10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 _______________________________

Form 10-K

_______________________________

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

For the fiscal year ended December 31, 2015

or

¨ 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 1-13102 (First Industrial Realty Trust, Inc.) 333-21873 (First Industrial, L.P.)

  _______________________________

FIRST INDUSTRIAL REALTY TRUST, INC.

FIRST INDUSTRIAL, L.P.

(Exact name of Registrant as specified in its Charter)

Maryland (First Industrial Realty Trust, Inc.)	36-3935116 (First Industrial Realty Trust, Inc.)
Delaware ( First Industrial, L.P.)	36-3924586 (First Industrial, L.P.)
(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)	(Zip Code)

(312) 344-4300

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Common Stock (First Industrial Realty Trust, Inc.)

(Title of Class)

New York Stock Exchange

(Name of exchange on which registered)

Securities registered pursuant to Section 12(g) of the Act:

None

 _______________________________ 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

First Industrial Realty Trust, Inc.	Yes þ No o
First Industrial, L.P.	Yes þ No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

First Industrial Realty Trust, Inc.	Yes o No þ
First Industrial, L.P.	Yes o No þ

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 (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

First Industrial Realty Trust, Inc.	Yes þ No o
First Industrial, L.P.	Yes þ No o

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).

First Industrial Realty Trust, Inc.	Yes þ No o
First Industrial, L.P.	Yes þ No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ¨

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):

First Industrial Realty Trust, Inc.:
Large accelerated filer	þ		Accelerated filer	o
Non-accelerated filer	o	(Do not check if a smaller reporting company)	Smaller reporting company	o

First Industrial, L.P.:
Large accelerated filer	o		Accelerated filer	þ
Non-accelerated filer	o	(Do not check if a smaller reporting company)	Smaller reporting company	o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

First Industrial Realty Trust, Inc.	Yes o No þ
First Industrial, L.P.	Yes o No þ

The aggregate market value of the voting and non-voting stock held by non-affiliates of First Industrial Realty Trust, Inc. was approximately $2,035.9 million based on the closing price on the New York Stock Exchange for such stock on June 30, 2015.

At February 24, 2016, 111,237,685 shares of First Industrial Realty Trust, Inc.’s Common Stock, $0.01 par value, were outstanding.

  _______________________________

DOCUMENTS INCORPORATED BY REFERENCE

Part III incorporates certain information by reference to First Industrial Realty Trust, Inc.’s definitive proxy statement expected to be filed with the Securities and Exchange Commission no later than 120 days after the end of First Industrial Realty Trust, Inc.’s fiscal year.

EXPLANATORY NOTE

This report combines the Annual Reports on Form 10-K for the period ended December 31, 2015 of First Industrial Realty Trust, Inc., a Maryland corporation (the "Company"), and First Industrial, L.P., a Delaware limited partnership (the "Operating Partnership"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including the Operating Partnership and its consolidated subsidiaries.

The Company is a real estate investment trust and the general partner of the Operating Partnership. At December 31, 2015, the Company owned an approximate 96.3% common general partnership interest in the Operating Partnership. The remaining approximate 3.7% common limited partnership interests in the Operating Partnership are owned by certain limited partners. As the sole general partner of the Operating Partnership, the Company exercises exclusive and complete discretion over the Operating Partnership’s day-to-day management and control and can cause it to enter into certain major transactions, including acquisitions, dispositions, and refinancings. The management of the Company consists of the same members as the management of the Operating Partnership.

The Company and the Operating Partnership are managed and operated as one enterprise. The financial results of the Operating Partnership are consolidated into the financial statements of the Company. The Company has no significant assets other than its investment in the Operating Partnership. Substantially all of the Company’s assets are held by, and its operations are conducted through, the Operating Partnership and its subsidiaries. Therefore, the assets and liabilities of the Company and the Operating Partnership are substantially the same.

We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how the Company and the Operating Partnership operate as an interrelated, consolidated company. The main areas of difference between the consolidated financial statements of the Company and those of the Operating Partnership are:

• Stockholders’ Equity, Noncontrolling Interest and Partners’ Capital. The 3.7% equity interest in the Operating Partnership held by entities other than the Company are classified within partners’ capital in the Operating Partnership’s financial statements and as a noncontrolling interest in the Company's financial statements.

• Relationship to Other Real Estate Partnerships. The Company's operations are conducted primarily through the Operating Partnership and its subsidiaries, though operations are also conducted through eight other limited partnerships, which are referred to as the “Other Real Estate Partnerships." The Operating Partnership is a limited partner, holding at least a 99% interest, and the Company is a general partner, holding at least a .01% general partnership interest through eight separately wholly-owned corporations, in each of the Other Real Estate Partnerships. The Other Real Estate Partnerships are variable interest entities that both the Company and the Operating Partnership consolidate. The Company's direct general partnership interest in the Other Real Estate Partnerships is reflected as noncontrolling interest within the Operating Partnership's financial statements.

• Relationship to Service Subsidiary. The Company has a direct wholly-owned subsidiary that does not own any real estate but provides services to various other entities owned by the Company. Since the Operating Partnership does not have an ownership interest in this entity, its operations are reflected in the consolidated results of the Company but not the Operating Partnership. Also, this entity owes certain amounts to the Operating Partnership, for which a receivable is included on the Operating Partnership’s balance sheet but is eliminated on the Company’s consolidated balance sheet, since both this entity and the Operating Partnership are fully consolidated by the Company.

We believe combining the Company’s and Operating Partnership’s annual reports into this single report results in the following benefits:

• enhances investors' understanding of the Company and the Operating Partnership by enabling them to view the business as a whole and in the same manner as management views and operates the business;

• creates time and cost efficiencies through the preparation of one combined report instead of two separate reports; and

• eliminates duplicative disclosures and provides a more streamlined and readable presentation for our investors to review since a substantial portion of the Company’s disclosure applies to both the Company and the Operating Partnership.

To help investors understand the differences between the Company and the Operating Partnership, this report provides the following separate disclosures for each of the Company and the Operating Partnership:

• consolidated financial statements;

• a single set of consolidated notes to such financial statements that includes separate discussions of each entity’s stockholders’ equity or partners’ capital, as applicable; and

• a combined Management’s Discussion and Analysis of Financial Condition and Results of Operations section that includes distinct information related to each entity.

This report also includes separate Part II, Item 9A, Controls and Procedures sections and separate Exhibits 31 and 32 certifications for the Company and the Operating Partnership in order to establish that the requisite certifications have been made and that the Company and the Operating Partnership are both compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. §1350.

FIRST INDUSTRIAL REALTY TRUST, INC.

FIRST INDUSTRIAL, L.P.

TABLE OF CONTENTS

		Page
PART I.		4
Item 1.	Business	4
Item 1A.	Risk Factors	7
Item 1B.	Unresolved SEC Comments	15
Item 2.	Properties	16
Item 3.	Legal Proceedings	21
Item 4.	Mine Safety Disclosures	21
PART II.		22
Item 5.	Market for Registrant’s Common Equity / Partners' Capital, Related Stockholder / Unitholder Matters and Issuer Purchases of Equity Securities	22
Item 6.	Selected Financial Data	25
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 8.	Financial Statements and Supplementary Data	41
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	41
Item 9A.	Controls and Procedures	42
Item 9B.	Other Information	43
PART III.		44
Item 10.	Directors, Executive Officers and Corporate Governance	44
Item 11.	Executive Compensation	44
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	44
Item 13.	Certain Relationships and Related Transactions and Director Independence	44
Item 14.	Principal Accountant Fees and Services	44
PART IV.		44
Item 15.	Exhibits and Financial Statements and Financial Statement Schedule	44
Signatures		S-18

2

FORWARD-LOOKING STATEMENTS

This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"). We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions and describe our future plans, strategies and expectations, and are generally identifiable by use of the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "project," "seek," "target," "potential," "focus," "may," "will," "should" or similar words. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to:

• changes in national, international, regional and local economic conditions generally and real estate markets specifically;

• changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities;

• our ability to qualify and maintain our status as a real estate investment trust;

• the availability and attractiveness of financing (including both public and private capital) and changes in interest rates;

• the availability and attractiveness of terms of additional debt repurchases;

• changes in our credit agency ratings;

• our ability to comply with applicable financial covenants;

• our competitive environment;

• changes in supply, demand and valuation of industrial properties and land in our current and potential market areas;

• difficulties in identifying and consummating acquisitions and dispositions;

• our ability to manage the integration of properties we acquire;

• potential liability relating to environmental matters;

• defaults on or non-renewal of leases by our tenants;

• decreased rental rates or increased vacancy rates;

• higher-than-expected real estate construction costs and delays in development or lease-up schedules;

• changes in general accounting principles, policies and guidelines applicable to real estate investment trusts; and

• other risks and uncertainties described in Item 1A, "Risk Factors" and elsewhere in this report as well as those risks and uncertainties discussed from time to time in our other Exchange Act reports and in our other public filings with the Securities and Exchange Commission (the “SEC”).

We caution you not to place undue reliance on forward-looking statements, which reflect our outlook only and speak only as of the date of this report. We assume no obligation to update or supplement forward-looking statements.

3

PART I

THE COMPANY

Item  1. Business

Background

First Industrial Realty Trust, Inc. is a Maryland corporation organized on August 10, 1993, and is a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). We are a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops, and redevelops industrial real estate. As of December 31, 2015, our in-service portfolio consisted of 234 light industrial properties, 78 R&D/flex properties, 167 bulk warehouse properties and 101 regional warehouse properties containing an aggregate of approximately 61.6 million square feet of gross leasable area ("GLA") located in 25 states. Our in-service portfolio includes all properties other than developed, redeveloped and acquired properties that have not yet reached stabilized occupancy (generally defined as properties that are 90% leased).

We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner, with an approximate 96.3% and 96.2% ownership interest at December 31, 2015 and 2014, respectively. The Operating Partnership conducts operations itself and through eight other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries, the operating data of which, together with that of the Operating Partnership is consolidated with that of the Company as presented herein. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships.

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

We also provide various services to two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture"; collectively, the "Joint Ventures"). Our noncontrolling equity ownership interests in the 2003 Net Lease Joint Venture and the 2007 Europe Joint Venture are 15% and 10%, respectively. During the year ended December 31, 2015, the 2003 Net Lease Joint Venture sold its last remaining industrial property comprising approximately 0.8 million square feet of GLA. At December 31, 2015, the 2007 Europe Joint Venture did not own any properties. The Joint Ventures are accounted for under the equity method of accounting.

We utilize an operating approach which combines the effectiveness of decentralized, locally based property management, acquisition, sales and development functions with the cost efficiencies of centralized acquisition, sales and development support, capital markets expertise, asset management and fiscal control systems. At December 31, 2015, we had 170 employees.

4

Available Information

We maintain a website at www.firstindustrial.com. Information on this website shall not constitute part of this Form 10-K. Copies of our respective annual reports 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 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 (www.sec.gov). In addition, the Company's 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 the Company's website or upon request to the Company. 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

Attention: Investor Relations

Business Objectives and Growth Plans

Our fundamental business objective is to maximize the total return to the Company's stockholders and the Operating Partnership's partners through distributions and increases in the value of our properties and operations. Our long-term business growth plans include the following elements:

• Internal Growth. We seek to grow internally by (i) increasing revenues by renewing or re-leasing spaces subject to expiring leases at higher rental levels; (ii) increasing occupancy levels at properties where vacancies exist and maintaining occupancy elsewhere; (iii) controlling and minimizing property operating and general and administrative expenses; and (iv) renovating existing properties.

• External Growth. We seek to grow externally through (i) the development of industrial properties; (ii) the acquisition of portfolios of industrial properties or individual properties which meet our investment parameters within our target markets; (iii) the expansion of our properties; and (iv) possible additional joint venture investments.

• Portfolio Enhancement. We continually seek to upgrade our overall portfolio via new investments as well as through the sale of select assets that we believe do not exhibit favorable characteristics for long-term cash flow growth.

Our ability to pursue our long-term growth plans is affected by market conditions and our financial condition and operating capabilities. See "Summary of Significant Transactions in 2015" under Item 7,"Management's Discussion and Analysis of Financial Condition and Results of Operations."

5

Business Strategies

We utilize the following six strategies in connection with the operation of our business:

• Organizational Strategy. We implement our decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts.

• Market Strategy. Our market strategy is to concentrate on the top industrial real estate markets in the United States. These markets have one or more of the following characteristics: (i) favorable industrial real estate fundamentals, including improving industrial demand and constrained supply that can lead to long-term rent growth; (ii) warehouse distribution markets with favorable economic and business environments that should benefit from increases in distribution activity driven by growth in global trade and local consumption; and (iii) sufficient size to provide ample opportunity for growth through incremental investments as well as offer asset liquidity.

• Leasing and Marketing Strategy. We have an operational management strategy designed to enhance tenant satisfaction and portfolio performance. We pursue an active leasing strategy, which includes broadly marketing available space, seeking to renew existing leases at higher rents per square foot and seeking leases which provide for the pass-through of property-related expenses to the tenant. We also have local and national marketing programs which focus on the business and real estate brokerage communities and multi-national tenants.

• Acquisition/Development Strategy. Our acquisition/development strategy is to invest in industrial properties in the top industrial real estate markets in the United States.

• Disposition Strategy. We continuously evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition.

• Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we may utilize a portion of proceeds from property sales, unsecured debt offerings, term loans, mortgage financings and line of credit borrowings under our $625.0 million unsecured credit facility (the "Unsecured Credit Facility"), and proceeds from the issuance, when and as warranted, of additional equity securities. As of February 24, 2016, we had approximately $356.6 million available for additional borrowings under the Unsecured Credit Facility.

Future Property Acquisitions, Developments and Property Sales

We have acquisition and development programs through which we seek to identify portfolio and individual industrial property acquisitions and developments. We also sell properties based on market conditions and property related factors. As a result, we are currently engaged in negotiations relating to the possible acquisition, development or sale of certain industrial properties in our portfolio.

When evaluating potential industrial property acquisitions and developments, as well as potential industrial property sales, we will consider such factors as: (i) the geographic area and type of property; (ii) the location, construction quality, condition and design of the property; (iii) the terms of tenant leases, including the potential for rent increases; (iv) the potential for economic growth and the general business, tax and regulatory environment of the area in which the property is located; (v) the occupancy and demand by tenants for properties of a similar type in the vicinity; (vi) competition from existing properties and the potential for the construction of new properties in the area; (vii) the potential for capital appreciation of the property; (viii) the ability to improve the property’s performance through renovation; and (ix) the potential for expansion of the physical layout of the property and/or the number of sites.

Industry

Industrial properties are typically used for the design, assembly, packaging, storage and distribution of goods and/or the provision of services. As a result, the demand for industrial space in the United States is related to the level of economic output. Accordingly, the competition we face to lease our existing properties and acquire new properties varies with the level of economic output.

6

Item  1A. Risk Factors

Our operations involve various risks that could adversely affect our financial condition, results of operations, cash flow, make distributions to holders of the Company's common stock and the Operating Partnership's general and limited partnership interests ("Units"), the market price of the Company's common stock and the market value of the Units. These risks, among others contained in our other filings with the SEC, include:

Disruptions in the financial markets could affect our ability to obtain financing and may negatively impact our liquidity, financial condition and operating results.

From time to time, the capital and credit markets in the United States and other countries experience significant price volatility, dislocations and liquidity disruptions, which can cause the market prices of many securities and the spreads on prospective debt financings to fluctuate substantially. These circumstances can materially impact liquidity in the financial markets, making terms for certain financings less attractive, and in some cases result in the unavailability of financing. A significant amount of our existing indebtedness was issued through capital markets transactions. We anticipate that the capital markets could be a source of refinancing of our existing indebtedness in the future. This source of refinancing may not be available if volatility in or disruption of the capital markets occurs. Furthermore, we could potentially lose access to available liquidity under our Unsecured Credit Facility if one or more participating lenders were to default on their commitments. If our ability to issue additional debt or equity securities or to borrow money under our Unsecured Credit Facility were to be impaired by volatility in or disruption of the capital markets, it could have a material adverse effect on our liquidity and financial condition.

In addition, price volatility in the capital and credit markets could make the valuation of our properties more difficult. There may be significant uncertainty in the valuation, or in the stability of the value, of our properties that could result in a substantial decrease in the value of our properties. As a result, we may not be able to recover the carrying amount of our properties, which may require us to recognize an impairment loss in earnings.

Real estate investments fluctuate in value depending on conditions in the general economy and the real estate industry. These conditions may limit our revenues and available cash.

The factors that affect the value of our real estate and the revenues we derive from our properties include, among other things:

• general economic conditions;

• local, regional, national and international economic conditions and other events and occurrences that affect the markets in which we own properties;

• local conditions such as oversupply or a reduction in demand in an area;

• increasing labor and material costs;

• the ability to collect on a timely basis all rents from tenants;

• changes in tenant operations, real estate needs and credit;

• changes in interest rates and in the availability, cost and terms of mortgage funding;

• zoning or other regulatory restrictions;

• competition from other available real estate;

• operating costs, including maintenance, insurance premiums and real estate taxes; and

• other factors that are beyond our control.

Our investments in real estate assets are concentrated in the industrial sector, and the demand for industrial space in the United States is related to the level of economic output. Accordingly, reduced economic output may lead to lower occupancy rates for our properties. In addition, if any of our tenants experiences a downturn in its business that weakens its financial condition, delays lease commencement, fails to make rental payments when due, becomes insolvent or declares bankruptcy, the result could be a termination of the tenant’s lease, which could adversely affect our cash flow from operations. These factors may be amplified by a disruption of financial markets.

7

Many real estate costs are fixed, even if income from properties decreases.

Our financial results depend on leasing space to tenants on terms favorable to us. Our income and funds available for distribution to our stockholders and Unitholders will decrease if a significant number of our tenants cannot pay their rent or we are unable to lease properties on favorable terms. In addition, if a tenant does not pay its rent, we may not be able to enforce our rights as landlord without delays and we may incur substantial legal costs. Costs associated with real property, such as real estate taxes and maintenance costs, generally are not reduced when circumstances cause a reduction in income from the property.

We may be unable to acquire properties on advantageous terms or acquisitions may not perform as we expect.

We have routinely acquired properties from third parties as conditions warrant and, as part of our business, we intend to continue to do so. The acquisition of properties entails various risks, including risks that our investments may not perform as expected and that our cost estimates for bringing an acquired property up to market standards may prove inaccurate. Further, we face significant competition for attractive investment opportunities from other well-capitalized real estate investors, including publicly-traded REITs and private investors. This competition increases as investments in real estate become attractive relative to other forms of investment. As a result of competition, we may be unable to acquire additional properties and purchase prices may increase. In addition, we expect to finance future acquisitions through a combination of borrowings under the Unsecured Credit Facility, proceeds from equity or debt offerings and debt originations and proceeds from property sales, which may not be available and which could adversely affect our cash flow. Any of the above risks could adversely affect our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units.

We may obtain only limited warranties when we purchase a property and would have only limited recourse in the event our due diligence did not identify any issues that lower the value of our property.

The seller of a property often sells such property in its "as is" condition on a "where is" basis and "with all faults," without any warranties of merchantability or fitness for a particular use or purpose. In addition, purchase agreements may contain only limited warranties, representations and indemnifications that will only survive for a limited period after the closing. The purchase of properties with limited warranties increases the risk that we may lose some or all of our invested capital in the property as well as the loss of rental income from that property.

We may be unable to sell properties when appropriate or at all because real estate investments are not as liquid as certain other types of assets.

Real estate investments generally cannot be sold quickly, which could limit our ability to adjust our property portfolio in response to changes in economic conditions or in the performance of the portfolio. This could adversely affect our financial condition and our ability to service debt and make dividends/distributions to our stockholders and Unitholders. In addition, like other companies qualifying as REITs under the Code, our ability to sell assets may be restricted by tax laws that potentially result in punitive taxation on asset sales that fail to meet certain safe harbor rules or other criteria established under case law.

We may be unable to sell properties on advantageous terms.

We have routinely sold properties to third parties as conditions warrant and, as part of our business, we intend to continue to do so. However, our ability to sell properties on advantageous terms depends on factors beyond our control, including competition from other sellers and the availability of attractive financing for potential buyers. If we are unable to sell properties on favorable terms or to redeploy the proceeds in accordance with our business strategy, then our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected. Further, if we sell properties by providing financing to purchasers, defaults by the purchasers would adversely affect our operations and financial condition.

8

We may be unable to complete development and re-development projects on advantageous terms.

As part of our business, we develop new properties and re-develop existing properties as conditions warrant. This part of our business involves significant risks, including the following:

• we may not be able to obtain financing for these projects on favorable terms;

• we may not complete construction on schedule or within budget;

• we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations;

• contractor and subcontractor disputes, strikes, labor disputes or supply chain disruptions may occur; and

• properties may perform below anticipated levels, producing cash flow below budgeted amounts, which may result in us paying too much for a property, cause the property to not be profitable and limit our ability to sell such properties to third parties.

To the extent these risks result in increased debt service expense, construction costs and delays in budgeted leasing, they could adversely affect our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units.

We may be unable to renew leases or find other lessees.

We are subject to the risks that, upon expiration, leases may not be renewed, the space subject to such leases may not be relet or the terms of renewal or reletting, including the cost of required renovations, may be less favorable than the expiring lease terms. If we were unable to promptly renew a significant number of expiring leases or to promptly relet the spaces covered by such leases, or if the rental rates upon renewal or reletting were significantly lower than the current rates, our financial condition, results of operation, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected.

The Company might fail to qualify as a REIT under existing laws and/or federal income tax laws could change.

The Company intends to operate so as to qualify as a REIT under the Code, and we believe that the Company is organized and will operate in a manner that allows us to continue to do so. However, qualification as a REIT involves the satisfaction of numerous requirements, some of which must be met on a recurring basis. These requirements are established under highly technical and complex Code provisions. There are only limited judicial and administrative interpretations of these provisions, and they involve the determination of various factual matters and circumstances not entirely within our control.

If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to federal income tax at corporate rates, including any applicable alternative minimum tax. This could result in a discontinuation or substantial reduction in distributions to our stockholders and Unitholders and could reduce the cash available to pay interest and principal on debt securities that we issue. Unless entitled to relief under certain statutory provisions, the Company would be disqualified from electing treatment as a REIT for the four taxable years following the year during which the Company failed to qualify. Additionally, since the Internal Revenue Service ("IRS"), the United States Treasury Department and Congress frequently review federal income tax legislation, we cannot predict whether, when or to what extent new federal laws, regulations, interpretations or rulings will be adopted. Any such legislative action may prospectively or retroactively modify the Company's tax treatment and therefore, may adversely affect taxation of us and/or our stockholders and Unitholders. For example, the recently enacted Protecting Americans from Tax Hikes Act of 2015 (the “PATH Act”) contains numerous changes to the U.S. federal income tax rules applicable to REITs.  Such changes include modifications to various rules that apply to our ownership of, and business relationship with, any taxable REIT subsidiaries (including a reduction in the maximum allowable value of our assets attributable to taxable REIT subsidiaries from 25% to 20%) which could impact our ability to enter into future investments.  The provisions enacted by the PATH Act could result in changes in our tax positions or investments, and future legislative changes related to those rules described above could have a materially adverse impact on our results of operations.

9

Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the gain attributable to the transaction.

As part of our business, we sell properties to third parties as opportunities arise. Under the Code, a 100% penalty tax could be assessed on the tax gain recognized from sales of properties that are deemed to be prohibited transactions. The question of what constitutes a prohibited transaction is based on the facts and circumstances surrounding each transaction. The IRS could contend that certain sales of properties by us are prohibited transactions. While we have implemented controls to avoid prohibited transactions, if a dispute were to arise that was successfully argued by the IRS, the 100% penalty tax could be assessed against the Company's profits from these transactions.

The REIT distribution requirements may limit our ability to retain capital and require us to turn to external financing sources.

As a REIT, the Company must distribute to its stockholders at least 90% of its taxable income each year. The Company could, in certain instances, have taxable income without sufficient cash to enable it to meet this requirement. In that situation, we could be required to borrow funds or sell properties on adverse terms in order to do so. The distribution requirement could also limit our ability to accumulate capital to provide capital resources for our ongoing business, and to satisfy our debt repayment obligations and other liquidity needs, we may be more dependent on outside sources of financing, such as debt financing or issuances of additional capital stock, which may or may not be available on favorable terms. Additional debt financings may substantially increase our leverage and additional equity offerings may result in substantial dilution of stockholders’ and Unitholders' interests.

Failure to hedge effectively against interest rate changes may adversely affect our results of operations.

Subject to maintaining the Company's qualification as a REIT, we may seek to manage our exposure to interest rate volatility by using interest rate hedging arrangements, such as interest cap agreements and interest rate swap agreements. These agreements may fail to protect or could adversely affect us because, among other things:

• interest rate hedging can be expensive, particularly during periods of rising and volatile interest rates;

• available interest rate hedges may not correspond directly with the interest rate risk for which protection is sought;

• the duration of the hedge may not match the duration of the related liability;

• the amount of income that a REIT may earn from hedging transactions (other than through taxable REIT subsidiaries) is limited by U.S. federal tax provisions governing REITs;

• the credit quality of the party owing money on the hedge may be downgraded to such an extent that it impairs our ability to sell or assign our side of the hedging transaction;

• the party owing money in the hedging transaction may default on its obligation to pay;

• we could incur significant costs associated with the settlement of the agreements;

• the underlying transactions could fail to qualify as highly-effective cash flow hedges under generally accepted accounting practices; and

• a court could rule that such an agreement is not legally enforceable.

We have adopted a practice relating to the use of derivative financial instruments to hedge interest rate risks related to our borrowings. This practice requires the Company's Board of Directors to authorize our use of derivative financial instruments to manage the interest rates on our variable rate borrowings. Our practice is that we do not use derivatives for speculative or trading purposes and intend only to enter into contracts with major financial institutions based on their credit rating and other factors, but the Company's Board of Directors may choose to change these practices in the future. Hedging may reduce the overall returns on our investments, which could reduce our cash available for distribution to our stockholders and Unitholders. Failure to hedge effectively against interest rate changes may materially adversely affect our financial condition, results of operations and cash flow.

10

Debt financing, the degree of leverage and rising interest rates could reduce our cash flow.

We use debt to increase the rate of return to our stockholders and Unitholders and to allow us to make more investments than we otherwise could. Our use of leverage presents an additional element of risk in the event that the cash flow from our properties is insufficient to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code. In addition, rising interest rates would reduce our cash flow by increasing the amount of interest due on our floating rate debt and on our fixed rate debt as it matures and is refinanced. Our organizational documents do not contain any limitation on the amount or percentage of indebtedness we may incur.

Failure to comply with covenants in our debt agreements could adversely affect our financial condition.

The terms of our agreements governing our indebtedness require that we comply with a number of financial and other covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage. Complying with such covenants may limit our operational flexibility. Our failure to comply with these covenants could cause a default under the applicable debt agreement even if we have satisfied our payment obligations. Consistent with our prior practice, we will continue to interpret and certify our performance under these covenants in a good faith manner that we deem reasonable and appropriate. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by the noteholders or lenders in a manner that could impose and cause us to incur material costs. Our ability to meet our financial covenants may be adversely affected if economic and credit market conditions limit our ability to reduce our debt levels consistent with, or result in net operating income below, our current expectations. Under our Unsecured Credit Facility, an event of default can also occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred that could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement.

Upon the occurrence of an event of default, we would be subject to higher finance costs and fees, and the lenders under our Unsecured Credit Facility will not be required to lend any additional amounts to us. In addition, our indebtedness, together with accrued and unpaid interest and fees, could be accelerated and declared to be immediately due and payable. Furthermore, our Unsecured Credit Facility, our unsecured term loans and the indentures governing our senior unsecured notes contain certain cross-default provisions that may be triggered in the event that our other material indebtedness is in default. These cross-default provisions may require us to repay or restructure our Unsecured Credit Facility, our unsecured term loans or our senior unsecured notes, depending on which is in default, and such restructuring could adversely affect our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units. If repayment of any of our indebtedness is accelerated, we cannot provide assurance that we would be able to borrow sufficient funds to refinance such indebtedness or that we would be able to sell sufficient assets to repay such indebtedness. Even if we were able to obtain new financing, it may not be on commercially reasonable terms, or terms that are acceptable to us.

Cross-collateralization of mortgage loans could result in foreclosure on a significant portion of our properties if we are unable to service its indebtedness.

Certain of our mortgages were issued on a cross-collateralized basis. Cross-collateralization makes all of the subject properties available to the lender in order to satisfy the debt. To the extent indebtedness is cross-collateralized, lenders may seek to foreclose upon properties that do not comprise the primary collateral for a loan, which may, in turn, result in acceleration of other indebtedness collateralized by such properties. Foreclosure of properties would result in a loss of income and asset value to us, making it difficult for us to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code.

We may have to make lump-sum payments on our existing indebtedness.

We are required to make lump-sum or "balloon" payments under the terms of some of our indebtedness. Our ability to make required payments of principal on outstanding indebtedness, whether at maturity or otherwise, may depend on our ability to refinance the applicable indebtedness or to sell properties. Currently, we have no commitments to refinance any of our indebtedness.

11

Our mortgages may impact our ability to sell encumbered properties on advantageous terms or at all.

Certain of our mortgages contain, and some future mortgages may contain, substantial prepayment premiums that we would have to pay upon the sale of a property, thereby reducing the net proceeds to us from the sale of any such property. As a result, our willingness to sell certain properties and the price at which we may desire to sell a property may be impacted. If we are unable to sell properties on favorable terms or redeploy the proceeds of property sales in accordance with our business strategy, then our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected.

Adverse market and economic conditions could cause us to recognize impairment charges.

We regularly review our real estate assets for impairment indicators, such as a decline in a property’s occupancy rate, decline in general market conditions or a change in the expected hold period of an asset. If we determine that indicators of impairment are present, we review the properties affected by these indicators to determine whether an impairment charge is required. As a result, we may be required to recognize asset impairment, which could materially and adversely affect our business, financial condition and results of operations. We use considerable judgment in making determinations about impairments, from analyzing whether there are indicators of impairment, to the assumptions used in calculating the fair value of the investment. Accordingly, our subjective estimates and evaluations may not be accurate, and such estimates and evaluations are subject to change or revision.

Earnings and cash dividends, asset value and market interest rates affect the price of the Company's common stock.

The market value of the Company's common stock is based in large part upon the market’s perception of the growth potential of the Company's earnings and cash dividends. The market value of the Company's common stock is also based upon the value of the Company's underlying real estate assets. For this reason, shares of the Company's common stock may trade at prices that are higher or lower than the Company's net asset value per share. To the extent that the Company retains operating cash flow for investment purposes, working capital reserves, or other purposes, these retained funds, while increasing the value of the Company's underlying assets, may not correspondingly increase the market price of the Company's common stock. The Company's failure to meet the market’s expectations with regard to future earnings and cash dividends/distributions likely would adversely affect the market price of the Company's common stock. Further, the distribution yield on the common stock (as a percentage of the price of the common stock) relative to market interest rates may also influence the market price of the Company's common stock. An increase in market interest rates might lead prospective purchasers of the Company's common stock to expect a higher distribution yield, which would adversely affect the market price of the Company's common stock. Any reduction in the market price of the Company's common stock would, in turn, reduce the market value of the Units.

We may become subject to litigation, which could have a material and adverse effect on our financial condition, results of operations and cash flow.

We may become subject to litigation, including claims relating to our operations, offerings, and otherwise in the ordinary course of business. Some of these claims may result in significant defense costs and potentially significant judgments against us, some of which are not, or cannot be, insured against. Resolution of these types of matters could adversely impact our financial condition, results of operations and cash flow. Certain litigation or the resolution of certain litigation may affect the availability or cost of some of our insurance coverage, which could adversely impact our results of operations and cash flows, expose us to increased risks that would be uninsured, and/or adversely impact our ability to attract officers and directors.

We may incur unanticipated costs and liabilities due to environmental problems.

Under various federal, state and local laws, ordinances and regulations, we, as an owner or operator of real estate may be liable for the costs of clean-up of certain conditions relating to the presence of hazardous or toxic materials on, in or emanating from a property and any related damages to natural resources. Environmental laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of hazardous or toxic materials. The presence of such materials, or the failure to address those conditions properly, may adversely affect our ability to rent or sell a property or to borrow using a property as collateral. The disposal or treatment of or arrangement for the disposal or treatment of hazardous or toxic materials may cause us to also be liable for the costs of clean-up of such materials or for related natural resource damages occurring at or emanating from an off-site disposal or treatment facility, whether or not the facility is owned or operated by us. No assurance can be given that existing environmental assessments with respect to any of our properties reveal all environmental liabilities, that any prior owner or operator of any of our properties did not create any material environmental condition not known to us or that a material environmental condition does not otherwise exist as to any of our properties. In addition, changes to existing environmental regulations to address, among other things, climate change, could increase the scope of our potential liabilities.

12

Our insurance coverage does not include all potential losses.

Real property is subject to casualty risk including damage, destruction, or loss resulting from events that are unusual, sudden and unexpected. Some of our properties are located in areas where casualty risk is higher due to earthquake, wind and/or flood risk. We carry comprehensive insurance coverage to mitigate our casualty risk, in amounts and of a kind that we believe are appropriate for the markets where each of our properties and their business operations are located. Among other coverage, we carry property, boiler & machinery, liability, fire, flood, terrorism, earthquake, extended coverage and rental insurance. Our coverage includes policy specifications and limits customarily carried for similar properties and business activities.  We evaluate our level of insurance coverage and deductibles using analysis and modeling, as is customary in our industry. However, we do not insure against all types of casualty, and we may not fully insure against those casualty types where we do have insurance, either because coverage is not available or because we do not deem it to be economically feasible or prudent to do so. As a result, we could experience a significant loss of capital or revenues, and be exposed to obligations under recourse debt associated with a property. This could occur if an uninsured loss occurs, a loss in excess of insured limits occurs, or a loss is not paid due to insurer insolvency.

We could be subject to risks and liabilities in connection with joint venture arrangements.

Our organizational documents do not limit the amount of available funds that we may invest in joint ventures and we may selectively develop and acquire properties through joint ventures with other persons or entities when we deem such transactions are warranted by the circumstances. Joint venture investments, in general, involve certain risks, including:

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

• joint venturers might fail to fund their share of any required capital commitments;

• joint venturers might have economic or other business interests or goals that are inconsistent with our business interests or goals that would affect our ability to operate the property;

• joint venturers may have the power to act contrary to our instructions, requests, policies or objectives, including our current policy with respect to maintaining the Company's qualification as a REIT;

• the joint venture agreements often restrict the transfer of a member’s or joint venturer’s interest or “buy-sell” or may otherwise restrict our ability to sell the interest when we desire or on advantageous terms;

• disputes between us and our joint venturers may result in litigation or arbitration that would increase our expenses and prevent our officers and directors from focusing their time and effort on our business and subject the properties owned by the applicable joint venture to additional risk; and

• we may in certain circumstances be liable for the actions of our joint venturers.

The occurrence of one or more of the events described above could adversely affect our financial condition, results of operations, cash flow and ability to to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units.

We may incur significant costs complying with various federal, state and local laws, regulations and covenants that are applicable to our properties and, in particular, costs associated with complying with regulations such as the Americans with Disabilities Act of 1990 (the "ADA") may result in unanticipated expenses.

The properties in our portfolio are subject to various covenants and U.S. federal, state and local laws and regulatory requirements, including permitting and licensing requirements. Local regulations, including municipal or local ordinances, zoning restrictions and restrictive covenants imposed by community developers may restrict our use of our properties and may require us to obtain approval from local officials or restrict our use of our properties and may require us to obtain approval from local officials of community standards organizations at any time with respect to our properties, including prior to acquiring a property or when undertaking renovations of any of our existing properties. Among other things, these restrictions may relate to fire and safety, seismic or hazardous material abatement requirements. There can be no assurance that existing laws and regulatory policies will not adversely affect us or the timing or cost of any future acquisitions or renovations, or that additional regulation will not be adopted that increase such delays or result in additional costs. Our growth strategy may be affected by our ability to obtain permits, licenses and zoning relief. Our failure to obtain such permits, licenses and zoning relief or to comply with applicable laws could have an adverse effect on our financial condition, results of operations and cash flow.

13

In addition, under the ADA, all places of public accommodation are required to meet certain U.S. federal requirements related to access and use by disabled persons. Noncompliance with the ADA could result in an order to correct any non-complying feature, which could result in substantial capital expenditures. We do not conduct audits or investigations of all of these properties to determine their compliance and we cannot predict the ultimate cost of compliance with the ADA, or other legislation. If one or more of our properties in which we invest is not in compliance with the ADA, or other legislation, then we would be required to incur additional costs to bring the property into compliance. If we incur substantial costs to comply with the ADA or other legislation, our financial condition, results of operations, cash flow, our ability to satisfy debt service obligations and to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected.

Terrorist attacks and other acts of violence or war may affect the market for the Company's common stock, the industry in which we conduct our operations and our profitability.

Terrorist attacks may harm our results of operations and financial condition. We cannot assure you that there will not be terrorist attacks in the localities in which we conduct business. More generally, any of these events could cause consumer confidence and spending to decrease or result in increased volatility in the worldwide financial markets and economy. These attacks or armed conflicts may adversely impact our operations or financial condition. In addition, losses resulting from these types of events may be uninsurable.

We face risks relating to cybersecurity attacks that could cause loss of confidential information and other business disruptions.

We rely extensively on computer systems to manage our business, and our business is at risk from and may be impacted by cybersecurity attacks. These could include attempts to gain unauthorized access to our data and computer systems. Attacks can be both individual and/or highly organized attempts organized by very sophisticated hacking organizations. We employ a number of measures to prevent, detect and mitigate these threats, which include password protection, frequent password change events, firewall detection systems, frequent backups, a redundant data system for core applications and annual penetration testing; however, there is no guarantee such efforts will be successful in preventing a cybersecurity attack. A cybersecurity attack could compromise the confidential information of our employees, tenants and vendors. A successful attack could have a materially adverse effect on our business, financial condition and results of operations.

Adverse changes in our credit ratings could negatively affect our liquidity and business operations.

The credit ratings of our senior unsecured notes are based on our operating performance, liquidity and leverage ratios, overall financial position and other factors employed by the credit rating agencies in their rating analyses. Our credit ratings can affect the availability, terms and pricing of any indebtedness and preferred stock that we may incur going forward. There can be no assurance that we will be able to maintain any credit rating and, in the event any credit rating is downgraded, we could incur higher borrowing costs or may be unable to access certain or any capital markets.

Our business could be adversely impacted if we have deficiencies in our disclosure controls and procedures or internal control over financial reporting.

The design and effectiveness of our disclosure controls and procedures and internal control over financial reporting may not prevent all errors, misstatements or misrepresentations. While management will continue to review the effectiveness of our disclosure controls and procedures and internal control over financial reporting, there can be no guarantee that our internal control over financial reporting will be effective in accomplishing all control objectives all of the time. Deficiencies, including any material weakness, in our internal control over financial reporting which may occur could result in misstatements of our results of operations, restatements of our financial statements, a decline in the price/value of our securities, or otherwise materially adversely affect our business, reputation, results of operations, financial condition or liquidity.

14

The Company is authorized to issue preferred stock. The issuance of preferred stock could adversely affect the holders of the Company's common stock issued pursuant to its public offerings.

Our declaration of trust authorizes the Company to issue 150,000,000 shares, of which 10,000,000 shares are designated as preferred stock. Subject to approval by the Company's Board of Directors, the Company may issue preferred stock with rights, preferences and privileges that are more beneficial than the rights, preferences and privileges of its common stock. Holders of the Company's common stock do not have preemptive rights to acquire any shares issued by the Company in the future. If the Company ever creates and issues preferred stock with a distribution preference over common stock, payment of any distribution preferences on outstanding preferred stock would reduce the amount of funds available for the payment of distributions to our common stockholders and Unitholders. In addition, holders of preferred stock are normally entitled to receive a preference payment in the event of liquidation, dissolution or winding up before any payment is made to our common stockholders, which would reduce the amount our common stockholders and Unitholders, might otherwise receive upon such an occurrence. Also, under certain circumstances, the issuance of preferred stock may have the effect of delaying or preventing a change in control of the Company.

The Company's Board of Directors may change its strategies, policies or procedures without stockholder approval, which may subject us to different and more significant risks in the future.

Our investment, financing, leverage and distribution policies and our policies with respect to all other activities, including growth, debt, capitalization and operations, are determined by the Company's Board of Directors. These policies may be amended or revised at any time and from time to time at the discretion of the Company's Board of Directors without notice to or a vote of its stockholders. This could result in us conducting operational matters, making investments or pursuing different business or growth strategies. Under these circumstances, we may expose ourselves to different and more significant risks in the future, which could have a material adverse effect on our business and growth. In addition, the Company's Board of Directors may change its governance policies provided that such changes are consistent with applicable legal requirements. A change in these policies could have an adverse effect on our financial condition, results of operations, cash flow, ability to satisfy our principal and interest obligations, ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units.

We may be unable to retain and attract key management personnel.

We may be unable to retain and attract talented executives. In the event of the loss of key management personnel or upon unexpected death, disability or retirement, we may not be able to find replacements with comparable skill, ability and industry expertise. Until suitable replacements are identified and retained, if at all, our operating results and financial condition could be materially and adversely affected.

Item  1B. Unresolved SEC Comments

None.

15

Item  2. Properties

General

At December 31, 2015, we owned 580 in-service industrial properties containing an aggregate of approximately 61.6 million square feet of GLA in 25 states, with a diverse base of approximately 1,650 tenants engaged in a wide variety of businesses, including manufacturing, retail, wholesale trade, distribution and professional services. The average annual base rent per square foot on a portfolio basis, calculated at December 31, 2015, was $4.77. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. We maintain insurance on our properties that we believe is adequate.

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

The following describes, generally, the different industrial categories:

• Light industrial properties are of less than 100,000 square feet, have a ceiling height of 16-21 feet and are comprised of 5%-50% of office space;

• R&D/flex buildings are of less than 100,000 square feet, have a ceiling height of less than 16 feet and are comprised of 50% or more of office space;

• Bulk warehouse buildings are of more than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space; and

• Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet and are comprised of 5%-15% of office space.

16

The following tables summarize, by market, certain information as of December 31, 2015, with respect to the in-service properties.

In-Service Property Summary Totals

	Light Industrial			R&D/Flex			Bulk Warehouse			Regional Warehouse			Total
Metropolitan Area	GLA (in 000's)	Number of Properties		GLA (in 000's)	Number of Properties		GLA (in 000's)	Number of Properties		GLA (in 000's)	Number of Properties		GLA (in 000's)	Number of Properties		Average Occupancy at 12/31/15
Atlanta, GA	380	6		—	—		3,821	14		923	7		5,124	27		92	%
Baltimore, MD	453	8		168	5		1,231	4		96	1		1,948	18		96	%
Central PA	298	6		—	—		4,832	10		382	4		5,512	20		99	%
Chicago, IL	256	5		198	3		3,952	14		226	5		4,632	27		98	%
Cincinnati, OH	278	5		100	2		416	2		763	5		1,557	14		96	%
Cleveland, OH	—	—		—	—		1,318	7		—	—		1,318	7		100	%
Dallas, TX	1,249	30		209	9		3,494	23		582	8		5,534	70		98	%
Denver, CO	1,147	26		370	10		397	3		758	7		2,672	46		96	%
Detroit, MI	1,398	50		145	4		499	4		550	13		2,592	71		99	%
Houston, TX	470	8		—	—		2,809	12		356	5		3,635	25		98	%
Indianapolis, IN	583	13		25	2		2,177	7		504	6		3,289	28		87	%
Miami, FL	82	1		—	—		143	1		281	6		506	8		100	%
Milwaukee, WI	185	3		56	1		1,129	6		120	2		1,490	12		97	%
Minneapolis/St. Paul, MN	605	7		406	5		3,567	16		146	2		4,724	30		93	%
Nashville, TN	164	2		—	—		979	3		—	—		1,143	5		100	%
Northern New Jersey	750	13		172	3		329	2		—	—		1,251	18		97	%
Philadelphia, PA	161	5		—	—		691	2		330	4		1,182	11		98	%
Phoenix, AZ	38	1		—	—		834	6		452	7		1,324	14		97	%
Salt Lake City, UT	191	6		91	5		282	1		123	1		687	13		91	%
Seattle, WA	—	—		—	—		101	1		126	2		227	3		100	%
Southern California (a)	773	21		—	—		3,893	14		790	13		5,456	48		100	%
Southern New Jersey	116	2		45	1		—	—		191	2		352	5		76	%
St. Louis, MO	503	8		192	2		1,742	7		—	—		2,437	17		96	%
Tampa, FL	213	6		648	26		209	1		—	—		1,070	33		88	%
Other (b)	103	2		—	—		1,795	7		88	1		1,986	10		94	%
Total	10,396	234		2,825	78		40,640	167		7,787	101		61,648	580		96.1	%
Occupancy by Industrial Property Type		96.1	%		87.3	%		96.6	%		97.1	%		96.1	%

_______________

(a) Southern California includes the markets of Los Angeles, the Inland Empire and San Diego.

(b) Properties are located in Orlando, FL; Horn Lake, MS; Kansas City, MO; San Antonio, TX; Birmingham, AL; Jefferson County, KY; Greenville, KY; Des Moines, IA; Fort Smith, AR and Winchester, VA.

Indebtedness

As of December 31, 2015, 175 of our 580 in-service industrial properties, with a net carrying value of $727.0 million, are pledged as collateral under our mortgage financings, totaling $565.0 million. See Note 4 to the Consolidated Financial Statements and the accompanying Schedule III beginning on page S-1 for additional information.

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Property Acquisitions

During the year ended December 31, 2015, we acquired eight industrial properties and several land parcels for an aggregate purchase price of approximately $169.2 million. The industrial properties were acquired at a capitalization rate of approximately 5.9%. The capitalization rate for these industrial property acquisitions was calculated using the estimated stabilized net operating income (excluding straight-line rent, lease inducement amortization and above and below market lease amortization) and dividing it by the sum of the purchase price plus estimated costs incurred to stabilize the properties. The acquired industrial properties have the following characteristics:

Metropolitan Area	Number  of Properties	GLA	Property Type	Occupancy at  12/31/15
Baltimore, MD	2	992,768	Bulk Warehouse	65	%
Dallas, TX	1	79,887	Regional Warehouse	100	%
Houston, TX	2	287,560	Bulk Warehouse/Regional Warehouse	14	%
Southern California	3	582,380	Bulk Warehouse/Regional Warehouse	100	%
	8	1,942,595

Development Activity

During the year ended December 31, 2015, we placed in-service six developments totaling approximately 1.8 millionsquare feet of GLA at a total estimated cost of approximately $109.2 million. Included in the total estimated cost is $13.7 million of estimated leasing costs, including tenant improvements, lease inducements and leasing commissions, less one-time reimbursements of tenant improvements. The capitalization rate for these developments, calculated using the estimated stabilized net operating income (excluding straight-line rent and lease inducement amortization) divided by the total estimated investment in the developed properties is 7.3%. The placed in-service developments have the following characteristics:

Developments Placed In Service - Metropolitan Area	GLA	Property Type	Occupancy at  12/31/15
Dallas, TX	376,601	Bulk Warehouse	100	%
Dallas, TX	221,844	Bulk Warehouse	100	%
Houston, TX	351,672	Bulk Warehouse	80	%
Minneapolis/St. Paul, MN	142,290	Bulk Warehouse	80	%
Southern California	555,670	Bulk Warehouse	100	%
Southern California (a)	171,676	Bulk Warehouse/Regional Warehouse	100	%
	1,819,753

_______________

(a) Project includes the development of two industrial properties (108,414 square feet and 63,262 square feet).

