908			—			2,908
Net Current Period Other Comprehensive Income (Loss)	2,908			(14		)	2,894
Balance as of September 30, 2013	$	(4,100	)	$	165		$	(3,935	)

	Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	Three Months Ended September 30, 2013		Nine Months Ended September 30, 2013		Affected Line Item in the Consolidated Statements of Operations
Interest Rate Protection Agreements
Amortization of Interest Rate Protection Agreements	$	609	$	1,792	Interest Expense
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	17		1,116		Loss from Retirement of Debt
	$	626	2,908		Total

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Investment in Real Estate (Tables)

9 Months Ended

Sep. 30, 2013

Investment in Real Estate [Abstract]

Summary Regarding Industrial Properties Included in Discontinued Operations

The following table discloses certain information regarding the industrial properties included in discontinued operations for the three and nine months ended September 30, 2013 and 2012:

	Three Months Ended September 30, 2013			Three Months Ended September 30, 2012			Nine Months Ended September 30, 2013			Nine Months Ended September 30, 2012
Total Revenues	$	116		$	3,081		$	2,311		$	11,449
Property Expenses	58			(1,241		)	(871		)	(4,749		)
Impairment of Real Estate	—			—			(176		)	(1,186		)
Depreciation and Amortization	(49		)	(986		)	(746		)	(3,757		)
Gain on Sale of Real Estate	3,613			4,470			14,020			12,084
Income from Discontinued Operations	$	3,738		$	5,324		$	14,538		$	13,841

Net Non-Cash Impairment Charges

During the three and nine months ended September 30, 2013 and 2012, we recorded the following net non-cash impairment charges:

	Three Months Ended September 30, 2013		Three Months Ended September 30, 2012		Nine Months Ended September 30, 2013		Nine Months Ended September 30, 2012
Sold or Held for Sale Operating Properties — Discontinued Operations	$	—	$	—	$	176	$	1,186
Operating Properties Not Held For Sale — Continuing Operations	1,047		—		2,476		(85		)
Total Net Impairment	$	1,047	$	—	$	2,652	$	1,101

Fair Value Measurements on a Nonrecurring Basis

The following table presents information about our real estate assets that were measured at fair value on a non-recurring basis during the nine months ended September 30, 2013. The table indicates the fair value hierarchy of the valuation techniques we utilized to determine fair value.

	Fair Value Measurements on a Non-Recurring Basis Using:
Description	At September 30, 2013		Quoted Prices in Active Markets for Identical Assets (Level  1)	Significant Other Observable Inputs (Level 2)	Unobservable Inputs (Level 3)		Total Impairment for the Nine Months Ended
Long-lived Assets Not Held For Sale*	$	6,875	—	—	$	6,875	$	(1,047	)
_____________________

* Excludes industrial properties for which impairment of $1,605 was recorded during the nine months ended September 30, 2013 since the related assets are sold or recorded at carrying value, which is lower than estimated fair value at September 30, 2013.

Quantitative Information about Level 3 Fair Value Measurements

The following table presents quantitative information about the Level 3 fair value measurements at September 30, 2013.

Quantitative Information about Level 3 Fair Value Measurements:
Description	Fair Value		Valuation Technique	Unobservable Inputs	Range
One industrial property comprising approximately 0.5 million square feet of GLA	$	6,875	Contracted Price	(A)	N/A

(A) The fair value for the property is based upon the value of a third party purchase contract, which is subject to our corroboration for reasonableness.

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Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

13. Subsequent Events

From October 1, 2013 to November 1, 2013, we paid off prior to maturity mortgage loans payable in the aggregate amount of $31,966.

From October 1, 2013 to November 1, 2013, we acquired 100% of an LLC interest that owned one industrial property for a purchase price of approximately $26,349, excluding costs incurred in conjunction with the acquisition of the industrial property and sold three industrial properties and one land parcel for approximately $4,644.