18

During the year ended December 31, 2015, we completed four developments totaling approximately 1.2 million square feet of GLA and as of December 31, 2015 we have four developments that are under construction totaling approximately 1.4 million square feet of GLA. The estimated total costs for the four developments that are substantially complete are approximately $82.4 million, of which $66.2 million has been incurred as of December 31, 2015. The estimated total investment for the four development properties under construction is $78.7 million, of which $19.0 million has been incurred as of December 31, 2015. There can be no assurance that the actual completion cost will not exceed the estimated completion cost stated above. The completed developments and developments under construction have the following characteristics:

Developments Completed - Not In Service - Metropolitan Area	GLA	Property Type	Quarter of Building Completion
Dallas, TX	153,200	Bulk Warehouse	Q3 2015
Philadelphia, PA (a)	584,760	Bulk Warehouse	Q4 2015
Phoenix, AZ	386,100	Bulk Warehouse	Q4 2015
Southern California	65,324	Regional Warehouse	Q4 2015
	1,189,384
Developments In Process - Metropolitan Area	GLA	Property Type	Anticipated Quarter of Building Completion
Chicago, IL	600,539	Bulk Warehouse	Q2 2016
Dallas, TX	231,803	Bulk Warehouse	Q2 2016
Southern California	187,800	Bulk Warehouse	Q2 2016
Atlanta, GA	402,304	Bulk Warehouse	Q4 2016
	1,422,446

_______________

(a) Project includes the development of two industrial properties (341,400 square feet and 243,360 square feet).

Property Sales

During the year ended December 31, 2015, we sold 66 industrial properties comprising approximately 3.8 million square feet of GLA, at a weighted average capitalization rate of 6.7%, and several land parcels for total gross sales proceeds of approximately $158.4 million. The capitalization rate for the 66 industrial property sales is calculated by taking revenues of the property (excluding straight-line rent, lease inducement amortization and above and below market lease amortization) less operating expenses of the property for a period of the last twelve full months prior to sale and dividing the sum by the sales price of the property. The sold industrial properties have the following characteristics:

Metropolitan Area	Number  of Properties	GLA	Property Type
Atlanta, GA	8	380,116	Light Industrial/R&D/Flex
Baltimore, MD	1	29,792	R&D/Flex
Chicago, IL	6	906,984	Bulk Warehouse/Light Industrial/Regional Warehouse
Detroit, MI	26	874,720	Bulk Warehouse/Light Industrial/R&D/Flex
Houston, TX	6	132,997	R&D/Flex
Milwaukee, WI	1	52,800	Light Industrial
Minneapolis/St. Paul, MN	7	377,012	Light Industrial/Regional Warehouse
Nashville, TN	2	269,719	Bulk Warehouse
Philadelphia, PA	1	25,546	Light Industrial
Salt Lake City, UT	1	55,785	R&D/Flex
Southern California	1	88,064	R&D/Flex
Southern New Jersey	1	172,100	Bulk Warehouse
Tampa, FL	1	7,200	R&D/Flex
Other (a)	4	400,317	Bulk Warehouse/Light Industrial
Total	66	3,773,152

_______________

(a) Properties were located in Grand Rapids, MI and Austin, TX.

19

Tenant and Lease Information

We have a diverse base of approximately 1,650 tenants engaged in a wide variety of businesses including retail, wholesale trade, distribution, manufacturing and professional services. At December 31, 2015, our leases have a weighted average lease length of 6.4 years and provide for periodic rent increases that are either fixed or based on changes in the Consumer Price Index. Industrial tenants typically have net or semi-net leases and pay as additional rent their percentage of the property’s operating costs, including the costs of common area maintenance, utilities, property taxes and insurance. As of December 31, 2015, approximately 96.1% of the GLA of our in-service properties was leased, and no single tenant or group of related tenants accounted for more than 2.9% of our rent revenues, nor did any single tenant or group of related tenants occupy more than 2.2% of the total GLA of our in-service properties.

Leasing Activity

The following table provides a summary of our leasing activity for the year ended December 31, 2015. The table does not include month-to-month leases or leases with terms less than twelve months.

	Number of Leases Commenced	Square Feet Commenced (in 000’s)	Net Rent Per Square Foot (1)		GAAP  Basis Rent  Growth (2)		Weighted Average  Lease Term (3)	Lease Costs Per Square Foot (4)		Weighted Average Tenant Retention (5)
New Leases	206	4,096	$	4.96	9.5	%	6.1	$	5.14	N/A
Renewal Leases	307	6,868	$	5.12	14.1	%	4.2	$	1.16	76.5	%
Development Leases	16	2,028	$	4.37	N/A		10.5	N/A		N/A
Total / Weighted Average	529	12,992	$	4.95	12.5	%	5.8	$	2.56	76.5	%

_______________

(1) Net rent is the average base 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 rent (on a GAAP basis, including straight-line rent adjustments as required by GAAP) compared to the net rent (on a GAAP basis) of the comparable lease. New leases where there were no prior comparable leases are excluded.

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

(4) Lease 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. Lease 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.

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

During the year ended December 31, 2015, 138 new leases commenced with free rent periods during the lease term with such leases constituting 3.3 million square feet of GLA. Total free rent concessions of $5.0 million were associated with these new leases. During the year ended December 31, 2015, 20 renewal leases commenced with free rent periods during the lease term with such leases constituting 0.6 million square feet of GLA. Total free rent concessions of $0.3 million were associated with these renewal leases. Additionally, during the year ended December 31, 2015, 13 development leases commenced with free rent periods during the lease term with such leases constituting 1.9 million square feet of GLA. Total free rent concessions of $4.3 million were associated with these development leases.

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Lease Expirations

Fundamentals for the United States industrial real estate market continued to improve in 2015, as growth in the general economy, in particular e-commerce supply chain activity, drove additional demand for space. Development of new industrial space increased in response to this growth in demand, but incremental demand continued to exceed new supply. The fourth quarter of 2015 marked the 23rd consecutive quarter of positive net absorption for the overall market. These conditions resulted in improved market rental rate environments in virtually all of our markets. Based on our recent experience, the favorable supply-demand balance and the 2016 forecast from a leading national research company, we expect our average net rental rates for renewal leases on a cash basis to be slightly higher than the expiring rates. For 2016, net rental rates for new leases on a cash basis on average are expected to be comparable or slightly higher than the comparative prior leases, primarily due to recovery in market conditions as compared to the conditions prevailing when the comparative leases were structured. The following table shows scheduled lease expirations for all leases for our in-service properties as of December 31, 2015.

Year of Expiration(1)	Number  of Leases Expiring	GLA Expiring(2)	Percentage of  GLA Expiring(2)		Annualized Base Rent Under Expiring Leases(3)		Percentage of Total Annualized Base Rent Expiring(3)
					(In thousands)
2016	326	6,712,610	11	%	$	33,917	12	%
2017	318	8,008,301	14	%	40,202		14	%
2018	321	9,168,021	16	%	45,026		16	%
2019	266	8,793,147	15	%	42,451		15	%
2020	197	6,736,504	11	%	32,261		12	%
2021	104	6,840,041	12	%	29,230		11	%
2022	48	2,571,430	4	%	11,664		4	%
2023	25	1,718,850	3	%	8,511		3	%
2024	16	1,813,794	3	%	8,519		3	%
2025	26	2,692,509	5	%	12,199		4	%
Thereafter	28	3,555,155	6	%	15,648		6	%
Total	1,675	58,610,362	100	%	$	279,628	100	%

_______________

(1) Includes leases that expire on or after January 1, 2016 and assumes tenants do not exercise existing renewal, termination or purchase options.

(2) Does not include existing vacancies of 2,377,779 aggregate square feet and December 31, 2015 move outs of 659,891 aggregate square feet.

(3) Annualized base rent is calculated as monthly base rent (cash basis) per the terms of the lease, as of December 31, 2015, multiplied by 12. If free rent is granted, then the first positive rent value is used.

Item  3. Legal Proceedings

We are involved in legal proceedings arising in the ordinary course of business. All such proceedings, taken together, are not expected to have a material impact on our results of operations, financial position or liquidity.

Item  4. Mine Safety Disclosures

None.

21

PART II

Item  5. Market for Registrant’s Common Equity / Partners' Capital, Related Stockholder / Unitholder Matters and Issuer Purchases of Equity Securities

Market Information

The following table sets forth, for the periods indicated, the high and low closing prices per share of the Company's common stock, which trades on the New York Stock Exchange under the trading symbol “FR” and the dividends declared per share for the Company's common stock and the distributions declared per Unit for the Operating Partnership's Units. There is no established public trading market for the Units.

Quarter Ended	High		Low		Dividend/Distribution Declared
December 31, 2015	$	23.08	$	21.08	$	0.1275
September 30, 2015	$	21.43	$	18.69	$	0.1275
June 30, 2015	$	21.53	$	18.73	$	0.1275
March 31, 2015	$	22.45	$	20.02	$	0.1275
December 31, 2014	$	21.16	$	16.96	$	0.1025
September 30, 2014	$	19.30	$	16.91	$	0.1025
June 30, 2014	$	19.37	$	17.86	$	0.1025
March 31, 2014	$	19.50	$	16.42	$	0.1025

As of February 22, 2016, the Company had 449 common stockholders of record and the Operating Partnership had 137 holders of record of general partner and limited partner Units registered with our transfer agent.

In order to comply with the REIT requirements of the Code, the Company is generally required to make common share distributions and preferred share distributions (other than capital gain distributions) to its shareholders in amounts that together at least equal i) the sum of a) 90% of the Company's “REIT taxable income” computed without regard to the dividends paid deduction and net capital gains and b) 90% of net income (after tax), if any, from foreclosure property, minus ii) certain excess non-cash income.

Our dividend/distribution policy is determined by the Company's board of directors and is dependent on multiple factors, including cash flow and capital expenditure requirements, as well as ensuring that the Company meets the minimum distribution requirements set forth in the Code. The Company met the minimum distribution requirements with respect to 2015.

Holders of Units are entitled to receive distributions when, as and if declared by the Company's Board of Directors, after the priority distributions required under the Operating Partnership's partnership agreement have been made with respect to preferred partnership interests in the Operating Partnership out of any funds legally available for that purpose.

During the year ended December 31, 2015, the Operating Partnership did not issue any limited partner Units.

Subject to lock-up periods and certain adjustments, holders of limited partner Units of the Operating Partnership can redeem their Units by providing written notification to the Company. Unless the Company provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder’s notice. The redemption can be effectuated, as determined by the Company, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash in an amount equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and we intend to continue this practice. If each Unit of the Operating Partnership were redeemed as of December 31, 2015, we could satisfy the redemption obligations by making an aggregate cash payment of approximately $95.3 million or by issuing 4,305,707 shares of the Company’s common stock.

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Equity Compensation Plans

The following table sets forth information regarding the Company's equity compensation plans as of December 31, 2015.

Plan Category	Number  of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights	Weighted- Average Exercise Price of Outstanding Options, Warrants and Rights		Number  of Securities Remaining Available for Further Issuance Under Equity Compensation Plans
Equity Compensation Plans Approved by Security Holders	262,028	$	—	2,970,537
Equity Compensation Plans Not Approved by Security Holders	—	—		—
Total	262,028	$	—	2,970,537

Performance Graph

The following graph provides a comparison of the cumulative total stockholder return among the Company, the FTSE NAREIT Equity REIT Total Return Index (the “NAREIT Index”) and the Standard & Poor’s 500 Index (“S&P 500”). The historical information set forth below is not necessarily indicative of future performance.

* $100 invested on 12/31/10 in stock or index, including reinvestment of dividends. Fiscal year ending December 31.

	12/10		12/11		12/12		12/13		12/14		12/15
FIRST INDUSTRIAL REALTY TRUST, INC.	$	100.00	$	116.78	$	160.73	$	203.37	$	244.85	$	270.09
S&P 500	$	100.00	$	102.11	$	118.45	$	156.82	$	178.29	$	180.75
FTSE NAREIT Equity REITs	$	100.00	$	108.29	$	127.85	$	131.01	$	170.49	$	175.94

_______________

* The information provided in this performance graph shall not be deemed to be “soliciting material,” to be “filed” or to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934 unless specifically treated as such.

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Supplemental Tax Disclosures - Recent U.S. Federal Income Tax Legislation

The PATH Act was enacted on December 18, 2015 and contains several provisions pertaining to REIT qualification and taxation, some of which are briefly summarized below:

• For taxable years beginning before January 1, 2018, no more than 25% of the value of our assets may consist of stock or securities of one or more taxable REIT subsidiaries. For taxable years beginning after December 31, 2017, the PATH Act reduces this limit to 20%. At this time, the securities we own in our taxable REIT subsidiaries do not, in the aggregate, exceed 20% of the total value of our assets.

• For purposes of the REIT asset tests, the PATH Act provides that debt instruments issued by publicly offered REITs will constitute “real estate assets.” However, unless such a debt instrument is secured by a mortgage or otherwise would have qualified as a real estate asset under prior law, (i) interest income and gain from such a debt instrument is not qualifying income for purposes of the 75% gross income test and (ii) all such debt instruments may represent no more than 25% of the value of our total assets.

• For taxable years beginning after December 31, 2015, certain obligations secured by a mortgage on both real property and personal property will be treated as a qualifying real estate asset and give rise to qualifying income for purposes of the 75% gross income test if the fair market value of such personal property does not exceed 15% of the total fair market value of all such property.

• A 100% excise tax is imposed on “redetermined TRS service income,” which is income of a taxable REIT subsidiary attributable to services provided to, or on behalf of its associated REIT and which would otherwise be increased on distribution, apportionment, or allocation under Section 482 of the Code.

• For distributions made in taxable years beginning after December 31, 2014, the preferential dividend rules no longer to apply to us.

• Additional exceptions to the rules under the Foreign Investment in Real Property Act (“FIRPTA”) were introduced for non-U.S. persons that constitute “qualified shareholders” (within the meaning of Section 897(k)(3) of the Code) or “qualified foreign pension funds” (within the meaning of Section 897(l)(2) of the Code).

• After February 16, 2016, the FIRPTA withholding rate under Section 1445 of the Code for dispositions of U.S. real property interests is increased from 10% to 15%.

• The PATH Act increases from 5% to 10% the maximum stock ownership of the REIT that a non-U.S. shareholder may have held to avail itself of the FIRPTA exception for shares regularly traded on an established securities market.

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Item 6. Selected Financial Data

The following tables set forth the selected financial and operating data for the Company and the Operating Partnership on a consolidated basis. The following selected consolidated financial data should be read in conjunction with the Consolidated Financial Statements and Notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Form 10-K.

The Company

	Year Ended 12/31/15			Year Ended 12/31/14			Year Ended 12/31/13			Year Ended 12/31/12			Year Ended 12/31/11
	(In thousands, except per share data)
Statement of Operations Data:
Total Revenues	$	365,762		$	344,599		$	318,454		$	304,517		$	292,757
Income (Loss) from Continuing Operations	76,705			23,182			4,862			(21,286		)	(35,571		)
Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities	73,802			46,629			25,907			(22,069		)	(27,010		)
Basic Per Share Data:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.67		$	0.18		$	(0.09	)	$	(0.44	)	$	(0.65	)
Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders	0.67			0.42			0.24			(0.24		)	(0.34		)
Diluted Per Share Data:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.66		$	0.18		$	(0.09	)	$	(0.44	)	$	(0.65	)
Net Income (Loss) Available to First Industrial Realty Trust, Inc.’s Common Stockholders	0.66			0.42			0.24			(0.24		)	(0.34		)
Dividends/Distributions Per Share	$	0.51		$	0.41		$	0.34		$	0.00		$	0.00
Basic Weighted Average Shares	110,352			109,922			106,995			91,468			80,616
Diluted Weighted Average Shares	110,781			110,325			106,995			91,468			80,616
Balance Sheet Data (End of Period):
Real Estate, Before Accumulated Depreciation	$	3,293,968		$	3,183,369		$	3,119,547		$	3,121,448		$	2,992,096
Total Assets	2,718,051			2,581,995			2,597,510			2,608,842			2,666,657
Indebtedness	1,442,411			1,349,846			1,296,806			1,335,766			1,479,483
Total Equity	1,115,135			1,090,827			1,171,219			1,145,653			1,072,595
Cash Flow Data:
Cash Flow From Operating Activities	$	162,149		$	137,176		$	125,751		$	136,422		$	87,534
Cash Flow From Investing Activities	(197,074		)	(69,069		)	(61,313		)	(42,235		)	(3,779		)
Cash Flow From Financing Activities	29,426			(66,166		)	(61,748		)	(99,407		)	(99,504		)
Other Data:
Funds from Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities (1)	$	140,841		$	127,890		$	105,011		$	80,640		$	72,151

_______________

(1) Funds from operations ("FFO") is a non-GAAP measure used in the real estate industry. See definition and a complete reconciliation of FFO to Net Income (Loss) Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities under the caption "Supplemental Earnings Measure" under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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The Operating Partnership

	Year Ended 12/31/15			Year Ended 12/31/14			Year Ended 12/31/13			Year Ended 12/31/12			Year Ended 12/31/11
	(In thousands, except per Unit data)
Statement of Operations Data:
Total Revenues	$	365,762		$	344,599		$	318,454		$	304,517		$	292,916
Income (Loss) from Continuing Operations	76,820			23,434			4,908			(21,142		)	(35,282		)
Net Income (Loss) Available to Unitholders and Participating Securities	76,682			48,704			27,033			(23,169		)	(28,527		)
Basic Per Unit Data:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.67		$	0.18		$	(0.09	)	$	(0.43	)	$	(0.64	)
Net Income (Loss) Available to Unitholders	0.67			0.42			0.24			(0.24		)	(0.33		)
Diluted Per Unit Data:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.66		$	0.18		$	(0.09	)	$	(0.43	)	$	(0.64	)
Net Income (Loss) Available to Unitholders	0.66			0.42			0.24			(0.24		)	(0.33		)
Distributions Per Unit	$	0.51		$	0.41		$	0.34		$	0.00		$	0.00
Basic Weighted Average Units	114,709			114,388			111,646			96,509			85,913
Diluted Weighted Average Units	115,138			114,791			111,646			96,509			85,913
Balance Sheet Data (End of Period):
Real Estate, Before Accumulated Depreciation	$	3,293,968		$	3,183,369		$	3,119,547		$	3,121,448		$	2,992,096
Total Assets	2,728,766			2,592,708			2,608,111			2,619,445			2,677,287
Indebtedness	1,442,411			1,349,846			1,296,806			1,335,766			1,479,483
Total Partners' Capital	1,125,850			1,101,590			1,181,817			1,156,257			1,083,215
Cash Flow Data:
Cash Flow From Operating Activities	$	162,286		$	137,918		$	126,410		$	136,611		$	88,135
Cash Flow From Investing Activities	(197,074		)	(69,724		)	(61,926		)	(42,235		)	(3,779		)
Cash Flow From Financing Activities	29,304			(66,253		)	(61,800		)	(99,567		)	(100,083		)

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Item 7. 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 sections of this Form 10-K titled "Forward-Looking Statements" and "Selected Financial Data" and the Consolidated Financial Statements and Notes thereto appearing elsewhere in this Form 10-K.

Business Overview

The Company is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust as defined in the Code.

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

We generate revenue primarily from rental income and tenant recoveries from operating leases of our industrial properties. Such revenue is offset by certain property specific operating expenses, such as real estate taxes, repairs and maintenance, property management, utilities and insurance expenses, along with certain other costs and expenses, such as depreciation and amortization costs and general and administrative and interest expenses. Our revenue growth is dependent, in part, on our ability to: (i) increase rental income, through increasing either or both occupancy rates and rental rates at our properties; (ii) maximize tenant recoveries; and (iii) minimize operating and certain other expenses. Revenues generated from rental income and tenant recoveries are a significant source of funds, in addition to income generated from gains/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 ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units would be adversely affected.

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

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, may be 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

27

and the cost of improvements made to the properties, along with other tests which enable a REIT to avoid punitive taxation on the sale of assets. If we are unable to sell properties on favorable terms, our income growth would be limited and our financial condition, results of operations, cash flow and ability to make distributions to our stockholders and Unitholders, the market price of the Company's common stock and the market value of the Units could be adversely affected.

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

Summary of Significant Transactions During 2015

During 2015, we completed the following significant transactions and financing activities:

• We acquired eight industrial properties comprising approximately 1.9 million square feet of GLA and several land parcels for an aggregate purchase price of approximately $169.2 million, excluding costs incurred in conjunction with the acquisitions.

• We placed in-service six developments totaling approximately 1.8 million square feet of GLA at a total cost of approximately $109.2 million.

• We sold 66 industrial properties comprising approximately 3.8 million square feet of GLA and several land parcels for total gross sales proceeds of approximately $158.4 million.

• We amended our existing $625.0 million revolving credit agreement, extending the maturity to March, 2019 (with an option to extend an additional one year at our election). The interest rate on our Unsecured Credit Facility is currently LIBOR plus 115 basis points subject to a pricing grid for changes in our leverage ratio or credit ratings. The weighted average interest rate at December 31, 2015, is 1.57%.

• We entered into a seven-year, $260.0 million unsecured loan (the "2015 Unsecured Term Loan") with a syndicate of financial institutions. The interest rate is currently LIBOR plus 160 basis points subject to a pricing grid for changes in our leverage ratio or credit ratings. We also entered into interest rate protection agreements to effectively convert the variable rate to a fixed rate, providing a weighted average effective rate of 3.39% as of December 31, 2015.

• We paid an annual cash dividend of $0.51 per common share or Unit, an increase of 24% from 2014.

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Results of Operations

Comparison of Year Ended December 31, 2015 to Year Ended December 31, 2014

The Company's net income was $76.7 million and $51.0 million for the years ended December 31, 2015 and 2014, respectively. The Operating Partnership's net income was $76.8 million and $51.3 million for the years ended December 31, 2015 and 2014, respectively.

The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 2015 and 2014. Same store properties are properties owned prior to January 1, 2014 and held as an in-service property through December 31, 2015 and developments and redevelopments that were placed in service prior to January 1, 2014 or were substantially completed for the 12 months prior to January 1, 2014. Properties which are at least 75% occupied at acquisition are placed in service. Acquisitions that are less than 75% occupied at the date of acquisition, developments and redevelopments are placed in service as they reach the earlier of a) stabilized occupancy (generally defined as 90% occupied), or b) one year subsequent to acquisition or development/redevelopment construction completion. Properties are moved from the same store classification to the redevelopment classification when capital expenditures for a project are estimated to exceed 25% of the undepreciated gross book value of the property. Acquired properties are properties that were acquired subsequent to December 31, 2013 and held as an operating property through December 31, 2015. Sold properties are properties that were sold subsequent to December 31, 2013. (Re)Developments include developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2014; or b) stabilized prior to January 1, 2014. Other revenues are derived from operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Other expenses are derived from the operations of properties not placed in service under one of the categories discussed above, operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses.

During the period between January 1, 2014 and December 31, 2015, one industrial property previously classified within same store, comprising approximately 0.2 million square feet, was reclassified and is included in the Other classification as of December 31, 2015. This property was taken out of service during the fourth quarter of 2015. We intend to demolish the existing industrial property and construct a new industrial property, at which time the property will be reclassified from Other to the (Re) Developments classification. The newly constructed property will return to the same store classification following a complete calendar year of in service classification.

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

For the years ended December 31, 2015 and 2014, the average occupancy rates of our same store properties were 94.2% and 93.2%, respectively.

29

	2015		2014			$ Change			% Change
	($ in 000’s)
REVENUES
Same Store Properties	$	324,165	$	318,420		$	5,745		1.8	%
Acquired Properties	8,828		2,896			5,932			204.8	%
Sold Properties	13,751		24,203			(10,452		)	(43.2	)%
(Re) Developments	14,124		2,131			11,993			562.8	%
Other	4,894		3,956			938			23.7	%
	$	365,762	$	351,606		$	14,156		4.0	%
Discontinued Operations	—		(7,007		)	7,007			(100.0	)%
Total Revenues	$	365,762	$	344,599		$	21,163		6.1	%

Revenues from same store properties increased $5.7 million primarily due to an increase in occupancy as well as as an increase in rental rates during the year ended December 31, 2015 as compared to December 31, 2014, partially offset by a decrease in restoration fees. Revenues from acquired properties increased $5.9 million due to the 16 industrial properties acquired subsequent to December 31, 2013 totaling approximately 3.0 million square feet of GLA. Revenues from sold properties decreased $10.5 million due to the 95 industrial properties sold subsequent to December 31, 2013 totaling approximately 5.8 million square feet of GLA. Revenues from (re)developments increased $12.0 million due to an increase in occupancy. Other revenues increased $0.9 million primarily due to an increase in occupancy related to a property acquired in 2013 that was placed in service during 2014.

	2015		2014			$ Change			% Change
	($ in 000’s)
PROPERTY EXPENSES
Same Store Properties	$	92,244	$	93,205		$	(961	)	(1.0	)%
Acquired Properties	2,494		869			1,625			187.0	%
Sold Properties	6,245		10,905			(4,660		)	(42.7	)%
(Re) Developments	3,521		1,934			1,587			82.1	%
Other	10,124		10,370			(246		)	(2.4	)%
	$	114,628	$	117,283		$	(2,655	)	(2.3	)%
Discontinued Operations	—		(2,784		)	2,784			(100.0	)%
Total Property Expenses	$	114,628	$	114,499		$	129		0.1	%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties decreased $1.0 million primarily due to lower snow removal costs incurred during the year ended December 31, 2015 as compared to the year ended December 31, 2014 due to the harsh 2014 winter. Property expenses from acquired properties increased $1.6 million due to properties acquired subsequent to December 31, 2013. Property expenses from sold properties decreased $4.7 million due to properties sold subsequent to December 31, 2013. Property expenses from (re)developments increased $1.6 million primarily due to an increase in real estate tax expense related to the substantial completion of developments. Other expenses remained relatively unchanged.

General and administrative expense for the Company increased by $1.9 million, or 8.3% and increased for the Operating Partnership by $2.1 million, or 9.0%, primarily due to an increase in employee compensation and incentive compensation.

For the years ended December 31, 2015 and 2014, we recognized $1.4 million and $1.0 million, respectively, of expense related to costs associated with acquiring industrial properties from third parties.

The impairment charge for the year ended December 31, 2015 of $0.6 million is due to marketing certain properties for sale and our assessment of the likelihood of a potential sale transaction.

30

	2015		2014			$ Change			% Change
	($ in 000’s)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties	$	98,107	$	100,758		$	(2,651	)	(2.6	)%
Acquired Properties	5,567		1,723			3,844			223.1	%
Sold Properties	3,993		8,257			(4,264		)	(51.6	)%
(Re) Developments	4,008		1,843			2,165			117.5	%
Corporate Furniture, Fixtures and Equipment and Other	2,139		1,704			435			25.5	%
	$	113,814	$	114,285		$	(471	)	(0.4	)%
Discontinued Operations	—		(2,388		)	2,388			(100.0	)%
Total Depreciation and Other Amortization	$	113,814	$	111,897		$	1,917		1.7	%

Depreciation and other amortization from same store properties decreased $2.7 million primarily due to accelerated depreciation and amortization taken during the year ended December 31, 2014 attributable to certain tenants who terminated their lease early. Depreciation and other amortization from acquired properties increased $3.8 million due to properties acquired subsequent to December 31, 2013. Depreciation and other amortization from sold properties decreased $4.3 million due to properties sold subsequent to December 31, 2013. Depreciation and other amortization from (re)developments increased $2.2 million primarily due to an increase in developments that were placed in service. Depreciation from corporate furniture, fixtures and equipment and other increased $0.4 million primarily due to additional furniture, fixtures and equipment asset purchases as well as an increase related to additional leasing costs incurred for a property that was placed in service during 2014.

For the year ended December 31, 2015, we recognized $48.9 million of gain on sale of real estate related to the sale of 66 industrial properties comprising approximately 3.8 million square feet of GLA and several land parcels. For the year ended December 31, 2014, we recognized $0.1 million of loss on sale of real estate related to the sale of land parcels that did not meet the criteria for inclusion in discontinued operations.

Interest income decreased $2.0 million, or 97.1%, primarily due to the receipt of prepayment fees of $0.7 million related to notes receivable that were paid off early during the year ended December 31, 2014 and a decrease in the weighted average note receivable balance outstanding for the year ended December 31, 2015 as compared to the year ended December 31, 2014.

Interest expense decreased $4.8 million, or 6.6%, primarily due to a decrease in the weighted average interest rate for the year ended December 31, 2015 (4.99%) as compared to the year ended December 31, 2014 (5.33%) and an increase in capitalized interest of $1.0 million for the year ended December 31, 2015 as compared to the year ended December 31, 2014 due to an increase in development activities, offset by an increase in the weighted average debt balance outstanding for the year ended December 31, 2015 ($1,399.9 million) as compared to the year ended December 31, 2014 ($1,380.6 million).

Amortization of deferred financing costs remained relatively unchanged.

In August 2014, we entered into three interest rate protection agreements in order to maintain our flexibility to pursue an offering of unsecured debt. During the year ended December 31, 2015, we settled the interest rate protection agreements and reclassified the fair market value loss recorded in other comprehensive income relating to the three interest rate protection agreements to earnings as a result of determining the forecasted offering of unsecured debt was no longer probable to occur within the time period stated in the respective hedge designation memos. For the year ended December 31, 2015, we recorded $11.5 million in mark-to-market and settlement loss on the three interest rate protection agreements.

For the year ended December 31, 2014, we recognized a loss from retirement of debt of $0.7 million due to the early payoff of certain mortgage loans.

Equity in income of joint ventures decreased $3.4 million during the year ended December 31, 2015 as compared to the year ended December 31, 2014 primarily due to a decrease in our pro rata share of gain and earn outs from the sales of industrial properties from the 2003 Net Lease Joint Venture.

The income tax provision is not significant.

31

As discussed in Note 2 to the Consolidated Financial Statements, we adopted the new accounting standard relating to discontinued operations on January 1, 2015. There were no sales of industrial properties during the year ended December 31, 2015 that met the criteria to be classified as discontinued operations. The industrial properties sold prior to January 1, 2015 that met the criteria to be classified as discontinued operations continue to be presented as discontinued operations in the Consolidated Statements of Operations. The following table summarizes certain information regarding the industrial properties included in discontinued operations for the year ended December 31, 2014.

	2014
	($ in 000’s)
Total Revenues	$	7,007
Property Expenses	(2,784		)
Depreciation and Amortization	(2,388		)
Gain on Sale of Real Estate	25,988
Income from Discontinued Operations	$	27,823

Income from discontinued operations for the year ended December 31, 2014 reflects the results of operations and gain on sale of real estate relating to 29 industrial properties that were sold during the year ended December 31, 2014.

Comparison of Year Ended December 31, 2014 to Year Ended December 31, 2013

The Company's net income was $51.0 million and $41.4 million for the years ended December 31, 2014 and 2013, respectively. The Operating Partnership's net income was $51.3 million and $41.5 million for the years ended December 31, 2014 and 2013, respectively.

The tables below summarize our revenues, property expenses and depreciation and other amortization by various categories for the years ended December 31, 2014 and 2013. Same store properties are properties owned prior to January 1, 2013 and held as an in-service property through December 31, 2014 and developments and redevelopments that were placed in service prior to January 1, 2013 or were substantially completed for the 12 months prior to January 1, 2013. 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, 2012 and held as an operating property through December 31, 2014. Sold properties are properties that were sold subsequent to December 31, 2012. (Re)Developments include developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2013; or b) stabilized prior to January 1, 2013. Other revenues are derived from operations of properties not placed in service under one of the categories discussed above, the operations of our maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Other expenses are derived from the operations of properties not placed in service under one of the categories discussed above, operations of our maintenance company, vacant land expenses and other miscellaneous regional expenses.

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.

For the years ended December 31, 2014 and 2013, the average occupancy rates of our same store properties were 92.5% and 90.9%, respectively.

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	2014			2013			$ Change			% Change
	($ in 000’s)
REVENUES
Same Store Properties	$	331,594		$	315,118		$	16,476		5.2	%
Acquired Properties	6,894			453			6,441			1,421.9	%
Sold Properties	7,007			20,727			(13,720		)	(66.2	)%
(Re) Developments	3,966			1,163			2,803			241.0	%
Other	2,145			1,720			425			24.7	%
	$	351,606		$	339,181		$	12,425		3.7	%
Discontinued Operations	(7,007		)	(20,727		)	13,720			(66.2	)%
Total Revenues	$	344,599		$	318,454		$	26,145		8.2	%

Revenues from same store properties increased $16.5 million primarily due to an increase in occupancy, an increase in tenant recoveries and a one-time restoration fee recognized in 2014, partially offset by an increase in the straight-line rent reserve for doubtful accounts. Revenues from acquired properties increased $6.4 million due to the 10 industrial properties acquired subsequent to December 31, 2012 totaling approximately 2.2 million square feet of GLA. Revenues from sold properties decreased $13.7 million due to the 96 industrial properties sold subsequent to December 31, 2012 totaling approximately 5.0 million square feet of GLA. Revenues from (re)developments increased $2.8 million due to an increase in occupancy. Other revenues increased $0.4 million primarily due to an increase in maintenance company revenues.

	2014			2013			$ Change			% Change
	($ in 000’s)
PROPERTY EXPENSES
Same Store Properties	$	100,468		$	93,542		$	6,926		7.4	%
Acquired Properties	2,647			454			2,193			483.0	%
Sold Properties	2,784			8,126			(5,342		)	(65.7	)%
(Re) Developments	2,414			501			1,913			381.8	%
Other	8,970			9,217			(247		)	(2.7	)%
	$	117,283		$	111,840		$	5,443		4.9	%
Discontinued Operations	(2,784		)	(8,126		)	5,342			(65.7	)%
Total Property Expenses	$	114,499		$	103,714		$	10,785		10.4	%

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 $6.9 million primarily due to higher snow removal costs incurred during the year ended December 31, 2014 as compared to the year ended December 31, 2013 due to the harsh 2014 winter, an increase in real estate tax expense and an increase in bad debt expense. Property expenses from acquired properties increased $2.2 million due to properties acquired subsequent to December 31, 2012. Property expenses from sold properties decreased $5.3 million due to properties sold subsequent to December 31, 2012. Property expenses from (re)developments increased $1.9 million primarily due to an increase in real estate tax expense related to the substantial completion of developments. Other expenses remained relatively unchanged.

General and administrative expense for both the Company and the Operating Partnership remained relatively unchanged.

For the years ended December 31, 2014 and 2013, we recognized $1.0 million and $0.3 million, respectively, of expense related to costs associated with acquiring industrial properties from third parties.

33

	2014			2013			$ Change			% Change
	($ in 000’s)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties	$	104,120		$	104,676		$	(556	)	(0.5	)%
Acquired Properties	4,642			871			3,771			433.0	%
Sold Properties	2,388			7,727			(5,339		)	(69.1	)%
(Re) Developments	2,399			567			1,832			323.1	%
Corporate Furniture, Fixtures and Equipment and Other	736			837			(101		)	(12.1	)%
	$	114,285		$	114,678		$	(393	)	(0.3	)%
Discontinued Operations	(2,388		)	(7,727		)	5,339			(69.1	)%
Total Depreciation and Other Amortization	$	111,897		$	106,951		$	4,946		4.6	%

Depreciation and other amortization from same store properties remained relatively unchanged. Depreciation and other amortization from acquired properties increased $3.8 million due to properties acquired subsequent to December 31, 2012. Depreciation and other amortization from sold properties decreased $5.3 million due to properties sold subsequent to December 31, 2012. Depreciation and other amortization from (re)developments increased $1.8 million primarily due to an increase in developments that were placed in service. Depreciation from corporate furniture, fixtures and equipment and other remained relatively unchanged.

The $0.1 million loss and $1.1 million gain on sale of real estate for the years ended December 31, 2014 and 2013, respectively, resulted from the sale of land parcels that did not meet the criteria for inclusion in discontinued operations.

Interest income decreased $0.2 million, or 10.4%, primarily due to a decrease in the weighted average note receivable balance outstanding for the year ended December 31, 2014 as compared to the year ended December 31, 2013 partially offset by the receipt of prepayment fees of $0.7 million related to note receivables that were paid off early during the year ended December 31, 2014.

Interest expense decreased $1.4 million, or 1.9%, primarily due to a decrease in the weighted average interest rate for the year ended December 31, 2014 (5.33%) as compared to the year ended December 31, 2013 (5.77%), partially offset by an increase in the weighted average debt balance outstanding for the year ended December 31, 2014 ($1,380.6 million) as compared to the year ended December 31, 2013 ($1,338.5 million) and a decrease in capitalized interest of $2.2 million for the year ended December 31, 2014 as compared to the year ended December 31, 2013 due to a decrease in development activities.

Amortization of deferred financing costs remained relatively unchanged.

In October 2008, we entered into an interest rate protection agreement to mitigate our exposure to floating interest rates related to the coupon reset of one of our series of preferred stock. During the year ended December 31, 2013, we recorded $0.1 million in mark-to-market net gain associated with this interest rate protection agreement, which matured on October 1, 2013.

For the year ended December 31, 2014, we recognized a loss from retirement of debt of $0.7 million due to the early payoff of certain mortgage loans. For the year ended December 31, 2013, we recognized a loss from retirement of debt of $6.6 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.

Equity in income of joint ventures increased $3.4 million during the year ended December 31, 2014 as compared to the year ended December 31, 2013 primarily due to an increase in our pro rata share of gain and earn outs from the sales of industrial properties from the 2003 Net Lease Joint Venture.

The income tax provision is not significant.

34

The following table summarizes certain information regarding the industrial properties included in discontinued operations for the years ended December 31, 2014 and 2013.

	2014			2013
	($ in 000’s)
Total Revenues	$	7,007		$	20,727
Property Expenses	(2,784		)	(8,126		)
Impairment of Real Estate	—			(2,652		)
Depreciation and Amortization	(2,388		)	(7,727		)
Gain on Sale of Real Estate	25,988			34,344
Income from Discontinued Operations	$	27,823		$	36,566

Income from discontinued operations for the year ended December 31, 2014 reflects the results of operations and gain on sale of real estate relating to 29 industrial properties that were sold during the year ended December 31, 2014.

Income from discontinued operations for the year ended December 31, 2013 reflects the results of operations and gain on sale of real estate relating to 67 industrial properties that were sold during the year ended December 31, 2013 and the results of operations of 29 industrial properties that were sold during the year ended December 31, 2014. The impairment loss for the year ended December 31, 2013 of $2.7 million primarily relates to an impairment charge recorded due to carrying values of certain properties exceeding the estimated fair value based upon third party purchase contracts for properties held for sale during 2013.

CRITICAL ACCOUNTING POLICIES

Our significant accounting policies are described in more detail in Note 2 to the Consolidated Financial Statements. We believe the following critical accounting policies relate to the more significant judgments and estimates used in the preparation of our consolidated financial statements.

• Accounts Receivable: We are subject to tenant defaults and bankruptcies that could affect the collection of rent due under our outstanding accounts receivable, including straight-line rent. In order to mitigate these risks, we perform credit reviews and analyses on our major existing tenants and all prospective tenants meeting certain financial thresholds before leases are executed. We maintain an allowance for doubtful accounts which is an estimate that is based on our assessment of various factors including the accounts receivable aging, customer credit-worthiness and historical bad debts.

• Investment in Real Estate: We allocate purchase price of acquired properties to tangible (land, building, tenant improvements) and identified intangible assets (leasing commissions, in-place leases, tenant relationships, above and below market leases and below market ground lease obligations). Above-market and below-market lease and below market ground lease obligation values for acquired properties are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to each in-place lease and (ii) our estimate of fair market lease rents for each corresponding in-place lease. Acquired above market leases are amortized as a reduction of rental revenue over the remaining non-cancelable terms of the respective leases and acquired below market leases are amortized as an increase to rental income over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases. Leasing commission, in-place lease and tenant relationship values for acquired properties are recorded based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value allocated to leasing commission and in-place lease intangible assets is amortized to depreciation and amortization expense over the remaining lease term of the respective lease. The value allocated to tenant relationships is amortized to depreciation and amortization expense over the expected term of the relationship, which includes an estimate of the probability of lease renewal and its estimated term. We also must allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on our assessment of various characteristics of the markets where the property is located and the expected cash flows of the property.

35

• Capitalization of Costs: We capitalize costs incurred in developing and expanding real estate assets as part of the investment basis. During the construction period, we capitalize interest costs, real estate taxes and certain costs of the personnel performing development up to the time the property is substantially complete. The interest rate used to capitalize interest is based upon our average borrowing rate on existing debt. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We also capitalize internal and external costs incurred to successfully originate a lease that result directly from, and are essential to, the acquisition of that lease. Leasing costs that meet the requirements for capitalization are presented as a component of prepaid expenses and other assets. The determination and calculation of certain costs requires estimates by us.

• Impairment of Real Estate Assets: We review our real estate assets for possible impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We utilize the guidelines established under the Financial Accounting Standards Board’s (the "FASB") guidance for accounting for the impairment of long lived assets to determine if impairment conditions exist. We review the expected undiscounted cash flows of the property to determine if there are any indications of impairment. If the expected undiscounted cash flows of a particular property are less than the net book basis of the property, we will recognize an impairment charge equal to the amount of carrying value of the property that exceeds the fair value of the property. Fair value is generally determined by discounting the future expected cash flows of the property. The preparation of the undiscounted cash flows and the calculation of fair value involve subjective assumptions such as estimated occupancy, rental rates, ultimate residual value and hold period. The discount rate used to present value the cash flows for determining fair value is also subjective. To the extent applicable marketplace data is available, we generally use the market approach in estimating the fair value of undeveloped land. Real estate assets that are classified as held-for-sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell.

• Deferred Tax Assets and Liabilities: In the preparation of our consolidated financial statements, significant management judgment is required to estimate our current and deferred income tax liabilities. Our estimates are based on our interpretation of tax laws. These estimates may have an impact on the income tax expense recognized. Adjustments may be required by a change in assessment of our deferred income tax assets and liabilities, changes due to audit adjustments by federal and state tax authorities, the Company's inability to qualify as a REIT and changes in tax laws. Adjustments required in any given period are included within the income tax provision. In assessing the need for a valuation allowance against our deferred tax assets, we estimate future taxable income, considering the feasibility of ongoing tax planning strategies and the realizability of tax loss carryforwards. In the event we were to determine that we would not be able to realize all or a portion of our deferred tax assets in the future, we would reduce such amounts through a charge to income in the period in which that determination is made. Conversely, if we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net carrying amounts, we would decrease the recorded valuation allowance through an increase to income in the period in which that determination is made.

Liquidity and Capital Resources

At December 31, 2015, our cash and cash equivalents and restricted cash were approximately $4.0 million and $23.0 million, respectively. Restricted cash is comprised of gross proceeds from the sales of certain industrial properties. These sale proceeds will be disbursed as we exchange industrial properties under Section 1031 of the Code. We also had $571.6 million available for additional borrowings under our Unsecured Credit Facility.

We have considered our short-term (through December 31, 2016) liquidity needs and the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet these needs. Our 5.75% 2016 Notes, in the aggregate principal amount of $159.7 million, are due January 15, 2016 (see Subsequent Events). Also, we have $58.1 million in mortgage loans payable outstanding at December 31, 2015 that mature prior to December 31, 2016. We expect to satisfy these payment obligations prior to December 31, 2016 with borrowings under our Unsecured Credit Facility. With the exception of these payment obligations, we believe that our principal short-term liquidity needs are to fund normal recurring expenses, property acquisitions, developments, renovations, expansions and other nonrecurring capital improvements, debt service requirements, the minimum distributions required to maintain the Company's REIT qualification under the Code and distributions approved by the Company's Board of Directors. We anticipate that these needs will be met with cash flows provided by operating activities as well as the disposition of select assets. These needs may also be met by the issuance of additional equity securities or long-term unsecured indebtedness, subject to market conditions and contractual restrictions or borrowings under our Unsecured Credit Facility.

36

We expect to meet long-term (after December 31, 2016) liquidity requirements such as property acquisitions, developments, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through the disposition of select assets, long-term unsecured and secured indebtedness and the issuance of additional equity securities, subject to market conditions.

At December 31, 2015, borrowings under our Unsecured Credit Facility bore interest at a weighted average interest rate of 1.57%. As of February 24, 2016, we had approximately $356.6 million available for additional borrowings under our Unsecured Credit Facility. Our Unsecured Credit Facility contains certain financial covenants including limitations on incurrence of debt and debt service coverage. Our access to borrowings may be limited if we fail to meet any of these covenants. We believe that we were in compliance with our financial covenants as of December 31, 2015, and we anticipate that we will be able to operate in compliance with our financial covenants in 2016.

Our senior unsecured notes have been assigned credit ratings from Standard & Poor’s, Moody’s and Fitch Ratings of BBB-/Baa3/BBB-, respectively. In the event of a downgrade, we believe we would continue to have access to sufficient capital; however, our cost of borrowing would increase and our ability to access certain financial markets may be limited.

Year Ended December 31, 2015

Net cash provided by operating activities for the Company of approximately $162.1 million (net cash provided by operating activities for the Operating Partnership of approximately $162.3 million) for the year ended December 31, 2015 was comprised primarily of the non-cash adjustments of approximately $82.5 million, the Company's net income of approximately $76.7 million (the Operating Partnership's net income of approximately $76.8 million) and the Company and the Operating Partnership's net change in operating assets and liabilities of approximately $3.0 million, offset by equity in income of Joint Ventures of approximately $0.1 million. The adjustments for the non-cash items of approximately $82.5 million are primarily comprised of depreciation and amortization of approximately $124.5 million, mark-to-market and settlement loss on interest rate protection agreements of approximately $11.5 million, the impairment of real estate of approximately $0.6 million and the provision for bad debt of approximately $1.0 million, offset by the gain on sale of real estate of approximately $48.9 million and the effect of the straight-lining of rental income of approximately $6.2 million.

Net cash used in investing activities for both the Company and the Operating Partnership of approximately $197.1 million for the year ended December 31, 2015 was comprised primarily of the acquisition of certain land parcels and eight industrial properties comprising approximately 1.9 million square feet of GLA, the development of real estate, capital expenditures related to the improvement of existing real estate, payments related to leasing activities, an increase in escrows, net contributions to our Joint Ventures and the settlement of interest rate protection agreements, offset by the net proceeds from the sale of real estate and repayments on our notes receivable.

During the year ended December 31, 2015, we sold 66 industrial properties comprising approximately 3.8 million square feet of GLA and several land parcels. Proceeds from the sales of the 66 industrial properties and several land parcels, net of closing costs, were approximately $154.0 million. We are in various stages of discussions with third parties for the sale of additional properties and plan to continue to selectively market other properties for sale in 2016.

Net cash provided by financing activities for the Company of approximately $29.4 million (net cash provided by financing activities for the Operating Partnership of approximately $29.3 million) for the year ended December 31, 2015 was comprised primarily of net proceeds from the origination of the 2015 Unsecured Term Loan, offset by the repayments on our mortgage loans payable, common stock and Unit distributions, payments of debt issuance costs, net repayments on the Unsecured Credit Facility, the repurchase and retirement of restricted stock and restricted Units and the Operating Partnership's net distributions to noncontrolling interests.

On September 11, 2015, we entered into the 2015 Unsecured Term Loan with a syndicate of financial institutions. The 2015 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR, as defined in the loan agreement, plus a specified spread based on our leverage ratio or credit ratings. We also entered into interest rate protection agreements to effectively convert the variable rate to a fixed rate.

During the year ended December 31, 2015, we paid off and retired prior to maturity a mortgage loan in the amount of $22.9 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.

37

Contractual Obligations and Commitments

The following table lists our contractual obligations and commitments as of December 31, 2015:

			Payments Due by Period (In thousands)
	Total		Less Than 1 Year		1-3 Years		3-5 Years		Over 5 Years
Operating and Ground Leases(1)(2)	$	32,035	$	1,993	$	3,109	$	1,067	$	25,866
Real Estate Development Costs(1)(3)	59,700		59,700		—		—		—
Long Term Debt	1,442,493		229,024		337,064		219,778		656,627
Interest Expense on Long Term Debt(1)(4)	272,877		59,648		94,490		64,800		53,939
Total	$	1,807,105	$	350,365	$	434,663	$	285,645	$	736,432

_______________

(1) Not on balance sheet.

(2) Operating lease minimum rental payments have not been reduced by minimum sublease rentals of $3.9 million due in the future under non-cancelable subleases.

(3) Represents estimated remaining costs on the completion of development projects under construction.

(4) Includes interest expense on our unsecured term loans, inclusive of the impact of interest rate protection agreements which effectively swap the variable interest rate to a fixed interest rate. Excludes interest expense on our Unsecured Credit Facility.

Off-Balance Sheet Arrangements

At December 31, 2015, we had letters of credit and performance bonds outstanding amounting to $6.7 million in the aggregate. The letters of credit and performance bonds are not reflected as liabilities on our balance sheet. We have no other off-balance sheet arrangements, as defined in Item 303 of Regulation S-K, other than those disclosed on the Contractual Obligations and Commitments table above that have or are reasonably likely to have a current or future effect on our financial condition, results of operation or liquidity and capital resources.

Environmental

We paid approximately $1.1 million and $0.7 million during the years ended December 31, 2015 and 2014, respectively, related to environmental expenditures. We estimate 2016 expenditures of approximately $0.3 million. We estimate that the aggregate expenditures which need to be expended in 2016 and beyond with regard to currently identified environmental issues will not exceed approximately $1.2 million.

Inflation

For the last several years, inflation has not had a significant impact on us because of the relatively low inflation rates in our markets of operation. Most of our leases require the tenants to pay their share of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing our exposure to increases in costs and operating expenses resulting from inflation. In addition, many of the outstanding leases have lease terms of six years which may enable us to replace existing leases with new leases at higher base rentals if rents of existing leases are below the then-existing market rate.

Market Risk

The following discussion about our risk-management activities includes "forward-looking statements" that involve risk and uncertainties. Actual results could differ materially from those projected in the forward-looking statements. Our business subjects us to market risk from interest rates, as described below.

38

Interest Rate Risk

The following analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the financial instruments and derivative instruments which are held by us at December 31, 2015 that are sensitive to changes in interest rates. While this analysis may have some use as a benchmark, it should not be viewed as a forecast.

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

At December 31, 2015, $1,389.9 million of our debt (96.4% of total debt at December 31, 2015) was fixed rate debt. This includes $460.0 million of variable-rate debt that has been effectively swapped to a fixed rate through the use of interest rate protection agreements. As of the same date, $52.5 million of our debt (3.6% of total debt at December 31, 2015) was variable rate debt. At December 31, 2014, $1,164.8 million of our debt (86.3% of total debt at December 31, 2014) was fixed rate debt. This includes $200.0 million of variable-rate debt that has been effectively swapped to a fixed rate through the use of interest rate protection agreements. As of the same date, $185.0 million of our debt (13.7% of total debt at December 31, 2014) was variable rate debt.

For fixed rate debt, changes in interest rates generally affect the fair value of the debt, but not our earnings or cash flows. Conversely, for variable rate debt, changes in the base interest rate used to calculate the all-in interest rate generally do not impact the fair value of the debt, but would affect our future earnings and cash flows. The interest rate risk and changes in fair market value of fixed rate debt generally do not have a significant impact on us until we are required to refinance such debt. See Note 4 to the Consolidated Financial Statements for a discussion of the maturity dates of our various fixed rate debt.

Our variable rate debt is subject to risk based upon prevailing market interest rates. As of December 31, 2015 and 2014, we had approximately $52.5 million and $185.0 million, respectively, of variable rate debt outstanding indexed to LIBOR rates (excluding the $460.0 and $200.0 million of variable-rate debt that has been effectively swapped to a fixed rate through the use of interest rate protection agreements). If the LIBOR rates relevant to our variable rate debt were to have increased 10%, we estimate that our interest expense during the years ended December 31, 2015 and 2014 would have increased by approximately $0.07 million and $0.03 million, respectively, based on our average outstanding floating-rate debt during the years ended December 31, 2015 and 2014. Additionally, if weighted average interest rates on our fixed rate debt were to have increased by 10% due to refinancing, interest expense would have increased by approximately $6.7 million and $7.2 million during the years ended December 31, 2015 and 2014.

As of December 31, 2015 and 2014, the estimated fair value of our debt was approximately $1,495.7 million and $1,422.5 million, respectively, based on our estimate of the then-current market interest rates.

The use of derivative financial instruments allows us to manage risks of increases in interest rates with respect to the effect these fluctuations would have on our earnings and cash flows. As of December 31, 2015, we had interest rate protection agreements with a notional aggregate amount outstanding of $460.0 million, which mitigate our exposure to our unsecured term loans' variable interest rates, which are based upon LIBOR, as defined in the loan agreements. During the year ended December 31, 2015, we settled certain interest rate protection agreements, which were entered into in August 2014, to maintain our flexibility to pursue an offering of unsecured debt, for a payment of $11.5 million made to our derivative counterparties. We have recognized such payment as mark-to-market and settlement loss on interest rate protection agreements. See Note 11 to the Consolidated Financial Statements for a more detailed discussion of these interest rate protection agreements. Currently, we do not enter into financial instruments for trading or other speculative purposes.

39

Supplemental Earnings Measure

Investors in and industry analysts following the real estate industry utilize funds from operations ("FFO") and net operating income ("NOI") as supplemental operating performance measures of an equity REIT. Historical cost accounting for real estate assets in accordance with accounting principles generally accepted in the United States of America ("GAAP") implicitly assumes that the value of real estate assets diminishes predictably over time through depreciation. Since real estate values instead have historically risen or fallen with market conditions, many industry analysts and investors prefer to supplement operating results that use historical cost accounting with measures such as FFO and NOI, among others. We provide information related to FFO and same store NOI ("SS NOI") both because such industry analysts are interested in such information, and because our management believes FFO and SS NOI are important performance measures. FFO and SS NOI are factors used by management in measuring our performance, including for purposes of determining the compensation of our executive officers under our 2015 incentive compensation plan.

Neither FFO nor SS NOI should be considered as a substitute for net income, or any other measures derived in accordance with GAAP. Neither FFO nor SS NOI represents cash generated from operating activities in accordance with GAAP and neither should be considered as an alternative to cash flow from operating activities as a measure of our liquidity, nor is either indicative of funds available for our cash needs, including our ability to make cash distributions.

Funds From Operations

The National Association of Real Estate Investment Trusts ("NAREIT") has recognized and defined for the real estate industry a supplemental measure of REIT operating performance that excludes historical cost depreciation, among other items, from net income determined in accordance with GAAP. FFO is a non-GAAP financial measure. FFO is calculated by us in accordance with the definition adopted by the Board of Governors of NAREIT and therefore may not be comparable to other similarly titled measures of other companies.

Management believes that the use of FFO available to common stockholders and participating securities, combined with net income (which remains the primary measure of performance), improves the understanding of operating results of REITs among the investing public and makes comparisons of REIT operating results more meaningful. Management believes that, by excluding gains or losses related to sales of previously depreciated real estate assets, real estate asset depreciation and amortization and impairment charges recorded on depreciable real estate, investors and analysts are able to identify the operating results of the long-term assets that form the core of a REIT’s activity and use these operating results for assistance in comparing these operating results between periods or to those of different companies.

The following table shows a reconciliation of net income available to common stockholders and participating securities to the calculation of FFO available to common stockholders and participating securities for the years ended December 31, 2015, 2014, 2013, 2012 and 2011.

	Year Ended December 31,
	2015			2014			2013			2012			2011
	(In thousands)
Net Income (Loss)Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities	$	73,802		$	46,629		$	25,907		$	(22,069	)	$	(27,010	)
Adjustments:
Depreciation and Other Amortization of Real Estate	113,126			111,371			106,333			109,784			110,055
Depreciation and Other Amortization of Real Estate Included in Discontinued Operations	—			2,388			7,727			11,648			12,268
Equity in Depreciation and Other Amortization of Joint Ventures	17			117			273			(20		)	551
Impairment of Depreciated Real Estate	626			—			—			(192		)	(1,457		)
Impairment of Depreciated Real Estate Included in Discontinued Operations	—			—			2,652			1,438			5,916
Non-NAREIT Compliant Gain	(44,022		)	(25,988		)	(34,344		)	(12,665		)	(20,419		)
Non-NAREIT Compliant Gain from Joint Ventures	(63		)	(3,346		)	(111		)	(902		)	(616		)
Gain on Change in Control of Interests	—			—			—			(776		)	(689		)
Noncontrolling Interest Share of Adjustments	(2,645		)	(3,281		)	(3,426		)	(5,606		)	(6,448		)
Funds from Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities	$	140,841		$	127,890		$	105,011		$	80,640		$	72,151

40

Same Store Net Operating Income

SS NOI is a non-GAAP financial measure that provides a measure of rental operations, and does not factor in depreciation and amortization, general and administrative expense, acquisition costs, interest expense, impairment charges, equity in income from joint ventures, income tax benefit and expense, gains and losses on retirement of debt, sale of real estate and mark-to-market and settlement loss on interest rate protection agreements. We define SS NOI as revenues minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses, minus the NOI of properties that are not same store properties and minus the impact of straight-line rent, the amortization of lease inducements, the amortization of above/below market rent and lease termination fees. As so defined, SS NOI may not be comparable to same store net operating income or similar measures reported by other REITs that define same store properties or NOI differently. The major factors influencing SS NOI are occupancy levels, rental rate increases or decreases and tenant recoveries increases or decreases. Our success depends largely upon our ability to lease space and to recover the operating costs associated with those leases from our tenants.

The following table shows a reconciliation of the same store revenues and property expenses disclosed in the results of operations (and reconciled to revenues and expenses reflected on the statements of operations) to SS NOI for the years ended December 31, 2015 and 2014.

	Year Ended December 31,
	2015			2014
	(In thousands)
Same Store - Revenues	$	324,165		$	318,420
Same Store - Property Expenses	92,244			93,205
Same Store Net Operating Income Before Same Store Adjustments	$	231,921		$	225,215
Same Store Adjustments:
Lease Inducement Amortization	805			1,042
Straight-line Rent	281			(1,006		)
Above / Below Market Rent Amortization	(389		)	(870		)
Lease Termination Fees	(874		)	(1,464		)
One-Time Restoration Fee	—			(2,638		)
Same Store Net Operating Income	$	231,744		$	220,279

Subsequent Events

From January 1, 2016 to February 24, 2016, we acquired one industrial property and several land parcels for a purchase price of approximately $46.7 million, excluding costs incurred in conjunction with such acquisitions. We also assumed a $4.5 million mortgage loan payable in conjunction with the acquisition of the property. During the same period, we sold two industrial properties for approximately $9.6 million.

Additionally, on January 15, 2016, we paid off and retired our 2016 Notes, at maturity, in the amount of $159.7 million.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Response to this item is included in Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” above.

Item 8. Financial Statements and Supplementary Data

See Index to Financial Statements and Financial Statement Schedule included in Item 15.

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

41

Item 9A. Controls and Procedures

First Industrial Realty Trust, Inc.

Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its periodic reports pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Company's principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required financial disclosure.

The Company carried out an evaluation, under the supervision and with the participation of management, including the Company's principal executive officer and principal financial officer, of the effectiveness of the design and operation of its disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon this evaluation, the Company's principal executive officer and principal financial officer concluded that its disclosure controls and procedures were effective as of the end of the period covered by this report.

Management’s Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Management has assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2015. In making its assessment of internal control over financial reporting, management used the Internal Control-Integrated Framework (2013) set forth by the Committee of Sponsoring Organizations of the Treadway Commission.

Management has concluded that, as of December 31, 2015, the Company's internal control over financial reporting was effective.

The effectiveness of the Company's internal control over financial reporting as of December 31, 2015 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein within Item 15. See Report of Independent Registered Public Accounting Firm.

Changes in Internal Control Over Financial Reporting

There has been no change in the Company's internal control over financial reporting that occurred during the fourth quarter of 2015 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

First Industrial, L.P.

Evaluation of Disclosure Controls and Procedures

The Operating Partnership maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its periodic reports pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Company's principal executive officer and principal financial officer, on behalf of the Company in its capacity as the general partner of the Operating Partnership, as appropriate, to allow timely decisions regarding required financial disclosure.

The Operating Partnership carried out an evaluation, under the supervision and with the participation of management, including the Company's principal executive officer and principal financial officer, on behalf of the Company in its capacity as the general partner of the Operating Partnership, of the effectiveness of the design and operation of the Operating Partnership's disclosure controls and procedures pursuant to Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based upon this evaluation, the Company's principal executive officer and principal financial officer, on behalf of the Company in its capacity as the general partner of the Operating Partnership, concluded that the Operating Partnership's disclosure controls and procedures were effective as of the end of the period covered by this report.

42

Management’s Report on Internal Control Over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting. The Operating Partnership's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Management has assessed the effectiveness of the Operating Partnership's internal control over financial reporting as of December 31, 2015. In making its assessment of internal control over financial reporting, management used the Internal Control-Integrated Framework (2013) set forth by the Committee of Sponsoring Organizations of the Treadway Commission.

Management has concluded that, as of December 31, 2015, the Operating Partnership's internal control over financial reporting was effective.

The effectiveness of the Operating Partnership's internal control over financial reporting as of December 31, 2015 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein within Item 15. See Report of Independent Registered Public Accounting Firm.

Changes in Internal Control Over Financial Reporting

There has been no change in the Operating Partnership's internal control over financial reporting that occurred during the fourth quarter of 2015 that has materially affected, or is reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting.

Item 9B. Other Information

None.

43

PART III

Item 10, 11, 12, 13 and 14. Directors, Executive Officers and Corporate Governance, Executive Compensation, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, Certain Relationships and Related Transactions and Director Independence and Principal Accountant Fees and Services

The information required by Item 10, Item 11, Item 12, Item 13 and Item 14 is hereby incorporated or furnished, solely to the extent required by such item, from the Company’s definitive proxy statement, which is expected to be filed with the SEC no later than 120 days after the end of the Company’s fiscal year. Information from the Company’s definitive proxy statement shall not be deemed to be “filed” or “soliciting material,” or subject to liability for purposes of Section 18 of the Securities Exchange Act of 1934 to the maximum extent permitted under the Exchange Act.

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) Financial Statements, Financial Statement Schedule and Exhibits

(1 & 2) See Index to Financial Statements and Financial Statement Schedule.

(3) Exhibits: The Exhibits required by Item 601 of Regulation S-K are listed in the Exhibit Index on page 45 to 48 of this report, which is incorporated herein by reference.

44

EXHIBIT INDEX

Exhibits	Description
3.1	Amended and Restated Articles of Incorporation of the Company (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102)
3.2	Third Amended and Restated Bylaws of the Company, dated May 7, 2015 (incorporated by reference to Exhibit 3.1 of the Form 8-K of the Company, filed May 7, 2015, File No. 1-13102)
3.3	Articles of Amendment to the Company’s Articles of Incorporation, dated June 20, 1994 (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102)
3.4	Articles of Amendment to the Company’s Articles of Incorporation, dated May 31, 1996 (incorporated by reference to Exhibit 3.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1996, File No. 1-13102)
3.5	Articles Supplementary relating to the Company’s 6.236% Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 3.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102)
3.6	Articles Supplementary relating to the Company’s 7.236% Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 3.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102)
3.7	Articles Supplementary relating to the Company’s Junior Participating Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.10 of Form S-3 of the Company and First Industrial, L.P. dated September 24, 1997, Registration No. 333-29879)
3.8	Articles Supplementary relating to the Company’s 7.25% Series J Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company filed January 17, 2006, File No. 1-13102)
3.9	Articles Supplementary relating to the Company’s 7.25% Series K Cumulative Redeemable Preferred Stock, $0.01 par value (incorporated by reference to Exhibit 1.6 of the Form 8-A of the Company, as filed on August 18, 2006, File No. 1-13102)
3.10	Articles of Amendment to the Company’s Articles of Incorporation, dated May 12, 2011 (incorporated by reference to Exhibit 3.1 of the Form 8-K of the Company filed June 2, 2011, File No. 1-13102)
3.11	Articles of Amendment to the Company’s Articles of Incorporation, dated May 9, 2013 (incorporated by reference to Exhibit 3.1 of the Form 8-K of the Company filed May 10, 2013, File No. 1-13102)
3.12	Twelfth Amended and Restated Partnership Agreement of First Industrial, L.P. dated February 27, 2012 and effective March 17, 2012 (incorporated by reference to Exhibit 10.1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2011, File No. 1-13102)
4.1	Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)
4.2	Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)
4.3	Supplemental Indenture No. 3 dated October 28, 1997 between First Industrial, L.P. and First Trust National Association providing for the issuance of Medium-Term Notes due Nine Months or more from Date of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of First Industrial, L.P., dated November 3, 1997, as filed November 3, 1997, File No. 333-21873)
4.4	7.50% Medium-Term Note due 2017 in principal amount of $100 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102)
4.5	Trust Agreement, dated as of May 16, 1997, between First Industrial, L.P. and First Bank National Association, as Trustee (incorporated by reference to Exhibit 4.5 of the Form 10-Q of First Industrial, L.P. for the fiscal quarter ended March 31, 1997, File No. 333-21873)
4.6	7.60% Notes due 2028 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873)
4.7	Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated July 15, 1998, File No. 333-21873)
4.8	Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and U.S. Bank National Association, relating to First Industrial, L.P.’s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Form 8-K of First Industrial, L.P. dated April 4, 2002, File No. 333-21873)

45

Exhibits	Description
4.9	Form of 6.875% Notes due in 2012 in the principal amount of $200 million issued by First Industrial, L.P. and 7.75% Notes due in 2032 in the principal amount of $50 million issued by First Industrial L.P. (incorporated by reference to Exhibit 4.2 of First Industrial L.P.’s Form 8-K dated April 4, 2002, File No. 333-21873)
4.10	Form of 7.75% Notes due 2032 in the principal amount of $50.0 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the Form 8-K of First Industrial, L.P., dated April 4, 2002, File No. 333-21873)
4.11	Supplemental Indenture No. 10, dated as of January 10, 2006, relating to 5.75% Senior Notes due 2016, by and between the First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed January 11, 2006, File No. 1-13102)
4.12	Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, by and between the First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed May 5, 2007, File No. 1-13102)
10.1	Sales Agreement by and among the Company, First Industrial, L.P. and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Company and First Industrial, L.P., dated September 16, 2004, Company's File No. 1-13102 and First Industrial, L.P.'s File No. 333-21873)
10.2	Form of Non-Competition Agreement between Johannson L. Yap and First Industrial Realty Trust, Inc. (incorporated by reference to Exhibit 10.14 to the Company’s Registration Statement on Form S-11, File No. 33-77804)
10.3†	1994 Stock Incentive Plan (incorporated by reference to Exhibit 10.37 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1994, File No. 1-13102)
10.4	Contribution Agreement, dated March 19, 1996, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, dated April 3, 1996, File No. 1-13102)
10.5	Contribution Agreement, dated January 31, 1997, among FR Acquisitions, Inc. and the parties listed on the signature pages thereto (incorporated by reference to Exhibit 10.58 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102)
10.6†	1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.62 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1996, File No. 1-13102)
10.7†	2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.34 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2001, File No. 1-13102)
10.8†	Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102)
10.9†	Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.4 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102)
10.10†	Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.5 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102)
10.11†	Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.6 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2004, File No. 1-13102)
10.12†	Form of Restricted Stock Agreement (Director’s Annual Retainer) (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed May 19, 2006, File No. 1-13102)
10.13†	Amendment No. 1 to the Company’s 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2006, File No. 1-13102)
10.14†	Amendment No. 2 to the Company’s 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2007, File No. 1-13102)
10.15†	Amendment No. 1 to the Company’s 1994 Stock Incentive Plan (incorporated by reference to Exhibit 10.24 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102)
10.16†	Amendment No. 1 to the Company’s 1997 Stock Incentive Plan (incorporated by reference to Exhibit 10.25 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102)
10.17†	Form of Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.26 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102)
10.18†	Form of Director Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.27 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102)
10.19†	Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.28 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102)
10.20†	Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.29 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2007, File No. 1-13102)

46

Exhibits	Description
10.21†	Amendment No. 3 to the Company’s 2001 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 2008, File No. 1-13102)
10.22†	Form of Employee Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 2008, File No. 1-13102)
10.23†	Employment Agreement dated as of December 17, 2012 by and among the Company, First Industrial L.P. and Bruce W. Duncan (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed December 19, 2012, File No. 1-13102)
10.24†	2009 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Form 10-Q for the period ended June 30, 2009, File No. 1-13102)
10.25†	Form of Employee Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed July 15, 2009, File No. 1-13102)
10.26†	Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed March 4, 2010, File No. 1-13102)
10.27†	Form of Employee Service Based Bonus Agreement (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed July 7, 2010, File No. 1-13102)
10.28†	Form of Employee Service Based Bonus Agreement (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed July 13, 2011, File No. 1-13102)
10.29†	2011 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K filed June 2, 2011, File No. 1-13102)
10.30†	Amendment No. 1 to 2011 Stock Incentive Plan, dated April 28, 2011 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed on April 28, 2011, File No. 1-13102)
10.31†	Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2012, File No. 1-13102)
10.32†	Form of Employee Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2012, File No. 1-13102)
10.33†	Form of Employee Service Based Bonus Agreement (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2012, File No. 1-13102)
10.34†	Form of Restricted Stock Award Agreement for Bruce Duncan (incorporated by reference to Exhibit 10.46 of the Company's Annual Report on Form 10-K for the year ended December 31, 2012, file No. 1-13102)
10.35†	Form of 2013 Long-Term Incentive Program (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed June 25, 2013, File No. 1-13102)
10.36†	Form of 2013 Long-Term Incentive Program Performance Unit Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company filed June 25, 2013, File No. 1-13102)
10.37	Unsecured Term Loan Agreement dated as of January 29, 2014 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 January 29, 2014, File No. 1-13102)
10.38	Distribution Agreement among the Company, First Industrial, L.P. and Wells Fargo Securities, LLC dated March 13, 2014 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed on March 13, 2014, File No. 1-13102)
10.39†	2014 Stock Incentive Plan (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company, filed May 9, 2014, File No. 1-13102)
10.40†	Form of Employee Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.2 of the Form 8-K of the Company, filed May 9, 2014, File No. 1-13102)
10.41†	Form of Restricted Stock Award Agreement for Bruce Duncan (incorporated by reference to Exhibit 10.3 of the Form 8-K of the Company, filed May 9, 2014, File No. 1-13102)
10.42†	Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 of the Form 8-K of the Company, filed May 9, 2014, File No. 1-13102)
10.43†	Form of 2013 Long-Term Incentive Program Performance Unit Award Agreement (incorporated by reference to Exhibit 10.5 of the Form 8-K of the Company, filed May 9, 2014, File No. 1-13102)
10.44†	Form of Restricted Stock Award Agreement (incorporated by reference Exhibit 10.6 of the Form 8-K of the Company, filed May 9, 2014, File No. 13102)

47

Exhibits	Description
10.45	Second Amended and Restated Unsecured Revolving Credit Agreement dated as of March 10, 2015, 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 March 12, 2015, File No. 1-13102)
10.46	First Amendment to Unsecured Term Loan Agreement, dated as of April 29, 2015, 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 10.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 2015, File No. 1-13102)
10.47	Unsecured Term Loan Agreement, dated as of September 11, 2015, among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, National Association, PNC Bank, National Association, Regions Bank, U.S. Bank, National Association and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed September 14, 2015, File No. 1-13102)
21.1*	Subsidiaries of the Registrants
23*	Consents of PricewaterhouseCoopers LLP
31.1*	Certification of Principal Executive Officer of First Industrial Realty Trust, Inc. pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.2*	Certification of Principal Financial Officer of First Industrial Realty Trust, Inc. pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.3*	Certification of Principal Executive Officer of First Industrial Realty Trust, Inc., in its capacity as the sole general partner of First Industrial, L.P., pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
31.4*	Certification of Principal Financial Officer of First Industrial Realty Trust, Inc., in its capacity as the sole general partner of First Industrial, L.P., pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended
32.1**	Certification of the Principal Executive Officer and Principal Financial Officer of First Industrial Realty Trust, Inc. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**	Certification of the Principal Executive Officer and Principal Financial Officer of First Industrial Realty Trust, Inc., in its capacity as the sole general partner of First Industrial, L.P., 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 Realty Trust, Inc.’s and First Industrial L.P.'s Annual Report on Form 10-K for the year ended December 31, 2015, formatted in XBRL: (i) Consolidated Balance Sheets (audited), (ii) Consolidated Statements of Operations (audited), (iii) Consolidated Statements of Comprehensive Income (audited), (iv) Consolidated Statement of Changes in Stockholders’ Equity / Consolidated Statement of Changes in Partners' Capital (audited), (v) Consolidated Statements of Cash Flows (audited) and (vi) Notes to Consolidated Financial Statements (audited)

_______________

* Filed herewith.

** Furnished herewith.

† Indicates a compensatory plan or arrangement contemplated by Item 15 a (3) of Form 10-K.

48

FIRST INDUSTRIAL REALTY TRUST, INC.

FIRST INDUSTRIAL, L.P.

INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE

	Page
First Industrial Realty Trust, Inc. and First Industrial, L.P.
Reports of Independent Registered Public Accounting Firm	50
CONSOLIDATED FINANCIAL STATEMENTS
First Industrial Realty Trust, Inc.
Consolidated Balance Sheets as of December 31, 2015 and 2014	52
Consolidated Statements of Operations for the Years Ended December 31, 2015, 2014 and 2013	53
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2015, 2014 and 2013	54
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December  31, 2015, 2014 and 2013	55
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013	56
First Industrial, L.P.
Consolidated Balance Sheets as of December 31, 2015 and 2014	57
Consolidated Statements of Operations for the Years Ended December 31, 2015, 2014 and 2013	58
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2015, 2014 and 2013	60
Consolidated Statements of Changes in Partners' Capital for the Years Ended December  31, 2015, 2014 and 2013	61
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013	62
First Industrial Realty Trust, Inc. and First Industrial, L.P.
Notes to the Consolidated Financial Statements	64
FINANCIAL STATEMENT SCHEDULE
First Industrial Realty Trust, Inc. and First Industrial, L.P.
Schedule III: Real Estate and Accumulated Depreciation	S-1

49

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of

First Industrial Realty Trust, Inc.:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations, of comprehensive income, of changes in stockholders' equity and of cash flows present fairly, in all material respects, the financial position of First Industrial Realty Trust, Inc. and its subsidiaries (the “Company”) at December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the index appearing under Item 15(a)(2) presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control -Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s management is responsible for these financial statements and financial statement schedule, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements, on the financial statement schedule, and on the Company’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 24, 2016

50

Report of Independent Registered Public Accounting Firm

To the Partners of

First Industrial, L.P.:

In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations, of comprehensive income, of changes in partners' capital and of cash flows present fairly, in all material respects, the financial position of First Industrial, L.P. and its subsidiaries (the “Operating Partnership”) at December 31, 2015 and 2014, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2015 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the index appearing under Item 15(a)(2) presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Operating Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2015, based on criteria established in Internal Control -Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Operating Partnership’s management is responsible for these financial statements and financial statement schedule, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements, on the financial statement schedule, and on the Operating Partnership’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 24, 2016

51

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS

	December 31, 2015			December 31, 2014
	(In thousands except share and per  share data)
ASSETS
Assets:
Investment in Real Estate:
Land	$	745,912		$	718,188
Buildings and Improvements	2,511,737			2,439,887
Construction in Progress	36,319			25,294
Less: Accumulated Depreciation	(791,330		)	(786,978		)
Net Investment in Real Estate	2,502,638			2,396,391
Real Estate Held for Sale, Net of Accumulated Depreciation of $1,171 and $0	2,510			—
Cash and Cash Equivalents	3,987			9,500
Restricted Cash	23,005			1,829
Tenant Accounts Receivable, Net	5,612			7,356
Investment in Joint Venture	—			71
Deferred Rent Receivable, Net	62,335			58,130
Deferred Financing Costs, Net	12,447			10,448
Deferred Leasing Intangibles, Net	33,326			33,526
Prepaid Expenses and Other Assets, Net	72,191			64,744
Total Assets	$	2,718,051		$	2,581,995
LIABILITIES AND EQUITY
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net	$	564,955		$	599,985
Senior Unsecured Notes, Net	364,956			364,861
Unsecured Term Loans	460,000			200,000
Unsecured Credit Facility	52,500			185,000
Accounts Payable, Accrued Expenses and Other Liabilities	93,699			79,733
Deferred Leasing Intangibles, Net	11,841			12,726
Rents Received in Advance and Security Deposits	40,153			36,914
Dividends and Distributions Payable	14,812			11,949
Total Liabilities	1,602,916			1,491,168
Commitments and Contingencies	—			—
Equity:
First Industrial Realty Trust Inc.’s Stockholders’ Equity:
Common Stock ($0.01 par value, 150,000,000 shares authorized and 111,027,225 and 110,600,866 shares issued and outstanding)	1,111			1,106
Additional Paid-in-Capital	1,756,415			1,751,059
Distributions in Excess of Accumulated Earnings	(674,759		)	(689,348		)
Accumulated Other Comprehensive Loss	(9,667		)	(13,867		)
Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity	1,073,100			1,048,950
Noncontrolling Interest	42,035			41,877
Total Equity	1,115,135			1,090,827
Total Liabilities and Equity	$	2,718,051		$	2,581,995

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

52

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
	(In thousands except per share data)
Revenues:
Rental Income	$	281,186		$	259,609		$	245,064
Tenant Recoveries and Other Income	84,576			84,990			73,390
Total Revenues	365,762			344,599			318,454
Expenses:
Property Expenses	114,628			114,499			103,714
General and Administrative	25,362			23,418			22,821
Acquisition Costs	1,403			960			331
Impairment of Real Estate	626			—			—
Depreciation and Other Amortization	113,814			111,897			106,951
Total Expenses	255,833			250,774			233,817
Other Income (Expense):
Gain (Loss) on Sale of Real Estate	48,906			(83		)	1,100
Interest Income	61			2,110			2,354
Interest Expense	(67,424		)	(72,178		)	(73,558		)
Amortization of Deferred Financing Costs	(3,159		)	(3,098		)	(3,225		)
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements	(11,546		)	—			52
Loss from Retirement of Debt	—			(655		)	(6,637		)
Total Other Income (Expense)	(33,162		)	(73,904		)	(79,914		)
Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Tax (Provision) Benefit	76,767			19,921			4,723
Equity in Income of Joint Ventures	55			3,499			136
Income Tax (Provision) Benefit	(117		)	(238		)	3
Income from Continuing Operations	76,705			23,182			4,862
Discontinued Operations:
Income Attributable to Discontinued Operations	—			1,835			2,222
Gain on Sale of Real Estate	—			25,988			34,344
Income from Discontinued Operations	—			27,823			36,566
Net Income	76,705			51,005			41,428
Less: Net Income Attributable to the Noncontrolling Interest	(2,903		)	(1,895		)	(1,121		)
Net Income Attributable to First Industrial Realty Trust, Inc.	73,802			49,110			40,307
Less: Preferred Dividends	—			(1,019		)	(8,733		)
Less: Redemption of Preferred Stock	—			(1,462		)	(5,667		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities	$	73,802		$	46,629		$	25,907
Basic Earnings Per Share:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.67		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	0.24		$	0.33
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.67		$	0.42		$	0.24
Diluted Earnings Per Share:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.66		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	0.24		$	0.33
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.66		$	0.42		$	0.24
Dividends/Distributions Per Share	$	0.51		$	0.41		$	0.34
Weighted Average Shares Outstanding - Basic	110,352			109,922			106,995
Weighted Average Shares Outstanding - Diluted	110,781			110,325			106,995

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

53

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
	(In thousands)
Net Income	$	76,705		$	51,005		$	41,428
Mark-to-Market Loss on Interest Rate Protection Agreements	(9,155		)	(12,279		)	—
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 11)	12,990			—			—
Amortization of Interest Rate Protection Agreements	524			1,358			2,411
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	—			—			1,116
Foreign Currency Translation Adjustment	15			(93		)	(60		)
Comprehensive Income	81,079			39,991			44,895
Comprehensive Income Attributable to Noncontrolling Interest	(3,069		)	(1,467		)	(1,265		)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc.	$	78,010		$	38,524		$	43,630

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

54

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

	Preferred Stock		Common Stock		Additional Paid-in- Capital			Distributions in Excess  of Accumulated Earnings			Accumulated Other Comprehensive Loss			Noncontrolling Interest			Total
	(In thousands)
Balance as of December 31, 2012	$	—	$	988	$	1,785,213		$	(676,265	)	$	(6,557	)	$	42,274		$	1,145,653
Issuance of Common Stock, Net of Issuance Costs	—		107		173,678			—			—			—			173,785
Redemption of Preferred Stock	—		—		(144,384		)	(5,667		)	—			—			(150,051		)
Stock Based Compensation Activity	—		4		5,476			(948		)	—			—			4,532
Conversion of Units to Common Stock	—		1		995			—			—			(996		)	—
Reallocation—Additional Paid in Capital	—		—		(3,369		)	—			—			3,369			—
Common Stock Dividends and Unit Distributions	—		—		—			(37,288		)	—			(1,574		)	(38,862		)
Preferred Dividends	—		—		—			(8,733		)	—			—			(8,733		)
Net Income	—		—		—			40,307			—			1,121			41,428
Reallocation—Other Comprehensive Income	—		—		—			—			(31		)	31			—
Other Comprehensive Income	—		—		—			—			3,323			144			3,467
Balance as of December 31, 2013	$	—	$	1,100	$	1,817,609		$	(688,594	)	$	(3,265	)	$	44,369		$	1,171,219
Redemption of Preferred Stock	—		—		(73,587		)	(1,462		)	—			—			(75,049		)
Stock Based Compensation Activity	—		4		4,880			(1,936		)	—			—			2,948
Conversion of Units to Common Stock	—		2		2,153			—			—			(2,155		)	—
Reallocation—Additional Paid in Capital	—		—		4			—			—			(4		)	—
Common Stock Dividends and Unit Distributions	—		—		—			(45,447		)	—			(1,816		)	(47,263		)
Preferred Dividends	—		—		—			(1,019		)	—			—			(1,019		)
Net Income	—		—		—			49,110			—			1,895			51,005
Reallocation—Other Comprehensive Income	—		—		—			—			(16		)	16			—
Other Comprehensive Loss	—		—		—			—			(10,586		)	(428		)	(11,014		)
Balance as of December 31, 2014	$	—	$	1,106	$	1,751,059		$	(689,348	)	$	(13,867	)	$	41,877		$	1,090,827
Stock Based Compensation Activity	—		4		4,656			(2,417		)	—			—			2,243
Conversion of Units to Common Stock	—		1		672			—			—			(673		)	—
Reallocation—Additional Paid in Capital	—		—		28			—			—			(28		)	—
Common Stock Dividends and Unit Distributions	—		—		—			(56,796		)	—			(2,218		)	(59,014		)
Net Income	—		—		—			73,802			—			2,903			76,705
Reallocation—Other Comprehensive Income	—		—		—			—			(8		)	8			—
Other Comprehensive Income	—		—		—			—			4,208			166			4,374
Balance as of December 31, 2015	$	—	$	1,111	$	1,756,415		$	(674,759	)	$	(9,667	)	$	42,035		$	1,115,135

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

55

FIRST INDUSTRIAL REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	76,705		$	51,005		$	41,428
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	92,955			93,457			94,271
Amortization of Deferred Financing Costs	3,159			3,098			3,225
Other Amortization	28,359			30,218			30,632
Impairment of Real Estate	626			—			2,652
Provision for Bad Debt	954			1,425			726
Equity in Income of Joint Ventures	(55		)	(3,499		)	(136		)
Distributions from Joint Ventures	—			1,881			177
Gain on Sale of Real Estate	(48,906		)	(25,905		)	(35,444		)
Loss from Retirement of Debt	—			655			6,637
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements	11,546			—			(52		)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(2,686		)	(2,582		)	(3,192		)
Increase in Deferred Rent Receivable	(6,181		)	(2,715		)	(4,516		)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	5,673			452			(5,679		)
Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt	—			(10,650		)	(4,978		)
Cash Book Overdraft	—			336			—
Net Cash Provided by Operating Activities	162,149			137,176			125,751
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(168,122		)	(96,045		)	(73,642		)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(150,079		)	(123,037		)	(114,806		)
Net Proceeds from Sales of Investments in Real Estate	154,024			98,472			126,250
Contributions to and Investments in Joint Ventures	(200		)	(31		)	(38		)
Distributions from Joint Ventures	126			2,475			104
Settlement of Interest Rate Protection Agreements	(11,546		)	—			—
Repayments of Notes Receivable	2,760			49,761			615
(Increase) Decrease in Escrows	(24,037		)	(664		)	204
Net Cash Used in Investing Activities	(197,074		)	(69,069		)	(61,313		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and Equity Issuance and Preferred Stock Redemption Costs	(5,158		)	(2,419		)	(3,575		)
Proceeds from the Issuance of Common Stock, Net of Underwriter’s Discount	—			—			174,081
Repurchase and Retirement of Restricted Stock	(2,101		)	(4,667		)	(2,968		)
Common Stock Dividends and Unit Distributions Paid	(55,811		)	(45,151		)	(29,025		)
Preferred Dividends Paid	—			(1,471		)	(8,733		)
Redemption of Preferred Stock	—			(75,000		)	(150,000		)
Payments on Interest Rate Protection Agreements	—			—			(1,079		)
Repayments on Mortgage Loans Payable	(35,004		)	(77,880		)	(85,680		)
Repayments of Senior Unsecured Notes	—			(71,578		)	(29,769		)
Proceeds from Unsecured Term Loans	260,000			200,000			—
Proceeds from Unsecured Credit Facility	321,500			356,000			373,000
Repayments on Unsecured Credit Facility	(454,000		)	(344,000		)	(298,000		)
Net Cash Provided by (Used in) Financing Activities	29,426			(66,166		)	(61,748		)
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents	(14		)	(18		)	(51		)
Net (Decrease) Increase in Cash and Cash Equivalents	(5,499		)	1,941			2,690
Cash and Cash Equivalents, Beginning of Year	9,500			7,577			4,938
Cash and Cash Equivalents, End of Year	$	3,987		$	9,500		$	7,577
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity	$	66,452		$	70,194		$	70,726
Interest Expense Capitalized in Connection with Development Activity	$	2,453		$	1,411		$	3,611
Income Taxes Paid (Refunded)	$	23		$	(105	)	$	5,433
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Dividends/Distributions Payable on Common Stock/Operating Partnership Units	$	14,812		$	11,949		$	9,837
Dividends Payable on Preferred Stock	$	—		$	—		$	452
Exchange of Operating Partnership Units for Common Stock:
Noncontrolling Interest	$	(673	)	$	(2,155	)	$	(996	)
Common Stock	1			2			1
Additional Paid-in-Capital	672			2,153			995
Total	$	—		$	—		$	—
Assumption of Liabilities in Connection with the Acquisition of Real Estate	$	2,090		$	364		$	483
Notes Receivable Issued in Conjunction with Certain Property Sales	$	—		$	—		$	12,520
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	$	25,747		$	14,901		$	15,249
Write-off of Fully Depreciated Assets	$	(45,457	)	$	(44,769	)	$	(62,281	)

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

56

FIRST INDUSTRIAL, L.P.

CONSOLIDATED BALANCE SHEETS

	December 31, 2015			December 31, 2014
	(In thousands except Unit data)
ASSETS
Assets:
Investment in Real Estate:
Land	$	745,912		$	718,188
Buildings and Improvements	2,511,737			2,439,887
Construction in Progress	36,319			25,294
Less: Accumulated Depreciation	(791,330		)	(786,978		)
Net Investment in Real Estate	2,502,638			2,396,391
Real Estate Held for Sale, Net of Accumulated Depreciation of $1,171 and $0	2,510			—
Cash and Cash Equivalents	3,987			9,485
Restricted Cash	23,005			1,829
Tenant Accounts Receivable, Net	5,612			7,356
Investment in Joint Venture	—			71
Deferred Rent Receivable, Net	62,335			58,130
Deferred Financing Costs, Net	12,447			10,448
Deferred Leasing Intangibles, Net	33,326			33,526
Prepaid Expenses and Other Assets, Net	82,906			75,472
Total Assets	$	2,728,766		$	2,592,708
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Indebtedness:
Mortgage Loans Payable, Net	$	564,955		$	599,985
Senior Unsecured Notes, Net	364,956			364,861
Unsecured Term Loans	460,000			200,000
Unsecured Credit Facility	52,500			185,000
Accounts Payable, Accrued Expenses and Other Liabilities	93,699			79,683
Deferred Leasing Intangibles, Net	11,841			12,726
Rents Received in Advance and Security Deposits	40,153			36,914
Distributions Payable	14,812			11,949
Total Liabilities	1,602,916			1,491,118
Commitments and Contingencies	—			—
Partners’ Capital:
First Industrial L.P.'s Partners' Capital:
General Partner Units (111,027,225 and 110,600,866 units outstanding)	1,054,028			1,034,129
Limited Partners Units (4,305,707 and 4,374,637 units outstanding)	80,769			80,757
Accumulated Other Comprehensive Loss	(10,043		)	(14,376		)
Total First Industrial L.P.'s Partners’ Capital	1,124,754			1,100,510
Noncontrolling Interest	1,096			1,080
Total Partners’ Capital	1,125,850			1,101,590
Total Liabilities and Partners’ Capital	$	2,728,766		$	2,592,708

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

57

FIRST INDUSTRIAL L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
	(In thousands except per Unit data)
Revenues:
Rental Income	$	281,186		$	259,609		$	245,064
Tenant Recoveries and Other Income	84,576			84,990			73,390
Total Revenues	365,762			344,599			318,454
Expenses:
Property Expenses	114,628			114,499			103,714
General and Administrative	25,247			23,166			22,775
Acquisition Costs	1,403			960			331
Impairment of Real Estate	626			—			—
Depreciation and Other Amortization	113,814			111,897			106,951
Total Expenses	255,718			250,522			233,771
Other Income (Expense):
Gain (Loss) on Sale of Real Estate	48,906			(83		)	1,100
Interest Income	61			2,110			2,354
Interest Expense	(67,424		)	(72,178		)	(73,558		)
Amortization of Deferred Financing Costs	(3,159		)	(3,098		)	(3,225		)
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements	(11,546		)	—			52
Loss from Retirement of Debt	—			(655		)	(6,637		)
Total Other Income (Expense)	(33,162		)	(73,904		)	(79,914		)
Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Tax (Provision) Benefit	76,882			20,173			4,769
Equity in Income of Joint Ventures	55			3,499			136
Income Tax (Provision) Benefit	(117		)	(238		)	3
Income from Continuing Operations	76,820			23,434			4,908
Discontinued Operations:
Income Attributable to Discontinued Operations	—			1,835			2,222
Gain on Sale of Real Estate	—			25,988			34,344
Income from Discontinued Operations	—			27,823			36,566
Net Income	76,820			51,257			41,474
Less: Net Income Attributable to the Noncontrolling Interest	(138		)	(72		)	(41		)
Net Income Attributable to Unitholders	76,682			51,185			41,433
Less: Preferred Unit Distributions	—			(1,019		)	(8,733		)
Less: Redemption of Preferred Units	—			(1,462		)	(5,667		)
Net Income Available to Unitholders and Participating Securities	$	76,682		$	48,704		$	27,033
Basic Earnings Per Unit:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.67		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	0.24		$	0.33
Net Income Available to Unitholders	$	0.67		$	0.42		$	0.24

58

Diluted Earnings Per Unit:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.66	$	0.18	$	(0.09	)
Income from Discontinued Operations Attributable to Unitholders	$	—	$	0.24	$	0.33
Net Income Available to Unitholders	$	0.66	$	0.42	$	0.24
Distributions Per Unit	$	0.51	$	0.41	$	0.34
Weighted Average Units Outstanding - Basic	114,709		114,388		111,646
Weighted Average Units Outstanding - Diluted	115,138		114,791		111,646

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

59

FIRST INDUSTRIAL L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
	(In thousands)
Net Income Attributable to Unitholders	$	76,682		$	51,185		$	41,433
Mark-to-Market Loss on Interest Rate Protection Agreements	(9,155		)	(12,279		)	—
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 11)	12,990			—			—
Amortization of Interest Rate Protection Agreements	524			1,358			2,411
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	—			—			1,116
Foreign Currency Translation Adjustment	(26		)	(93		)	(60		)
Comprehensive Income Attributable to Unitholders	$	81,015		$	40,171		$	44,900

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

60

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

	General Partner Preferred Units			General Partner Units			Limited Partner Units			Accumulated Other Comprehensive Loss			Noncontrolling Interest			Total
	(In thousands)
Balance as of December 31, 2012	$	217,971		$	859,727		$	84,282		$	(6,829	)	$	1,106		$	1,156,257
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	—			4,532			—			—			—			4,532
Conversion of Limited Partner Units to General Partner Units	—			996			(996		)	—			—			—
Common Unit Distributions	—			(37,288		)	(1,574		)	—			—			(38,862		)
Preferred Unit Distributions	(14,400		)	—			—			—			—			(14,400		)
Contributions from Noncontrolling Interest	—			—			—			—			177			177
Distributions to Noncontrolling Interest	—			—			—			—			(229		)	(229		)
Net Income	14,400			25,912			1,121			—			41			41,474
Other Comprehensive Income	—			—			—			3,467			—			3,467
Balance as of December 31, 2013	$	73,587		$	1,027,664		$	82,833		$	(3,362	)	$	1,095		$	1,181,817
Redemption of Preferred Units	(73,587		)	—			—			—			—			(73,587		)
Stock Based Compensation Activity	—			2,948			—			—			—			2,948
Conversion of Limited Partner Units to General Partner Units	—			2,155			(2,155		)	—			—			—
Common Unit Distributions	—			(45,447		)	(1,816		)	—			—			(47,263		)
Preferred Unit Distributions	(2,481		)	—			—			—			—			(2,481		)
Contributions from Noncontrolling Interest	—			—			—			—			335			335
Distributions to Noncontrolling Interest	—			—			—			—			(422		)	(422		)
Net Income	2,481			46,809			1,895			—			72			51,257
Other Comprehensive Loss	—			—			—			(11,014		)	—			(11,014		)
Balance as of December 31, 2014	$	—		$	1,034,129		$	80,757		$	(14,376	)	$	1,080		$	1,101,590
Stock Based Compensation Activity	—			2,243			—			—			—			2,243
Conversion of Limited Partner Units to General Partner Units	—			673			(673		)	—			—			—
Common Unit Distributions	—			(56,796		)	(2,218		)	—			—			(59,014		)
Contributions from Noncontrolling Interest				—			—			—			67			67
Distributions to Noncontrolling Interest				—			—			—			(189		)	(189		)
Net Income	—			73,779			2,903			—			138			76,820
Other Comprehensive Income	—			—			—			4,333			—			4,333
Balance as of December 31, 2015	$	—		$	1,054,028		$	80,769		$	(10,043	)	$	1,096		$	1,125,850

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

61

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	76,820		$	51,257		$	41,474
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	92,955			93,457			94,271
Amortization of Deferred Financing Costs	3,159			3,098			3,225
Other Amortization	28,359			30,218			30,632
Impairment of Real Estate	626			—			2,652
Provision for Bad Debt	954			1,425			726
Equity in Income of Joint Ventures	(55		)	(3,499		)	(136		)
Distributions from Joint Ventures	—			1,881			177
Gain on Sale of Real Estate	(48,906		)	(25,905		)	(35,444		)
Loss from Retirement of Debt	—			655			6,637
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements	11,546			—			(52		)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(2,673		)	(2,039		)	(2,582		)
Increase in Deferred Rent Receivable	(6,181		)	(2,715		)	(4,516		)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	5,682			399			(5,676		)
Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt	—			(10,650		)	(4,978		)
Cash Book Overdraft	—			336			—
Net Cash Provided by Operating Activities	162,286			137,918			126,410
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(168,122		)	(96,045		)	(73,642		)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(150,079		)	(123,037		)	(114,806		)
Net Proceeds from Sales of Investments in Real Estate	154,024			98,472			126,250
Contributions to and Investments in Joint Ventures	(200		)	(31		)	(38		)
Distributions from Joint Ventures	126			2,475			104
Settlement of Interest Rate Protection Agreements	(11,546		)	—			—
Repayments of Notes Receivable	2,760			49,761			615
Increase in Escrows	(24,037		)	(1,319		)	(409		)
Net Cash Used in Investing Activities	(197,074		)	(69,724		)	(61,926		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and Equity Issuance and Preferred Unit Redemption Costs	(5,158		)	(2,419		)	(3,575		)
Unit Contributions	—			—			174,081
Repurchase and Retirement of Restricted Units	(2,101		)	(4,667		)	(2,968		)
Common Unit Distributions Paid	(55,811		)	(45,151		)	(29,025		)
Preferred Unit Distributions Paid	—			(1,471		)	(8,733		)
Redemption of Preferred Units	—			(75,000		)	(150,000		)
Payments on Interest Rate Protection Agreements	—			—			(1,079		)
Contributions from Noncontrolling Interests	67			335			177
Distributions to Noncontrolling Interests	(189		)	(422		)	(229		)
Repayments on Mortgage Loans Payable	(35,004		)	(77,880		)	(85,680		)
Repayments of Senior Unsecured Notes	—			(71,578		)	(29,769		)

62

Proceeds from Unsecured Term Loans	260,000			200,000			—
Proceeds from Unsecured Credit Facility	321,500			356,000			373,000
Repayments on Unsecured Credit Facility	(454,000		)	(344,000		)	(298,000		)
Net Cash Provided by (Used in) Financing Activities	29,304			(66,253		)	(61,800		)
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents	(14		)	(18		)	(51		)
Net (Decrease) Increase in Cash and Cash Equivalents	(5,484		)	1,941			2,684
Cash and Cash Equivalents, Beginning of Year	9,485			7,562			4,929
Cash and Cash Equivalents, End of Year	$	3,987		$	9,485		$	7,562
SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS:
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity	$	66,452		$	70,194		$	70,726
Interest Expense Capitalized in Connection with Development Activity	$	2,453		$	1,411		$	3,611
Income Taxes Paid (Refunded)	$	23		$	(105	)	$	5,433
Supplemental Schedule of Non-Cash Investing and Financing Activities:
Distributions Payable on General and Limited Partner Units	$	14,812		$	11,949		$	9,837
Distributions Payable on Preferred Units	$	—		$	—		$	452
Exchange of Limited Partnership Units for General Partnership Units:
Limited Partnership Units	$	(673	)	$	(2,155	)	$	(996	)
General Partnership Units	673			2,155			996
Total	$	—		$	—		$	—
Assumption of Liabilities in Connection with the Acquisition of Real Estate	$	2,090		$	364		$	483
Notes Receivable Issued in Conjunction with Certain Property Sales	$	—		$	—		$	12,520
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	$	25,747		$	14,901		$	15,249
Write-off of Fully Depreciated Assets	$	(45,457	)	$	(44,769	)	$	(62,281	)

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

63

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per share/Unit data)

1. Organization

First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries.