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Document and Entity Information	9 Months Ended
	Sep. 30, 2013
Entity Information [Line Items]
Entity Registrant Name	FIRST INDUSTRIAL LP
Entity Central Index Key	0001033128
Trading Symbol	FRFI
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Entity Current Reporting Status	Yes
Amendment Flag	false
Entity Common Stock, Shares Outstanding	0

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Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Reclassifications

Reclassifications

Certain reclassifications have been made to the 2012 financial statements to conform to the 2013 presentation. Additionally, the results of operations for the nine months ended September 30, 2013 include an adjustment of $1,561 to decrease depreciation and amortization expense which should have been recorded during previous periods. Management evaluated the impact of the adjustment and does not believe it is material to the results of the anticipated full year, current period or any previous period.

IRS Tax Refund

IRS Tax Refund

On August 24, 2009, we received a private letter ruling from the IRS granting favorable loss treatment under Sections 331 and 336 of the Code on the tax liquidation of one of our former taxable REIT subsidiaries. On November 6, 2009, legislation was signed that allowed businesses with net operating losses for 2008 or 2009 to carry back those losses for up to five years. As a result, we received a refund from the IRS of $40,418 in the fourth quarter of 2009 (the "Refund") in connection with this tax liquidation. The IRS examination team, which is required by statute to review all refund claims in excess of $2,000 on behalf of the Joint Committee on Taxation, indicated to us that it disagreed with certain of the property valuations we obtained from an independent valuation expert in support of our fair value of the liquidated taxable REIT subsidiary and our claim for the Refund. During the year ended December 31, 2012, we reached an agreement with the regional office of the IRS on a proposed adjustment to the Refund. The total agreed-upon adjustment to taxable income was $13,700, which equates to $4,806 of taxes owed. We were also required to pay accrued interest of approximately $500. During the year ended December 31, 2012, the Operating Partnership recorded the charge for the agreed-upon adjustment and the related estimated accrued interest which was reflected as a component of income tax expense. During 2013, the settlement amount was approved by the Joint Committee on Taxation. During the nine months ended September 30, 2013, we paid the agreed upon taxes and related accrued interest.

As a result of the Joint Committee on Taxation's approval, during 2013, we entered into closing agreements with the IRS that determined the timing of the settlement on the tax characterization of the limited partners of the Operating Partnership and the stockholders of the Company. Pursuant to these closing agreements, $8,238 of the preferred stock distributions for the year ended December 31, 2012 are taxable as capital gain.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In February 2013, the FASB issued Accounting Standards Update No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"). ASU 2013-02 requires that public companies present, either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. ASU 2013-02 is effective for annual periods beginning after December 15, 2012, and is to be applied prospectively. The adoption of this guidance did not have a material impact on our consolidated financial statements.

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Subsequent Events - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended		12 Months Ended			1 Months Ended
	Sep. 30, 2013 Property	Sep. 30, 2012 Property	Dec. 31, 2012 Property	Jul. 19, 2013	Dec. 14, 2011	Nov. 01, 2013 Subsequent Events Parcels Property
Subsequent Event [Line Items]
Paid off and retired a secured mortgage loan	$ 41,389	$ 20,197				$ 31,966
Ownership interest acquired						100.00%
Number of industrial properties acquired	1					1
Purchase price of acquisitions	46,463					26,349
Payments for repurchase of redeemable preferred stock	150,000	0
Line of credit facility, maximum borrowing capacity				625,000	450,000
Line of credit facility, increase, additional borrowings	825,000
Line of credit facility, interest rate description	145
Number of years of extension of line of credit facility at election	1 year
Number of industrial properties sold	18	23	26			3
Number of land parcels sold						1
Proceeds from sale of industrial properties						$ 4,644

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Commitments and Contingencies - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013 sqft building
Commitments and Contingencies Disclosure [Abstract]
Number of industrial properties committed to development	3
Gross leasable area (GLA) of industrial properties committed to development	1,100,000
Estimated total construction costs	$ 94,400
Estimated total construction costs remaining to be funded	$ 27,700