We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 96.3% and 96.2% ownership interest ("General Partner Units") at December 31, 2015 and 2014, respectively. The Operating Partnership also conducts operations itself and through eight other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries, the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. See Note 2 to the Consolidated Financial Statements. The Operating Partnership holds at least a 99% limited partnership interest in each of Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. Noncontrolling interest in the Operating Partnership of approximately 3.7% and 3.8% ("Limited Partner Units"; together with the General Partner Units, the "Units") at December 31, 2015 and 2014, respectively, represents the aggregate partnership interest held by the limited partners thereof. 

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

We also provide various services to two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture," collectively the "Joint Ventures"). Our noncontrolling equity ownership interests in the 2003 Net Lease Joint Venture and the 2007 Europe Joint Venture are 15% and 10%, respectively. During the year ended December 31, 2015, the 2003 Net Lease Joint Venture sold its last remaining industrial property comprising approximately 0.8 million square feet of gross leasable area ("GLA"). At December 31, 2015, the 2007 Europe Joint Venture did not own any properties. The Joint Ventures are accounted for under the equity method of accounting.

As of December 31, 2015, we owned 589 industrial properties located in 25 states, containing an aggregate of approximately 63.6 million square feet of GLA.Of the 589 properties owned on a consolidated basis, none of them are directly owned by the Company.

Any references to the number of industrial properties and square footage in the financial statement footnotes are unaudited.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements at December 31, 2015 and 2014 and for each of the years ended December 31, 2015, 2014 and 2013 include the accounts and operating results of the Company and the Operating Partnership. Such financial statements present our noncontrolling equity interests in our Joint Ventures under the equity method of accounting. All intercompany transactions have been eliminated in consolidation.

Use of Estimates

In order to conform with generally accepted accounting principles, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2015 and 2014, and the reported amounts of revenues and expenses for each of the years ended December 31, 2015, 2014 and 2013. Actual results could differ from those estimates.

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Reclassifications and Revisions

Gain on sale of real estate included in continuing operations for the years ended December 31, 2014 and 2013 have been reclassified within the statement of operations to be included in the income from continuing operations subtotal to conform to the 2015 presentation.

From 2000 through 2007, we repurchased 4,324,114 common shares pursuant to a stock repurchase plan authorized by the Company's Board of Directors. These repurchased common shares are subject to state corporate laws that establish the legal status of redeemed shares and prevent them from being reported as treasury shares within the consolidated financial statements. We previously misclassified the repurchased common shares as treasury shares. The common share repurchases should have been classified as reductions of common stock, additional paid-in-capital and distributions in excess of accumulated earnings. We evaluated the impact of this correction on previously issued financial statements and concluded they were not materially misstated.  In order to conform previous financial statements to the current period, we elected to revise previously issued financial statements. The balances for common stock, additional-paid-in-capital and distributions in excess of accumulated earnings on the accompanying consolidated statements of changes in stockholders' equity of the Company as of December 31, 2012, 2013 and 2014 and on the accompanying consolidated balance sheet of the Company as of December 31, 2014 have been revised to correct the misclassification. The correction results in reductions in common stock, additional paid-in-capital and distributions in excess of accumulated earnings of $43, $121,277 and $18,698, respectively to the previously reported amounts of $1,031, $1,906,490 and ($657,567), respectively, as of December 31, 2012, $1,143, $1,938,886 and $(669,896), respectively, as of December 31, 2013 and $1,149, $1,872,336 and ($670,650), respectively, as of December 31, 2014. The misclassification has no impact on the previously reported consolidated statements of operations, comprehensive income or cash flows. In addition, the misclassification has no impact on the previously reported consolidated financial statements of the Operating Partnership.

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments.

Restricted Cash

Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031 of the Code. The carrying amount approximates fair value due to the short term maturity of these investments.

Investment in Real Estate and Depreciation

Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset). If further assessment of recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and its eventual disposition on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, we will recognize an impairment loss based upon the estimated fair value of such property. For properties we consider held for sale, we cease depreciating the properties and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property previously classified as held for sale, we will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. We classify properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the "FASB") guidance on the impairment or disposal of long-lived assets are met.

Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy.

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

	Years
Buildings and Improvements	7 to 50
Land Improvements	5 to 20
Furniture, Fixtures and Equipment	4 to 10
Tenant Improvements	Lease Term

Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with tenants that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized.

Upon acquisition of an occupied property, we allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases, below market ground lease obligations and tenant relationships. We allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases and below market ground lease obligations are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and below market ground lease obligations, and the initial term plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases.

The purchase price is further allocated to in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases, the in-place lease value and tenant relationships is immediately written off.

Acquisition related costs associated with business combinations are expensed as incurred. As defined by GAAP, a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. We do not consider acquisitions of land or unoccupied buildings to be business combinations. Rather, these transactions are treated as asset acquisitions and the acquisition related costs are capitalized to the basis of the assets acquired.

Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following:

	December 31, 2015		December 31, 2014
In-Place Leases	$	19,438	$	16,850
Above Market Leases	2,520		3,425
Below Market Ground Lease Obligation	1,778		1,823
Tenant Relationships	9,590		11,428
Total Included in Total Assets, Net of $26,432 and $28,808 of Accumulated Amortization	$	33,326	$	33,526
Below Market Leases	$	11,841	$	12,726
Total Included in Total Liabilities, Net of $8,911 and $8,735 of Accumulated Amortization	$	11,841	$	12,726

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Amortization expense related to in-place leases and tenant relationships, exclusive of amortization expense related to in-place leases and tenant relationships included in discontinued operations, was $6,326, $6,239 and $5,598 for the years ended December 31, 2015, 2014 and 2013, respectively. Rental revenues increased by $462, $925 and $572 related to net amortization of above/(below) market leases, exclusive of net amortization related to above/(below) market leases included in discontinued operations, for the years ended December 31, 2015, 2014 and 2013, respectively. We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2015 as follows:

	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases
2016	$	5,922	$	1,106
2017	$	5,263	$	1,049
2018	$	3,652	$	877
2019	$	2,951	$	836
2020	$	2,465	$	757

Foreign Currency Transactions and Translation

The assets and liabilities of our operations in Canada were translated to U.S. dollars from the Canadian dollar based on the current exchange rate prevailing at each balance sheet date. The income statement accounts were translated using the average exchange rate for the period. The resulting translation adjustments are included in accumulated other comprehensive income. We sold our sole remaining real estate asset located in Canada during the year ended December 31, 2014.

Deferred Financing Costs

Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs was $20,332 and $17,173 at December 31, 2015 and 2014, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Investments in Joint Ventures

Investments in joint ventures represent our noncontrolling equity/limited partnership interests in our Joint Ventures. We account for our investments in joint ventures under the equity method of accounting, as we do not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities. In order to assess whether consolidation of a variable interest entity is required, an enterprise is required to qualitatively assess the determination of the primary beneficiary of a variable interest entity ("VIE") based on whether the entity (1) has the power to direct matters that most significantly impact the activities of the VIE and (2) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Additionally, they require an ongoing reconsideration of the primary beneficiary and provide a framework for the events that trigger a reassessment of whether an entity is a VIE.

Under the equity method of accounting, our share of earnings or losses of our Joint Ventures is reflected in income as earned and contributions or distributions increase or decrease our investments in joint ventures as paid or received, respectively. Differences between our carrying value of our investments in joint ventures and our underlying equity of such Joint Ventures are amortized over the respective lives of the underlying assets.

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Limited Partners Units

Limited Partner Units are reported within Partners’ Capital in the Operating Partnership's balance sheet as of December 31, 2015 and 2014 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares.

The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Company's Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2015, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company’s common shares required to be delivered upon redemption of all remaining Limited Partner Units.

Stock Based Compensation

We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense over the service period for awards expected to vest.

Net income, net of preferred stock dividends or preferred Unit distributions and redemption of preferred stock or preferred Units, is allocated to common stockholders or Unitholders and participating securities based upon their proportionate share of weighted average shares or Units plus weighted average participating securities. Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Restricted stock or restricted Unit awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as common stock or Units. See Note 7 for further disclosure about participating securities.

Revenue Recognition

Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for real estate taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by us.

If the lease provides for tenant improvements, we determine whether the tenant improvements are owned by the tenant or us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the leased asset until the tenant improvements are substantially complete. Also, when we are the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, we record any tenant improvement allowance funded as a lease inducement and amortize it as a reduction of revenue over the lease term.

Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’s lease and when we have no further obligations under the lease.

We provide an allowance for doubtful accounts against the portion of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $1,515 and $1,695 as of December 31, 2015 and 2014, respectively. Deferred rent receivable in the consolidated balance sheets is shown net of an allowance for doubtful accounts of $2,669 and $1,888 as of December 31, 2015 and 2014, respectively. For accounts receivable we deem uncollectible, we use the direct write-off method.

Gain on Sale of Real Estate

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

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Income Taxes

The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its adjusted taxable income to its stockholders. Management intends to continue to adhere to these requirements and to maintain the Company's REIT status. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends it pays to shareholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to shareholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes and may not be able to qualify as a REIT for four subsequent taxable years.

REIT qualification reduces, but does not eliminate, the amount of state and local taxes we pay. In addition, our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal, state and local income taxes.

In accordance with partnership taxation, each of the partners of the Operating Partnership is responsible for reporting their share of taxable income or loss.

We may also be subject to certain federal excise and franchise taxes if we engage in certain types of transactions. A benefit/provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. In accordance with FASB’s guidance, the total benefit/provision has been separately allocated to income (loss) from continuing operations and income (loss) from discontinued operations, if applicable. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance.

Earnings Per Share and Earnings Per Unit ("EPS" and "EPU")

Basic net income (loss) per common share or Unit is computed by dividing net income (loss) available to common shareholders or Unitholders by the weighted average number of common shares or Units outstanding for the period.

Diluted net income (loss) per common share or Unit is computed by dividing net income (loss) available to common shareholders or Unitholders by the sum of the weighted average number of common shares or Units outstanding and any dilutive non-participating securities for the period. See Note 7 for further disclosure about EPS and EPU.

Derivative Financial Instruments

Historically, we have used interest rate protection agreements ("Agreements") to fix the interest rate on anticipated offerings of senior unsecured notes. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and included in interest expense. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss that is effective is recognized in other comprehensive income (loss) whereas mark-to-market gains and losses on Agreements which do not qualify for hedge accounting are recognized in net income (loss) immediately. Amounts accumulated in other comprehensive income (loss) during the hedge period are reclassified to earnings in the same period during which the forecasted transaction or hedged item affects net income (loss). The credit risks associated with Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of Agreements, our exposure is limited to the fair value of Agreements, not the notional amounts. See Note 11 for more information on the Agreements.

Fair Value of Financial Instruments

Financial instruments other than our derivatives include tenant accounts receivable, accounts payable, other accrued expenses, mortgage loans payable, unsecured credit facility, unsecured term loans and senior unsecured notes. The fair values of tenant accounts receivable, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 4 for the fair values of the mortgage loans payable, unsecured credit facility, unsecured term loans and senior unsecured notes.

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Discontinued Operations

Effective January 1, 2015, we adopted Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08") for all properties not previously sold. ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.  Going forward, we expect the majority of our property dispositions will not qualify as discontinued operations and the results of the dispositions, including the gain on sale of real estate, will be presented in Income from Continuing Operations.

Prior to the adoption of ASU 2014-08, the FASB’s guidance on financial reporting for the disposal of long lived assets required that the results of operations and gains or losses on the sale of property or property held for sale be presented in discontinued operations if both of the following criteria were met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Company and the Operating Partnership as a result of the disposal transaction and (b) we will not have any significant continuing involvement in the operations of the property after the disposal transaction. The guidance also required prior period results of operations for these properties to be reclassified and presented in discontinued operations in prior consolidated statements of operations.

Segment Reporting

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

Recent Accounting Pronouncements

In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis" (“ASU 2015-02”). ASU 2015-02 updates consolidation guidance for legal entities such as limited partnerships, limited liability companies and securitization structures in an attempt to simplify consolidation accounting. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership, modifies the evaluation of whether limited partnerships are variable interest entities ("VIE") or voting interest entities ("VOE") and adds requirements that limited partnerships must meet to qualify as VOEs. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015, with early adoption permitted.

Since formation of each Other Real Estate Partnership, the Company, which wholly-owns the corporations that act as a general partner of each Other Real Estate Partnership, is also the general partner of the Operating Partnership which holds at least a 99% limited partnership interest in each of the Other Real Estate Partnership, has fully consolidated the financial information of the Other Real Estate Partnerships within its financial statements. The Operating Partnership has in the past accounted for each of the Other Real Estate Partnerships under the equity method of accounting based on the VOE classification and the presumption that the corporations owned by the Company that act as the general partners of the Other Real Estate Partnerships controlled the partnerships. However, under ASU 2015-02, the Operating Partnership determined that each Other Real Estate Partnership meets the criteria of a VIE and that it is the primary beneficiary for each Other Real Estate Partnership. As a result, the Operating Partnership has concluded that it should cease accounting for the Other Real Estate Partnerships under the equity method of accounting and consolidate the financial information of the Other Real Estate Partnerships within its financial statements.

During the year ended ended December 31, 2015, the Operating Partnership elected early adoption of ASU 2015-02. The election is a full retrospective adoption approach which requires previously reported periods to be restated. The impact of this adoption on the Operating Partnership's previously reported period is as follows:

	Balance Sheet as Previously Filed as of December 31, 2014		Impact of the Adoption of ASU 2015-02		Balance Sheet as Adjusted as of December 31, 2014
Total Assets	$	2,514,246	$	78,462	$	2,592,708
Total Liabilities	$	1,413,736	$	77,382	$	1,491,118
Total Noncontrolling Interest	$	—	$	1,080	$	1,080

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The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets:

	December 31, 2015		December 31, 2014
ASSETS
Assets:
Net Investment in Real Estate	$	306,866	$	278,720
Other Assets, Net	20,478		21,078
Total Assets	$	327,344	$	299,798
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	77,445	$	81,231
Other Liabilities, Net	43,103		10,656
Partners’ Capital	206,796		207,911
Total Liabilities and Partners’ Capital	$	327,344	$	299,798

In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The recognition and measurement guidance for debt issuance costs are not affected by this update. Debt issuance costs related to revolving credit agreements are not within the scope of this new guidance. In August 2015, the FASB issued ASU No. 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements" ("ASU 2015-15"), which expands upon ASU 2015-03. ASU 2015-15 states that given the absence of authoritative guidance within 2015-03, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset for revolving credit agreements and subsequently amortizing the deferred issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the revolving credit agreement. The amendments are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2015. The adoption of ASU 2015-03 and ASU 2015-15 are not expected to have a material impact on our results of operations, however, they will impact the Consolidated Balance Sheet presentation related to our debt issuance costs.

In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact our consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. For the real estate industry, leasing transactions are not within the scope of the new standard. A majority of our tenant-related revenue is recognized pursuant to lease agreements. In July 2015, the FASB deferred the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted for annual periods beginning after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.

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3. Investment in Real Estate

Acquisitions

In 2013, we acquired two industrial properties, one of which we acquired through the acquisition of 100% of the equity interest in the limited liability company that owned the industrial property, comprising approximately 1.1 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $72,812, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

In 2014, we acquired eight industrial properties comprising approximately 1.1 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $95,692, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

In 2015, we acquired eight industrial properties comprising approximately 1.9 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $169,218, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

The purchase price of the industrial properties and land parcels acquired for the years ended December 31, 2015 and 2014, was allocated as follows:

	Year Ended December 31, 2015				Year Ended December 31, 2014
	Purchase Price			Weighted Average Life (in Months)	Purchase Price			Weighted Average Life (in Months)
Land	$	52,954		N/A	$	39,739		N/A
Building and Improvements	107,106			(A)	44,070			(A)
Other Assets	2,562			(B)	1,863			(B)
In-Place Leases	7,124			84	5,350			74
Tenant Relationships	—			N/A	3,440			131
Above Market Leases	—			N/A	316			66
Below Market Ground Lease Obligation	—			N/A	1,854			480
Below Market Leases	(528		)	62	(940		)	79
Total Purchase Price (C)	$	169,218			$	95,692

(A) See Note 2 for the disclosure of useful lives of our Investment in Real Estate and our Depreciation policy.

(B) Represents leasing commissions, which are included in Other Assets and amortized over the remaining terms of each lease.

(C) Included in the purchase price for the year ended December 31, 2015, is $122,913 relating to six industrial properties that we acquired and transferred to special purpose entities to facilitate a potential Section 1031 exchange under the Code. To realize the tax deferral available under the Section 1031 exchange, we must complete the Section 1031 exchange and take title to the to-be-exchanged industrial properties within 180 days of the acquisition date. We determined that these special purposes entities are VIEs, and we are the primary beneficiary. Therefore, we consolidate these entities. As of December 31, 2015, these VIEs have no significant liabilities or significant cash flows.

Real Estate Held for Sale

As December 31, 2015, we had one industrial property comprising approximately 0.2 million square feet of GLA held for sale. See Subsequent Events.

Sales and Discontinued Operations

In 2013, we sold 67 industrial properties comprising approximately 3.0 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $144,628. The gain on sale of real estate was approximately $35,444, of which $34,344 is shown in discontinued operations. The 67 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 67 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.

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In 2014, we sold 29 industrial properties comprising approximately 2.0 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $102,596. The gain on sale of real estate was approximately $25,905, of which $25,988 is shown in discontinued operations. The 29 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 29 industrial properties sold are included in discontinued operations. The results of operations and loss on sale of real estate for the several land parcels, which do not meet the criteria to be included in discontinued operations, are included in continuing operations.

In 2015, we sold 66 industrial properties comprising approximately 3.8 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $158,429. The gain on sale of real estate was approximately $48,906. As discussed in Note 2, we adopted the new accounting standard relating to discontinued operations on January 1, 2015. There were no sales of industrial properties during the year ended ended December 31, 2015 that met the criteria to be classified as discontinued operations.

The following table discloses certain information regarding the industrial properties included in our discontinued operations for the years ended December 31, 2014 and 2013:

	Year Ended December 31,
	2014			2013
Total Revenues	$	7,007		$	20,727
Property Expenses	(2,784		)	(8,126		)
Impairment of Real Estate	—			(2,652		)
Depreciation and Amortization	(2,388		)	(7,727		)
Gain on Sale of Real Estate	25,988			34,344
Income from Discontinued Operations	$	27,823		$	36,566

Impairment Charges

The impairment charges of $626 and $2,652 recorded during the years ended December 31, 2015 and 2013, respectively, were due to marketing certain industrial properties for sale and our assessment of the likelihood and timing of a potential sale transaction. The impairment charge recorded during the year ended December 31, 2013 of $2,652 is included in discontinued operations.

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 real estate assets measured at fair value on a non-recurring basis during the years ended December 31, 2015 and 2013 were sold.

The fair market values were determined using third party offers. Valuations based on third party offers include bona fide contract prices and letter of intent amounts that we believe are indicative of fair value.

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4. Indebtedness

The following table discloses certain information regarding our indebtedness:

	Outstanding Balance at						Interest Rate at December 31, 2015	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2015			December 31, 2014
Mortgage Loans Payable, Net	$	564,955		$	599,985		4.03% – 8.26%	4.03% – 8.26%	June 2016 – September 2022
Unamortized Premiums	(64		)	(90		)
Mortgage Loans Payable, Gross	$	564,891		$	599,895
Senior Unsecured Notes, Net
2016 Notes	$	159,677		$	159,621		5.75%	5.91%	1/15/2016
2017 Notes	54,971			54,966			7.50%	7.52%	12/1/2017
2027 Notes	6,067			6,066			7.15%	7.11%	5/15/2027
2028 Notes	31,885			31,884			7.60%	8.13%	7/15/2028
2032 Notes	10,523			10,518			7.75%	7.87%	4/15/2032
2017 II Notes	101,833			101,806			5.95%	6.37%	5/15/2017
Subtotal	$	364,956		$	364,861
Unamortized Discounts	146			241
Senior Unsecured Notes, Gross	$	365,102		$	365,102
2014 Unsecured Term Loan	$	200,000		$	200,000		1.94%	N/A	1/29/2021
2015 Unsecured Term Loan	260,000			—			1.84%	N/A	9/12/2022
Unsecured Term Loans, Total (A)	$	460,000		$	200,000
Unsecured Credit Facility (B)	$	52,500		$	185,000		1.57%	N/A	3/11/2019

(A) We entered into interest rate protection agreements, with an aggregate notional value of $460,000, to effectively convert the variable rate to a fixed rate. See Note 11.

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

Mortgage Loans Payable, Net

During the years ended December 31, 2015 and 2014, we paid off and retired prior to maturity mortgage loans in the amount of $22,910 and $65,558, respectively. In connection with these prepayments, we recognized $0 and $655 as loss from retirement of debt for the years ended December 31, 2015 and 2014, respectively.

As of December 31, 2015, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $727,022. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of December 31, 2015.

Senior Unsecured Notes, Net

During the year ended December 31, 2014, we paid off and retired our 2014 Notes, at maturity, in the amount of $81,794.

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Unsecured Term Loans

On January 29, 2014, we entered into a seven-year, $200,000 unsecured loan (the "2014 Unsecured Term Loan") with a syndicate of financial institutions. At December 31, 2015, the 2014 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 170 basis points . The interest rate on the 2014 Unsecured Term Loan varies based on the Company's leverage ratio or, at our election, the Company's credit ratings.

On September 11, 2015, we entered into a seven-year, $260,000 unsecured loan (the "2015 Unsecured Term Loan"; together with the 2014 Unsecured Term Loan, the "Unsecured Term Loans") with a syndicate of financial institutions. At December 31, 2015, the 2015 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 160 basis points. The interest rate on the 2015 Unsecured Term Loan varies based on the Company's leverage ratio or, at our election, the Company's credit ratings.

Unsecured Credit Facility

On March 10, 2015, we amended and restated our $625,000 revolving credit agreement (the "Old Credit Facility") with a new $625,000 revolving credit agreement (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $900,000, subject to certain restrictions. The amendment extended the maturity date from September 29, 2017 to March 11, 2019 with an option to extend an additional one year at our election, subject to certain restrictions. At December 31, 2015, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 115 basis points. The interest rate on the Unsecured Credit Facility varies based on the Company's leverage ratio or, at our election, the Company's credit ratings.

Indebtedness

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

	Amount
2016	$	229,024
2017	168,723
2018	168,341
2019	128,923
2020	90,855
Thereafter	656,627
Total	$	1,442,493

The Unsecured Credit Facility, the Unsecured Term Loans and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans and indentures governing our senior unsecured notes as of December 31, 2015. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

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Fair Value

At December 31, 2015 and 2014, the fair value of our indebtedness was as follows:

	December 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable, Net	$	564,955	$	595,964	$	599,985	$	640,818
Senior Unsecured Notes, Net	364,956		386,253		364,861		395,320
Unsecured Term Loans	460,000		460,970		200,000		200,575
Unsecured Credit Facility	52,500		52,500		185,000		185,747
Total	$	1,442,411	$	1,495,687	$	1,349,846	$	1,422,460

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

5. Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership

Operating Partnership Units

The Operating Partnership has issued General Partner Units, Limited Partner Units and preferred general partnership Units. The General Partner Units resulted from capital contributions from the Company. The Limited Partner Units are issued in conjunction with the acquisition of certain properties (see discussion below). Subject to certain lock-up periods, holders of Limited Partner Units can redeem their Units by providing written notification to the General Partner of the Operating Partnership. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder’s notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Limited Partner Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and the Operating Partnership intends to continue this practice. If each Limited Partner Unit of the Operating Partnership were redeemed as of December 31, 2015, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $95,285 or by issuing 4,305,707 shares of the Company’s common stock. The preferred general partnership Units result from preferred capital contributions from the Company. The Operating Partnership is required to make all required distributions on the preferred general partnership Units prior to any distribution of cash or assets to the holders of the Units. The consent of the holder of the Limited Partner Units is required to alter such holder’s rights as to allocations and distributions, to alter or modify such holder’s rights with respect to redemption, to cause the early termination of the Operating Partnership or to amend the provisions of the partnership agreement which requires such consent.

76

Preferred Stock or General Partner Preferred Units

On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company's 6.236%, Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series F Preferred Stock"), at an initial offering price of $1,000.00 per Depositary Share. The net proceeds from the issuance of the Series F Preferred Stock were contributed to the Operating Partnership in exchange for 6.236% Series F Cumulative Preferred Units (the "Series F Preferred Units") and are reflected in the Operating Partnerships' financial statements as a general partner preferred unit contribution. The Series F Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price of $1,000.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On March 6, 2014, the Company fully redeemed the Series F Preferred Stock, at a redemption price of $1,000.00 per Depositary Share, and paid a pro-rated first quarter dividend of $11.3299 per Depositary Share, totaling $566. An equivalent number of Series F Preferred Units were redeemed on March 6, 2014 as well. The initial offering costs associated with the issuance of the Series F Preferred Stock or Series F Preferred Units, as well as costs associated with the redemption, totaled $949 and are reflected as a deduction from net income in determining earnings per share or earnings per Unit for the year ended December 31, 2014.

On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company's 7.236%, Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series G Preferred Stock"), at an initial offering price of $1,000.00 per Depositary Share. The net proceeds from the issuance of the Series G Preferred Stock were contributed to the Operating Partnership in exchange for 7.236% Series G Cumulative Preferred Units (the "Series G Preferred Units") and are reflected in the Operating Partnerships' financial statements as a general partner preferred unit contribution. The Series G Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price of $1,000.00 per Depositary Share, or $25,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On March 31, 2014, the Company fully redeemed the Series G Preferred Stock, at a redemption price of $1,000.00 per Depositary Share, and paid a semi-annual dividend of $36.18 per Depositary Share, totaling $905. An equivalent number of Series G Preferred Units were redeemed on March 31, 2014 as well. The initial offering costs associated with the issuance of the Series G Preferred Stock or Series G Preferred Units, as well as costs associated with the redemption, totaled $513 and are reflected as a deduction from net income in determining earnings per share or earnings per Unit for the year ended December 31, 2014.

On January 13, 2006, the Company issued 6,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company's 7.25%, Series J Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series J Preferred Stock"), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of the Series J Preferred Stock were contributed to the Operating Partnership in exchange for 7.25% Series J Cumulative Preferred Units (the "Series J Preferred Units") and are reflected in the Operating Partnerships' financial statements as a general partner preferred unit contribution. The Series J Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price equivalent to $25.00 per Depositary Share, or $150,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On December 21, 2012, the Company redeemed 2,000,000 Depositary Shares and an equivalent number of Series J Preferred Units were redeemed as well. The remaining 4,000,000 Depositary Shares of the Series J Preferred Stock were redeemed on April 11, 2013, at a redemption price of $25.00 per Depositary Share, and the Company paid a pro-rated second quarter dividend of $0.055382 per Depositary Share, totaling $221. An equivalent number of 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 Stock/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 share or earnings per Unit for the year ended December 31, 2013.

On August 21, 2006, the Company issued 2,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company's 7.25%, Series K Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series K Preferred Stock"), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of the Series K Preferred Stock were contributed to the Operating Partnership in exchange for 7.25% Series K Cumulative Preferred Units (the "Series K Preferred Units") and are reflected in the Operating Partnerships' financial statements as a general partner preferred unit contribution. The Series K Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price equivalent to $25.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On July 18, 2013, the Company fully redeemed 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 Preferred Units were redeemed on July 18, 2013 as well. The initial offering costs associated with the issuance of the Series K Preferred Stock or 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 share or earnings per Unit for the year ended December 31, 2013.

77

The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 2015 and 2014, there were no preferred shares or general partner preferred Units outstanding.

Shares of Common Stock/Unit Contributions

For the years ended December 31, 2015, 2014 and 2013, 68,930, 222,676, and 105,028 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $673, $2,155 and $996, respectively, of noncontrolling interest to the Company’s stockholders’ equity.

During the year ended December 31, 2013, the Company issued 8,400,000 shares of the Company’s common stock in an underwritten public offering. Net proceeds to the Company for the year ended December 31, 2013, were $132,050. The proceeds were contributed to the Operating Partnership in exchange for an equivalent number of Units and are reflected in the Operating Partnership's financial statements as a general partner contribution.

On March 1, 2012, we 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 "2012 ATM"). During the year ended December 31, 2013, the Company issued 2,315,704 shares of the Company’s common stock under the 2012 ATM resulting in net proceeds to the Company of $41,735. The proceeds were contributed to the Operating Partnership in exchange for an equivalent number of Units and are reflected in the Operating Partnership's financial statements as a general partner contribution. On March 12, 2014, the 2012 ATM was terminated in preparation for the commencement of the 2014 ATM (defined hereafter).

On March 13, 2014, we entered into distribution agreements with sales agents to sell up to 13,300,000 shares of the Company's common stock, for up to $200,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2014 ATM"). During the years ended December 31, 2015 and 2014, the Company issued no shares of common stock under the 2014 ATM. Under the terms of the 2014 ATM, sales are to be made primarily in transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.

The following table is a roll-forward of the Company's shares of common stock outstanding and the Operating Partnership's Units outstanding, including unvested restricted shares/Units (see Note 10), for the three years ended December 31, 2015:

	Shares of Common Stock Outstanding		General Partner and Limited Partner Units Outstanding
Balance at December 31, 2012	98,767,913		103,470,254
Issuance of Common Stock/Units, Including Vesting of Restricted Stock Units	10,853,693		10,853,693
Issuance of Restricted Stock Shares/Units	284,461		284,461
Repurchase and Retirement of Restricted Stock Shares/Units	(30,245	)	(30,245	)
Conversion of Operating Partnership Units	105,028		—
Balance at December 31, 2013	109,980,850		114,578,163
Vesting of Restricted Stock Units	219,695		219,695
Issuance of Restricted Stock Shares/Units	319,055		319,055
Repurchase and Retirement of Restricted Stock Shares/Units	(141,410	)	(141,410	)
Conversion of Operating Partnership Units	222,676		—
Balance at December 31, 2014	110,600,866		114,975,503
Vesting of Restricted Stock Units	224,990		224,990
Issuance of Restricted Stock Shares/Units	234,360		234,360
Repurchase and Retirement of Restricted Stock Shares/Units	(101,921	)	(101,921	)
Conversion of Operating Partnership Units	68,930		—
Balance at December 31, 2015	111,027,225		115,332,932

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Dividends/Distributions

The coupon rate of our Series F Preferred Stock/Units reset 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 period January 1, 2014 through March 6, 2014 (the redemption date), the coupon rate was 6.275%.

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

	2015 Total Dividend/ Distribution		2014 Total Dividend/ Distribution		2013 Total Dividend/ Distribution
Common Stock/Operating Partnership Units	$	59,014	$	47,263	$	38,862
Series F Preferred Stock/Units (A)	N/A		$	566	$	2,896
Series G Preferred Stock/Units (A)	N/A		$	453	$	1,809
Series J Preferred Stock/Units (A)	N/A		N/A		$	2,034
Series K Preferred Stock/Units (A)	N/A		N/A		$	1,994

_______________

(A) See the "Preferred Stock/Contributions" section for the redemptions and discussion of pro-rated dividends/distributions for all series of preferred stock/Units occurring during the years ended December 31, 2014 and 2013.

6. Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated other comprehensive loss by component for the Company for the years ended December 31, 2015 and 2014:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Comprehensive Income (Loss) Attributable to Noncontrolling Interest			Total
Balance as of December 31, 2013	$	(3,481	)	$	78		$	138		$	(3,265	)
Other Comprehensive (Loss) Income Before Reclassifications	(16,270		)	(93		)	412			(15,951		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,349			—			—			5,349
Net Current Period Other Comprehensive (Loss) Income	(10,921		)	(93		)	412			(10,602		)
Balance as of December 31, 2014	$	(14,402	)	$	(15	)	$	550		$	(13,867	)
Other Comprehensive (Loss) Income Before Reclassifications	(14,684		)	15			(174		)	(14,843		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	19,043			—			—			19,043
Net Current Period Other Comprehensive Income (Loss)	4,359			15			(174		)	4,200
Balance as of December 31, 2015	$	(10,043	)	$	—		$	376		$	(9,667	)

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The following table summarizes the changes in accumulated other comprehensive loss by component for the Operating Partnership for the years ended December 31, 2015 and 2014:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Total
Balance as of December 31, 2013	$	(3,481	)	$	119		$	(3,362	)
Other Comprehensive Loss Before Reclassifications	(16,270		)	(93		)	(16,363		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,349			—			5,349
Net Current Period Other Comprehensive Loss	(10,921		)	(93		)	(11,014		)
Balance as of December 31, 2014	$	(14,402	)	$	26		$	(14,376	)
Other Comprehensive Loss Before Reclassifications	(14,684		)	(26		)	(14,710		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	19,043			—			19,043
Net Current Period Other Comprehensive Income (Loss)	4,359			(26		)	4,333
Balance as of December 31, 2015	$	(10,043	)	$	—		$	(10,043	)

The following table summarizes the reclassifications out of accumulated other comprehensive loss for both the Company and the Operating Partnership for the years ended December 31, 2015, 2014 and 2013:

	Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Affected Line Item in the Consolidated Statements of Operations
Interest Rate Protection Agreements:
Reclassification of Fair Value of Interest Rate Protection Agreement (See Note 11)	$	12,990	$	—	$	—	Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements
Amortization of Interest Rate Protection Agreements (Previously Settled)	524		1,358		2,411		Interest Expense
Settlement Payments to our Counterparties	5,529		3,991		—		Interest Expense
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	—		—		1,116		Loss from Retirement of Debt
	$	19,043	$	5,349	3,527		Total

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (loss) and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $391 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. Additionally, recurring settlement amounts on the 2014 and 2015 Swaps, as defined in Note 11, will also be reclassified to net income. See Note 11 for more information about our derivatives.

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7. Earnings Per Share and Earnings Per Unit (EPS/EPU)

The computation of basic and diluted EPS of the Company is presented below:

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Numerator:
Income from Continuing Operations	$	76,705		$	23,182		$	4,862
Noncontrolling Interest Allocable to Continuing Operations	(2,903		)	(813		)	396
Income from Continuing Operations Allocable to Participating Securities	(248		)	(75		)	—
Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc.	73,554			22,294			5,258
Preferred Dividends	—			(1,019		)	(8,733		)
Redemption of Preferred Stock	—			(1,462		)	(5,667		)
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	73,554		$	19,813		$	(9,142	)
Income from Discontinued Operations	$	—		$	27,823		$	36,566
Noncontrolling Interest Allocable to Discontinued Operations	—			(1,082		)	(1,517		)
Income from Discontinued Operations Allocable to Participating Securities	—			(100		)	(162		)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.	$	—		$	26,641		$	34,887
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities	$	73,802		$	46,629		$	25,907
Net Income Allocable to Participating Securities	(248		)	(175		)	(162		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	73,554		$	46,454		$	25,745
Denominator (In Thousands):
Weighted Average Shares - Basic	110,352			109,922			106,995
Effect of Dilutive Securities:
LTIP Unit Awards	429			403			—
Weighted Average Shares - Diluted	110,781			110,325			106,995
Basic EPS:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.67		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	0.24		$	0.33
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.67		$	0.42		$	0.24
Diluted EPS:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.66		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	0.24		$	0.33
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.66		$	0.42		$	0.24

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The computation of basic and diluted EPU of the Operating Partnership is presented below:

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Numerator:
Income from Continuing Operations	$	76,820		$	23,434		$	4,908
Noncontrolling Interest Allocable to Continuing Operations	(138		)	(62		)	(36		)
Income from Continuing Operations Allocable to Participating Securities	(248		)	(75		)	—
Income from Continuing Operations Attributable to Unitholders	76,434			23,297			4,872
Preferred Unit Distributions	—			(1,019		)	(8,733		)
Redemption of Preferred Units	—			(1,462		)	(5,667		)
Income (Loss) from Continuing Operations Available to Unitholders	$	76,434		$	20,816		$	(9,528	)
Income from Discontinued Operations	$	—		$	27,823		$	36,566
Noncontrolling Interest Allocable to Discontinued Operations	—			(10		)	(5		)
Income from Discontinued Operations Allocable to Participating Securities	—			(100		)	(162		)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	27,713		$	36,399
Net Income Available to Unitholders and Participating Securities	$	76,682		$	48,704		$	27,033
Net Income Allocable to Participating Securities	(248		)	(175		)	(162		)
Net Income Available to Unitholders	$	76,434		$	48,529		$	26,871
Denominator (In Thousands):
Weighted Average Units - Basic	114,709			114,388			111,646
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards	429			403			—
Weighted Average Units - Diluted	115,138			114,791			111,646
Basic EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.67		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	0.24		$	0.33
Net Income Available to Unitholders	$	0.67		$	0.42		$	0.24
Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.66		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	0.24		$	0.33
Net Income Available to Unitholders	$	0.66		$	0.42		$	0.24

Participating securities include 387,947, 463,774 and 488,861 of unvested restricted stock or restricted Unit awards outstanding at December 31, 2015, 2014 and 2013, respectively, which participate in non-forfeitable distributions. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income (after reduction for preferred dividends or general partner preferred Unit distributions and redemption of preferred stock or general partner preferred Units) or common distributions declared.

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The number of weighted average shares or weighted average Units—diluted is the same as the number of weighted average shares or weighted average Units—basic for the year ended December 31, 2013, as the effect of restricted unit awards and LTIP Unit Awards (as defined in Note 10), which do not participate in non-forfeitable distributions of the Company or Operating Partnership, was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to common stockholders or Unitholders. The following table discloses the number of non-participating securities outstanding for the year ended December 31, 2013 that were excluded from the computation of diluted EPS and EPU:

	Number of Awards Outstanding at December 31, 2013
Non-Participating Securities:
Restricted Unit Awards	73,400
LTIP Unit Awards	718,960

8. Income Taxes

The components of income tax (provision) benefit for the years ended December 31, 2015, 2014 and 2013 are comprised of the following:

	Year Ended December 31,
	2015			2014			2013
Current:
Federal	$	68		$	(51	)	$	231
State	(297		)	(196		)	(264		)
Deferred:
State	112			9			36
	$	(117	)	$	(238	)	$	3

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2015 and 2014:

	Year Ended December 31,
	2015			2014
Impairment of Real Estate	$	2,484		$	2,466
Foreign Net Operating Loss Carryforward	—			585
Valuation Allowance	(3,437		)	(4,224		)
Other	1,021			1,251
Total Deferred Tax Assets, Net of Allowance	$	68		$	78
Straight-line Rent	$	(79	)	$	(90	)
Other	(1		)	(112		)
Total Deferred Tax Liabilities	$	(80	)	$	(202	)
Total Net Deferred Tax Liabilities	$	(12	)	$	(124	)

A valuation allowance is recorded if we believe it is more likely than not that all or some portion of our deferred tax assets will not be realized. We do not have projections of future taxable income or other sources of taxable income in the taxable REIT subsidiaries significant enough to allow us to believe it is more likely than not that we will realize our deferred tax assets. Therefore, we have recorded a valuation allowance against our deferred tax assets. An increase or decrease in the valuation allowance that results from a change in circumstances, and which causes a change in our judgment about the realizability of the related deferred tax assets, is included in the current tax provision.

83

The income tax (provision) benefit pertaining to income from continuing operations of the taxable REIT subsidiaries differs from the amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31, 2015, 2014 and 2013:

	Year Ended December 31,
	2015			2014			2013
Tax Benefit (Provision) at Federal Rate Related to Continuing Operations	$	64		$	(532	)	$	286
State Tax Provision, Net of Federal Benefit	(212		)	(214		)	(236		)
Non-deductible Permanent Items, Net	10			1			21
IRS Audit Adjustment and Accrued Interest	—			—			58
Change in Valuation Allowance	787			1,133			(388		)
Other	(766		)	(626		)	262
Net Income Tax (Provision) Benefit	$	(117	)	$	(238	)	$	3

We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2015, we do not have any unrecognized tax benefits.

We file income tax returns in the U.S., and various states and foreign jurisdictions. In general, the statutes of limitations for income tax returns remain open for the years 2012 through 2015.

Federal Income Tax Treatment of Share Distributions

For income tax purposes, distributions paid to the Company's common shareholders are classified as ordinary income, capital gain, return of capital or qualified dividends. For the years ended December 31, 2015, 2014 and 2013, the distributions per common share were classified as follows:

Common Stock	2015		As a Percentage of Distributions		2014		As a Percentage of Distributions		2013		As a Percentage of Distributions
Ordinary Income	$	0.2629	67.93	%	$	0.4412	100.00	%	$	0.3088	100.00	%
Unrecaptured Section 1250 Gain	0.1241		32.07	%	—		0.00	%	—		0.00	%
	$	0.3870	100.00	%	$	0.4412	100.00	%	$	0.3088	100.00	%

For income tax purposes, distributions paid to the Company's preferred shareholders are classified as ordinary income, capital gain, return of capital or qualified dividends. For the year ended December 31, 2013, the preferred distributions per depositary share for the Series J and Series K Preferred Stock were classified as ordinary income of $0.5085 and $0.9969, respectively.

9. Future Rental Revenues

Our properties are leased to tenants under net and semi-net operating leases. Future minimum rental receipts, excluding tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2015 are approximately as follows:

2016	$	271,032
2017	242,844
2018	201,970
2019	160,133
2020	125,735
Thereafter	369,030
Total	$	1,370,744

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10. Benefit Plans

Stock Based Compensation

The Company maintains a stock incentive plan (the “Stock Incentive Plan”), which is administered by the Compensation Committee of the Board of Directors. Officers, certain employees and the Company's independent directors generally are eligible to participate in the Stock Incentive Plan. Awards made under the Stock Incentive Plan can be in the form of restricted stock awards, restricted stock unit awards, performance share awards, dividend equivalent rights, non-statutory stock options and stock appreciation rights. Special provisions apply to awards granted under the Stock Incentive Plan in the event of a change in control in the Company. As of December 31, 2015, awards covering 3.0 million shares of common stock were available to be granted under the Stock Incentive Plan.

Restricted Stock/Units

For the years ended December 31, 2015, 2014 and 2013, the Company awarded 216,975, 299,805 and 284,461 shares, respectively, of restricted stock awards to certain employees, which had a fair value of $4,708, $5,413 and $4,719 on the date of approval by either the Compensation Committee of the Board of Directors or the Company's stockholders of the Stock Incentive Plan, as the case may be. These restricted stock awards were issued based upon the achievement of certain corporate performance goals and generally vest over a period of three years. Additionally, during the years ended December 31, 2015 and 2014, the Company awarded 17,385 and 19,250 shares, respectively, of restricted stock to non-employee members of the Board of Directors, which each had a fair value of $350 on the date of approval. These restricted stock awards vest over a one-year period. The Operating Partnership issued Units to the Company in the same amounts for these award issuances.

Compensation expense is charged to earnings over the vesting periods for the restricted stock or restricted Unit awards expected to vest except if the recipient is not required to provide future service in exchange for vesting of such restricted stock or restricted Unit awards. If vesting of a recipient's restricted stock or restricted Unit awards is not contingent upon future service, the expense is recognized immediately at the date of grant. During the years ended December 31, 2015, 2014 and 2013, we recognized $1,352, $1,451 and $1,008, respectively, of compensation expense related to restricted stock or restricted Unit awards granted to our Chief Executive Officer and one other employee for which future service was not required.

LTIP Unit Awards

For the years ended December 31, 2015 and 2013, the Company granted 264,432 and 718,960 Long-Term Incentive Program ("LTIP") performance units ("LTIP Unit Awards") to certain employees, which had a fair value of $2,531 and $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 common stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The TSR for the LTIP Unit Awards granted during the year ended December 31, 2015 is calculated based on the performance period from January 1, 2015 through December 31, 2017. The TSR for half of the granted units during the year ended December 31, 2013 was calculated based upon the performance period from July 1, 2013 through June 30, 2014 and the TSR for the other half was calculated based upon the performance from July 1, 2013 through December 31, 2015. Compensation expense is charged to earnings on a straight-line basis over the respective performance periods. At the end of the respective performance periods each participant will be issued shares of the Company's common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100%, based on the Company's TSR as compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The participant is also entitled to dividend equivalents for shares issued pursuant to vested LTIP Unit Awards. The dividend equivalents represent any common dividends that would have been paid with respect to such issued shares after the grant of the LTIP Unit Awards and prior to the date of settlement. The Operating Partnership issued Units to the Company in the same amounts for vested LTIP Unit Awards.

85

As mentioned above, the fair values of the LTIP Unit Awards at issuance were determined by a lattice-binomial option-pricing model based on Monte Carlo simulations using the following assumptions:

	Year Ended December 31, 2015		Year Ended December 31, 2013
Expected dividend yield	1.99	%	2.22	%
Expected volatility - range used	20.43% - 21.99%		24.28% - 34.66%
Expected volatility - weighted average	21.34	%	30.61	%
Risk-free interest rate	0.10% - 1.16%		0.03% - 0.71%
Expected term	3 years		1 - 2.5 years

Outstanding Restricted Stock or Restricted Unit Awards and LTIP Unit Awards

For the years ended December 31, 2015, 2014 and 2013, we recognized $7,177, $7,605 and $6,202, respectively, in amortization related to restricted stock or restricted Unit awards and LTIP Unit Awards, of which $42, $41 and $43 was capitalized in connection with development activities. At December 31, 2015, we had $5,432 in unrecognized compensation related to unvested restricted stock or restricted Unit awards and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.91 years.

Restricted stock or restricted Unit award and LTIP Unit Award transactions for the year ended December 31, 2015 are summarized as follows:

	Awards		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2014	816,718		$	12.68
Issued	498,792		$	15.21
Forfeited	(4,313	)	$	13.68
Vested	(661,222	)	$	11.87
Outstanding at December 31, 2015	649,975		$	15.43

401(k)/Profit Sharing Plan

In September 1994, the Company's Board of Directors approved and the Company adopted a 401(k)/Profit Sharing Plan. Under the Company's 401(k)/Profit Sharing Plan, all eligible employees may participate by making voluntary contributions. The Company may make, but is not required to make, matching contributions, which are funded by the Operating Partnership. For the years ended December 31, 2015, 2014 and 2013, total expense recognized for the 401(k)/Profit Sharing Plan related to matching contributions was $471, $387 and $300, respectively.

11. Derivatives

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

In connection with the origination of the 2014 Unsecured Term Loan (see Note 4), during January 2014, we entered into four interest rate protection agreements, with an aggregate notional value of $200,000, to manage our exposure to changes in the one month LIBOR rate (the “2014 Swaps ”). The 2014 Swaps fix the LIBOR rate at a weighted average rate of 2.29% and mature on January 29, 2021. We designated the 2014 Swaps as cash flow hedges.

In connection with the origination of the 2015 Unsecured Term Loan (see Note 4), during September 2015, we entered into six interest rate protection agreements, with an aggregate notional value of $260,000, to manage our exposure to changes in the one month LIBOR rate (the “2015 Swaps ”). The 2015 Swaps fix the LIBOR rate at a weighted average rate of 1.79% and mature on September 12, 2022. We designated the 2015 Swaps as cash flow hedges.

86

In order to maintain our flexibility to pursue an offering of unsecured debt, during August 2014, we entered into three interest rate protection agreements, with an aggregate notional value of $220,000, to manage our exposure to changes in the three month LIBOR rate (the "Settled Swaps"). At origination, we designated the Settled Swaps as cash flow hedges but, during the three months ended March 31, 2015, the Settled Swaps were de-designated and the fair market value loss was reclassified to earnings from other comprehensive income since we determined the forecasted offering of unsecured debt was no longer probable to occur within the time period stated in the respective designation memos. During the year ended December 31, 2015, we made a settlement payment of $11,546 to our derivative counterparties, which is recognized as mark-to-market and settlement loss on interest rate protection agreements.

Our agreements with our derivative counterparties contain provisions where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds. As of December 31, 2015, we had not posted any collateral related to these agreements and were not in breach of any of the agreement provisions. If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value.

Our Series F Preferred Stock, which was redeemed during the year ended December 31, 2014, included a quarterly rate reset. In 2008, we had entered into an interest rate swap agreement to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Stock (the "Series F Agreement"). 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 the Series F agreement were recorded in the statement of operations. The Series F Agreement matured on October 1, 2013 and for the year ended December 31, 2013, gains of $52 were recognized as mark-to-market gain on interest rate protection agreements.

The following table sets forth our financial liabilities related to the 2014 and 2015 Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheets and are accounted for at fair value on a recurring basis as of December 31, 2015:

				Fair Value Measurements at Reporting Date Using:
Description	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Liabilities:
Derivatives designated as a hedging instrument:
2014 Swaps	$	(7,380	)	—	$	(7,380	)	—
2015 Swaps	$	(1,064	)	—	$	(1,064	)	—

There was no ineffectiveness recorded on the 2014 and 2015 Swaps during the year ended December 31, 2015. See Note 6 for more information.

The estimated fair value of the 2014 and 2015 Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty’s non-performance risk. We determined that the significant inputs used to value the 2014 and 2015 Swaps fell within Level 2 of the fair value hierarchy.

12. Related Party Transactions

At December 31, 2015 and 2014, the Operating Partnership had receivable balances of $10,714 and $10,767, respectively, from a direct wholly-owned subsidiary of the Company.

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13. 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.

At December 31, 2015, we had outstanding letters of credit and performance bonds in the aggregate amount of $6,698.

In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At December 31, 2015, we had four industrial properties totaling approximately 1.4 million square feet of GLA under construction. The estimated total investment as of December 31, 2015 is approximately $78,700 (unaudited). Of this amount, approximately $59,700 (unaudited) remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment.

Ground and Operating Lease Agreements

For the years ended December 31, 2015, 2014 and 2013, we recognized $1,281, $1,300 and $1,440, respectively, in operating and ground lease expense.

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee as of December 31, 2015 are as follows:

2016	$	1,993
2017	1,929
2018	1,180
2019	534
2020	533
Thereafter	25,866
Total (A)	$	32,035

________________

(A) Minimum rental payments have not been reduced by minimum sublease rentals of $3,861 due in the future under non-cancelable subleases.

14. Subsequent Events

From January 1, 2016 to February 24, 2016, we acquired one industrial property and several land parcels for a purchase price of approximately $46,664, excluding costs incurred in conjunction with such acquisitions. We also assumed a $4,513 mortgage loan payable in conjunction with the acquisition of the property. During the same period, we sold two industrial properties for approximately $9,614.

Additionally, on January 15, 2016, we paid off and retired our 2016 Notes, at maturity, in the amount of $159,679.

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15. Quarterly Financial Information (unaudited)

The following tables summarize the Company's unaudited quarterly financial information for each of the years ended December 31, 2015 and 2014.

	Year Ended December 31, 2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	89,942		$	90,456		$	92,157		$	93,207
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	2,373		$	14,012		$	13,917		$	43,500
Net Income Allocable to Participating Securities	(41		)	(50		)	(50		)	(153		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	2,332		$	13,962		$	13,867		$	43,347
Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.13		$	0.13		$	0.39
Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.13		$	0.13		$	0.39
Weighted Average Shares Basic/Diluted (In Thousands):
Weighted Average Shares - Basic	110,310			110,348			110,356			110,392
Weighted Average Shares - Diluted	110,675			110,683			110,848			110,916

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	Year Ended December 31, 2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	83,861		$	84,044		$	86,361		$	90,333
Income from Continuing Operations, Net of Noncontrolling Interest	$	3,868		$	3,028		$	7,938		$	7,535
Income from Discontinued Operations, Net of Noncontrolling Interest	1,095			1,011			13,389			11,246
Net Income Attributable to First Industrial Realty Trust, Inc.	4,963			4,039			21,327			18,781
Preferred Dividends	(1,019		)	—			—			—
Redemption of Preferred Stock	(1,462		)	—			—			—
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	2,482			4,039			21,327			18,781
Income from Continuing Operations Allocable to Participating Securities	(18		)	(32		)	(33		)	(32		)
Income from Discontinued Operations Allocable to Participating Securities	(14		)	(11		)	(57		)	(47		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	2,450		$	3,996		$	21,237		$	18,702
Basic EPS:
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.04		$	0.19		$	0.17
Diluted EPS:
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.04		$	0.19		$	0.17
Weighted Average Shares Basic/Diluted (In Thousands):
Weighted Average Shares - Basic	109,676			109,815			110,072			110,118
Weighted Average Shares - Diluted	110,215			110,404			110,271			110,405

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The following tables summarize the Operating Partnership's unaudited quarterly financial information for each of the years ended December 31, 2015 and 2014.

	Year Ended December 31, 2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	89,942		$	90,456		$	92,157		$	93,207
Net Income Available to Unitholders and Participating Securities	$	2,457		$	14,644		$	14,438		$	45,143
Net Income Allocable to Participating Securities	(41		)	(50		)	(50		)	(153		)
Net Income Available to Unitholders	$	2,416		$	14,594		$	14,388		$	44,990
Basic EPU:
Net Income Available to Unitholders	$	0.02		$	0.13		$	0.13		$	0.39
Diluted EPU:
Net Income Available to Unitholders	$	0.02		$	0.13		$	0.12		$	0.39
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units - Basic	114,681			114,712			114,720			114,722
Weighted Average Units - Diluted	115,046			115,047			115,212			115,246

	Year Ended December 31, 2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	83,861		$	84,044		$	86,361		$	90,333
Income from Continuing Operations, Net of Noncontrolling Interest	$	3,938		$	3,176		$	8,294		$	7,964
Income from Discontinued Operations, Net of Noncontrolling Interest	1,140			1,051			13,924			11,698
Net Income Attributable to Unitholders	5,078			4,227			22,218			19,662
Preferred Unit Distributions	(1,019		)	—			—			—
Redemption of Preferred Units	(1,462		)	—			—			—
Net Income Available to Unitholders and Participating Securities	2,597			4,227			22,218			19,662
Income from Continuing Operations Allocable to Participating Securities	(17		)	(32		)	(33		)	(32		)
Income from Discontinued Operations Allocable to Participating Securities	(14		)	(11		)	(57		)	(47		)
Net Income Available to Unitholders	$	2,566		$	4,184		$	22,128		$	19,583
Basic EPU:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Diluted EPU:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units - Basic	114,245			114,278			114,512			114,512
Weighted Average Units - Diluted	114,784			114,867			114,711			114,799

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

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2015

				(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/15				Year Acquired/ Constructed	Depreciable Lives (Years)
Building Address		Location (City/State)	(a) Encumbrances	Land	Buildings and Improvements			Land	Buildings and Improvements	Total	Accumulated Depreciation 12/31/2015
			(In thousands)
Atlanta
1650 Highway 155		McDonough, GA	—	788	4,544	(425	)	365	4,542	4,907	2,790	1994	(j)
1665 Dogwood		Conyers, GA	—	635	3,662	978		635	4,640	5,275	2,392	1994	(j)
1715 Dogwood		Conyers, GA	—	288	1,675	824		228	2,559	2,787	1,098	1994	(j)
11235 Harland Drive		Covington, GA	—	125	739	218		125	957	1,082	472	1994	(j)
4051 Southmeadow Parkway		Atlanta, GA	—	726	4,130	1,472		726	5,602	6,328	2,511	1994	(j)
4071 Southmeadow Parkway		Atlanta, GA	—	750	4,460	1,752		828	6,134	6,962	3,110	1994	(j)
4081 Southmeadow Parkway		Atlanta, GA	—	1,012	5,918	1,873		1,157	7,646	8,803	3,623	1994	(j)
5570 Tulane Drive	(d)	Atlanta, GA	2,240	527	2,984	1,345		546	4,310	4,856	1,840	1996	(j)
955 Cobb Place		Kennesaw, GA	2,828	780	4,420	930		804	5,326	6,130	2,272	1997	(j)
1005 Sigman Road		Conyers, GA	1,909	566	3,134	439		574	3,565	4,139	1,414	1999	(j)
2050 East Park Drive		Conyers, GA	—	452	2,504	472		459	2,969	3,428	1,095	1999	(j)
3060 South Park Blvd		Ellenwood, GA	—	1,600	12,464	3,010		1,604	15,470	17,074	4,444	2003	(j)
Greenwood Industrial Park		McDonough, GA	4,235	1,550	—	7,632		1,550	7,632	9,182	2,163	2004	(j)
46 Kent Drive		Cartersville GA	—	794	2,252	85		798	2,333	3,131	855	2005	(j)
605 Stonehill Drive		Atlanta, GA	—	485	1,979	(16	)	490	1,958	2,448	1,817	2005	(j)
5095 Phillip Lee Drive		Atlanta, GA	3,821	735	3,627	493		740	4,115	4,855	2,632	2005	(j)
6514 Warren Drive		Norcross, GA	—	510	1,250	103		513	1,350	1,863	445	2005	(j)
6544 Warren Drive		Norcross, GA	—	711	2,310	243		715	2,549	3,264	965	2005	(j)
5356 E. Ponce De Leon		Stone Mountain, GA	—	604	3,888	128		610	4,010	4,620	2,058	2005	(j)
5390 E. Ponce De Leon		Stone Mountain, GA	—	397	1,791	199		402	1,985	2,387	823	2005	(j)
195 & 197 Collins Boulevard		Athens, GA	—	1,410	5,344	539		989	6,304	7,293	3,583	2005	(j)
1755 Enterprise Drive		Buford, GA	1,201	712	2,118	(227	)	716	1,887	2,603	668	2006	(j)
4555 Atwater Court		Buford, GA	2,150	881	3,550	231		885	3,777	4,662	1,198	2006	(j)
80 Liberty Industrial Parkway		McDonough, GA	—	756	3,695	(1,244	)	467	2,740	3,207	1,027	2007	(j)
596 Bonnie Valentine		Pendergrass, GA	—	2,580	21,730	3,711		2,594	25,427	28,021	6,990	2007	(j)
11415 Old Roswell Road		Alpharetta, GA	3,135	2,403	1,912	610		2,428	2,497	4,925	995	2008	(j)
Baltimore
9700 Martin Luther King Hwy		Lanham, MD	—	700	1,920	472		700	2,392	3,092	885	2003	(j)
9730 Martin Luther King Hwy		Lanham, MD	—	500	955	422		500	1,377	1,877	544	2003	(j)
4621 Boston Way		Lanham, MD	—	1,100	3,070	860		1,100	3,930	5,030	1,491	2003	(j)
4720 Boston Way		Lanham, MD	—	1,200	2,174	771		1,200	2,945	4,145	1,159	2003	(j)
22520 Randolph Drive		Dulles, VA	—	3,200	8,187	(172	)	3,208	8,007	11,215	1,854	2004	(j)

S-1

22630 Dulles Summit Court	Dulles, VA	—	2,200	9,346	(820	)	2,206	8,520	10,726	2,194	2004	(j)
4201 Forbes Boulevard	Lanham, MD	—	356	1,823	15		375	1,819	2,194	479	2005	(j)
4370-4383 Lottsford Vista Road	Lanham, MD	—	279	1,358	95		296	1,436	1,732	385	2005	(j)
4400 Lottsford Vista Road	Lanham, MD	—	351	1,955	241		372	2,175	2,547	684	2005	(j)
4420 Lottsford Vista Road	Lanham, MD	—	539	2,196	26		568	2,193	2,761	653	2005	(j)
11204 McCormick Road	Hunt Valley, MD	—	1,017	3,132	170		1,038	3,281	4,319	1,331	2005	(j)
11110 Pepper Road	Hunt Valley, MD	—	918	2,529	281		938	2,790	3,728	1,152	2005	(j)
11100-11120 Gilroy Road	Hunt Valley, MD	—	901	1,455	166		919	1,603	2,522	657	2005	(j)
10709 Gilroy Road	Hunt Valley, MD	1,982	913	2,705	(143	)	913	2,562	3,475	1,314	2005	(j)
10707 Gilroy Road	Hunt Valley, MD	—	1,111	3,819	502		1,136	4,296	5,432	1,715	2005	(j)
38 Loveton Circle	Sparks, MD	—	1,648	2,151	(241	)	1,690	1,868	3,558	803	2005	(j)
1225 Bengies Road	Baltimore, MD	—	2,640	270	14,057		2,823	14,144	16,967	3,866	2008	(j)
400 Old Post Road	Aberdeen, MD	—	3,411	17,144	9		3,411	17,153	20,564	171	2015	(j)
500 Old Post Road	Aberdeen, MD	—	5,959	30,533	—		5,959	30,533	36,492	302	2015	(j)
Central Pennsylvania
1214-B Freedom Road	Cranberry Township, PA	1,061	31	994	613		200	1,438	1,638	1,239	1994	(j)
401 Russell Drive	Middletown, PA	—	262	857	1,705		287	2,537	2,824	1,990	1994	(j)
2700 Commerce Drive	Middletown, PA	—	196	997	935		206	1,922	2,128	1,507	1994	(j)
2701 Commerce Drive	Middletown, PA	1,505	141	859	1,321		164	2,157	2,321	1,473	1994	(j)
2780 Commerce Drive	Middletown, PA	1,287	113	743	1,130		209	1,777	1,986	1,409	1994	(j)
350 Old Silver Spring Road	Mechanicsburg, PA	—	510	2,890	7,043		541	9,902	10,443	4,362	1997	(j)
16522 Hunters Green Parkway	Hagerstown, MD	12,441	1,390	13,104	4,237		1,863	16,868	18,731	4,549	2003	(j)
18212 Shawley Drive	Hagerstown, MD	5,282	1,000	5,847	1,301		1,016	7,132	8,148	1,886	2004	(j)
37 Valley View Drive	Jessup, PA	2,318	542	—	3,033		532	3,043	3,575	829	2004	(j)
301 Railroad Avenue	Shiremanstown, PA	—	1,181	4,447	3,262		1,328	7,562	8,890	3,579	2005	(j)
431 Railroad Avenue	Shiremanstown, PA	6,631	1,293	7,164	1,960		1,341	9,076	10,417	3,952	2005	(j)
6951 Allentown Blvd	Harrisburg, PA	—	585	3,176	336		601	3,496	4,097	1,355	2005	(j)
320 Reliance Road	Washington, PA	—	201	1,819	(348	)	178	1,494	1,672	741	2005	(j)
1351 Eisenhower Blvd., Bldg. 1	Harrisburg, PA	—	382	2,343	(64	)	387	2,274	2,661	817	2006	(j)
1351 Eisenhower Blvd., Bldg. 2	Harrisburg, PA	—	436	1,587	64		443	1,644	2,087	689	2006	(j)
1490 Dennison Circle	Carlisle, PA	—	1,500	—	14,185		2,341	13,344	15,685	3,398	2008	(j)
298 First Avenue	Covington Twp, PA	—	7,022	—	57,272		7,019	57,275	64,294	10,584	2008	(j)
225 Cross Farm Lane	York, PA	18,075	4,718	—	23,163		4,715	23,166	27,881	4,783	2008	(j)
105 Steamboat Blvd	Manchester, PA	—	4,085	14,464	1		4,070	14,480	18,550	2,284	2012	(j)
20 Leo Lane	York County, PA	—	6,884	—	26,647		6,889	26,642	33,531	1,366	2013	(j)
Chicago
720-730 Landwehr Drive	Northbrook, IL	—	521	2,982	799		521	3,781	4,302	1,851	1994	(j)
1385 101st Street	Lemont, IL	3,813	967	5,554	1,745		968	7,298	8,266	3,604	1994	(j)
585 Slawin Court	Mount Prospect, IL	—	611	3,505	(50	)	525	3,541	4,066	1,713	1994	(j)
2300 Windsor Court	Addison, IL	3,689	688	3,943	1,060		696	4,995	5,691	2,698	1994	(j)
305-311 Era Drive	Northbrook, IL	—	200	1,154	1,315		205	2,464	2,669	936	1994	(j)
365 North Avenue	Carol Stream, IL	5,620	1,042	6,882	1,244		1,073	8,095	9,168	4,081	1994	(j)
800 Business Drive	Mount Prospect, IL	—	631	3,493	328		666	3,786	4,452	1,426	2000	(j)

S-2

580 Slawin Court	Mount Prospect, IL	774	233	1,292	(37	)	162	1,326	1,488	597	2000	(j)
1005 101st Street	Lemont, IL	5,358	1,200	6,643	1,550		1,220	8,173	9,393	2,953	2001	(j)
175 Wall Street	Glendale Heights, IL	1,363	427	2,363	165		433	2,522	2,955	940	2002	(j)
800-820 Thorndale Avenue	Bensenville, IL	—	751	4,159	785		761	4,934	5,695	1,522	2002	(j)
251 Airport Road	North Aurora, IL	4,816	983	—	6,873		983	6,873	7,856	2,431	2002	(j)
1661 Feehanville Drive	Mount Prospect, IL	—	985	5,455	3,346		1,044	8,742	9,786	3,389	2004	(j)
400 Crossroads Pkwy	Bolingbrook, IL	5,356	1,178	9,453	928		1,181	10,378	11,559	3,419	2005	(j)
7609 W. Industrial Drive	Forest Park, IL	—	1,207	2,343	131		1,213	2,468	3,681	1,171	2005	(j)
7801 W. Industrial Drive	Forest Park, IL	—	1,215	3,020	896		1,220	3,911	5,131	1,384	2005	(j)
825 E. 26th Street	LaGrange, IL	—	1,547	2,078	2,378		1,617	4,386	6,003	2,331	2005	(j)
725 Kimberly Drive	Carol Stream, IL	—	793	1,395	223		801	1,610	2,411	658	2005	(j)
17001 S. Vincennes	Thornton, IL	—	497	504	3		513	491	1,004	380	2005	(j)
2900 W. 166th Street	Markham, IL	—	1,132	4,293	(881	)	1,134	3,410	4,544	924	2007	(j)
555 W. Algonquin Road	Arlington Heights, IL	2,005	574	741	1,936		579	2,672	3,251	799	2007	(j)
1501 Oakton Street	Elk Grove Village, IL	6,240	3,369	6,121	434		3,482	6,442	9,924	1,802	2008	(j)
16500 W. 103rd Street	Woodridge, IL	2,493	744	2,458	379		762	2,819	3,581	1,018	2008	(j)
8505 50th Street	Kenosha, WI	—	3,212	—	32,956		3,212	32,956	36,168	5,909	2008	(j)
4100 Rock Creek Blvd	Joliet, IL	—	4,476	16,061	818		4,476	16,879	21,355	1,865	2013	(j)
10100 58th Place	Kenosha, WI	—	4,201	17,604	1,446		4,201	19,050	23,251	2,593	2013	(j)
401 Airport Road	North Aurora, IL	—	534	1,957	—		534	1,957	2,491	135	2014	(j)
Cincinnati
9900-9970 Princeton	Cincinnati, OH	—	545	3,088	1,874		566	4,941	5,507	2,275	1996	(j)
4700-4750 Creek Road	Blue Ash, OH	—	1,080	6,118	1,373		1,109	7,462	8,571	3,482	1996	(j)
4436 Muhlhauser Road	Hamilton, OH	3,843	630	—	5,299		630	5,299	5,929	1,711	2002	(j)
4438 Muhlhauser Road	Hamilton, OH	4,635	779	—	6,503		779	6,503	7,282	2,251	2002	(j)
420 Wards Corner Road	Loveland, OH	—	600	1,083	777		606	1,854	2,460	664	2003	(j)
422 Wards Corner Road	Loveland, OH	—	600	1,811	187		592	2,006	2,598	654	2003	(j)
4663 Dues Drive	Westchester, OH	—	858	2,273	626		875	2,882	3,757	2,515	2005	(j)
9345 Princeton-Glendale Road	Westchester, OH	1,371	818	1,648	380		840	2,006	2,846	1,243	2006	(j)
9525 Glades Drive	Westchester, OH	—	347	1,323	(27	)	355	1,288	1,643	469	2007	(j)
9774-9792 Windisch Road	Westchester, OH	—	392	1,744	119		394	1,861	2,255	665	2007	(j)
9808-9830 Windisch Road	Westchester, OH	—	395	2,541	137		397	2,676	3,073	716	2007	(j)
9842-9862 Windisch Road	Westchester, OH	—	506	3,148	130		508	3,276	3,784	843	2007	(j)
9872-9898 Windisch Road	Westchester, OH	—	546	3,039	126		548	3,163	3,711	900	2007	(j)
9902-9922 Windisch Road	Westchester, OH	—	623	4,003	788		627	4,787	5,414	1,779	2007	(j)
Cleveland
30311 Emerald Valley Parkway	Glenwillow, OH	8,229	681	11,838	905		691	12,733	13,424	4,336	2006	(j)
30333 Emerald Valley Parkway	Glenwillow, OH	3,984	466	5,447	54		475	5,492	5,967	2,109	2006	(j)
7800 Cochran Road	Glenwillow, OH	3,804	972	7,033	243		991	7,257	8,248	2,419	2006	(j)
7900 Cochran Road	Glenwillow, OH	4,544	775	6,244	284		792	6,511	7,303	2,164	2006	(j)
7905 Cochran Road	Glenwillow, OH	4,468	920	6,174	738		922	6,910	7,832	2,535	2006	(j)
30600 Carter Street	Solon, OH	—	989	3,042	930		1,022	3,939	4,961	2,846	2006	(j)
8181 Darrow Road	Twinsburg, OH	7,332	2,478	6,791	2,040		2,496	8,813	11,309	3,899	2008	(j)

S-3

Dallas
2406-2416 Walnut Ridge		Dallas, TX	—	178	1,006	573		172	1,585	1,757	601	1997	(j)
2401-2419 Walnut Ridge		Dallas, TX	—	148	839	416		142	1,261	1,403	485	1997	(j)
900-906 Great Southwest Pkwy		Arlington, TX	—	237	1,342	625		270	1,934	2,204	895	1997	(j)
3000 West Commerce		Dallas, TX	—	456	2,584	1,303		469	3,874	4,343	1,656	1997	(j)
3030 Hansboro		Dallas, TX	—	266	1,510	(664	)	87	1,025	1,112	657	1997	(j)
405-407 113th		Arlington, TX	—	181	1,026	528		185	1,550	1,735	681	1997	(j)
816 111th Street		Arlington, TX	800	251	1,421	131		258	1,545	1,803	674	1997	(j)
7427 Dogwood Park		Richland Hills, TX	—	96	532	316		102	842	944	324	1998	(j)
7348-54 Tower Street		Richland Hills, TX	—	88	489	213		94	696	790	290	1998	(j)
7339-41 Tower Street		Richland Hills, TX	—	98	541	180		104	715	819	287	1998	(j)
7437-45 Tower Street		Richland Hills, TX	—	102	563	291		108	848	956	331	1998	(j)
7331-59 Airport Freeway		Richland Hills, TX	1,871	354	1,958	573		372	2,513	2,885	988	1998	(j)
7338-60 Dogwood Park		Richland Hills, TX	—	106	587	240		112	821	933	310	1998	(j)
7450-70 Dogwood Park		Richland Hills, TX	—	106	584	156		112	734	846	289	1998	(j)
7423-49 Airport Freeway		Richland Hills, TX	1,547	293	1,621	472		308	2,078	2,386	812	1998	(j)
7400 Whitehall Street		Richland Hills, TX	—	109	603	95		115	692	807	284	1998	(j)
1602-1654 Terre Colony		Dallas, TX	1,733	458	2,596	849		468	3,435	3,903	1,253	2000	(j)
2351-2355 Merritt Drive		Garland, TX	—	101	574	105		93	687	780	268	2000	(j)
2220 Merritt Drive		Garland, TX	—	352	1,993	266		316	2,295	2,611	721	2000	(j)
2010 Merritt Drive		Garland, TX	—	350	1,981	54		318	2,067	2,385	720	2000	(j)
2363 Merritt Drive		Garland, TX	—	73	412	(7	)	48	430	478	175	2000	(j)
2447 Merritt Drive		Garland, TX	—	70	395	(164	)	25	276	301	168	2000	(j)
2465-2475 Merritt Drive		Garland, TX	—	91	514	16		73	548	621	221	2000	(j)
2485-2505 Merritt Drive		Garland, TX	—	431	2,440	684		440	3,115	3,555	1,209	2000	(j)
2110 Hutton Drive		Carrolton, TX	—	374	2,117	120		255	2,356	2,611	969	2001	(j)
2025 McKenzie Drive		Carrolton, TX	1,495	437	2,478	452		442	2,925	3,367	968	2001	(j)
2019 McKenzie Drive		Carrolton, TX	1,654	502	2,843	380		507	3,218	3,725	1,216	2001	(j)
2029-2035 McKenzie Drive		Carrolton, TX	1,535	306	1,870	236		306	2,106	2,412	807	2001	(j)
2015 McKenzie Drive		Carrolton, TX	2,360	510	2,891	450		516	3,335	3,851	1,194	2001	(j)
2009 McKenzie Drive		Carrolton, TX	2,284	476	2,699	551		481	3,245	3,726	1,240	2001	(j)
900-1100 Avenue S		Grand Prairie, TX	2,277	623	3,528	978		629	4,500	5,129	1,389	2002	(j)
Plano Crossing	(f)	Plano, TX	8,665	1,961	11,112	1,062		1,981	12,154	14,135	4,060	2002	(j)
7413A-C Dogwood Park		Richland Hills, TX	—	110	623	245		111	867	978	303	2002	(j)
7450 Tower Street		Richland Hills, TX	—	36	204	112		36	316	352	123	2002	(j)
7436 Tower Street		Richland Hills, TX	—	57	324	196		58	519	577	203	2002	(j)
7426 Tower Street		Richland Hills, TX	—	76	429	186		76	615	691	180	2002	(j)
7427-7429 Tower Street		Richland Hills, TX	—	75	427	163		76	589	665	250	2002	(j)
2840-2842 Handley Ederville Road		Richland Hills, TX	—	112	635	58		113	692	805	225	2002	(j)
7451-7477 Airport Freeway		Richland Hills, TX	1,392	256	1,453	439		259	1,889	2,148	636	2002	(j)
7450 Whitehall Street		Richland Hills, TX	—	104	591	339		105	929	1,034	277	2002	(j)
3000 Wesley Way		Richland Hills, TX	—	208	1,181	18		211	1,196	1,407	397	2002	(j)
7451 Dogwood Park		Richland Hills, TX	681	133	753	184		134	936	1,070	293	2002	(j)

S-4

825-827 Avenue H	(d)	Arlington, TX	2,108	600	3,006	89		604	3,091	3,695	1,355	2004	(j)
1013-31 Avenue M		Grand Prairie, TX	—	300	1,504	263		302	1,765	2,067	638	2004	(j)
1172-84 113th Street	(d)	Grand Prairie, TX	1,884	700	3,509	34		704	3,539	4,243	1,093	2004	(j)
1200-16 Avenue H	(d)	Arlington, TX	1,685	600	2,846	348		604	3,190	3,794	1,044	2004	(j)
1322-66 W. North Carrier Parkway	(e)	Grand Prairie, TX	4,004	1,000	5,012	1,007		1,006	6,013	7,019	2,035	2004	(j)
2401-2407 Centennial Drive		Arlington, TX	2,048	600	2,534	(2	)	604	2,528	3,132	1,098	2004	(j)
3111 West Commerce Street		Dallas, TX	3,487	1,000	3,364	1,749		1,011	5,102	6,113	1,668	2004	(j)
13800 Senlac Drive		Farmers Branch, TX	2,728	823	4,042	(83	)	825	3,957	4,782	1,471	2005	(j)
801-831 S Great Southwest Pkwy	(g)	Grand Prairie, TX	—	2,581	16,556	147		2,586	16,698	19,284	8,597	2005	(j)
801 Heinz Way		Grand Prairie, TX	2,749	599	3,327	315		601	3,640	4,241	1,510	2005	(j)
901-937 Heinz Way		Grand Prairie, TX	2,139	493	2,758	48		481	2,818	3,299	1,233	2005	(j)
3301 Century Circle		Irving, TX	2,045	760	3,856	(10	)	771	3,835	4,606	988	2007	(j)
3901 W Miller Road		Garland, TX	—	1,912	—	15,493		1,947	15,458	17,405	3,591	2008	(j)
1251 North Cockrell Hill Road		Dallas, TX	—	2,064	—	13,463		1,072	14,455	15,527	260	2015	(j)
1171 North Cockrell Hill Road		Dallas, TX	—	1,215	—	9,541		632	10,124	10,756	146	2015	(j)
3996 Scientific Drive		Arlington, TX	—	1,301	—	7,344		1,349	7,296	8,645	82	2015	(j)
750 Gateway Blvd		Coppell, TX	—	1,452	4,679	—		1,452	4,679	6,131	41	2015	(j)
Denver
4785 Elati		Denver, CO	—	173	981	202		175	1,181	1,356	517	1997	(j)
4770 Fox Street		Denver, CO	—	132	750	263		134	1,011	1,145	398	1997	(j)
3851-3871 Revere		Denver, CO	1,279	361	2,047	473		368	2,513	2,881	1,063	1997	(j)
4570 Ivy Street		Denver, CO	—	219	1,239	279		220	1,517	1,737	716	1997	(j)
5855 Stapleton Drive North		Denver, CO	—	288	1,630	250		290	1,878	2,168	848	1997	(j)
5885 Stapleton Drive North		Denver, CO	—	376	2,129	324		380	2,449	2,829	1,069	1997	(j)
5977 North Broadway		Denver, CO	1,521	268	1,518	561		271	2,076	2,347	857	1997	(j)
5952-5978 North Broadway		Denver, CO	2,264	414	2,346	732		422	3,070	3,492	1,346	1997	(j)
4721 Ironton Street		Denver, CO	—	232	1,313	317		236	1,626	1,862	703	1997	(j)
7003 E 47th Ave Drive		Denver, CO	—	441	2,689	27		441	2,716	3,157	1,233	1997	(j)
9500 West 49th Street - A		Wheatridge, CO	1,247	283	1,625	126		287	1,747	2,034	831	1997	(j)
9500 West 49th Street - B		Wheatridge, CO	1,043	225	1,272	205		227	1,475	1,702	653	1997	(j)
9500 West 49th Street - C		Wheatridge, CO	2,591	600	3,409	217		601	3,625	4,226	1,580	1997	(j)
9500 West 49th Street - D		Wheatridge, CO	1,349	246	1,537	417		247	1,953	2,200	939	1997	(j)
451-591 East 124th Avenue		Thornton, CO	—	383	2,145	498		383	2,643	3,026	1,194	1997	(j)
15000 West 6th Avenue		Golden, CO	—	913	5,174	848		918	6,017	6,935	2,765	1997	(j)
14998 West 6th Avenue Bldg E		Golden, CO	—	565	3,199	429		570	3,623	4,193	1,610	1997	(j)
14998 West 6th Avenue Bldg F		Golden, CO	—	269	1,525	101		273	1,622	1,895	746	1997	(j)
6547 South Racine Circle		Centennial, CO	2,717	739	4,241	241		739	4,482	5,221	1,998	1997	(j)
11701 East 53rd Avenue		Denver, CO	—	416	2,355	434		422	2,783	3,205	1,252	1997	(j)
5401 Oswego		Denver, CO	—	273	1,547	343		278	1,885	2,163	878	1997	(j)
14818 West 6th Avenue Bldg A		Golden, CO	—	468	2,799	287		468	3,086	3,554	1,372	1997	(j)
14828 West 6th Avenue Bldg B		Golden, CO	—	503	2,942	378		503	3,320	3,823	1,464	1997	(j)
445 Bryant Street		Denver, CO	6,684	1,829	10,219	3,007		1,829	13,226	15,055	5,803	1998	(j)
3811 Joliet		Denver, CO	—	735	4,166	558		752	4,707	5,459	2,049	1998	(j)

S-5

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

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2015

				(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/15				Year Acquired/ Constructed	Depreciable Lives (Years)
Building Address		Location (City/State)	(a) Encumbrances	Land	Buildings and Improvements			Land	Buildings and Improvements	Total	Accumulated Depreciation 12/31/2015
12055 E 49th Ave/4955 Peoria		Denver, CO	—	298	1,688	535		305	2,216	2,521	981	1998	(j)
4940-4950 Paris		Denver, CO	—	152	861	285		156	1,142	1,298	511	1998	(j)
4970 Paris		Denver, CO	—	95	537	101		97	636	733	272	1998	(j)
7367 South Revere Parkway		Centennial, CO	3,062	926	5,124	846		934	5,962	6,896	2,574	1998	(j)
8200 East Park Meadows Drive	(d)	Lone Tree, CO	5,590	1,297	7,348	1,155		1,304	8,496	9,800	3,282	2000	(j)
3250 Quentin Street	(d)	Aurora, CO	5,104	1,220	6,911	817		1,230	7,718	8,948	2,933	2000	(j)
Highpoint Bus Ctr B		Littleton, CO	—	739	—	3,310		781	3,268	4,049	1,087	2000	(j)
1130 W. 124th Avenue		Westminster, CO	—	441	—	3,225		441	3,225	3,666	1,164	2000	(j)
1070 W. 124th Avenue		Westminster, CO	—	374	—	2,711		374	2,711	3,085	975	2000	(j)
1020 W. 124th Avenue		Westminster, CO	—	374	—	2,799		374	2,799	3,173	1,049	2000	(j)
8810 W. 116th Circle		Broomfield, CO	—	312	—	1,645		370	1,587	1,957	507	2001	(j)
960 W. 124th Avenue		Westminster, CO	—	441	—	3,508		442	3,507	3,949	1,336	2001	(j)
8820 W. 116th Circle		Broomfield, CO	—	338	1,918	386		372	2,270	2,642	732	2003	(j)
8835 W. 116th Circle		Broomfield, CO	—	1,151	6,523	1,182		1,304	7,552	8,856	2,487	2003	(j)
18150 E. 32nd Place		Aurora, CO	1,744	563	3,188	177		572	3,356	3,928	1,162	2004	(j)
3400 Fraser Street		Aurora, CO	2,117	616	3,593	(142	)	620	3,447	4,067	1,120	2005	(j)
7005 E. 46th Avenue Drive		Denver, CO	1,337	512	2,025	32		517	2,052	2,569	757	2005	(j)
4001 Salazar Way		Frederick, CO	—	1,271	6,508	(773	)	1,276	5,730	7,006	1,511	2006	(j)
5909-5915 N. Broadway		Denver, CO	854	495	1,268	107		500	1,370	1,870	639	2006	(j)
Detroit
47461 Clipper		Plymouth Township, MI	—	122	723	54		122	777	899	431	1994	(j)
449 Executive Drive		Troy, MI	—	125	425	1,066		218	1,398	1,616	1,293	1994	(j)
501 Executive Drive		Troy, MI	—	71	236	678		129	856	985	692	1994	(j)
451 Robbins Drive		Troy, MI	—	96	448	934		192	1,286	1,478	1,103	1994	(j)
1416 Meijer Drive		Troy, MI	—	94	394	399		121	766	887	708	1994	(j)
1624 Meijer Drive		Troy, MI	—	236	1,406	1,093		373	2,362	2,735	2,123	1994	(j)
1972 Meijer Drive		Troy, MI	—	315	1,301	787		372	2,031	2,403	1,623	1994	(j)
1707 Northwood Drive		Troy, MI	—	95	262	1,724		239	1,842	2,081	1,532	1994	(j)
1788 Northwood Drive		Troy, MI	—	50	196	483		103	626	729	569	1994	(j)
1826 Northwood Drive		Troy, MI	—	55	208	472		103	632	735	559	1994	(j)
1864 Northwood Drive		Troy, MI	—	57	190	489		107	629	736	575	1994	(j)
2451 Elliott Avenue		Troy, MI	—	78	319	733		164	966	1,130	798	1994	(j)
2730 Research Drive		Rochester Hills, MI	—	903	4,215	829		903	5,044	5,947	4,246	1994	(j)
2791 Research Drive		Rochester Hills, MI	—	557	2,731	1,018		560	3,746	4,306	2,722	1994	(j)

S-6

2871 Research Drive		Rochester Hills, MI	—	324	1,487	403		327	1,887	2,214	1,449	1994	(j)
3011 Research Drive		Rochester Hills, MI	—	457	2,104	492		457	2,596	3,053	2,178	1994	(j)
2870 Technology Drive		Rochester Hills, MI	—	275	1,262	356		279	1,614	1,893	1,331	1994	(j)
2900 Technology Drive		Rochester Hills, MI	—	214	977	513		219	1,485	1,704	1,011	1994	(j)
2930 Technology Drive		Rochester Hills, MI	—	131	594	435		138	1,022	1,160	731	1994	(j)
2950 Technology Drive		Rochester Hills, MI	—	178	819	368		185	1,180	1,365	848	1994	(j)
23014 Commerce Drive		Farmington Hills, MI	—	39	203	189		56	375	431	337	1994	(j)
23028 Commerce Drive		Farmington Hills, MI	—	98	507	278		125	758	883	709	1994	(j)
23035 Commerce Drive		Farmington Hills, MI	—	71	355	237		93	570	663	531	1994	(j)
23042 Commerce Drive		Farmington Hills, MI	—	67	277	273		89	528	617	501	1994	(j)
23065 Commerce Drive		Farmington Hills, MI	—	71	408	338		93	724	817	620	1994	(j)
23079 Commerce Drive		Farmington Hills, MI	—	68	301	330		79	620	699	537	1994	(j)
23093 Commerce Drive		Farmington Hills, MI	—	211	1,024	1,337		295	2,277	2,572	1,808	1994	(j)
23135 Commerce Drive		Farmington Hills, MI	—	146	701	310		158	999	1,157	861	1994	(j)
23163 Commerce Drive		Farmington Hills, MI	—	111	513	396		138	882	1,020	734	1994	(j)
23177 Commerce Drive		Farmington Hills, MI	—	175	1,007	677		254	1,605	1,859	1,344	1994	(j)
23206 Commerce Drive		Farmington Hills, MI	—	125	531	367		137	886	1,023	763	1994	(j)
23370 Commerce Drive		Farmington Hills, MI	—	59	233	209		66	435	501	375	1994	(j)
1451 East Lincoln Avenue		Madison Heights, MI	—	299	1,703	(179	)	148	1,675	1,823	907	1995	(j)
4400 Purks Drive		Auburn Hills, MI	—	602	3,410	3,305		612	6,705	7,317	3,225	1995	(j)
32450 N Avis Drive		Madison Heights, MI	—	281	1,590	342		286	1,927	2,213	914	1996	(j)
12707 Eckles Road		Plymouth Township, MI	—	255	1,445	220		267	1,653	1,920	770	1996	(j)
32975 Capitol Avenue		Livonia, MI	—	135	748	(166	)	77	640	717	334	1998	(j)
32920 Capitol Avenue		Livonia, MI	—	76	422	(62	)	27	409	436	237	1998	(j)
11923 Brookfield Avenue		Livonia, MI	—	120	665	(321	)	32	432	464	280	1998	(j)
450 Robbins Drive		Troy, MI	—	166	920	219		178	1,127	1,305	486	1998	(j)
12886 Westmore Avenue		Livonia, MI	—	190	1,050	(351	)	86	803	889	460	1998	(j)
47711 Clipper Street		Plymouth Township, MI	—	539	2,983	460		575	3,407	3,982	1,425	1998	(j)
32975 Industrial Road		Livonia, MI	—	160	887	(175	)	92	780	872	401	1998	(j)
32995 Industrial Road		Livonia, MI	—	160	887	(414	)	53	580	633	364	1998	(j)
12874 Westmore Avenue		Livonia, MI	—	137	761	(302	)	58	538	596	311	1998	(j)
1775 Bellingham		Troy, MI	—	344	1,902	329		367	2,208	2,575	951	1998	(j)
1785 East Maple		Troy, MI	—	92	507	200		98	701	799	278	1998	(j)
980 Chicago		Troy, MI	—	206	1,141	333		220	1,460	1,680	579	1998	(j)
1885 Enterprise Drive		Rochester Hills, MI	—	209	1,158	589		223	1,733	1,956	656	1998	(j)
1935-55 Enterprise Drive		Rochester Hills, MI	—	1,285	7,144	1,258		1,371	8,316	9,687	3,451	1998	(j)
5500 Enterprise Court		Warren, MI	—	675	3,737	750		721	4,441	5,162	1,867	1998	(j)
750 Chicago Road		Troy, MI	—	323	1,790	392		345	2,160	2,505	936	1998	(j)
800 Chicago Road		Troy, MI	—	283	1,567	380		302	1,928	2,230	812	1998	(j)
850 Chicago Road		Troy, MI	—	183	1,016	218		196	1,221	1,417	524	1998	(j)
1100 East Mandoline Road		Madison Heights, MI	—	888	4,915	(1,243	)	332	4,228	4,560	2,545	1998	(j)
1080, 1120, 1180 John Papalas Drive	(e)	Lincoln Park, MI	—	366	3,241	627		297	3,937	4,234	2,080	1998	(j)
4872 S. Lapeer Road		Lake Orion Twsp, MI	—	1,342	5,441	1,214		1,412	6,585	7,997	2,869	1999	(j)

S-7

1400 Allen Drive		Troy, MI	—	209	1,154	380		212	1,531	1,743	500	2000	(j)
1408 Allen Drive		Troy, MI	—	151	834	121		153	953	1,106	347	2000	(j)
32505 Industrial Drive		Madison Heights, MI	—	345	1,910	107		351	2,011	2,362	745	2000	(j)
1799-1855 Northfield Drive	(d)	Rochester Hills, MI	—	481	2,665	364		490	3,020	3,510	1,153	2000	(j)
28435 Automation Blvd		Wixom, MI	—	621	—	3,664		628	3,657	4,285	1,011	2004	(j)
32200 North Avis Drive		Madison Heights, MI	—	503	3,367	(1,591	)	195	2,084	2,279	753	2005	(j)
100 Kay Industrial Drive		Orion Township, MI	—	677	2,018	177		685	2,187	2,872	987	2005	(j)
11800 Sears Drive		Livonia, MI	—	693	1,507	1,212		476	2,936	3,412	1,591	2005	(j)
1099 Chicago Road		Troy, MI	—	1,277	1,332	(1,134	)	303	1,172	1,475	506	2005	(j)
42555 Merrill Road		Sterling Heights, MI	—	1,080	2,300	3,487		1,090	5,777	6,867	2,223	2006	(j)
200 Northpointe Drive		Orion Township, MI	—	723	2,063	36		734	2,088	2,822	989	2006	(j)
Houston
3351 Rauch Street		Houston, TX	—	272	1,541	560		278	2,095	2,373	819	1997	(j)
3801-3851 Yale Street		Houston, TX	2,360	413	2,343	952		425	3,283	3,708	1,236	1997	(j)
3337-3347 Rauch Street		Houston, TX	—	227	1,287	440		233	1,721	1,954	696	1997	(j)
8505 North Loop East		Houston, TX	1,555	439	2,489	574		449	3,053	3,502	1,303	1997	(j)
4749-4799 Eastpark Drive		Houston, TX	2,342	594	3,368	1,313		611	4,664	5,275	2,034	1997	(j)
4851 Homestead Road		Houston, TX	2,958	491	2,782	1,552		504	4,321	4,825	1,852	1997	(j)
3365-3385 Rauch Street		Houston, TX	1,493	284	1,611	451		290	2,056	2,346	823	1997	(j)
5050 Campbell Road		Houston, TX	1,812	461	2,610	1,009		470	3,610	4,080	1,433	1997	(j)
4300 Pine Timbers		Houston, TX	2,291	489	2,769	758		499	3,517	4,016	1,594	1997	(j)
2500-2530 Fairway Park Drive		Houston, TX	3,161	766	4,342	2,011		792	6,327	7,119	2,565	1997	(j)
6550 Longpointe		Houston, TX	1,508	362	2,050	985		370	3,027	3,397	1,193	1997	(j)
1815 Turning Basin Drive		Houston, TX	2,056	487	2,761	1,384		531	4,101	4,632	1,598	1997	(j)
1819 Turning Basin Drive		Houston, TX	—	231	1,308	872		251	2,160	2,411	827	1997	(j)
1805 Turning Basin Drive		Houston, TX	2,774	564	3,197	2,488		616	5,633	6,249	1,961	1997	(j)
9835A Genard Road		Houston, TX	—	1,505	8,333	3,308		1,581	11,565	13,146	4,301	1999	(j)
9835B Genard Road		Houston, TX	—	245	1,357	644		256	1,990	2,246	739	1999	(j)
11505 State Highway 225		La Porte, TX	—	940	4,675	606		940	5,281	6,221	2,036	2005	(j)
1500 East Main Street		La Porte, TX	—	201	1,328	(91	)	204	1,234	1,438	886	2005	(j)
7230-7238 Wynnwood		Houston, TX	—	254	764	176		259	935	1,194	407	2007	(j)
7240-7248 Wynnwood		Houston, TX	—	271	726	31		276	752	1,028	377	2007	(j)
7250-7260 Wynnwood		Houston, TX	—	200	481	166		203	644	847	265	2007	(j)
6400 Long Point		Houston, TX	—	188	898	174		188	1,072	1,260	340	2007	(j)
7967 Blankenship		Houston, TX	—	307	1,166	337		307	1,503	1,810	449	2010	(j)
8800 City Park Loop East		Houston, TX	—	3,717	19,237	(784	)	3,717	18,453	22,170	3,311	2011	(j)
4800 West Greens Road		Houston, TX	—	3,350	—	14,822		3,264	14,908	18,172	439	2014	(j)
611 East Sam Houston Parkway S		Pasadena, TX	—	1,970	7,755	1		1,970	7,756	9,726	—	2015	(j)
619 East Sam Houston Parkway S		Pasadena, TX	—	2,879	11,972	1		2,880	11,972	14,852	—	2015	(j)
Indianapolis
2900 North Shadeland Avenue		Indianapolis, IN	—	2,057	13,565	5,392		2,057	18,957	21,014	8,140	1996	(j)
1445 Brookville Way		Indianapolis, IN	—	459	2,603	1,076		476	3,662	4,138	1,612	1996	(j)
1440 Brookville Way		Indianapolis, IN	3,074	665	3,770	954		685	4,704	5,389	2,161	1996	(j)

S-8

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

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2015

			(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/15				Year Acquired/ Constructed	Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances	Land	Buildings and Improvements			Land	Buildings and Improvements	Total	Accumulated Depreciation 12/31/2015
		(In thousands)
1240 Brookville Way	Indianapolis, IN	—	247	1,402	373		258	1,764	2,022	833	1996	(j)
1345 Brookville Way	Indianapolis, IN	—	586	3,321	1,517		601	4,823	5,424	2,058	1996	(j)
1350 Brookville Way	Indianapolis, IN	—	205	1,161	253		212	1,407	1,619	680	1996	(j)
1341 Sadlier Circle South	Indianapolis, IN	—	131	743	207		136	945	1,081	443	1996	(j)
1322-1438 Sadlier Circle East	Indianapolis, IN	—	145	822	291		152	1,106	1,258	521	1996	(j)
1327-1441 Sadlier Circle West	Indianapolis, IN	—	218	1,234	621		225	1,848	2,073	806	1996	(j)
1402-1430 Sadlier Circle West	Indianapolis, IN	—	165	934	390		171	1,318	1,489	621	1996	(j)
1504 Sadlier Circle South	Indianapolis, IN	—	219	1,238	(104	)	115	1,238	1,353	793	1996	(j)
1365-1367 Sadlier Way Circle East	Indianapolis, IN	—	121	688	194		91	912	1,003	436	1996	(j)
1352-1354 Sadlier Circle West	Indianapolis, IN	—	178	1,008	241		166	1,261	1,427	575	1996	(j)
1335 Sadlier Circle East	Indianapolis, IN	—	81	460	207		85	663	748	314	1996	(j)
1425 Sadlier Circle West	Indianapolis, IN	—	21	117	41		23	156	179	72	1996	(j)
6951 East 30th Street	Indianapolis, IN	—	256	1,449	229		265	1,669	1,934	800	1996	(j)
6701 East 30th Street	Indianapolis, IN	—	78	443	98		82	537	619	264	1996	(j)
6737 East 30th Street	Indianapolis, IN	1,848	385	2,181	283		398	2,451	2,849	1,154	1996	(j)
6555 East 30th Street	Indianapolis, IN	—	484	4,760	2,416		484	7,176	7,660	3,062	1996	(j)
7901 West 21st Street	Indianapolis, IN	—	1,048	6,027	328		1,048	6,355	7,403	2,808	1997	(j)
1225 Brookville Way	Indianapolis, IN	—	60	—	417		68	409	477	183	1997	(j)
6751 East 30th Street	Indianapolis, IN	2,544	728	2,837	359		741	3,183	3,924	1,393	1997	(j)
6575 East 30th Street	Indianapolis, IN	1,369	118	—	1,994		128	1,984	2,112	820	1998	(j)
6585 East 30th Street	Indianapolis, IN	2,214	196	—	3,219		196	3,219	3,415	1,365	1998	(j)
5705-97 Park Plaza Court	Indianapolis, IN	—	600	2,194	847		609	3,032	3,641	1,137	2003	(j)
9319-9341 Castlegate Drive	Indianapolis, IN	—	530	1,235	717		544	1,938	2,482	729	2003	(j)
1133 Northwest L Street	Richmond, IN	—	201	1,358	(143	)	208	1,208	1,416	711	2006	(j)
14425 Bergen Blvd	Noblesville, IN	—	647	—	3,693		743	3,597	4,340	759	2007	(j)
Miami
4700 NW 15th Avenue	Ft. Lauderdale, FL	—	908	1,883	132		912	2,011	2,923	714	2007	(j)
4710 NW 15th Avenue	Ft. Lauderdale, FL	—	830	2,722	62		834	2,780	3,614	683	2007	(j)
4720 NW 15th Avenue	Ft. Lauderdale, FL	—	937	2,455	335		942	2,785	3,727	820	2007	(j)
4740 NW 15th Avenue	Ft. Lauderdale, FL	—	1,107	3,111	17		1,112	3,123	4,235	779	2007	(j)
4750 NW 15th Avenue	Ft. Lauderdale, FL	—	947	3,079	412		951	3,487	4,438	897	2007	(j)
4800 NW 15th Avenue	Ft. Lauderdale, FL	—	1,092	3,308	179		1,097	3,482	4,579	880	2007	(j)
6891 NW 74th Street	Medley, FL	—	857	3,428	4,158		864	7,579	8,443	2,052	2007	(j)

S-9

12601 &12605 NW 115th Avenue	Medley, FL	—	2,316	—	449		762	2,003	2,765	333	2008	(j)
Milwaukee
N25 W23255 Paul Road	Pewaukee, WI	—	569	3,270	1,836		450	5,225	5,675	2,148	1994	(j)
5355 South Westridge Drive	New Berlin, WI	4,467	1,630	7,058	(105	)	1,646	6,937	8,583	1,804	2004	(j)
320-334 West Vogel Avenue	Milwaukee, WI	—	506	3,199	(110	)	508	3,087	3,595	1,625	2005	(j)
4950 South 6th Avenue	Milwaukee, WI	—	299	1,565	273		301	1,836	2,137	1,173	2005	(j)
17005 West Ryerson Road	New Berlin, WI	2,454	403	3,647	251		405	3,896	4,301	1,753	2005	(j)
W140 N9059 Lilly Road	Menomonee Falls, WI	—	343	1,153	106		366	1,236	1,602	455	2005	(j)
200 W. Vogel Avenue-Bldg B	Milwaukee, WI	—	301	2,150	62		302	2,211	2,513	1,135	2005	(j)
4921 S. 2nd Street	Milwaukee, WI	—	101	713	(276	)	58	480	538	262	2005	(j)
1500 Peebles Drive	Richland Center, WI	—	1,577	1,018	(441	)	1,528	626	2,154	561	2005	(j)
16600 West Glendale Avenue	New Berlin, WI	2,181	704	1,923	932		715	2,844	3,559	1,701	2006	(j)
2485 Commerce Drive	New Berlin, WI	1,306	483	1,516	131		491	1,639	2,130	852	2007	(j)
N58W15380 Shawn Circle	Menomonee Falls, WI	—	1,188	—	16,931		1,204	16,915	18,119	3,556	2008	(j)
Minneapolis/St. Paul
6201 West 111th Street	Bloomington, MN	2,931	1,358	8,622	13,466		1,519	21,927	23,446	11,841	1994	(j)
7101 Winnetka Avenue South	Brooklyn Park, MN	5,538	2,195	6,084	4,195		2,228	10,246	12,474	7,394	1994	(j)
9901 West 74th Street	Eden Prairie, MN	3,333	621	3,289	3,598		639	6,869	7,508	5,630	1994	(j)
1030 Lone Oak Road	Eagan, MN	2,407	456	2,703	767		456	3,470	3,926	1,722	1994	(j)
1060 Lone Oak Road	Eagan, MN	3,046	624	3,700	645		624	4,345	4,969	2,255	1994	(j)
5400 Nathan Lane	Plymouth, MN	2,684	749	4,461	835		757	5,288	6,045	2,640	1994	(j)
6655 Wedgewood Road	Maple Grove, MN	—	1,466	8,342	5,591		1,466	13,933	15,399	5,897	1994	(j)
10120 West 76th Street	Eden Prairie, MN	—	315	1,804	1,962		315	3,766	4,081	2,251	1995	(j)
12155 Nicollet Avenue	Burnsville, MN	—	286	—	1,957		288	1,955	2,243	868	1995	(j)
4100 Peavey Road	Chaska, MN	—	277	2,261	779		277	3,040	3,317	1,414	1996	(j)
7100-7198 Shady Oak Road	Eden Prairie, MN	4,324	715	4,054	2,284		736	6,317	7,053	2,698	1996	(j)
5240-5300 Valley Industrial Blvd	Shakopee, MN	2,087	362	2,049	1,248		371	3,288	3,659	1,328	1996	(j)
5775 12th Avenue	Shakopee, MN	2,995	590	—	4,661		590	4,661	5,251	1,549	1998	(j)
1157 Valley Park Drive	Shakopee, MN	4,161	760	—	7,234		888	7,106	7,994	2,617	1999	(j)
9600 West 76th Street	Eden Prairie, MN	2,025	1,000	2,450	60		1,034	2,476	3,510	666	2004	(j)
9700 West 76th Street	Eden Prairie, MN	2,914	1,000	2,709	727		1,038	3,398	4,436	1,136	2004	(j)
7600 69th Avenue	Greenfield, MN	—	1,500	8,328	(539	)	1,510	7,779	9,289	1,809	2004	(j)
5017 Boone Avenue North	New Hope, MN	—	1,000	1,599	153		1,009	1,743	2,752	913	2005	(j)
2300 West Highway 13	Burnsville, MN	—	2,517	6,069	(1,651	)	1,296	5,639	6,935	3,812	2005	(j)
1087 Park Place	Shakopee, MN	3,654	1,195	4,891	(246	)	1,198	4,642	5,840	1,225	2005	(j)
5391 12th Avenue SE	Shakopee, MN	4,138	1,392	8,149	(469	)	1,395	7,677	9,072	2,059	2005	(j)
4701 Valley Industrial Blvd S	Shakopee, MN	4,606	1,296	7,157	(378	)	1,299	6,776	8,075	2,748	2005	(j)
6455 City West Parkway	Eden Prairie, MN	—	659	3,189	955		665	4,138	4,803	1,249	2006	(j)
7035 Winnetka Avenue North	Brooklyn Park, MN	4,432	1,275	—	7,239		1,343	7,171	8,514	1,472	2007	(j)
139 Eva Street	St. Paul, MN	—	2,132	3,105	(286	)	2,175	2,776	4,951	649	2008	(j)
21900 Dodd Boulevard	Lakeville, MN	9,482	2,289	7,952	—		2,289	7,952	10,241	2,034	2010	(j)
375 Rivertown Drive	Woodbury, MN	7,000	2,635	8,157	48		2,635	8,205	10,840	815	2014	(j)
935 Aldrin Drive	Eagan, MN	5,524	2,096	7,884	(43	)	2,096	7,841	9,937	457	2014	(j)

S-10

7050 Winnetka Avenue North	Brooklyn Park, MN	—	1,623	—	7,228		1,634	7,217	8,851	197	2014	(j)
7051 West Broadway	Brooklyn Park, MN	—	1,275	—	5,828		1,279	5,824	7,103	155	2014	(j)
Nashville
1931 Air Lane Drive	Nashville, TN	2,179	489	2,785	280		493	3,061	3,554	1,362	1997	(j)
4640 Cummings Park	Nashville, TN	—	360	2,040	579		365	2,614	2,979	975	1999	(j)
1740 River Hills Drive	Nashville, TN	2,750	848	4,383	731		888	5,074	5,962	2,223	2005	(j)
211 Ellery Court	Nashville, TN	2,587	606	3,192	379		616	3,561	4,177	1,312	2007	(j)
130 Maddox Road	Mount Juliet, TN	16,422	1,778	—	23,554		1,778	23,554	25,332	4,080	2008	(j)
Northern New Jersey
14 World's Fair Drive	Franklin, NJ	—	483	2,735	773		503	3,488	3,991	1,533	1997	(j)
12 World's Fair Drive	Franklin, NJ	—	572	3,240	1,064		593	4,283	4,876	2,052	1997	(j)
22 World's Fair Drive	Franklin, NJ	—	364	2,064	491		375	2,544	2,919	1,055	1997	(j)
26 World's Fair Drive	Franklin, NJ	—	361	2,048	656		377	2,688	3,065	1,147	1997	(j)
24 World's Fair Drive	Franklin, NJ	—	347	1,968	573		362	2,526	2,888	1,121	1997	(j)
20 World's Fair Drive Lot 13	Sumerset, NJ	—	9	—	2,568		691	1,886	2,577	702	1999	(j)
45 Route 46	Pine Brook, NJ	—	969	5,491	928		978	6,410	7,388	2,443	2000	(j)
43 Route 46	Pine Brook, NJ	—	474	2,686	540		479	3,221	3,700	1,295	2000	(j)
39 Route 46	Pine Brook, NJ	—	260	1,471	292		262	1,761	2,023	632	2000	(j)
26 Chapin Road	Pine Brook, NJ	—	956	5,415	664		965	6,070	7,035	2,355	2000	(j)
30 Chapin Road	Pine Brook, NJ	—	960	5,440	524		969	5,955	6,924	2,256	2000	(j)
20 Hook Mountain Road	Pine Brook, NJ	—	1,507	8,542	2,997		1,534	11,512	13,046	5,062	2000	(j)
30 Hook Mountain Road	Pine Brook, NJ	—	389	2,206	526		396	2,725	3,121	1,058	2000	(j)
16 Chapin Road	Pine Brook, NJ	—	885	5,015	612		901	5,611	6,512	2,089	2000	(j)
20 Chapin Road	Pine Brook, NJ	—	1,134	6,426	602		1,154	7,008	8,162	2,580	2000	(j)
2500 Main Street	Sayreville, NJ	—	944	—	4,576		944	4,576	5,520	1,458	2002	(j)
2400 Main Street	Sayreville, NJ	—	996	—	5,494		996	5,494	6,490	1,611	2003	(j)
309-313 Pierce Street	Somerset, NJ	3,205	1,300	4,628	1,020		1,309	5,639	6,948	2,194	2004	(j)
Philadelphia
230-240 Welsh Pool Road	Exton, PA	—	154	851	355		170	1,190	1,360	468	1998	(j)
254 Welsh Pool Road	Exton, PA	—	75	418	206		91	608	699	270	1998	(j)
151-161 Philips Road	Exton, PA	—	191	1,059	378		229	1,399	1,628	597	1998	(j)
216 Philips Road	Exton, PA	—	199	1,100	331		220	1,410	1,630	592	1998	(j)
14 McFadden Road	Palmer, PA	—	600	1,349	(274	)	625	1,050	1,675	299	2004	(j)
2801 Red Lion Road	Philadelphia, PA	—	950	5,916	(51	)	964	5,851	6,815	2,450	2005	(j)
3240 South 78th Street	Philadelphia, PA	—	515	1,245	(514	)	423	823	1,246	252	2005	(j)
200 Cascade Drive, Bldg. 1	Allentown, PA	13,382	2,133	17,562	592		2,769	17,518	20,287	5,770	2007	(j)
200 Cascade Drive, Bldg. 2	Allentown, PA	1,826	310	2,268	178		316	2,440	2,756	789	2007	(j)
6300 Bristol Pike	Levittown, PA	—	1,074	2,642	(194	)	964	2,558	3,522	1,790	2008	(j)
2455 Boulevard of Generals	Norristown, PA	2,926	1,200	4,800	344		1,226	5,118	6,344	1,602	2008	(j)
3857 Nazareth Highway - Bldg. 1	Easton, PA	—	4,855	—	16,738		4,388	17,205	21,593	69	2015	(j)
3857 Nazareth Highway - Bldg. 2	Easton, PA	—	3,459	—	12,177		3,128	12,508	15,636	51	2015	(j)
Phoenix
1045 South Edward Drive	Tempe, AZ	—	390	2,160	360		396	2,514	2,910	969	1999	(j)

S-11

50 South 56th Street	Chandler, AZ	3,547	1,206	3,218	1,362		1,252	4,534	5,786	1,445	2004	(j)
4701 West Jefferson	Phoenix, AZ	2,453	926	2,195	243		929	2,435	3,364	1,364	2005	(j)
7102 West Roosevelt	Phoenix, AZ	4,806	1,613	6,451	360		1,620	6,804	8,424	2,486	2006	(j)
4137 West Adams Street	Phoenix, AZ	—	990	2,661	239		1,038	2,852	3,890	961	2006	(j)
245 West Lodge	Tempe, AZ	—	898	3,066	(2,009	)	362	1,593	1,955	667	2007	(j)
1590 East Riverview Dr.	Phoenix, AZ	4,965	1,293	5,950	417		1,292	6,368	7,660	1,620	2008	(j)
14131 N. Rio Vista Blvd	Peoria, AZ	—	2,563	9,388	404		2,563	9,792	12,355	2,394	2008	(j)
8716 W. Ludlow Drive	Peoria, AZ	—	2,709	10,970	811		2,709	11,781	14,490	2,658	2008	(j)
3815 W. Washington Street	Phoenix, AZ	3,446	1,675	4,514	149		1,719	4,619	6,338	1,105	2008	(j)
9180 W. Buckeye Road	Tolleson, AZ	7,239	1,904	6,805	2,665		1,923	9,451	11,374	1,989	2008	(j)
8644 West Ludlow Drive	Peoria, AZ	—	1,726	7,216	—		1,726	7,216	8,942	300	2014	(j)
8606 West Ludlow Drive	Peoria, AZ	—	956	2,668	75		956	2,743	3,699	116	2014	(j)
8679 West Ludlow Drive	Peoria, AZ	—	672	2,791	—		672	2,791	3,463	119	2014	(j)
94th Avenue & Buckeye Road	Tolleson, AZ	—	4,315	—	14,711		4,315	14,711	19,026	—	2015	(j)
Salt Lake City
1270 West 2320 South	West Valley, UT	—	138	784	161		143	940	1,083	391	1998	(j)
1275 West 2240 South	West Valley, UT	—	395	2,241	352		408	2,580	2,988	1,102	1998	(j)
1288 West 2240 South	West Valley, UT	—	119	672	139		123	807	930	346	1998	(j)
2235 South 1300 West	West Valley, UT	—	198	1,120	168		204	1,282	1,486	546	1998	(j)
1293 West 2200 South	West Valley, UT	—	158	896	304		163	1,195	1,358	533	1998	(j)
1279 West 2200 South	West Valley, UT	—	198	1,120	172		204	1,286	1,490	561	1998	(j)
1272 West 2240 South	West Valley, UT	—	336	1,905	410		347	2,304	2,651	1,042	1998	(j)
1149 West 2240 South	West Valley, UT	—	217	1,232	341		225	1,565	1,790	696	1998	(j)
1142 West 2320 South	West Valley, UT	—	217	1,232	300		225	1,524	1,749	626	1998	(j)
2323 South 900 W	Salt Lake City, UT	—	886	2,995	(3	)	898	2,980	3,878	1,578	2006	(j)
1815-1957 South 4650 West	Salt Lake City, UT	6,667	1,707	10,873	44		1,713	10,911	12,624	2,907	2006	(j)
2100 Alexander Street	West Valley, UT	—	376	1,670	387		376	2,057	2,433	622	2007	(j)
2064 Alexander Street	West Valley, UT	—	864	2,771	89		869	2,855	3,724	949	2007	(j)
Seattle
1901 Raymond Ave SW	Renton, WA	821	4,458	2,659	433		4,594	2,956	7,550	740	2008	(j)
19014 64th Avenue South	Kent, WA	2,992	1,990	3,979	518		2,042	4,445	6,487	1,328	2008	(j)
18640 68th Avenue South	Kent, WA	328	1,218	1,950	306		1,258	2,216	3,474	661	2008	(j)
Southern California
1944 Vista Bella Way	Rancho Dominguez, CA	3,057	1,746	3,148	465		1,822	3,537	5,359	1,439	2005	(j)
2000 Vista Bella Way	Rancho Dominguez, CA	1,283	817	1,673	292		853	1,929	2,782	821	2005	(j)
2835 East Ana Street	Rancho Dominguez, CA	2,968	1,682	2,750	409		1,772	3,069	4,841	1,139	2005	(j)
16275 Technology Drive	San Diego, CA	—	2,848	8,641	546		2,859	9,176	12,035	2,721	2005	(j)
665 N. Baldwin Park Blvd.	City of Industry, CA	4,132	2,124	5,219	1,614		2,143	6,814	8,957	2,810	2006	(j)
27801 Avenue Scott	Santa Clarita, CA	6,103	2,890	7,020	788		2,902	7,796	10,698	2,670	2006	(j)
2610 & 2660 Columbia Street	Torrance, CA	4,335	3,008	5,826	565		3,031	6,368	9,399	1,895	2006	(j)
433 Alaska Avenue	Torrance, CA	—	681	168	(5	)	684	160	844	97	2006	(j)
4020 S. Compton Avenue	Los Angeles, CA	—	3,800	7,330	(473	)	3,825	6,832	10,657	1,664	2006	(j)
6305 El Camino Real	Carlsbad, CA	—	1,590	6,360	7,730		1,590	14,090	15,680	3,874	2006	(j)

S-12

2325 Camino Vida Roble	Carlsbad, CA	1,918	1,441	1,239	646		1,446	1,880	3,326	536	2006	(j)
2335 Camino Vida Roble	Carlsbad, CA	980	817	762	121		821	879	1,700	311	2006	(j)
2345 Camino Vida Roble	Carlsbad, CA	574	562	456	(23	)	565	430	995	174	2006	(j)
2355 Camino Vida Roble	Carlsbad, CA	625	481	365	237		483	600	1,083	226	2006	(j)
2365 Camino Vida Roble	Carlsbad, CA	1,189	1,098	630	334		1,102	960	2,062	362	2006	(j)
2375 Camino Vida Roble	Carlsbad, CA	1,304	1,210	874	113		1,214	983	2,197	348	2006	(j)
6451 El Camino Real	Carlsbad, CA	—	2,885	1,931	642		2,895	2,563	5,458	929	2006	(j)
8572 Spectrum Lane	San Diego, CA	1,995	806	3,225	293		807	3,517	4,324	769	2007	(j)
13100 Gregg Street	Poway, CA	—	1,040	4,160	744		1,073	4,871	5,944	1,589	2007	(j)
21730-21748 Marilla Street	Chatsworth, CA	2,743	2,585	3,210	151		2,608	3,338	5,946	1,065	2007	(j)
8015 Paramount	Pico Rivera, CA	—	3,616	3,902	61		3,657	3,922	7,579	1,575	2007	(j)
3365 E. Slauson	Vernon, CA	—	2,367	3,243	40		2,396	3,254	5,650	1,377	2007	(j)
3015 East Ana	Rancho Dominguez, CA	—	19,678	9,321	6,305		20,144	15,160	35,304	3,987	2007	(j)
19067 Reyes Ave	Rancho Dominguez, CA	—	9,281	3,920	303		9,381	4,123	13,504	1,765	2007	(j)
24870 Nandina Avenue	Moreno Valley, CA	—	13,543	—	21,149		6,482	28,210	34,692	2,410	2012	(j)
1250 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,435	779	(56	)	1,441	717	2,158	281	2007	(j)
1260 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,353	722	(920	)	675	480	1,155	175	2007	(j)
1270 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,224	716	(65	)	1,229	646	1,875	262	2007	(j)
1280 Rancho Conejo Blvd.	Thousand Oaks, CA	2,729	2,043	3,408	(252	)	2,051	3,148	5,199	639	2007	(j)
1290 Rancho Conejo Blvd.	Thousand Oaks, CA	2,300	1,754	2,949	(332	)	1,761	2,610	4,371	544	2007	(j)
100 West Sinclair Street	Perris, CA	—	4,894	3,481	(5,233	)	1,819	1,323	3,142	585	2007	(j)
14050 Day Street	Moreno Valley, CA	3,479	2,538	2,538	291		2,565	2,801	5,366	891	2008	(j)
12925 Marlay Avenue	Fontana, CA	9,204	6,072	7,891	235		6,090	8,108	14,198	3,066	2008	(j)
18201-18291 Santa Fe	Rancho Dominguez, CA	10,193	6,720	—	9,004		6,897	8,827	15,724	1,892	2008	(j)
1011 Rancho Conejo	Thousand Oaks, CA	4,524	7,717	2,518	(427	)	7,752	2,055	9,807	755	2008	(j)
20700 Denker Avenue	Torrance, CA	5,533	5,767	2,538	1,289		5,964	3,631	9,595	1,667	2008	(j)
18408 Laurel Park Road	Rancho Dominguez, CA	—	2,850	2,850	722		2,874	3,548	6,422	1,023	2008	(j)
19021 S. Reyes Avenue	Rancho Dominguez, CA	—	8,183	7,501	234		8,545	7,373	15,918	1,226	2008	(j)
6185 Kimball Avenue	Chino, CA	—	6,385	—	12,343		6,382	12,346	18,728	1,294	2013	(j)
5553 Bandini Blvd.	Bell, CA	—	32,536	—	21,636		32,540	21,632	54,172	1,183	2013	(j)
16875 Heacock Street	Moreno Valley, CA	—	—	6,831	72		—	6,903	6,903	630	2014	(j)
4710 Guasti Road	Ontario, CA	6,018	2,846	6,564	—		2,846	6,564	9,410	287	2014	(j)
17100 Perris Blvd	Moreno Valley, CA	—	6,388	—	24,140		6,395	24,133	30,528	933	2014	(j)
13414 S. Figueroa	Los Angeles, CA	—	1,701	—	6,578		1,887	6,392	8,279	248	2014	(j)
3841 Ocean Ranch Boulevard	Oceanside, CA	—	4,400	—	7,591		4,400	7,591	11,991	—	2015	(j)
3831 Ocean Ranch Boulevard	Oceanside, CA	—	2,693	—	4,333		2,694	4,332	7,026	—	2015	(j)
3821 Ocean Ranch Boulevard	Oceanside, CA	—	2,792	—	4,162		2,792	4,162	6,954	—	2015	(j)
145 W. 134th	Los Angeles, CA	—	2,901	2,285	39		2,901	2,324	5,225	68	2015	(j)
6150 Sycamore Canyon Blvd.	Riverside, CA	—	3,182	10,643	—		3,182	10,643	13,825	206	2015	(j)
17825 Indian Street	Moreno Valley, CA	—	5,034	22,095	—		5,034	22,095	27,129	258	2015	(j)
Southern New Jersey
2060 Springdale Road	Cherry Hill, NJ	—	258	1,436	599		258	2,035	2,293	824	1998	(j)
111 Whittendale Drive	Morrestown, NJ	—	522	2,916	519		522	3,435	3,957	1,340	2000	(j)

S-13

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

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2015

				(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/15				Year Acquired/ Constructed	Depreciable Lives (Years)
Building Address		Location (City/State)	(a) Encumbrances	Land	Buildings and Improvements			Land	Buildings and Improvements	Total	Accumulated Depreciation 12/31/2015
			(In thousands)
7851 Airport Highway		Pennsauken, NJ	—	160	508	381		162	887	1,049	390	2003	(j)
103 Central Avenue		Mt. Laurel, NJ	—	610	1,847	1,617		619	3,455	4,074	1,260	2003	(j)
7890 Airport Hwy/7015 Central		Pennsauken, NJ	—	300	989	461		425	1,325	1,750	996	2006	(j)
St. Louis
8921-8971 Frost Avenue		Berkeley, MO	—	431	2,479	850		431	3,329	3,760	1,550	1994	(j)
9043-9083 Frost Avenue		Berkeley, MO	—	319	1,838	2,618		319	4,456	4,775	1,612	1994	(j)
10431 Midwest Industrial Blvd		Olivette, MO	1,542	237	1,360	781		237	2,141	2,378	978	1994	(j)
10751 Midwest Industrial Boulevard		Olivette, MO	—	193	1,119	303		194	1,421	1,615	626	1994	(j)
6951 N Hanley	(d)	Hazelwood, MO	—	405	2,295	2,520		419	4,801	5,220	1,915	1996	(j)
1067-1083 Warson-Bldg A		St. Louis, MO	1,385	246	1,359	823		251	2,177	2,428	628	2002	(j)
1093-1107 Warson-Bldg B		St. Louis, MO	2,471	380	2,103	1,850		388	3,945	4,333	1,159	2002	(j)
1113-1129 Warson-Bldg C		St. Louis, MO	1,950	303	1,680	1,436		310	3,109	3,419	1,252	2002	(j)
1131-1151 Warson-Bldg D		St. Louis, MO	1,905	353	1,952	1,034		360	2,979	3,339	833	2002	(j)
6821-6857 Hazelwood Avenue		Berkeley, MO	4,678	985	6,205	1,011		985	7,216	8,201	2,321	2003	(j)
13701 Rider Trail North		Earth City, MO	—	800	2,099	707		804	2,802	3,606	1,162	2003	(j)
1908-2000 Innerbelt	(d)	Overland, MO	7,182	1,590	9,026	1,336		1,591	10,361	11,952	4,216	2004	(j)
9060 Latty Avenue		Berkeley, MO	—	687	1,947	(82	)	694	1,858	2,552	1,645	2006	(j)
21-25 Gateway Commerce Center		Edwardsville, IL	—	1,874	31,958	(262	)	1,902	31,668	33,570	8,155	2006	(j)
6647 Romiss Court		St. Louis, MO	—	230	681	(8	)	241	662	903	280	2008	(j)
Tampa
5313 Johns Road		Tampa, FL	—	204	1,159	568		257	1,674	1,931	727	1997	(j)
5525 Johns Road		Tampa, FL	—	192	1,086	280		200	1,358	1,558	582	1997	(j)
5709 Johns Road		Tampa, FL	—	192	1,086	182		200	1,260	1,460	557	1997	(j)
5711 Johns Road		Tampa, FL	—	243	1,376	159		255	1,523	1,778	681	1997	(j)
5455 W Waters Avenue		Tampa, FL	—	307	1,742	755		326	2,478	2,804	1,161	1997	(j)
5553 W Waters Avenue		Tampa, FL	—	307	1,742	424		326	2,147	2,473	973	1997	(j)
5501 W Waters Avenue		Tampa, FL	—	215	871	251		242	1,095	1,337	476	1997	(j)
5503 W Waters Avenue		Tampa, FL	—	98	402	140		110	530	640	227	1997	(j)
5555 W Waters Avenue		Tampa, FL	—	213	1,206	214		221	1,412	1,633	603	1997	(j)
5557 W Waters Avenue		Tampa, FL	—	59	335	59		62	391	453	172	1997	(j)
5463 W Waters Avenue		Tampa, FL	—	497	2,751	637		560	3,325	3,885	1,447	1998	(j)
5461 W Waters Avenue		Tampa, FL	—	261	—	1,305		265	1,301	1,566	540	1998	(j)
5481 W Waters Avenue		Tampa, FL	—	558	—	2,276		561	2,273	2,834	891	1999	(j)

S-14

4515-4519 George Road		Tampa, FL	—		633		3,587		895			640		4,475		5,115		1,586		2001	(j)
6089 Johns Road		Tampa, FL	—		180		987		66			186		1,047		1,233		361		2004	(j)
6091 Johns Road		Tampa, FL	—		140		730		(4		)	144		722		866		242		2004	(j)
6103 Johns Road		Tampa, FL	—		220		1,160		82			226		1,236		1,462		447		2004	(j)
6201 Johns Road		Tampa, FL	—		200		1,107		(10		)	205		1,092		1,297		446		2004	(j)
6203 Johns Road		Tampa, FL	—		300		1,460		(306		)	311		1,143		1,454		395		2004	(j)
6205 Johns Road		Tampa, FL	—		270		1,363		154			278		1,509		1,787		500		2004	(j)
6101 Johns Road		Tampa, FL	—		210		833		95			216		922		1,138		347		2004	(j)
4908 Tampa West Blvd		Tampa, FL	—		2,622		8,643		(820		)	2,635		7,810		10,445		3,022		2005	(j)
7201-7281 Bryan Dairy Road	(d)	Largo, FL	—		1,895		5,408		(1,374		)	1,365		4,564		5,929		1,287		2006	(j)
4900-4914 Creekside Drive	(h)	Clearwater, FL	—		3,702		7,338		(3,566		)	2,245		5,229		7,474		1,592		2006	(j)
12345 Starkey Road		Largo, FL	—		898		2,078		(592		)	599		1,785		2,384		729		2006	(j)
Other
2250 Delaware Avenue		Des Moines, IA	—		277		1,609		(132		)	173		1,581		1,754		788		1998	(j)
6266 Hurt Road		Horn Lake, MS	—		427		—		3,721			387		3,761		4,148		930		2004	(j)
6301 Hazeltine National Drive		Orlando, FL	—		909		4,613		67			920		4,669		5,589		1,891		2005	(j)
12626 Silicon Drive		San Antonio, TX	—		768		3,448		(394		)	779		3,043		3,822		1,041		2005	(j)
3100 Pinson Valley Parkway		Birmingham, AL	—		303		742		(304		)	225		516		741		210		2005	(j)
3730 Wheeler Avenue		Fort Smith, AR	—		720		2,800		(589		)	583		2,348		2,931		917		2006	(j)
3200 Pond Station		Jefferson County, KY	—		2,074		—		9,681			2,120		9,635		11,755		2,099		2007	(j)
581 Welltown Road/Tyson Blvd		Winchester, VA	—		2,320		—		10,994			2,401		10,913		13,314		2,345		2007	(j)
7501 NW 106th Terrace		Kansas City, MO	11,555		4,152		—		13,673			4,228		13,597		17,825		2,450		2008	(j)
600 Greene Drive		Greenville, KY	—		294		8,570		(727		)	296		7,841		8,137		4,679		2008	(j)
Developments in Process
First San Michele Logistics Center		Moreno Valley, CA	—		1,274		—		3,179			1,274		3,179		4,453		—		2012	(j)
First Arlington Commerce Center II		Arlington. TX	—		1,603		—		2,859			1,603		2,859		4,462		—		2015	(j)
First Park 94 - Building I		Somers, WI	—		1,920		—		16,177			1,920		16,177		18,097		—		2015	(j)
First Park McDonough		McDonough, GA	—		2,501		—		94			2,501		94		2,595		—		2015	(j)
Land Parcels
Land Parcels	(i)		—		149,456		—		24,324			144,510		29,270		173,780		2,854
Total			$	564,955	$	764,387	$	1,639,778	$	893,484		$	747,125	$	2,550,524	$	3,297,649	$	792,501

S-15

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

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2015

NOTES:

(a) See description of encumbrances in Note 4 of the Notes to Consolidated Financial Statements. For purposes of this schedule the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property's carrying balance.

(b) Initial cost for each respective property is tangible purchase price allocated in accordance with FASB’s guidance on business combinations.

(c) Improvements are net of the write-off of fully depreciated assets and impairment of real estate and include construction in progress.

(d) Comprised of two properties.

(e) Comprised of three properties.

(f) Comprised of four properties.

(g) Comprised of five properties.

(h) Comprised of eight properties.

(i) These properties represent developable land and land parcels for which we receive ground lease income.

(j) Depreciation is computed based upon the following estimated lives:

Buildings and Improvements	7 to 50 years
Land Improvements	5 to 20 years
Tenant Improvements	Lease Term

At December 31, 2015, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $3.2 billion (excluding construction in progress).

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

	2015			2014			2013
	(In thousands)
Balance, Beginning of Year	$	3,183,369		$	3,119,547		$	3,130,942
Acquisition of Real Estate Assets	161,074			84,526			69,481
Construction Costs and Improvements	142,535			104,782			100,207
Disposition of Real Estate Assets	(162,636		)	(98,378		)	(142,369		)
Impairment of Real Estate	(626		)	—			(2,652		)
Write-off of Fully Depreciated Assets	(26,067		)	(27,108		)	(36,062		)
Balance, End of Year Including Real Estate Held for Sale	$	3,297,649		$	3,183,369		$	3,119,547
Real Estate Held for Sale	(3,681		)	—			—
Balance, End of Year Excluding Real Estate Held for Sale	$	3,293,968		$	3,183,369		$	3,119,547

S-16

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

	2015			2014			2013
	(In thousands)
Balance, Beginning of Year	$	786,978		$	748,044		$	735,593
Depreciation for Year	92,955			93,457			94,271
Disposition of Real Estate Assets	(61,365		)	(27,415		)	(45,758		)
Write-off of Fully Depreciated Assets	(26,067		)	(27,108		)	(36,062		)
Balance, End of Year Including Real Estate Held for Sale	$	792,501		$	786,978		$	748,044
Real Estate Held for Sale	(1,171		)	—			—
Balance, End of Year Excluding Real Estate Held for Sale	$	791,330		$	786,978		$	748,044

S-17

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) 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 REALTY TRUST, INC.
By:	/S/    BRUCE W. DUNCAN
	Bruce W. Duncan President, Chief Executive Officer and Chairman of the Board of Directors(Principal Executive Officer)

Date: February 24, 2016

By:	/S/    SCOTT A. MUSIL
	Scott A. Musil Chief Financial Officer (Principal Financial and Accounting Officer)

Date: February 24, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/S/    BRUCE W. DUNCAN	President, Chief Executive Officer and Chairman of the Board of Directors	February 24, 2016
Bruce W. Duncan
/S/    JOHN E. RAU	Lead Independent Director	February 24, 2016
John E. Rau
/S/    MATTHEW DOMINSKI	Director	February 24, 2016
Matthew Dominski
/S/    H. PATRICK HACKETT, JR.	Director	February 24, 2016
H. Patrick Hackett, Jr.
/S/    L. PETER SHARPE	Director	February 24, 2016
L. Peter Sharpe
/S/    W. EDWIN TYLER	Director	February 24, 2016
W. Edwin Tyler

S-18

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) 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.
	as general partner
By:	/S/    BRUCE W. DUNCAN
	Bruce W. Duncan President, Chief Executive Officer and Chairman of the Board of Directors(Principal Executive Officer)

Date: February 24, 2016

By:	/S/    SCOTT A. MUSIL
	Scott A. Musil Chief Financial Officer (Principal Financial and Accounting Officer)

Date: February 24, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature	Title	Date
/S/    BRUCE W. DUNCAN	President, Chief Executive Officer and Chairman of the Board of Directors	February 24, 2016
Bruce W. Duncan
/S/    JOHN E. RAU	Lead Independent Director	February 24, 2016
John E. Rau
/S/    MATTHEW DOMINSKI	Director	February 24, 2016
Matthew Dominski
/S/    H. PATRICK HACKETT, JR.	Director	February 24, 2016
H. Patrick Hackett, Jr.
/S/    L. PETER SHARPE	Director	February 24, 2016
L. Peter Sharpe
/S/    W. EDWIN TYLER	Director	February 24, 2016
W. Edwin Tyler

S-19

EX-21

EXHIBIT 21

FIRST INDUSTRIAL REALTY TRUST, INC.

SUBSIDIARIES OF THE REGISTRANT

Name	State of Incorporation Formation
431 Railroad Avenue General Partner, LP	Delaware
431 Railroad Avenue Property Holding, LP	Delaware
431 Railroad Avenue Second, LLC	Delaware
431 Railroad Avenue, LLC	Delaware
9345 PGH, LLC	Delaware
FI Development Services Corporation	Maryland
FI Development Services, L.P.	Delaware
FI New Jersey Exchange LLC	Delaware
FIFP Conyers, LLC	Delaware
FIP MM Aurora, LLC	Delaware
First Industrial - EU, Inc.	Maryland
First Industrial Acquisitions II, LLC	Delaware
First Industrial Acquisitions, Inc.	Maryland
First Industrial Development Services Tampa, LLC	Delaware
First Industrial Finance Corporation	Maryland
First Industrial Financing Partnership, L.P.	Delaware
First Industrial Florida Finance Corporation	Maryland
First Industrial Harrisburg Corporation	Maryland
First Industrial Harrisburg L.P.	Delaware
First Industrial Indianapolis Corporation	Maryland
First Industrial Indianapolis, L.P.	Delaware
First Industrial Investment II, LLC	Delaware
First Industrial Investment Properties, Inc.	Maryland
First Industrial Management Services (Denver), LLC	Delaware
First Industrial Mortgage Corporation	Maryland
First Industrial Mortgage Partnership, L.P.	Delaware
First Industrial Net Lease 12 JV, LLC	Delaware
First Industrial NLF 12 JV, LLC	Delaware
First Industrial Pennsylvania Corporation	Maryland
First Industrial Pennsylvania, L.P.	Delaware
First Industrial Realty Trust, Inc.	Maryland
First Industrial Securities Corporation	Maryland
First Industrial Securities, L.P.	Delaware
First Industrial Texas LP	Delaware
First Industrial, L.P.	Delaware
First Park 94, LLC	Delaware
FP Fairburn, LLC	Delaware
FR 17825 Indian Street, LLC	Delaware
FR 200 Cascade, LLC	Delaware
FR 30311 Emerald Valley Parkway, LLC	Delaware
FR 30333 Emerald Valley Parkway, LLC	Delaware
FR 750 Gateway, LLC	Delaware
FR 78th Street General Partner, LP	Delaware
FR 78th Street Property Holding, LP	Delaware

FR 78th Street Second, LLC	Delaware
FR 78th Street, LLC	Delaware
FR 7900 Cochran Road, LLC	Delaware
FR 7905 Cochran Road, LLC	Delaware
FR 8751 Skinner, LLC	Delaware
FR ABC, LLC	Delaware
FR Aberdeen, LLC	Delaware
FR Aldrin Drive, LLC	Delaware
FR AZ/TX, LLC	Delaware
FR Bergen, LLC	Delaware
FR Berkeley, LLC	Delaware
FR Boone, LLC	Delaware
FR Boulevard General Partner, LP	Delaware
FR Boulevard Property Holding, LP	Delaware
FR Boulevard Second, LLC	Delaware
FR Boulevard, LLC	Delaware
FR Bristol General Partner, LP	Delaware
FR Bristol Property Holding, LP	Delaware
FR Bristol Second, LLC	Delaware
FR Bristol, LLC	Delaware
FR Brokerage Services, Inc.	Maryland
FR Carter Street, LLC	Delaware
FR Clifton General Partner, LP	Delaware
FR Clifton Property Holding, LP	Delaware
FR Clifton Second, LLC	Delaware
FR Clifton, LLC	Delaware
FR Clubhouse LN II LLC	Delaware
FR CO/Tex Cuna, LLC	Delaware
FR Collins Industrial, LLC	Delaware
FR Commerce Center, LLC	Delaware
FR Crossroads I, LLC	Delaware
FR Cumberland General Partner, LP	Delaware
FR Cumberland Property Holding, LP	Delaware
FR Cumberland Second, LLC	Delaware
FR Cumberland, LLC	Delaware
FR Dallas Houston, LLC	Delaware
FR Dessau Road, LLC	Delaware
FR Development Manager NLF, LLC	Delaware
FR Development Property Manager NLF, LLC	Delaware
FR E1 General Partner, LP	Delaware
FR E1 Property Holding, LP	Delaware
FR E1 Second, LLC	Delaware
FR E1, LLC	Delaware
FR E2 General Partner, LP	Delaware
FR E2 Property Holding, LP	Delaware
FR E2 Second, LLC	Delaware
FR E2, LLC	Delaware
FR E3 General Partner, LP	Delaware
FR E3 Property Holding, LP	Delaware
FR E3 Second, LLC	Delaware

FR E3, LLC	Delaware
FR Executive, LLC	Delaware
FR Feehanville, LLC	Delaware
FR First Avenue General Partner, LP	Delaware
FR First Avenue Property Holding, LP	Delaware
FR First Avenue Second, LLC	Delaware
FR First Avenue, LLC	Delaware
FR Frederick, LLC	Delaware
FR Gateway Commerce Center, LLC	Delaware
FR Georgia, LLC	Delaware
FR Gilroy LLC	Delaware
FR Guasti Road, LLC	Delaware
FR Hagerstown, LLC	Delaware
FR Hunt Valley II LLC	Delaware
FR Hunt Valley LLC	Delaware
FR Investment Properties, LLC	Delaware
FR Jessup General Partner, LP	Delaware
FR Jessup Property Holding, LP	Delaware
FR Jessup Second, LLC	Delaware
FR Jessup, LLC	Delaware
FR JH 10 MM, LLC	Delaware
FR JH 10, LLC	Delaware
FR JH 12 MM, LLC	Delaware
FR JH 12, LLC	Delaware
FR Leo Lane General Partner, LP	Delaware
FR Leo Lane Property Holding, LP	Delaware
FR Leo Lane Second, LLC	Delaware
FR Leo Lane, LLC	Delaware
FR Loveton LLC	Delaware
FR Main Street, LLC	Delaware
FR Manchester General Partner, LP	Delaware
FR Manchester Property Holding, LP	Delaware
FR Manchester Second, LLC	Delaware
FR Manchester, LLC	Delaware
FR Massachusetts 7, LLC	Delaware
FR McCormick Road II LLC	Delaware
FR McFadden General Partner, LP	Delaware
FR McFadden Property Holding, LP	Delaware
FR McFadden Second, LLC	Delaware
FR MD Land I LLC	Delaware
FR Menomonee Falls, LLC	Delaware
FR Museum Road General Partner, LP	Delaware
FR Museum Road Property Holding, LP	Delaware
FR Museum Road Second, LLC	Delaware
FR Museum Road, LLC	Delaware
FR National Life Harrisburg, LLC	Delaware
FR National Life, LLC	Delaware
FR Northwest L Street, LLC	Delaware
FR Old Post Road, LLC	Delaware
FR Option Property Holding LP	Delaware

FR Orlando, LLC	Delaware
FR Park Plaza, LLC	Delaware
FR Peebles Drive, LLC	Delaware
FR Pennsauken Airport Central, LLC	Delaware
FR Pepper Road LLC	Delaware
FR Pinson Valley, LLC	Delaware
FR Rancho Conejo, LLC	Delaware
FR Randolph Drive, LLC	Virginia
FR Red Lion General Partner, LP	Delaware
FR Red Lion Property Holding, LP	Delaware
FR Red Lion Second, LLC	Delaware
FR Relizon, LLC	Delaware
FR Roswell, LLC	Delaware
FR Sears Drive, LLC	Michigan
FR Southgate Washington, LLC	Delaware
FR Summit, LLC	Virginia
FR Texas GP, LLC	Delaware
FR Texas LP, LLC	Delaware
FR Washington Street, LLC	Delaware
FR Welsh Bindery, LLC	Delaware
FR Woodridge Land, LLC	Delaware
FR Woodridge LLC	Delaware
FR York General Partner, LP	Delaware
FR York Property Holding, LP	Delaware
FR York Second, LLC	Delaware
FR York, LLC	Delaware
Fraser Aurora, LLC	Delaware
FRI East Sam Houston Parkway, LLC	Delaware
FR-Kenosha, LLC	Delaware
FRV CO, LLC	Delaware
FRV IN, LLC	Delaware
HQ Lemont, LLC	Delaware
Lavergne Lemont, LLC	Delaware
LPF 10100 Kenosha, LLC	Delaware
Pewaukee Maple Grove, LLC	Delaware
Princeton Glendale, LLC	Delaware
Sigman Conyers, LLC	Delaware
TK-SV, Ltd.	Florida

EX-23.1

EXHIBIT 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (File No.’s 33-95190, 333-03999, 333-21887, 333-53835, 333-57355, 333-64743, 333-38850, 333-70638, 333-104211, 333-142472, 333-142474 and 333-194527) and on Form S-8 (File No.’s 333-36699, 333-45317, 333-67824, 333-166489, 333-180724 and 333-195760) of First Industrial Realty Trust, Inc. of our report dated February 24, 2016 relating to the consolidated financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 24, 2016

EX-23.2

EXHIBIT 23.2

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3 (File No.333-194527) of First Industrial, L.P. of our report dated February 24, 2016 relating to the consolidated financial statements, financial statement schedule and the effectiveness of internal control over financial reporting of First Industrial, L.P., which appear in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 24, 2016

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 annual report on Form 10-K of First Industrial Realty Trust, Inc.;

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.

Date: February 24, 2016	/S/ BRUCE W. DUNCAN
	Bruce W. Duncan
	President, Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer)

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 annual report on Form 10-K of First Industrial Realty Trust, Inc.;

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.

Date: February 24, 2016	/S/ SCOTT A. MUSIL
	Scott A. Musil
	Chief Financial Officer (Principal Financial and Accounting Officer)

EX-31.3

EXHIBIT 31.3

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 annual report on Form 10-K 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-l5(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.

Date: February 24, 2016	/S/ BRUCE W. DUNCAN
	Bruce W. Duncan
	President, Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer)
	First Industrial Realty Trust, Inc.

EX-31.4

EXHIBIT 31.4

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 annual report on Form 10-K 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-l5(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.

Date: February 24, 2016	/S/ SCOTT A. MUSIL
	Scott A. Musil
	Chief Financial Officer (Principal Financial and Accounting Officer)
	First Industrial Realty Trust, Inc.

EX-32.1

EXHIBIT 32.1

CERTIFICATION

Accompanying Form 10-K Report

of First Industrial Realty Trust, Inc.

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 Annual Report on Form 10-K for the period ended December 31, 2015 of First Industrial Realty Trust, Inc. (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.

Dated: February 24, 2016	/S/ BRUCE W. DUNCAN
	Bruce W. Duncan
	President, Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer)

Dated: February 24, 2016	/S/ SCOTT A. MUSIL
	Scott A. Musil
	Chief Financial Officer (Principal Financial and Accounting Officer)

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, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference to such filing.

EX-32.2

EXHIBIT 32.2

CERTIFICATION

Accompanying Form 10-K 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 Annual Report on Form 10-K for the period ended December 31, 2015 of First Industrial, L.P. (the “Operating Partnership”) 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 Operating Partnership.

Dated: February 24, 2016	/S/ BRUCE W. DUNCAN
	Bruce W. Duncan
	President, Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer)
	First Industrial Realty Trust, Inc.
Dated: February 24, 2016	/S/ SCOTT A. MUSIL
	Scott A. Musil
	Chief Financial Officer (Principal Financial and Accounting Officer)
	First Industrial Realty Trust, Inc.

A signed original of this written statement required by Section 906 has been provided to the Operating Partnership and will be retained by the Operating Partnership 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, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference to such filing.

XML

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Feb. 24, 2016	Jun. 30, 2015
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	FR
Entity Registrant Name	FIRST INDUSTRIAL REALTY TRUST INC
Entity Central Index Key	0000921825
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		111,237,685
Entity Public Float			$ 2,035.9
First Industrial L.P.
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Trading Symbol	FRFI
Entity Registrant Name	FIRST INDUSTRIAL LP
Entity Central Index Key	0001033128
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Public Float			$ 0.0

XML

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment in Real Estate:
Land	$ 745,912	$ 718,188
Buildings and Improvements	2,511,737	2,439,887
Construction in Progress	36,319	25,294
Less: Accumulated Depreciation	(791,330)	(786,978)
Net Investment in Real Estate	2,502,638	2,396,391
Real Estate Held for Sale, Net of Accumulated Depreciation of $1,171 and $0	2,510	0
Cash and Cash Equivalents	3,987	9,500
Restricted Cash	23,005	1,829
Tenant Accounts Receivable, Net	5,612	7,356
Investment in Joint Venture	0	71
Deferred Rent Receivable, Net	62,335	58,130
Deferred Financing Costs, Net	12,447	10,448
Deferred Leasing Intangibles, Net	33,326	33,526
Prepaid Expenses and Other Assets, Net	72,191	64,744
Total Assets	2,718,051	2,581,995
Indebtedness:
Mortgage Loans Payable, Net	564,955	599,985
Senior Unsecured Notes, Net	364,956	364,861
Unsecured Term Loans	460,000	200,000
Unsecured Credit Facility	52,500	185,000
Accounts Payable, Accrued Expenses and Other Liabilities	93,699	79,733
Deferred Leasing Intangibles, Net	11,841	12,726
Rents Received in Advance and Security Deposits	40,153	36,914
Dividends and Distributions Payable	14,812	11,949
Total Liabilities	1,602,916	1,491,168
Commitments and Contingencies	0	0
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial L.P.'s Partners' Capital:
Common Stock ($0.01 par value, 150,000,000 shares authorized and 111,027,225 and 110,600,866 shares issued and outstanding)	1,111	1,106
Additional Paid-in-Capital	1,756,415	1,751,059
Distributions in Excess of Accumulated Earnings	(674,759)	(689,348)
Accumulated Other Comprehensive Loss	(9,667)	(13,867)
Total First Industrial Realty Trust, Inc.’s Stockholders’ Equity	1,073,100	1,048,950
Noncontrolling Interest	42,035	41,877
Total Equity	1,115,135	1,090,827
Total Liabilities and Equity/Partners' Capital	2,718,051	2,581,995
First Industrial L.P.
Investment in Real Estate:
Land	745,912	718,188
Buildings and Improvements	2,511,737	2,439,887
Construction in Progress	36,319	25,294
Less: Accumulated Depreciation	(791,330)	(786,978)
Net Investment in Real Estate	2,502,638	2,396,391
Real Estate Held for Sale, Net of Accumulated Depreciation of $1,171 and $0	2,510	0
Cash and Cash Equivalents	3,987	9,485
Restricted Cash	23,005	1,829
Tenant Accounts Receivable, Net	5,612	7,356
Investment in Joint Venture	0	71
Deferred Rent Receivable, Net	62,335	58,130
Deferred Financing Costs, Net	12,447	10,448
Deferred Leasing Intangibles, Net	33,326	33,526
Prepaid Expenses and Other Assets, Net	82,906	75,472
Total Assets	2,728,766	2,592,708
Indebtedness:
Mortgage Loans Payable, Net	564,955	599,985
Senior Unsecured Notes, Net	364,956	364,861
Unsecured Term Loans	460,000	200,000
Unsecured Credit Facility	52,500	185,000
Accounts Payable, Accrued Expenses and Other Liabilities	93,699	79,683
Deferred Leasing Intangibles, Net	11,841	12,726
Rents Received in Advance and Security Deposits	40,153	36,914
Dividends and Distributions Payable	14,812	11,949
Total Liabilities	1,602,916	1,491,118
Commitments and Contingencies	0	0
First Industrial Realty Trust Inc.’s Stockholders’ Equity/First Industrial L.P.'s Partners' Capital:
General Partner Units (111,027,225 and 110,600,866 units outstanding)	1,054,028	1,034,129
Limited Partners Units (4,305,707 and 4,374,637 units outstanding)	80,769	80,757
Accumulated Other Comprehensive Loss	(10,043)	(14,376)
Total First Industrial L.P.'s Partners’ Capital	1,124,754	1,100,510
Noncontrolling Interest	1,096	1,080
Total Partners’ Capital	1,125,850	1,101,590
Total Liabilities and Equity/Partners' Capital	$ 2,728,766	$ 2,592,708

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate Held for Sale, Accumulated Depreciation	$ 1,171	$ 0
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	150,000,000	150,000,000
Common Stock, shares issued	111,027,225	110,600,866
Common Stock, shares outstanding	111,027,225	110,600,866
First Industrial L.P.
Real Estate Held for Sale, Accumulated Depreciation	$ 1,171	$ 0
General Partner Units, units outstanding	111,027,225	110,600,866
Limited Partner Units, units outstanding	4,305,707	4,374,637

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental Income	$ 281,186	$ 259,609	$ 245,064
Tenant Recoveries and Other Income	84,576	84,990	73,390
Total Revenues	365,762	344,599	318,454
Expenses:
Property Expenses	114,628	114,499	103,714
General and Administrative	25,362	23,418	22,821
Acquisition Costs	1,403	960	331
Impairment of Real Estate	626	0	0
Depreciation and Other Amortization	113,814	111,897	106,951
Total Expenses	255,833	250,774	233,817
Other Income (Expense):
Gain (Loss) on Sale of Real Estate	48,906	(83)	1,100
Interest Income	61	2,110	2,354
Interest Expense	(67,424)	(72,178)	(73,558)
Amortization of Deferred Financing Costs	(3,159)	(3,098)	(3,225)
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements	(11,546)	0	52
Loss from Retirement of Debt	0	(655)	(6,637)
Total Other Income (Expense)	(33,162)	(73,904)	(79,914)
Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Tax (Provision) Benefit	76,767	19,921	4,723
Equity in Income of Joint Ventures	55	3,499	136
Income Tax (Provision) Benefit	(117)	(238)	3
Income from Continuing Operations	76,705	23,182	4,862
Discontinued Operations:
Income Attributable to Discontinued Operations	0	1,835	2,222
Gain on Sale of Real Estate	0	25,988	34,344
Income from Discontinued Operations	0	27,823	36,566
Net Income	76,705	51,005	41,428
Less: Net Income Attributable to the Noncontrolling Interest	(2,903)	(1,895)	(1,121)
Net Income (Loss) Attributable to Common Stockholders/Unitholders	73,802	49,110	40,307
Less: Preferred Dividends/Unit Distributions	0	(1,019)	(8,733)
Less: Redemption of Preferred Stock/Units	0	(1,462)	(5,667)
Net Income (Loss) Available to Common Stockholders/Unitholders and Participating Securities	$ 73,802	$ 46,629	$ 25,907
Basic Earnings Per Share/Unit:
Income (Loss) from Continuing Operations Available to Common Stockholders / Unitholders	$ 0.67	$ 0.18	$ (0.09)
Income (Loss) from Discontinued Operations Attributable to Common Stockholders / Unitholders	0.00	0.24	0.33
Net Income Available to Common Stockholders/Unitholders	0.67	0.42	0.24
Diluted Earnings Per Share/Unit:
Income (Loss) from Continuing Operations Available to Common Stockholders / Unitholders	0.66	0.18	(0.09)
Income (Loss) from Discontinued Operations Attributable to Common Stockholders / Unitholders	0.00	0.24	0.33
Net Income Available to Common Stockholders / Unitholders	0.66	0.42	0.24
Distributions Per Share / Unit	$ 0.51	$ 0.41	$ 0.34
Weighted Average Shares/Units Outstanding - Basic	110,352	109,922	106,995
Weighted Average Shares/Units Outstanding - Diluted	110,781	110,325	106,995
First Industrial L.P.
Revenues:
Rental Income	$ 281,186	$ 259,609	$ 245,064
Tenant Recoveries and Other Income	84,576	84,990	73,390
Total Revenues	365,762	344,599	318,454
Expenses:
Property Expenses	114,628	114,499	103,714
General and Administrative	25,247	23,166	22,775
Acquisition Costs	1,403	960	331
Impairment of Real Estate	626	0	0
Depreciation and Other Amortization	113,814	111,897	106,951
Total Expenses	255,718	250,522	233,771
Other Income (Expense):
Gain (Loss) on Sale of Real Estate	48,906	(83)	1,100
Interest Income	61	2,110	2,354
Interest Expense	(67,424)	(72,178)	(73,558)
Amortization of Deferred Financing Costs	(3,159)	(3,098)	(3,225)
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements	(11,546)	0	52
Loss from Retirement of Debt	0	(655)	(6,637)
Total Other Income (Expense)	(33,162)	(73,904)	(79,914)
Income from Continuing Operations Before Equity in Income of Joint Ventures and Income Tax (Provision) Benefit	76,882	20,173	4,769
Equity in Income of Joint Ventures	55	3,499	136
Income Tax (Provision) Benefit	(117)	(238)	3
Income from Continuing Operations	76,820	23,434	4,908
Discontinued Operations:
Income Attributable to Discontinued Operations	0	1,835	2,222
Gain on Sale of Real Estate	0	25,988	34,344
Income from Discontinued Operations	0	27,823	36,566
Net Income	76,820	51,257	41,474
Less: Net Income Attributable to the Noncontrolling Interest	(138)	(72)	(41)
Net Income (Loss) Attributable to Common Stockholders/Unitholders	76,682	51,185	41,433
Less: Preferred Dividends/Unit Distributions	0	(1,019)	(8,733)
Less: Redemption of Preferred Stock/Units	0	(1,462)	(5,667)
Net Income (Loss) Available to Common Stockholders/Unitholders and Participating Securities	$ 76,682	$ 48,704	$ 27,033
Basic Earnings Per Share/Unit:
Income (Loss) from Continuing Operations Available to Common Stockholders / Unitholders	$ 0.67	$ 0.18	$ (0.09)
Income (Loss) from Discontinued Operations Attributable to Common Stockholders / Unitholders	0.00	0.24	0.33
Net Income Available to Common Stockholders/Unitholders	0.67	0.42	0.24
Diluted Earnings Per Share/Unit:
Income (Loss) from Continuing Operations Available to Common Stockholders / Unitholders	0.66	0.18	(0.09)
Income (Loss) from Discontinued Operations Attributable to Common Stockholders / Unitholders	0.00	0.24	0.33
Net Income Available to Common Stockholders / Unitholders	0.66	0.42	0.24
Distributions Per Share / Unit	$ 0.51	$ 0.41	$ 0.34
Weighted Average Shares/Units Outstanding - Basic	114,709	114,388	111,646
Weighted Average Shares/Units Outstanding - Diluted	115,138	114,791	111,646

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net Income	$ 76,705	$ 51,005	$ 41,428
Net Income Attributable to Unitholders	73,802	49,110	40,307
Mark-to-Market Loss on Interest Rate Protection Agreements	(9,155)	(12,279)	0
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 11)	12,990	0	0
Amortization of Interest Rate Protection Agreements	524	1,358	2,411
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	0	0	1,116
Foreign Currency Translation Adjustment	15	(93)	(60)
Comprehensive Income	81,079	39,991	44,895
Comprehensive Income Attributable to Noncontrolling Interest	(3,069)	(1,467)	(1,265)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc./Unitholders	78,010	38,524	43,630
First Industrial L.P.
Net Income	76,820	51,257	41,474
Net Income Attributable to Unitholders	76,682	51,185	41,433
Mark-to-Market Loss on Interest Rate Protection Agreements	(9,155)	(12,279)	0
Reclassification of Fair Value of Interest Rate Protection Agreements (See Note 11)	12,990	0	0
Amortization of Interest Rate Protection Agreements	524	1,358	2,411
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	0	0	1,116
Foreign Currency Translation Adjustment	(26)	(93)	(60)
Comprehensive Income Attributable to First Industrial Realty Trust, Inc./Unitholders	$ 81,015	$ 40,171	$ 44,900

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CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY/ PARTNER'S CAPITAL - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in- Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest	First Industrial L.P.	First Industrial L.P. General Partner Preferred Units	First Industrial L.P. General Partner Units	First Industrial L.P. Limited Partner Units	First Industrial L.P. Accumulated Other Comprehensive Loss	First Industrial L.P. Noncontrolling Interest
Beginning Balance at Dec. 31, 2012	$ 1,145,653	$ 988	$ 1,785,213	$ (676,265)	$ (6,557)	$ 42,274
Beginning Balance at Dec. 31, 2012							$ 1,156,257	$ 217,971	$ 859,727	$ 84,282	$ (6,829)	$ 1,106
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward]
Issuance of Common Stock / General Partner Units, Net of Issuance Costs	173,785	107	173,678				173,785		173,785
Redemption of Preferred Stock	(150,051)		(144,384)	(5,667)
Redemption of Preferred Units							(144,384)	(144,384)
Stock Based Compensation Activity	4,532	4	5,476	(948)
Stock Based Compensation Activity							4,532		4,532
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units	0	1	995			(996)	0		996	(996)
Reallocation—Additional Paid in Capital	0		(3,369)			3,369
Common Stock Dividends and Unit Distributions	(38,862)			(37,288)		(1,574)
Common Unit Distributions							(38,862)		(37,288)	(1,574)
Preferred Dividends / Unit Distributions	(8,733)			(8,733)			(14,400)	(14,400)
Contributions from Noncontrolling Interest							177					177
Distributions to Noncontrolling Interest							(229)					(229)
Net Income	41,428			40,307		1,121	41,474	14,400	25,912	1,121		41
Reallocation—Other Comprehensive Income	0				(31)	31
Other Comprehensive Income (Loss)	3,467				3,323	144	3,467				3,467
Ending Balance at Dec. 31, 2013	1,171,219	1,100	1,817,609	(688,594)	(3,265)	44,369
Ending Balance at Dec. 31, 2013							1,181,817	73,587	1,027,664	82,833	(3,362)	1,095
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward]
Redemption of Preferred Stock	(75,049)		(73,587)	(1,462)
Redemption of Preferred Units							(73,587)	(73,587)
Stock Based Compensation Activity	2,948	4	4,880	(1,936)
Stock Based Compensation Activity							2,948		2,948
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units	0	2	2,153			(2,155)	0		2,155	(2,155)
Reallocation—Additional Paid in Capital	0		4			(4)
Common Stock Dividends and Unit Distributions	(47,263)			(45,447)		(1,816)
Common Unit Distributions							(47,263)		(45,447)	(1,816)
Preferred Dividends / Unit Distributions	(1,019)			(1,019)			(2,481)	(2,481)
Contributions from Noncontrolling Interest							335					335
Distributions to Noncontrolling Interest							(422)					(422)
Net Income	51,005			49,110		1,895	51,257	2,481	46,809	1,895		72
Reallocation—Other Comprehensive Income	0				(16)	16
Other Comprehensive Income (Loss)	(11,014)				(10,586)	(428)	(11,014)				(11,014)
Ending Balance at Dec. 31, 2014	1,090,827	1,106	1,751,059	(689,348)	(13,867)	41,877
Ending Balance at Dec. 31, 2014							1,101,590	0	1,034,129	80,757	(14,376)	1,080
Increase (Decrease) in Stockholders' Equity / Partners' Capital [Roll Forward]
Stock Based Compensation Activity	2,243	4	4,656	(2,417)
Stock Based Compensation Activity							2,243		2,243
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units	0	1	672			(673)	0		673	(673)
Reallocation—Additional Paid in Capital	0		28			(28)
Common Stock Dividends and Unit Distributions	(59,014)			(56,796)		(2,218)
Common Unit Distributions							(59,014)		(56,796)	(2,218)
Contributions from Noncontrolling Interest							67					67
Distributions to Noncontrolling Interest							(189)					(189)
Net Income	76,705			73,802		2,903	76,820		73,779	2,903		138
Reallocation—Other Comprehensive Income	0				(8)	8
Other Comprehensive Income (Loss)	4,374				4,208	166	4,333				4,333
Ending Balance at Dec. 31, 2015	$ 1,115,135	$ 1,111	$ 1,756,415	$ (674,759)	$ (9,667)	$ 42,035
Ending Balance at Dec. 31, 2015							$ 1,125,850	$ 0	$ 1,054,028	$ 80,769	$ (10,043)	$ 1,096

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 76,705	$ 51,005	$ 41,428
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	92,955	93,457	94,271
Amortization of Deferred Financing Costs	3,159	3,098	3,225
Other Amortization	28,359	30,218	30,632
Impairment of Real Estate	626	0	2,652
Provision for Bad Debt	954	1,425	726
Equity in Income of Joint Ventures	(55)	(3,499)	(136)
Distributions from Joint Ventures	0	1,881	177
Gain on Sale of Real Estate	(48,906)	(25,905)	(35,444)
Loss from Retirement of Debt	0	655	6,637
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements	11,546	0	(52)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(2,686)	(2,582)	(3,192)
Increase in Deferred Rent Receivable	(6,181)	(2,715)	(4,516)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	5,673	452	(5,679)
Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt	0	(10,650)	(4,978)
Cash Book Overdraft	0	336	0
Net Cash Provided by Operating Activities	162,149	137,176	125,751
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(168,122)	(96,045)	(73,642)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(150,079)	(123,037)	(114,806)
Net Proceeds from Sales of Investments in Real Estate	154,024	98,472	126,250
Contributions to and Investments in Joint Ventures	(200)	(31)	(38)
Distributions from Joint Ventures	126	2,475	104
Settlement of Interest Rate Protection Agreements	(11,546)	0	0
Repayments of Notes Receivable	2,760	49,761	615
(Increase) Decrease in Escrows	(24,037)	(664)	204
Net Cash Used in Investing Activities	(197,074)	(69,069)	(61,313)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and Equity Issuance and Preferred Stock Redemption Costs	(5,158)	(2,419)	(3,575)
Proceeds from the Issuance of Common Stock, Net of Underwriter’s Discount	0	0	174,081
Repurchase and Retirement of Restricted Stock / Units	(2,101)	(4,667)	(2,968)
Common Stock Dividends and Unit Distributions Paid	(55,811)	(45,151)	(29,025)
Preferred Dividends Paid	0	(1,471)	(8,733)
Redemption of Preferred Stock / Units	0	(75,000)	(150,000)
Payments on Interest Rate Protection Agreements	0	0	(1,079)
Repayments on Mortgage Loans Payable	(35,004)	(77,880)	(85,680)
Repayments of Senior Unsecured Notes	0	(71,578)	(29,769)
Proceeds from Unsecured Term Loans	260,000	200,000	0
Proceeds from Unsecured Credit Facility	321,500	356,000	373,000
Repayments on Unsecured Credit Facility	(454,000)	(344,000)	(298,000)
Net Cash Provided by (Used in) Financing Activities	29,426	(66,166)	(61,748)
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents	(14)	(18)	(51)
Net (Decrease) Increase in Cash and Cash Equivalents	(5,499)	1,941	2,690
Cash and Cash Equivalents, Beginning of Year	9,500	7,577	4,938
Cash and Cash Equivalents, End of Year	3,987	9,500	7,577
Supplemental Cash Flow Information [Abstract]
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity	66,452	70,194	70,726
Interest Expense Capitalized in Connection with Development Activity	2,453	1,411	3,611
Income Taxes Paid (Refunded)	23	(105)	5,433
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Distribution Payable	14,812	11,949
Exchange Of Operating Partnership/ Limited Partnership Units For Common Stock/ General Partnership Units [Abstract]
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units	0	0	0
Assumption of Liabilities in Connection with the Acquisition of Real Estate	2,090	364	483
Notes Receivable Issued in Conjunction with Certain Property Sales	0	0	12,520
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	25,747	14,901	15,249
Write-off of Fully Depreciated Assets	(45,457)	(44,769)	(62,281)
Noncontrolling Interest
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	2,903	1,895	1,121
Exchange Of Operating Partnership/ Limited Partnership Units For Common Stock/ General Partnership Units [Abstract]
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units	(673)	(2,155)	(996)
Common Stock
Exchange Of Operating Partnership/ Limited Partnership Units For Common Stock/ General Partnership Units [Abstract]
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units	1	2	1
Additional Paid-in- Capital
Exchange Of Operating Partnership/ Limited Partnership Units For Common Stock/ General Partnership Units [Abstract]
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units	672	2,153	995
Common Stock
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the Issuance of Common Stock, Net of Underwriter’s Discount			132,050
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Distribution Payable	14,812	11,949	9,837
Preferred Stock
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Distribution Payable	0	0	452
First Industrial L.P.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	76,820	51,257	41,474
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation	92,955	93,457	94,271
Amortization of Deferred Financing Costs	3,159	3,098	3,225
Other Amortization	28,359	30,218	30,632
Impairment of Real Estate	626	0	2,652
Provision for Bad Debt	954	1,425	726
Equity in Income of Joint Ventures	(55)	(3,499)	(136)
Distributions from Joint Ventures	0	1,881	177
Gain on Sale of Real Estate	(48,906)	(25,905)	(35,444)
Loss from Retirement of Debt	0	655	6,637
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements	11,546	0	(52)
Increase in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(2,673)	(2,039)	(2,582)
Increase in Deferred Rent Receivable	(6,181)	(2,715)	(4,516)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	5,682	399	(5,676)
Payments of Premiums, Discounts and Prepayment Penalties Associated with Retirement of Debt	0	(10,650)	(4,978)
Cash Book Overdraft	0	336	0
Net Cash Provided by Operating Activities	162,286	137,918	126,410
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of Real Estate	(168,122)	(96,045)	(73,642)
Additions to Investment in Real Estate and Non-Acquisition Tenant Improvements and Lease Costs	(150,079)	(123,037)	(114,806)
Net Proceeds from Sales of Investments in Real Estate	154,024	98,472	126,250
Contributions to and Investments in Joint Ventures	(200)	(31)	(38)
Distributions from Joint Ventures	126	2,475	104
Settlement of Interest Rate Protection Agreements	(11,546)	0	0
Repayments of Notes Receivable	2,760	49,761	615
(Increase) Decrease in Escrows	(24,037)	(1,319)	(409)
Net Cash Used in Investing Activities	(197,074)	(69,724)	(61,926)
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and Equity Issuance and Preferred Stock Redemption Costs	(5,158)	(2,419)	(3,575)
Proceeds from the Issuance of Common Stock, Net of Underwriter’s Discount	0	0	174,081
Repurchase and Retirement of Restricted Stock / Units	(2,101)	(4,667)	(2,968)
Common Stock Dividends and Unit Distributions Paid	(55,811)	(45,151)	(29,025)
Preferred Dividends Paid	0	(1,471)	(8,733)
Redemption of Preferred Stock / Units	0	(75,000)	(150,000)
Payments on Interest Rate Protection Agreements	0	0	(1,079)
Contributions from Noncontrolling Interests	67	335	177
Distributions to Noncontrolling Interests	(189)	(422)	(229)
Repayments on Mortgage Loans Payable	(35,004)	(77,880)	(85,680)
Repayments of Senior Unsecured Notes	0	(71,578)	(29,769)
Proceeds from Unsecured Term Loans	260,000	200,000	0
Proceeds from Unsecured Credit Facility	321,500	356,000	373,000
Repayments on Unsecured Credit Facility	(454,000)	(344,000)	(298,000)
Net Cash Provided by (Used in) Financing Activities	29,304	(66,253)	(61,800)
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents	(14)	(18)	(51)
Net (Decrease) Increase in Cash and Cash Equivalents	(5,484)	1,941	2,684
Cash and Cash Equivalents, Beginning of Year	9,485	7,562	4,929
Cash and Cash Equivalents, End of Year	3,987	9,485	7,562
Supplemental Cash Flow Information [Abstract]
Interest Paid, Net of Interest Expense Capitalized in Connection with Development Activity	66,452	70,194	70,726
Interest Expense Capitalized in Connection with Development Activity	2,453	1,411	3,611
Income Taxes Paid (Refunded)	23	(105)	5,433
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Distribution Payable	14,812	11,949
Exchange Of Operating Partnership/ Limited Partnership Units For Common Stock/ General Partnership Units [Abstract]
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units	0	0	0
Assumption of Liabilities in Connection with the Acquisition of Real Estate	2,090	364	483
Notes Receivable Issued in Conjunction with Certain Property Sales	0	0	12,520
Accounts Payable Related to Construction in Progress and Additions to Investment in Real Estate	25,747	14,901	15,249
Write-off of Fully Depreciated Assets	(45,457)	(44,769)	(62,281)
First Industrial L.P. | Noncontrolling Interest
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	138	72	41
First Industrial L.P. | Limited Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	2,903	1,895	1,121
Exchange Of Operating Partnership/ Limited Partnership Units For Common Stock/ General Partnership Units [Abstract]
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units	(673)	(2,155)	(996)
First Industrial L.P. | General Partner Units
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	73,779	46,809	25,912
Exchange Of Operating Partnership/ Limited Partnership Units For Common Stock/ General Partnership Units [Abstract]
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units	673	2,155	996
First Industrial L.P. | Common Stock
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Distribution Payable	14,812	11,949	9,837
First Industrial L.P. | Preferred Stock
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Distribution Payable	$ 0	$ 0	$ 452

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Organization

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

First Industrial Realty Trust, Inc. (the "Company") is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The Company is a Maryland corporation organized on August 10, 1993 and a real estate investment trust ("REIT") as defined in the Internal Revenue Code of 1986 (the "Code"). Unless stated otherwise or the context otherwise requires, the terms "we," "our" and "us" refer to the Company and its subsidiaries, including its operating partnership, First Industrial, L.P. (the "Operating Partnership"), and its consolidated subsidiaries.

We began operations on July 1, 1994. The Company's operations are conducted primarily through the Operating Partnership, of which the Company is the sole general partner (the "General Partner"), with an approximate 96.3% and 96.2% ownership interest ("General Partner Units") at December 31, 2015 and 2014, respectively. The Operating Partnership also conducts operations itself and through eight other limited partnerships (the "Other Real Estate Partnerships"), numerous limited liability companies ("LLCs") and certain taxable REIT subsidiaries, the operating data of which, together with that of the Operating Partnership, is consolidated with that of the Company as presented herein. See Note 2 to the Consolidated Financial Statements. The Operating Partnership holds at least a 99% limited partnership interest in each of Other Real Estate Partnerships. The general partners of the Other Real Estate Partnerships are separate corporations, wholly-owned by the Company, each with at least a .01% general partnership interest in the Other Real Estate Partnerships. The Company does not have any significant assets or liabilities other than its investment in the Operating Partnership and its 100% ownership interest in the general partners of the Other Real Estate Partnerships. Noncontrolling interest in the Operating Partnership of approximately 3.7% and 3.8% ("Limited Partner Units"; together with the General Partner Units, the "Units") at December 31, 2015 and 2014, respectively, represents the aggregate partnership interest held by the limited partners thereof. 

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

We also provide various services to two joint ventures (the "2003 Net Lease Joint Venture" and the "2007 Europe Joint Venture," collectively the "Joint Ventures"). Our noncontrolling equity ownership interests in the 2003 Net Lease Joint Venture and the 2007 Europe Joint Venture are 15% and 10%, respectively. During the year ended December 31, 2015, the 2003 Net Lease Joint Venture sold its last remaining industrial property comprising approximately 0.8 million square feet of gross leasable area ("GLA"). At December 31, 2015, the 2007 Europe Joint Venture did not own any properties. The Joint Ventures are accounted for under the equity method of accounting.

As of December 31, 2015, we owned 589 industrial properties located in 25 states, containing an aggregate of approximately 63.6 million square feet of GLA.Of the 589 properties owned on a consolidated basis, none of them are directly owned by the Company.

Any references to the number of industrial properties and square footage in the financial statement footnotes are unaudited.

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements at December 31, 2015 and 2014 and for each of the years ended December 31, 2015, 2014 and 2013 include the accounts and operating results of the Company and the Operating Partnership. Such financial statements present our noncontrolling equity interests in our Joint Ventures under the equity method of accounting. All intercompany transactions have been eliminated in consolidation.

Use of Estimates

In order to conform with generally accepted accounting principles, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2015 and 2014, and the reported amounts of revenues and expenses for each of the years ended December 31, 2015, 2014 and 2013. Actual results could differ from those estimates.

Reclassifications and Revisions

Gain on sale of real estate included in continuing operations for the years ended December 31, 2014 and 2013 have been reclassified within the statement of operations to be included in the income from continuing operations subtotal to conform to the 2015 presentation.

From 2000 through 2007, we repurchased 4,324,114 common shares pursuant to a stock repurchase plan authorized by the Company's Board of Directors. These repurchased common shares are subject to state corporate laws that establish the legal status of redeemed shares and prevent them from being reported as treasury shares within the consolidated financial statements. We previously misclassified the repurchased common shares as treasury shares. The common share repurchases should have been classified as reductions of common stock, additional paid-in-capital and distributions in excess of accumulated earnings. We evaluated the impact of this correction on previously issued financial statements and concluded they were not materially misstated.  In order to conform previous financial statements to the current period, we elected to revise previously issued financial statements. The balances for common stock, additional-paid-in-capital and distributions in excess of accumulated earnings on the accompanying consolidated statements of changes in stockholders' equity of the Company as of December 31, 2012, 2013 and 2014 and on the accompanying consolidated balance sheet of the Company as of December 31, 2014 have been revised to correct the misclassification. The correction results in reductions in common stock, additional paid-in-capital and distributions in excess of accumulated earnings of $43, $121,277 and $18,698, respectively to the previously reported amounts of $1,031, $1,906,490 and ($657,567), respectively, as of December 31, 2012, $1,143, $1,938,886 and $(669,896), respectively, as of December 31, 2013 and $1,149, $1,872,336 and ($670,650), respectively, as of December 31, 2014. The misclassification has no impact on the previously reported consolidated statements of operations, comprehensive income or cash flows. In addition, the misclassification has no impact on the previously reported consolidated financial statements of the Operating Partnership.

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments.

Restricted Cash

Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031 of the Code. The carrying amount approximates fair value due to the short term maturity of these investments.

Investment in Real Estate and Depreciation

Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset). If further assessment of recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and its eventual disposition on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, we will recognize an impairment loss based upon the estimated fair value of such property. For properties we consider held for sale, we cease depreciating the properties and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property previously classified as held for sale, we will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. We classify properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the "FASB") guidance on the impairment or disposal of long-lived assets are met.

Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy.

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

	Years
Buildings and Improvements	7 to 50
Land Improvements	5 to 20
Furniture, Fixtures and Equipment	4 to 10
Tenant Improvements	Lease Term

Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with tenants that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized.

Upon acquisition of an occupied property, we allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases, below market ground lease obligations and tenant relationships. We allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases and below market ground lease obligations are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and below market ground lease obligations, and the initial term plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases.

The purchase price is further allocated to in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases, the in-place lease value and tenant relationships is immediately written off.

Acquisition related costs associated with business combinations are expensed as incurred. As defined by GAAP, a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. We do not consider acquisitions of land or unoccupied buildings to be business combinations. Rather, these transactions are treated as asset acquisitions and the acquisition related costs are capitalized to the basis of the assets acquired.

Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following:

	December 31, 2015		December 31, 2014
In-Place Leases	$	19,438	$	16,850
Above Market Leases	2,520		3,425
Below Market Ground Lease Obligation	1,778		1,823
Tenant Relationships	9,590		11,428
Total Included in Total Assets, Net of $26,432 and $28,808 of Accumulated Amortization	$	33,326	$	33,526
Below Market Leases	$	11,841	$	12,726
Total Included in Total Liabilities, Net of $8,911 and $8,735 of Accumulated Amortization	$	11,841	$	12,726

Amortization expense related to in-place leases and tenant relationships, exclusive of amortization expense related to in-place leases and tenant relationships included in discontinued operations, was $6,326, $6,239 and $5,598 for the years ended December 31, 2015, 2014 and 2013, respectively. Rental revenues increased by $462, $925 and $572 related to net amortization of above/(below) market leases, exclusive of net amortization related to above/(below) market leases included in discontinued operations, for the years ended December 31, 2015, 2014 and 2013, respectively. We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2015 as follows:

	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases
2016	$	5,922	$	1,106
2017	$	5,263	$	1,049
2018	$	3,652	$	877
2019	$	2,951	$	836
2020	$	2,465	$	757

Foreign Currency Transactions and Translation

The assets and liabilities of our operations in Canada were translated to U.S. dollars from the Canadian dollar based on the current exchange rate prevailing at each balance sheet date. The income statement accounts were translated using the average exchange rate for the period. The resulting translation adjustments are included in accumulated other comprehensive income. We sold our sole remaining real estate asset located in Canada during the year ended December 31, 2014.

Deferred Financing Costs

Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs was $20,332 and $17,173 at December 31, 2015 and 2014, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Investments in Joint Ventures

Investments in joint ventures represent our noncontrolling equity/limited partnership interests in our Joint Ventures. We account for our investments in joint ventures under the equity method of accounting, as we do not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities. In order to assess whether consolidation of a variable interest entity is required, an enterprise is required to qualitatively assess the determination of the primary beneficiary of a variable interest entity ("VIE") based on whether the entity (1) has the power to direct matters that most significantly impact the activities of the VIE and (2) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Additionally, they require an ongoing reconsideration of the primary beneficiary and provide a framework for the events that trigger a reassessment of whether an entity is a VIE.

Under the equity method of accounting, our share of earnings or losses of our Joint Ventures is reflected in income as earned and contributions or distributions increase or decrease our investments in joint ventures as paid or received, respectively. Differences between our carrying value of our investments in joint ventures and our underlying equity of such Joint Ventures are amortized over the respective lives of the underlying assets.

Limited Partners Units

Limited Partner Units are reported within Partners’ Capital in the Operating Partnership's balance sheet as of December 31, 2015 and 2014 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares.

The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Company's Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2015, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company’s common shares required to be delivered upon redemption of all remaining Limited Partner Units.

Stock Based Compensation

We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense over the service period for awards expected to vest.

Net income, net of preferred stock dividends or preferred Unit distributions and redemption of preferred stock or preferred Units, is allocated to common stockholders or Unitholders and participating securities based upon their proportionate share of weighted average shares or Units plus weighted average participating securities. Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Restricted stock or restricted Unit awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as common stock or Units. See Note 7 for further disclosure about participating securities.

Revenue Recognition

Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for real estate taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by us.

If the lease provides for tenant improvements, we determine whether the tenant improvements are owned by the tenant or us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the leased asset until the tenant improvements are substantially complete. Also, when we are the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, we record any tenant improvement allowance funded as a lease inducement and amortize it as a reduction of revenue over the lease term.

Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’s lease and when we have no further obligations under the lease.

We provide an allowance for doubtful accounts against the portion of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $1,515 and $1,695 as of December 31, 2015 and 2014, respectively. Deferred rent receivable in the consolidated balance sheets is shown net of an allowance for doubtful accounts of $2,669 and $1,888 as of December 31, 2015 and 2014, respectively. For accounts receivable we deem uncollectible, we use the direct write-off method.

Gain on Sale of Real Estate

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

Income Taxes

The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its adjusted taxable income to its stockholders. Management intends to continue to adhere to these requirements and to maintain the Company's REIT status. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends it pays to shareholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to shareholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes and may not be able to qualify as a REIT for four subsequent taxable years.

REIT qualification reduces, but does not eliminate, the amount of state and local taxes we pay. In addition, our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal, state and local income taxes.

In accordance with partnership taxation, each of the partners of the Operating Partnership is responsible for reporting their share of taxable income or loss.

We may also be subject to certain federal excise and franchise taxes if we engage in certain types of transactions. A benefit/provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. In accordance with FASB’s guidance, the total benefit/provision has been separately allocated to income (loss) from continuing operations and income (loss) from discontinued operations, if applicable. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance.

Earnings Per Share and Earnings Per Unit ("EPS" and "EPU")

Basic net income (loss) per common share or Unit is computed by dividing net income (loss) available to common shareholders or Unitholders by the weighted average number of common shares or Units outstanding for the period.

Diluted net income (loss) per common share or Unit is computed by dividing net income (loss) available to common shareholders or Unitholders by the sum of the weighted average number of common shares or Units outstanding and any dilutive non-participating securities for the period. See Note 7 for further disclosure about EPS and EPU.

Derivative Financial Instruments

Historically, we have used interest rate protection agreements ("Agreements") to fix the interest rate on anticipated offerings of senior unsecured notes. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and included in interest expense. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss that is effective is recognized in other comprehensive income (loss) whereas mark-to-market gains and losses on Agreements which do not qualify for hedge accounting are recognized in net income (loss) immediately. Amounts accumulated in other comprehensive income (loss) during the hedge period are reclassified to earnings in the same period during which the forecasted transaction or hedged item affects net income (loss). The credit risks associated with Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of Agreements, our exposure is limited to the fair value of Agreements, not the notional amounts. See Note 11 for more information on the Agreements.

Fair Value of Financial Instruments

Financial instruments other than our derivatives include tenant accounts receivable, accounts payable, other accrued expenses, mortgage loans payable, unsecured credit facility, unsecured term loans and senior unsecured notes. The fair values of tenant accounts receivable, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 4 for the fair values of the mortgage loans payable, unsecured credit facility, unsecured term loans and senior unsecured notes.

Discontinued Operations

Effective January 1, 2015, we adopted Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08") for all properties not previously sold. ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.  Going forward, we expect the majority of our property dispositions will not qualify as discontinued operations and the results of the dispositions, including the gain on sale of real estate, will be presented in Income from Continuing Operations.

Prior to the adoption of ASU 2014-08, the FASB’s guidance on financial reporting for the disposal of long lived assets required that the results of operations and gains or losses on the sale of property or property held for sale be presented in discontinued operations if both of the following criteria were met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Company and the Operating Partnership as a result of the disposal transaction and (b) we will not have any significant continuing involvement in the operations of the property after the disposal transaction. The guidance also required prior period results of operations for these properties to be reclassified and presented in discontinued operations in prior consolidated statements of operations.

Segment Reporting

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

Recent Accounting Pronouncements

In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis" (“ASU 2015-02”). ASU 2015-02 updates consolidation guidance for legal entities such as limited partnerships, limited liability companies and securitization structures in an attempt to simplify consolidation accounting. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership, modifies the evaluation of whether limited partnerships are variable interest entities ("VIE") or voting interest entities ("VOE") and adds requirements that limited partnerships must meet to qualify as VOEs. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015, with early adoption permitted.

Since formation of each Other Real Estate Partnership, the Company, which wholly-owns the corporations that act as a general partner of each Other Real Estate Partnership, is also the general partner of the Operating Partnership which holds at least a 99% limited partnership interest in each of the Other Real Estate Partnership, has fully consolidated the financial information of the Other Real Estate Partnerships within its financial statements. The Operating Partnership has in the past accounted for each of the Other Real Estate Partnerships under the equity method of accounting based on the VOE classification and the presumption that the corporations owned by the Company that act as the general partners of the Other Real Estate Partnerships controlled the partnerships. However, under ASU 2015-02, the Operating Partnership determined that each Other Real Estate Partnership meets the criteria of a VIE and that it is the primary beneficiary for each Other Real Estate Partnership. As a result, the Operating Partnership has concluded that it should cease accounting for the Other Real Estate Partnerships under the equity method of accounting and consolidate the financial information of the Other Real Estate Partnerships within its financial statements.

During the year ended ended December 31, 2015, the Operating Partnership elected early adoption of ASU 2015-02. The election is a full retrospective adoption approach which requires previously reported periods to be restated. The impact of this adoption on the Operating Partnership's previously reported period is as follows:

	Balance Sheet as Previously Filed as of December 31, 2014		Impact of the Adoption of ASU 2015-02		Balance Sheet as Adjusted as of December 31, 2014
Total Assets	$	2,514,246	$	78,462	$	2,592,708
Total Liabilities	$	1,413,736	$	77,382	$	1,491,118
Total Noncontrolling Interest	$	—	$	1,080	$	1,080

The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets:

	December 31, 2015		December 31, 2014
ASSETS
Assets:
Net Investment in Real Estate	$	306,866	$	278,720
Other Assets, Net	20,478		21,078
Total Assets	$	327,344	$	299,798
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	77,445	$	81,231
Other Liabilities, Net	43,103		10,656
Partners’ Capital	206,796		207,911
Total Liabilities and Partners’ Capital	$	327,344	$	299,798

In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The recognition and measurement guidance for debt issuance costs are not affected by this update. Debt issuance costs related to revolving credit agreements are not within the scope of this new guidance. In August 2015, the FASB issued ASU No. 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements" ("ASU 2015-15"), which expands upon ASU 2015-03. ASU 2015-15 states that given the absence of authoritative guidance within 2015-03, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset for revolving credit agreements and subsequently amortizing the deferred issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the revolving credit agreement. The amendments are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2015. The adoption of ASU 2015-03 and ASU 2015-15 are not expected to have a material impact on our results of operations, however, they will impact the Consolidated Balance Sheet presentation related to our debt issuance costs.

In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact our consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. For the real estate industry, leasing transactions are not within the scope of the new standard. A majority of our tenant-related revenue is recognized pursuant to lease agreements. In July 2015, the FASB deferred the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted for annual periods beginning after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.

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Investment in Real Estate

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Investment in Real Estate

Investment in Real Estate

Acquisitions

In 2013, we acquired two industrial properties, one of which we acquired through the acquisition of 100% of the equity interest in the limited liability company that owned the industrial property, comprising approximately 1.1 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $72,812, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

In 2014, we acquired eight industrial properties comprising approximately 1.1 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $95,692, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

In 2015, we acquired eight industrial properties comprising approximately 1.9 million square feet of GLA and several land parcels. The purchase price of these acquisitions totaled approximately $169,218, excluding costs incurred in conjunction with the acquisition of the industrial properties and land parcels.

The purchase price of the industrial properties and land parcels acquired for the years ended December 31, 2015 and 2014, was allocated as follows:

	Year Ended December 31, 2015				Year Ended December 31, 2014
	Purchase Price			Weighted Average Life (in Months)	Purchase Price			Weighted Average Life (in Months)
Land	$	52,954		N/A	$	39,739		N/A
Building and Improvements	107,106			(A)	44,070			(A)
Other Assets	2,562			(B)	1,863			(B)
In-Place Leases	7,124			84	5,350			74
Tenant Relationships	—			N/A	3,440			131
Above Market Leases	—			N/A	316			66
Below Market Ground Lease Obligation	—			N/A	1,854			480
Below Market Leases	(528		)	62	(940		)	79
Total Purchase Price (C)	$	169,218			$	95,692

(A) See Note 2 for the disclosure of useful lives of our Investment in Real Estate and our Depreciation policy.

(B) Represents leasing commissions, which are included in Other Assets and amortized over the remaining terms of each lease.

(C) Included in the purchase price for the year ended December 31, 2015, is $122,913 relating to six industrial properties that we acquired and transferred to special purpose entities to facilitate a potential Section 1031 exchange under the Code. To realize the tax deferral available under the Section 1031 exchange, we must complete the Section 1031 exchange and take title to the to-be-exchanged industrial properties within 180 days of the acquisition date. We determined that these special purposes entities are VIEs, and we are the primary beneficiary. Therefore, we consolidate these entities. As of December 31, 2015, these VIEs have no significant liabilities or significant cash flows.

Real Estate Held for Sale

As December 31, 2015, we had one industrial property comprising approximately 0.2 million square feet of GLA held for sale. See Subsequent Events.

Sales and Discontinued Operations

In 2013, we sold 67 industrial properties comprising approximately 3.0 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $144,628. The gain on sale of real estate was approximately $35,444, of which $34,344 is shown in discontinued operations. The 67 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 67 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.

In 2014, we sold 29 industrial properties comprising approximately 2.0 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $102,596. The gain on sale of real estate was approximately $25,905, of which $25,988 is shown in discontinued operations. The 29 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 29 industrial properties sold are included in discontinued operations. The results of operations and loss on sale of real estate for the several land parcels, which do not meet the criteria to be included in discontinued operations, are included in continuing operations.

In 2015, we sold 66 industrial properties comprising approximately 3.8 million square feet of GLA and several land parcels. Gross proceeds from the sales of the industrial properties and land parcels were approximately $158,429. The gain on sale of real estate was approximately $48,906. As discussed in Note 2, we adopted the new accounting standard relating to discontinued operations on January 1, 2015. There were no sales of industrial properties during the year ended ended December 31, 2015 that met the criteria to be classified as discontinued operations.

The following table discloses certain information regarding the industrial properties included in our discontinued operations for the years ended December 31, 2014 and 2013:

	Year Ended December 31,
	2014			2013
Total Revenues	$	7,007		$	20,727
Property Expenses	(2,784		)	(8,126		)
Impairment of Real Estate	—			(2,652		)
Depreciation and Amortization	(2,388		)	(7,727		)
Gain on Sale of Real Estate	25,988			34,344
Income from Discontinued Operations	$	27,823		$	36,566

Impairment Charges

The impairment charges of $626 and $2,652 recorded during the years ended December 31, 2015 and 2013, respectively, were due to marketing certain industrial properties for sale and our assessment of the likelihood and timing of a potential sale transaction. The impairment charge recorded during the year ended December 31, 2013 of $2,652 is included in discontinued operations.

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 real estate assets measured at fair value on a non-recurring basis during the years ended December 31, 2015 and 2013 were sold.

The fair market values were determined using third party offers. Valuations based on third party offers include bona fide contract prices and letter of intent amounts that we believe are indicative of fair value.

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Indebtedness

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Indebtedness

Indebtedness

The following table discloses certain information regarding our indebtedness:

	Outstanding Balance at						Interest Rate at December 31, 2015	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2015			December 31, 2014
Mortgage Loans Payable, Net	$	564,955		$	599,985		4.03% – 8.26%	4.03% – 8.26%	June 2016 – September 2022
Unamortized Premiums	(64		)	(90		)
Mortgage Loans Payable, Gross	$	564,891		$	599,895
Senior Unsecured Notes, Net
2016 Notes	$	159,677		$	159,621		5.75%	5.91%	1/15/2016
2017 Notes	54,971			54,966			7.50%	7.52%	12/1/2017
2027 Notes	6,067			6,066			7.15%	7.11%	5/15/2027
2028 Notes	31,885			31,884			7.60%	8.13%	7/15/2028
2032 Notes	10,523			10,518			7.75%	7.87%	4/15/2032
2017 II Notes	101,833			101,806			5.95%	6.37%	5/15/2017
Subtotal	$	364,956		$	364,861
Unamortized Discounts	146			241
Senior Unsecured Notes, Gross	$	365,102		$	365,102
2014 Unsecured Term Loan	$	200,000		$	200,000		1.94%	N/A	1/29/2021
2015 Unsecured Term Loan	260,000			—			1.84%	N/A	9/12/2022
Unsecured Term Loans, Total (A)	$	460,000		$	200,000
Unsecured Credit Facility (B)	$	52,500		$	185,000		1.57%	N/A	3/11/2019

(A) We entered into interest rate protection agreements, with an aggregate notional value of $460,000, to effectively convert the variable rate to a fixed rate. See Note 11.

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

Mortgage Loans Payable, Net

During the years ended December 31, 2015 and 2014, we paid off and retired prior to maturity mortgage loans in the amount of $22,910 and $65,558, respectively. In connection with these prepayments, we recognized $0 and $655 as loss from retirement of debt for the years ended December 31, 2015 and 2014, respectively.

As of December 31, 2015, mortgage loans payable are collateralized, and in some instances cross-collateralized, by industrial properties with a net carrying value of $727,022. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans as of December 31, 2015.

Senior Unsecured Notes, Net

During the year ended December 31, 2014, we paid off and retired our 2014 Notes, at maturity, in the amount of $81,794.

Unsecured Term Loans

On January 29, 2014, we entered into a seven-year, $200,000 unsecured loan (the "2014 Unsecured Term Loan") with a syndicate of financial institutions. At December 31, 2015, the 2014 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 170 basis points . The interest rate on the 2014 Unsecured Term Loan varies based on the Company's leverage ratio or, at our election, the Company's credit ratings.

On September 11, 2015, we entered into a seven-year, $260,000 unsecured loan (the "2015 Unsecured Term Loan"; together with the 2014 Unsecured Term Loan, the "Unsecured Term Loans") with a syndicate of financial institutions. At December 31, 2015, the 2015 Unsecured Term Loan requires interest only payments and bears interest at a variable rate based on LIBOR plus 160 basis points. The interest rate on the 2015 Unsecured Term Loan varies based on the Company's leverage ratio or, at our election, the Company's credit ratings.

Unsecured Credit Facility

On March 10, 2015, we amended and restated our $625,000 revolving credit agreement (the "Old Credit Facility") with a new $625,000 revolving credit agreement (as amended and restated, the "Unsecured Credit Facility"). We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $900,000, subject to certain restrictions. The amendment extended the maturity date from September 29, 2017 to March 11, 2019 with an option to extend an additional one year at our election, subject to certain restrictions. At December 31, 2015, the Unsecured Credit Facility provides for interest only payments at LIBOR plus 115 basis points. The interest rate on the Unsecured Credit Facility varies based on the Company's leverage ratio or, at our election, the Company's credit ratings.

Indebtedness

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

	Amount
2016	$	229,024
2017	168,723
2018	168,341
2019	128,923
2020	90,855
Thereafter	656,627
Total	$	1,442,493

The Unsecured Credit Facility, the Unsecured Term Loans and the indentures governing our senior unsecured notes contain certain financial covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility and the Unsecured Term Loans, an event of default can occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreements. We believe that the Operating Partnership and the Company were in compliance with all covenants relating to the Unsecured Credit Facility, the Unsecured Term Loans and indentures governing our senior unsecured notes as of December 31, 2015. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders and noteholders in a manner that could impose and cause us to incur material costs.

Fair Value

At December 31, 2015 and 2014, the fair value of our indebtedness was as follows:

	December 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable, Net	$	564,955	$	595,964	$	599,985	$	640,818
Senior Unsecured Notes, Net	364,956		386,253		364,861		395,320
Unsecured Term Loans	460,000		460,970		200,000		200,575
Unsecured Credit Facility	52,500		52,500		185,000		185,747
Total	$	1,442,411	$	1,495,687	$	1,349,846	$	1,422,460

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

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Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership

Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership

Operating Partnership Units

The Operating Partnership has issued General Partner Units, Limited Partner Units and preferred general partnership Units. The General Partner Units resulted from capital contributions from the Company. The Limited Partner Units are issued in conjunction with the acquisition of certain properties (see discussion below). Subject to certain lock-up periods, holders of Limited Partner Units can redeem their Units by providing written notification to the General Partner of the Operating Partnership. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder’s notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Limited Partner Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and the Operating Partnership intends to continue this practice. If each Limited Partner Unit of the Operating Partnership were redeemed as of December 31, 2015, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $95,285 or by issuing 4,305,707 shares of the Company’s common stock. The preferred general partnership Units result from preferred capital contributions from the Company. The Operating Partnership is required to make all required distributions on the preferred general partnership Units prior to any distribution of cash or assets to the holders of the Units. The consent of the holder of the Limited Partner Units is required to alter such holder’s rights as to allocations and distributions, to alter or modify such holder’s rights with respect to redemption, to cause the early termination of the Operating Partnership or to amend the provisions of the partnership agreement which requires such consent.

Preferred Stock or General Partner Preferred Units

On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company's 6.236%, Series F Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series F Preferred Stock"), at an initial offering price of $1,000.00 per Depositary Share. The net proceeds from the issuance of the Series F Preferred Stock were contributed to the Operating Partnership in exchange for 6.236% Series F Cumulative Preferred Units (the "Series F Preferred Units") and are reflected in the Operating Partnerships' financial statements as a general partner preferred unit contribution. The Series F Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price of $1,000.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On March 6, 2014, the Company fully redeemed the Series F Preferred Stock, at a redemption price of $1,000.00 per Depositary Share, and paid a pro-rated first quarter dividend of $11.3299 per Depositary Share, totaling $566. An equivalent number of Series F Preferred Units were redeemed on March 6, 2014 as well. The initial offering costs associated with the issuance of the Series F Preferred Stock or Series F Preferred Units, as well as costs associated with the redemption, totaled $949 and are reflected as a deduction from net income in determining earnings per share or earnings per Unit for the year ended December 31, 2014.

On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company's 7.236%, Series G Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series G Preferred Stock"), at an initial offering price of $1,000.00 per Depositary Share. The net proceeds from the issuance of the Series G Preferred Stock were contributed to the Operating Partnership in exchange for 7.236% Series G Cumulative Preferred Units (the "Series G Preferred Units") and are reflected in the Operating Partnerships' financial statements as a general partner preferred unit contribution. The Series G Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price of $1,000.00 per Depositary Share, or $25,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On March 31, 2014, the Company fully redeemed the Series G Preferred Stock, at a redemption price of $1,000.00 per Depositary Share, and paid a semi-annual dividend of $36.18 per Depositary Share, totaling $905. An equivalent number of Series G Preferred Units were redeemed on March 31, 2014 as well. The initial offering costs associated with the issuance of the Series G Preferred Stock or Series G Preferred Units, as well as costs associated with the redemption, totaled $513 and are reflected as a deduction from net income in determining earnings per share or earnings per Unit for the year ended December 31, 2014.

On January 13, 2006, the Company issued 6,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company's 7.25%, Series J Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series J Preferred Stock"), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of the Series J Preferred Stock were contributed to the Operating Partnership in exchange for 7.25% Series J Cumulative Preferred Units (the "Series J Preferred Units") and are reflected in the Operating Partnerships' financial statements as a general partner preferred unit contribution. The Series J Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price equivalent to $25.00 per Depositary Share, or $150,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On December 21, 2012, the Company redeemed 2,000,000 Depositary Shares and an equivalent number of Series J Preferred Units were redeemed as well. The remaining 4,000,000 Depositary Shares of the Series J Preferred Stock were redeemed on April 11, 2013, at a redemption price of $25.00 per Depositary Share, and the Company paid a pro-rated second quarter dividend of $0.055382 per Depositary Share, totaling $221. An equivalent number of 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 Stock/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 share or earnings per Unit for the year ended December 31, 2013.

On August 21, 2006, the Company issued 2,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company's 7.25%, Series K Flexible Cumulative Redeemable Preferred Stock, $0.01 par value (the "Series K Preferred Stock"), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of the Series K Preferred Stock were contributed to the Operating Partnership in exchange for 7.25% Series K Cumulative Preferred Units (the "Series K Preferred Units") and are reflected in the Operating Partnerships' financial statements as a general partner preferred unit contribution. The Series K Preferred Stock was redeemable for cash at the Company's option, in whole or in part, at a redemption price equivalent to $25.00 per Depositary Share, or $50,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On July 18, 2013, the Company fully redeemed 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 Preferred Units were redeemed on July 18, 2013 as well. The initial offering costs associated with the issuance of the Series K Preferred Stock or 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 share or earnings per Unit for the year ended December 31, 2013.

The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 2015 and 2014, there were no preferred shares or general partner preferred Units outstanding.

Shares of Common Stock/Unit Contributions

For the years ended December 31, 2015, 2014 and 2013, 68,930, 222,676, and 105,028 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $673, $2,155 and $996, respectively, of noncontrolling interest to the Company’s stockholders’ equity.

During the year ended December 31, 2013, the Company issued 8,400,000 shares of the Company’s common stock in an underwritten public offering. Net proceeds to the Company for the year ended December 31, 2013, were $132,050. The proceeds were contributed to the Operating Partnership in exchange for an equivalent number of Units and are reflected in the Operating Partnership's financial statements as a general partner contribution.

On March 1, 2012, we 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 "2012 ATM"). During the year ended December 31, 2013, the Company issued 2,315,704 shares of the Company’s common stock under the 2012 ATM resulting in net proceeds to the Company of $41,735. The proceeds were contributed to the Operating Partnership in exchange for an equivalent number of Units and are reflected in the Operating Partnership's financial statements as a general partner contribution. On March 12, 2014, the 2012 ATM was terminated in preparation for the commencement of the 2014 ATM (defined hereafter).

On March 13, 2014, we entered into distribution agreements with sales agents to sell up to 13,300,000 shares of the Company's common stock, for up to $200,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2014 ATM"). During the years ended December 31, 2015 and 2014, the Company issued no shares of common stock under the 2014 ATM. Under the terms of the 2014 ATM, sales are to be made primarily in transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.

The following table is a roll-forward of the Company's shares of common stock outstanding and the Operating Partnership's Units outstanding, including unvested restricted shares/Units (see Note 10), for the three years ended December 31, 2015:

	Shares of Common Stock Outstanding		General Partner and Limited Partner Units Outstanding
Balance at December 31, 2012	98,767,913		103,470,254
Issuance of Common Stock/Units, Including Vesting of Restricted Stock Units	10,853,693		10,853,693
Issuance of Restricted Stock Shares/Units	284,461		284,461
Repurchase and Retirement of Restricted Stock Shares/Units	(30,245	)	(30,245	)
Conversion of Operating Partnership Units	105,028		—
Balance at December 31, 2013	109,980,850		114,578,163
Vesting of Restricted Stock Units	219,695		219,695
Issuance of Restricted Stock Shares/Units	319,055		319,055
Repurchase and Retirement of Restricted Stock Shares/Units	(141,410	)	(141,410	)
Conversion of Operating Partnership Units	222,676		—
Balance at December 31, 2014	110,600,866		114,975,503
Vesting of Restricted Stock Units	224,990		224,990
Issuance of Restricted Stock Shares/Units	234,360		234,360
Repurchase and Retirement of Restricted Stock Shares/Units	(101,921	)	(101,921	)
Conversion of Operating Partnership Units	68,930		—
Balance at December 31, 2015	111,027,225		115,332,932

Dividends/Distributions

The coupon rate of our Series F Preferred Stock/Units reset 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 period January 1, 2014 through March 6, 2014 (the redemption date), the coupon rate was 6.275%.

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

	2015 Total Dividend/ Distribution		2014 Total Dividend/ Distribution		2013 Total Dividend/ Distribution
Common Stock/Operating Partnership Units	$	59,014	$	47,263	$	38,862
Series F Preferred Stock/Units (A)	N/A		$	566	$	2,896
Series G Preferred Stock/Units (A)	N/A		$	453	$	1,809
Series J Preferred Stock/Units (A)	N/A		N/A		$	2,034
Series K Preferred Stock/Units (A)	N/A		N/A		$	1,994

_______________

(A) See the "Preferred Stock/Contributions" section for the redemptions and discussion of pro-rated dividends/distributions for all series of preferred stock/Units occurring during the years ended December 31, 2014 and 2013.

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Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2015

Accumulated Other Comprehensive Loss [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated other comprehensive loss by component for the Company for the years ended December 31, 2015 and 2014:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Comprehensive Income (Loss) Attributable to Noncontrolling Interest			Total
Balance as of December 31, 2013	$	(3,481	)	$	78		$	138		$	(3,265	)
Other Comprehensive (Loss) Income Before Reclassifications	(16,270		)	(93		)	412			(15,951		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,349			—			—			5,349
Net Current Period Other Comprehensive (Loss) Income	(10,921		)	(93		)	412			(10,602		)
Balance as of December 31, 2014	$	(14,402	)	$	(15	)	$	550		$	(13,867	)
Other Comprehensive (Loss) Income Before Reclassifications	(14,684		)	15			(174		)	(14,843		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	19,043			—			—			19,043
Net Current Period Other Comprehensive Income (Loss)	4,359			15			(174		)	4,200
Balance as of December 31, 2015	$	(10,043	)	$	—		$	376		$	(9,667	)

The following table summarizes the changes in accumulated other comprehensive loss by component for the Operating Partnership for the years ended December 31, 2015 and 2014:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Total
Balance as of December 31, 2013	$	(3,481	)	$	119		$	(3,362	)
Other Comprehensive Loss Before Reclassifications	(16,270		)	(93		)	(16,363		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,349			—			5,349
Net Current Period Other Comprehensive Loss	(10,921		)	(93		)	(11,014		)
Balance as of December 31, 2014	$	(14,402	)	$	26		$	(14,376	)
Other Comprehensive Loss Before Reclassifications	(14,684		)	(26		)	(14,710		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	19,043			—			19,043
Net Current Period Other Comprehensive Income (Loss)	4,359			(26		)	4,333
Balance as of December 31, 2015	$	(10,043	)	$	—		$	(10,043	)

The following table summarizes the reclassifications out of accumulated other comprehensive loss for both the Company and the Operating Partnership for the years ended December 31, 2015, 2014 and 2013:

	Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Affected Line Item in the Consolidated Statements of Operations
Interest Rate Protection Agreements:
Reclassification of Fair Value of Interest Rate Protection Agreement (See Note 11)	$	12,990	$	—	$	—	Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements
Amortization of Interest Rate Protection Agreements (Previously Settled)	524		1,358		2,411		Interest Expense
Settlement Payments to our Counterparties	5,529		3,991		—		Interest Expense
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	—		—		1,116		Loss from Retirement of Debt
	$	19,043	$	5,349	3,527		Total

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (loss) and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we expect to amortize approximately $391 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods. Additionally, recurring settlement amounts on the 2014 and 2015 Swaps, as defined in Note 11, will also be reclassified to net income. See Note 11 for more information about our derivatives.

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Earnings Per Share / Unit (EPS / EPU)

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share / Unit (EPS / EPU)

Earnings Per Share and Earnings Per Unit (EPS/EPU)

The computation of basic and diluted EPS of the Company is presented below:

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Numerator:
Income from Continuing Operations	$	76,705		$	23,182		$	4,862
Noncontrolling Interest Allocable to Continuing Operations	(2,903		)	(813		)	396
Income from Continuing Operations Allocable to Participating Securities	(248		)	(75		)	—
Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc.	73,554			22,294			5,258
Preferred Dividends	—			(1,019		)	(8,733		)
Redemption of Preferred Stock	—			(1,462		)	(5,667		)
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	73,554		$	19,813		$	(9,142	)
Income from Discontinued Operations	$	—		$	27,823		$	36,566
Noncontrolling Interest Allocable to Discontinued Operations	—			(1,082		)	(1,517		)
Income from Discontinued Operations Allocable to Participating Securities	—			(100		)	(162		)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.	$	—		$	26,641		$	34,887
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities	$	73,802		$	46,629		$	25,907
Net Income Allocable to Participating Securities	(248		)	(175		)	(162		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	73,554		$	46,454		$	25,745
Denominator (In Thousands):
Weighted Average Shares - Basic	110,352			109,922			106,995
Effect of Dilutive Securities:
LTIP Unit Awards	429			403			—
Weighted Average Shares - Diluted	110,781			110,325			106,995
Basic EPS:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.67		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	0.24		$	0.33
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.67		$	0.42		$	0.24
Diluted EPS:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.66		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	0.24		$	0.33
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.66		$	0.42		$	0.24

The computation of basic and diluted EPU of the Operating Partnership is presented below:

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Numerator:
Income from Continuing Operations	$	76,820		$	23,434		$	4,908
Noncontrolling Interest Allocable to Continuing Operations	(138		)	(62		)	(36		)
Income from Continuing Operations Allocable to Participating Securities	(248		)	(75		)	—
Income from Continuing Operations Attributable to Unitholders	76,434			23,297			4,872
Preferred Unit Distributions	—			(1,019		)	(8,733		)
Redemption of Preferred Units	—			(1,462		)	(5,667		)
Income (Loss) from Continuing Operations Available to Unitholders	$	76,434		$	20,816		$	(9,528	)
Income from Discontinued Operations	$	—		$	27,823		$	36,566
Noncontrolling Interest Allocable to Discontinued Operations	—			(10		)	(5		)
Income from Discontinued Operations Allocable to Participating Securities	—			(100		)	(162		)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	27,713		$	36,399
Net Income Available to Unitholders and Participating Securities	$	76,682		$	48,704		$	27,033
Net Income Allocable to Participating Securities	(248		)	(175		)	(162		)
Net Income Available to Unitholders	$	76,434		$	48,529		$	26,871
Denominator (In Thousands):
Weighted Average Units - Basic	114,709			114,388			111,646
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards	429			403			—
Weighted Average Units - Diluted	115,138			114,791			111,646
Basic EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.67		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	0.24		$	0.33
Net Income Available to Unitholders	$	0.67		$	0.42		$	0.24
Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.66		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	0.24		$	0.33
Net Income Available to Unitholders	$	0.66		$	0.42		$	0.24

Participating securities include 387,947, 463,774 and 488,861 of unvested restricted stock or restricted Unit awards outstanding at December 31, 2015, 2014 and 2013, respectively, which participate in non-forfeitable distributions. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares or Units outstanding, based upon the greater of net income (after reduction for preferred dividends or general partner preferred Unit distributions and redemption of preferred stock or general partner preferred Units) or common distributions declared.

The number of weighted average shares or weighted average Units—diluted is the same as the number of weighted average shares or weighted average Units—basic for the year ended December 31, 2013, as the effect of restricted unit awards and LTIP Unit Awards (as defined in Note 10), which do not participate in non-forfeitable distributions of the Company or Operating Partnership, was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to common stockholders or Unitholders. The following table discloses the number of non-participating securities outstanding for the year ended December 31, 2013 that were excluded from the computation of diluted EPS and EPU:

	Number of Awards Outstanding at December 31, 2013
Non-Participating Securities:
Restricted Unit Awards	73,400
LTIP Unit Awards	718,960

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Income Taxes

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The components of income tax (provision) benefit for the years ended December 31, 2015, 2014 and 2013 are comprised of the following:

	Year Ended December 31,
	2015			2014			2013
Current:
Federal	$	68		$	(51	)	$	231
State	(297		)	(196		)	(264		)
Deferred:
State	112			9			36
	$	(117	)	$	(238	)	$	3

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2015 and 2014:

	Year Ended December 31,
	2015			2014
Impairment of Real Estate	$	2,484		$	2,466
Foreign Net Operating Loss Carryforward	—			585
Valuation Allowance	(3,437		)	(4,224		)
Other	1,021			1,251
Total Deferred Tax Assets, Net of Allowance	$	68		$	78
Straight-line Rent	$	(79	)	$	(90	)
Other	(1		)	(112		)
Total Deferred Tax Liabilities	$	(80	)	$	(202	)
Total Net Deferred Tax Liabilities	$	(12	)	$	(124	)

A valuation allowance is recorded if we believe it is more likely than not that all or some portion of our deferred tax assets will not be realized. We do not have projections of future taxable income or other sources of taxable income in the taxable REIT subsidiaries significant enough to allow us to believe it is more likely than not that we will realize our deferred tax assets. Therefore, we have recorded a valuation allowance against our deferred tax assets. An increase or decrease in the valuation allowance that results from a change in circumstances, and which causes a change in our judgment about the realizability of the related deferred tax assets, is included in the current tax provision.

The income tax (provision) benefit pertaining to income from continuing operations of the taxable REIT subsidiaries differs from the amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31, 2015, 2014 and 2013:

	Year Ended December 31,
	2015			2014			2013
Tax Benefit (Provision) at Federal Rate Related to Continuing Operations	$	64		$	(532	)	$	286
State Tax Provision, Net of Federal Benefit	(212		)	(214		)	(236		)
Non-deductible Permanent Items, Net	10			1			21
IRS Audit Adjustment and Accrued Interest	—			—			58
Change in Valuation Allowance	787			1,133			(388		)
Other	(766		)	(626		)	262
Net Income Tax (Provision) Benefit	$	(117	)	$	(238	)	$	3

We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is "more-likely-than-not" that the tax position will be sustained on examination by taxing authorities. As of December 31, 2015, we do not have any unrecognized tax benefits.

We file income tax returns in the U.S., and various states and foreign jurisdictions. In general, the statutes of limitations for income tax returns remain open for the years 2012 through 2015.

Federal Income Tax Treatment of Share Distributions

For income tax purposes, distributions paid to the Company's common shareholders are classified as ordinary income, capital gain, return of capital or qualified dividends. For the years ended December 31, 2015, 2014 and 2013, the distributions per common share were classified as follows:

Common Stock	2015		As a Percentage of Distributions		2014		As a Percentage of Distributions		2013		As a Percentage of Distributions
Ordinary Income	$	0.2629	67.93	%	$	0.4412	100.00	%	$	0.3088	100.00	%
Unrecaptured Section 1250 Gain	0.1241		32.07	%	—		0.00	%	—		0.00	%
	$	0.3870	100.00	%	$	0.4412	100.00	%	$	0.3088	100.00	%

For income tax purposes, distributions paid to the Company's preferred shareholders are classified as ordinary income, capital gain, return of capital or qualified dividends. For the year ended December 31, 2013, the preferred distributions per depositary share for the Series J and Series K Preferred Stock were classified as ordinary income of $0.5085 and $0.9969, respectively.

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Future Rental Revenues

12 Months Ended

Dec. 31, 2015

Operating Leases, Future Minimum Payments Receivable [Abstract]

Future Rental Revenues

Future Rental Revenues

Our properties are leased to tenants under net and semi-net operating leases. Future minimum rental receipts, excluding tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2015 are approximately as follows:

2016	$	271,032
2017	242,844
2018	201,970
2019	160,133
2020	125,735
Thereafter	369,030
Total	$	1,370,744

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Benefit Plans

12 Months Ended

Dec. 31, 2015

Share-based Compensation [Abstract]

Benefit Plans

Benefit Plans

Stock Based Compensation

The Company maintains a stock incentive plan (the “Stock Incentive Plan”), which is administered by the Compensation Committee of the Board of Directors. Officers, certain employees and the Company's independent directors generally are eligible to participate in the Stock Incentive Plan. Awards made under the Stock Incentive Plan can be in the form of restricted stock awards, restricted stock unit awards, performance share awards, dividend equivalent rights, non-statutory stock options and stock appreciation rights. Special provisions apply to awards granted under the Stock Incentive Plan in the event of a change in control in the Company. As of December 31, 2015, awards covering 3.0 million shares of common stock were available to be granted under the Stock Incentive Plan.

Restricted Stock/Units

For the years ended December 31, 2015, 2014 and 2013, the Company awarded 216,975, 299,805 and 284,461 shares, respectively, of restricted stock awards to certain employees, which had a fair value of $4,708, $5,413 and $4,719 on the date of approval by either the Compensation Committee of the Board of Directors or the Company's stockholders of the Stock Incentive Plan, as the case may be. These restricted stock awards were issued based upon the achievement of certain corporate performance goals and generally vest over a period of three years. Additionally, during the years ended December 31, 2015 and 2014, the Company awarded 17,385 and 19,250 shares, respectively, of restricted stock to non-employee members of the Board of Directors, which each had a fair value of $350 on the date of approval. These restricted stock awards vest over a one-year period. The Operating Partnership issued Units to the Company in the same amounts for these award issuances.

Compensation expense is charged to earnings over the vesting periods for the restricted stock or restricted Unit awards expected to vest except if the recipient is not required to provide future service in exchange for vesting of such restricted stock or restricted Unit awards. If vesting of a recipient's restricted stock or restricted Unit awards is not contingent upon future service, the expense is recognized immediately at the date of grant. During the years ended December 31, 2015, 2014 and 2013, we recognized $1,352, $1,451 and $1,008, respectively, of compensation expense related to restricted stock or restricted Unit awards granted to our Chief Executive Officer and one other employee for which future service was not required.

LTIP Unit Awards

For the years ended December 31, 2015 and 2013, the Company granted 264,432 and 718,960 Long-Term Incentive Program ("LTIP") performance units ("LTIP Unit Awards") to certain employees, which had a fair value of $2,531 and $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 common stock compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The TSR for the LTIP Unit Awards granted during the year ended December 31, 2015 is calculated based on the performance period from January 1, 2015 through December 31, 2017. The TSR for half of the granted units during the year ended December 31, 2013 was calculated based upon the performance period from July 1, 2013 through June 30, 2014 and the TSR for the other half was calculated based upon the performance from July 1, 2013 through December 31, 2015. Compensation expense is charged to earnings on a straight-line basis over the respective performance periods. At the end of the respective performance periods each participant will be issued shares of the Company's common stock equal to the maximum shares issuable to the participant for the performance period multiplied by a percentage, ranging from 0% to 100%, based on the Company's TSR as compared to the TSRs of the MSCI US REIT Index and the NAREIT Industrial Index. The participant is also entitled to dividend equivalents for shares issued pursuant to vested LTIP Unit Awards. The dividend equivalents represent any common dividends that would have been paid with respect to such issued shares after the grant of the LTIP Unit Awards and prior to the date of settlement. The Operating Partnership issued Units to the Company in the same amounts for vested LTIP Unit Awards.

As mentioned above, the fair values of the LTIP Unit Awards at issuance were determined by a lattice-binomial option-pricing model based on Monte Carlo simulations using the following assumptions:

	Year Ended December 31, 2015		Year Ended December 31, 2013
Expected dividend yield	1.99	%	2.22	%
Expected volatility - range used	20.43% - 21.99%		24.28% - 34.66%
Expected volatility - weighted average	21.34	%	30.61	%
Risk-free interest rate	0.10% - 1.16%		0.03% - 0.71%
Expected term	3 years		1 - 2.5 years

Outstanding Restricted Stock or Restricted Unit Awards and LTIP Unit Awards

For the years ended December 31, 2015, 2014 and 2013, we recognized $7,177, $7,605 and $6,202, respectively, in amortization related to restricted stock or restricted Unit awards and LTIP Unit Awards, of which $42, $41 and $43 was capitalized in connection with development activities. At December 31, 2015, we had $5,432 in unrecognized compensation related to unvested restricted stock or restricted Unit awards and LTIP Unit Awards. The weighted average period that the unrecognized compensation is expected to be recognized is 0.91 years.

Restricted stock or restricted Unit award and LTIP Unit Award transactions for the year ended December 31, 2015 are summarized as follows:

	Awards		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2014	816,718		$	12.68
Issued	498,792		$	15.21
Forfeited	(4,313	)	$	13.68
Vested	(661,222	)	$	11.87
Outstanding at December 31, 2015	649,975		$	15.43

401(k)/Profit Sharing Plan

In September 1994, the Company's Board of Directors approved and the Company adopted a 401(k)/Profit Sharing Plan. Under the Company's 401(k)/Profit Sharing Plan, all eligible employees may participate by making voluntary contributions. The Company may make, but is not required to make, matching contributions, which are funded by the Operating Partnership. For the years ended December 31, 2015, 2014 and 2013, total expense recognized for the 401(k)/Profit Sharing Plan related to matching contributions was $471, $387 and $300, respectively.

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Derivatives

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Derivatives

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

In connection with the origination of the 2014 Unsecured Term Loan (see Note 4), during January 2014, we entered into four interest rate protection agreements, with an aggregate notional value of $200,000, to manage our exposure to changes in the one month LIBOR rate (the “2014 Swaps ”). The 2014 Swaps fix the LIBOR rate at a weighted average rate of 2.29% and mature on January 29, 2021. We designated the 2014 Swaps as cash flow hedges.

In connection with the origination of the 2015 Unsecured Term Loan (see Note 4), during September 2015, we entered into six interest rate protection agreements, with an aggregate notional value of $260,000, to manage our exposure to changes in the one month LIBOR rate (the “2015 Swaps ”). The 2015 Swaps fix the LIBOR rate at a weighted average rate of 1.79% and mature on September 12, 2022. We designated the 2015 Swaps as cash flow hedges.

In order to maintain our flexibility to pursue an offering of unsecured debt, during August 2014, we entered into three interest rate protection agreements, with an aggregate notional value of $220,000, to manage our exposure to changes in the three month LIBOR rate (the "Settled Swaps"). At origination, we designated the Settled Swaps as cash flow hedges but, during the three months ended March 31, 2015, the Settled Swaps were de-designated and the fair market value loss was reclassified to earnings from other comprehensive income since we determined the forecasted offering of unsecured debt was no longer probable to occur within the time period stated in the respective designation memos. During the year ended December 31, 2015, we made a settlement payment of $11,546 to our derivative counterparties, which is recognized as mark-to-market and settlement loss on interest rate protection agreements.

Our agreements with our derivative counterparties contain provisions where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds. As of December 31, 2015, we had not posted any collateral related to these agreements and were not in breach of any of the agreement provisions. If we had breached these provisions, we could have been required to settle our obligations under the agreements at their termination value.

Our Series F Preferred Stock, which was redeemed during the year ended December 31, 2014, included a quarterly rate reset. In 2008, we had entered into an interest rate swap agreement to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Stock (the "Series F Agreement"). 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 the Series F agreement were recorded in the statement of operations. The Series F Agreement matured on October 1, 2013 and for the year ended December 31, 2013, gains of $52 were recognized as mark-to-market gain on interest rate protection agreements.

The following table sets forth our financial liabilities related to the 2014 and 2015 Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheets and are accounted for at fair value on a recurring basis as of December 31, 2015:

				Fair Value Measurements at Reporting Date Using:
Description	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Liabilities:
Derivatives designated as a hedging instrument:
2014 Swaps	$	(7,380	)	—	$	(7,380	)	—
2015 Swaps	$	(1,064	)	—	$	(1,064	)	—

There was no ineffectiveness recorded on the 2014 and 2015 Swaps during the year ended December 31, 2015. See Note 6 for more information.

The estimated fair value of the 2014 and 2015 Swaps was determined using the market standard methodology of netting the discounted fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of interest rates (forward curves) derived from observable market interest rate curves. In addition, credit valuation adjustments are incorporated in the fair value to account for potential non-performance risk, including our own non-performance risk and the respective counterparty’s non-performance risk. We determined that the significant inputs used to value the 2014 and 2015 Swaps fell within Level 2 of the fair value hierarchy.

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Related Party Transactions

12 Months Ended

Dec. 31, 2015

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

At December 31, 2015 and 2014, the Operating Partnership had receivable balances of $10,714 and $10,767, respectively, from a direct wholly-owned subsidiary of the Company.

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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.

At December 31, 2015, we had outstanding letters of credit and performance bonds in the aggregate amount of $6,698.

In conjunction with the development of industrial properties, we have entered into agreements with general contractors for the construction of industrial properties. At December 31, 2015, we had four industrial properties totaling approximately 1.4 million square feet of GLA under construction. The estimated total investment as of December 31, 2015 is approximately $78,700 (unaudited). Of this amount, approximately $59,700 (unaudited) remains to be funded. There can be no assurance that the actual completion cost will not exceed the estimated total investment.

Ground and Operating Lease Agreements

For the years ended December 31, 2015, 2014 and 2013, we recognized $1,281, $1,300 and $1,440, respectively, in operating and ground lease expense.

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee as of December 31, 2015 are as follows:

2016	$	1,993
2017	1,929
2018	1,180
2019	534
2020	533
Thereafter	25,866
Total (A)	$	32,035

________________

(A) Minimum rental payments have not been reduced by minimum sublease rentals of $3,861 due in the future under non-cancelable subleases.

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Subsequent Events

12 Months Ended

Dec. 31, 2015

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

From January 1, 2016 to February 24, 2016, we acquired one industrial property and several land parcels for a purchase price of approximately $46,664, excluding costs incurred in conjunction with such acquisitions. We also assumed a $4,513 mortgage loan payable in conjunction with the acquisition of the property. During the same period, we sold two industrial properties for approximately $9,614.

Additionally, on January 15, 2016, we paid off and retired our 2016 Notes, at maturity, in the amount of $159,679.

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Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (unaudited)

Quarterly Financial Information (unaudited)

The following tables summarize the Company's unaudited quarterly financial information for each of the years ended December 31, 2015 and 2014.

	Year Ended December 31, 2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	89,942		$	90,456		$	92,157		$	93,207
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	2,373		$	14,012		$	13,917		$	43,500
Net Income Allocable to Participating Securities	(41		)	(50		)	(50		)	(153		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	2,332		$	13,962		$	13,867		$	43,347
Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.13		$	0.13		$	0.39
Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.13		$	0.13		$	0.39
Weighted Average Shares Basic/Diluted (In Thousands):
Weighted Average Shares - Basic	110,310			110,348			110,356			110,392
Weighted Average Shares - Diluted	110,675			110,683			110,848			110,916

	Year Ended December 31, 2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	83,861		$	84,044		$	86,361		$	90,333
Income from Continuing Operations, Net of Noncontrolling Interest	$	3,868		$	3,028		$	7,938		$	7,535
Income from Discontinued Operations, Net of Noncontrolling Interest	1,095			1,011			13,389			11,246
Net Income Attributable to First Industrial Realty Trust, Inc.	4,963			4,039			21,327			18,781
Preferred Dividends	(1,019		)	—			—			—
Redemption of Preferred Stock	(1,462		)	—			—			—
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	2,482			4,039			21,327			18,781
Income from Continuing Operations Allocable to Participating Securities	(18		)	(32		)	(33		)	(32		)
Income from Discontinued Operations Allocable to Participating Securities	(14		)	(11		)	(57		)	(47		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	2,450		$	3,996		$	21,237		$	18,702
Basic EPS:
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.04		$	0.19		$	0.17
Diluted EPS:
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.04		$	0.19		$	0.17
Weighted Average Shares Basic/Diluted (In Thousands):
Weighted Average Shares - Basic	109,676			109,815			110,072			110,118
Weighted Average Shares - Diluted	110,215			110,404			110,271			110,405

The following tables summarize the Operating Partnership's unaudited quarterly financial information for each of the years ended December 31, 2015 and 2014.

	Year Ended December 31, 2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	89,942		$	90,456		$	92,157		$	93,207
Net Income Available to Unitholders and Participating Securities	$	2,457		$	14,644		$	14,438		$	45,143
Net Income Allocable to Participating Securities	(41		)	(50		)	(50		)	(153		)
Net Income Available to Unitholders	$	2,416		$	14,594		$	14,388		$	44,990
Basic EPU:
Net Income Available to Unitholders	$	0.02		$	0.13		$	0.13		$	0.39
Diluted EPU:
Net Income Available to Unitholders	$	0.02		$	0.13		$	0.12		$	0.39
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units - Basic	114,681			114,712			114,720			114,722
Weighted Average Units - Diluted	115,046			115,047			115,212			115,246

	Year Ended December 31, 2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	83,861		$	84,044		$	86,361		$	90,333
Income from Continuing Operations, Net of Noncontrolling Interest	$	3,938		$	3,176		$	8,294		$	7,964
Income from Discontinued Operations, Net of Noncontrolling Interest	1,140			1,051			13,924			11,698
Net Income Attributable to Unitholders	5,078			4,227			22,218			19,662
Preferred Unit Distributions	(1,019		)	—			—			—
Redemption of Preferred Units	(1,462		)	—			—			—
Net Income Available to Unitholders and Participating Securities	2,597			4,227			22,218			19,662
Income from Continuing Operations Allocable to Participating Securities	(17		)	(32		)	(33		)	(32		)
Income from Discontinued Operations Allocable to Participating Securities	(14		)	(11		)	(57		)	(47		)
Net Income Available to Unitholders	$	2,566		$	4,184		$	22,128		$	19,583
Basic EPU:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Diluted EPU:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units - Basic	114,245			114,278			114,512			114,512
Weighted Average Units - Diluted	114,784			114,867			114,711			114,799

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Schedule III: Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2015

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III: Real Estate and Accumulated Depreciation

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2015

				(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/15				Year Acquired/ Constructed	Depreciable Lives (Years)
Building Address		Location (City/State)	(a) Encumbrances	Land	Buildings and Improvements			Land	Buildings and Improvements	Total	Accumulated Depreciation 12/31/2015
			(In thousands)
Atlanta
1650 Highway 155		McDonough, GA	—	788	4,544	(425	)	365	4,542	4,907	2,790	1994	(j)
1665 Dogwood		Conyers, GA	—	635	3,662	978		635	4,640	5,275	2,392	1994	(j)
1715 Dogwood		Conyers, GA	—	288	1,675	824		228	2,559	2,787	1,098	1994	(j)
11235 Harland Drive		Covington, GA	—	125	739	218		125	957	1,082	472	1994	(j)
4051 Southmeadow Parkway		Atlanta, GA	—	726	4,130	1,472		726	5,602	6,328	2,511	1994	(j)
4071 Southmeadow Parkway		Atlanta, GA	—	750	4,460	1,752		828	6,134	6,962	3,110	1994	(j)
4081 Southmeadow Parkway		Atlanta, GA	—	1,012	5,918	1,873		1,157	7,646	8,803	3,623	1994	(j)
5570 Tulane Drive	(d)	Atlanta, GA	2,240	527	2,984	1,345		546	4,310	4,856	1,840	1996	(j)
955 Cobb Place		Kennesaw, GA	2,828	780	4,420	930		804	5,326	6,130	2,272	1997	(j)
1005 Sigman Road		Conyers, GA	1,909	566	3,134	439		574	3,565	4,139	1,414	1999	(j)
2050 East Park Drive		Conyers, GA	—	452	2,504	472		459	2,969	3,428	1,095	1999	(j)
3060 South Park Blvd		Ellenwood, GA	—	1,600	12,464	3,010		1,604	15,470	17,074	4,444	2003	(j)
Greenwood Industrial Park		McDonough, GA	4,235	1,550	—	7,632		1,550	7,632	9,182	2,163	2004	(j)
46 Kent Drive		Cartersville GA	—	794	2,252	85		798	2,333	3,131	855	2005	(j)
605 Stonehill Drive		Atlanta, GA	—	485	1,979	(16	)	490	1,958	2,448	1,817	2005	(j)
5095 Phillip Lee Drive		Atlanta, GA	3,821	735	3,627	493		740	4,115	4,855	2,632	2005	(j)
6514 Warren Drive		Norcross, GA	—	510	1,250	103		513	1,350	1,863	445	2005	(j)
6544 Warren Drive		Norcross, GA	—	711	2,310	243		715	2,549	3,264	965	2005	(j)
5356 E. Ponce De Leon		Stone Mountain, GA	—	604	3,888	128		610	4,010	4,620	2,058	2005	(j)
5390 E. Ponce De Leon		Stone Mountain, GA	—	397	1,791	199		402	1,985	2,387	823	2005	(j)
195 & 197 Collins Boulevard		Athens, GA	—	1,410	5,344	539		989	6,304	7,293	3,583	2005	(j)
1755 Enterprise Drive		Buford, GA	1,201	712	2,118	(227	)	716	1,887	2,603	668	2006	(j)
4555 Atwater Court		Buford, GA	2,150	881	3,550	231		885	3,777	4,662	1,198	2006	(j)
80 Liberty Industrial Parkway		McDonough, GA	—	756	3,695	(1,244	)	467	2,740	3,207	1,027	2007	(j)
596 Bonnie Valentine		Pendergrass, GA	—	2,580	21,730	3,711		2,594	25,427	28,021	6,990	2007	(j)
11415 Old Roswell Road		Alpharetta, GA	3,135	2,403	1,912	610		2,428	2,497	4,925	995	2008	(j)
Baltimore
9700 Martin Luther King Hwy		Lanham, MD	—	700	1,920	472		700	2,392	3,092	885	2003	(j)
9730 Martin Luther King Hwy		Lanham, MD	—	500	955	422		500	1,377	1,877	544	2003	(j)
4621 Boston Way		Lanham, MD	—	1,100	3,070	860		1,100	3,930	5,030	1,491	2003	(j)
4720 Boston Way		Lanham, MD	—	1,200	2,174	771		1,200	2,945	4,145	1,159	2003	(j)
22520 Randolph Drive		Dulles, VA	—	3,200	8,187	(172	)	3,208	8,007	11,215	1,854	2004	(j)

22630 Dulles Summit Court	Dulles, VA	—	2,200	9,346	(820	)	2,206	8,520	10,726	2,194	2004	(j)
4201 Forbes Boulevard	Lanham, MD	—	356	1,823	15		375	1,819	2,194	479	2005	(j)
4370-4383 Lottsford Vista Road	Lanham, MD	—	279	1,358	95		296	1,436	1,732	385	2005	(j)
4400 Lottsford Vista Road	Lanham, MD	—	351	1,955	241		372	2,175	2,547	684	2005	(j)
4420 Lottsford Vista Road	Lanham, MD	—	539	2,196	26		568	2,193	2,761	653	2005	(j)
11204 McCormick Road	Hunt Valley, MD	—	1,017	3,132	170		1,038	3,281	4,319	1,331	2005	(j)
11110 Pepper Road	Hunt Valley, MD	—	918	2,529	281		938	2,790	3,728	1,152	2005	(j)
11100-11120 Gilroy Road	Hunt Valley, MD	—	901	1,455	166		919	1,603	2,522	657	2005	(j)
10709 Gilroy Road	Hunt Valley, MD	1,982	913	2,705	(143	)	913	2,562	3,475	1,314	2005	(j)
10707 Gilroy Road	Hunt Valley, MD	—	1,111	3,819	502		1,136	4,296	5,432	1,715	2005	(j)
38 Loveton Circle	Sparks, MD	—	1,648	2,151	(241	)	1,690	1,868	3,558	803	2005	(j)
1225 Bengies Road	Baltimore, MD	—	2,640	270	14,057		2,823	14,144	16,967	3,866	2008	(j)
400 Old Post Road	Aberdeen, MD	—	3,411	17,144	9		3,411	17,153	20,564	171	2015	(j)
500 Old Post Road	Aberdeen, MD	—	5,959	30,533	—		5,959	30,533	36,492	302	2015	(j)
Central Pennsylvania
1214-B Freedom Road	Cranberry Township, PA	1,061	31	994	613		200	1,438	1,638	1,239	1994	(j)
401 Russell Drive	Middletown, PA	—	262	857	1,705		287	2,537	2,824	1,990	1994	(j)
2700 Commerce Drive	Middletown, PA	—	196	997	935		206	1,922	2,128	1,507	1994	(j)
2701 Commerce Drive	Middletown, PA	1,505	141	859	1,321		164	2,157	2,321	1,473	1994	(j)
2780 Commerce Drive	Middletown, PA	1,287	113	743	1,130		209	1,777	1,986	1,409	1994	(j)
350 Old Silver Spring Road	Mechanicsburg, PA	—	510	2,890	7,043		541	9,902	10,443	4,362	1997	(j)
16522 Hunters Green Parkway	Hagerstown, MD	12,441	1,390	13,104	4,237		1,863	16,868	18,731	4,549	2003	(j)
18212 Shawley Drive	Hagerstown, MD	5,282	1,000	5,847	1,301		1,016	7,132	8,148	1,886	2004	(j)
37 Valley View Drive	Jessup, PA	2,318	542	—	3,033		532	3,043	3,575	829	2004	(j)
301 Railroad Avenue	Shiremanstown, PA	—	1,181	4,447	3,262		1,328	7,562	8,890	3,579	2005	(j)
431 Railroad Avenue	Shiremanstown, PA	6,631	1,293	7,164	1,960		1,341	9,076	10,417	3,952	2005	(j)
6951 Allentown Blvd	Harrisburg, PA	—	585	3,176	336		601	3,496	4,097	1,355	2005	(j)
320 Reliance Road	Washington, PA	—	201	1,819	(348	)	178	1,494	1,672	741	2005	(j)
1351 Eisenhower Blvd., Bldg. 1	Harrisburg, PA	—	382	2,343	(64	)	387	2,274	2,661	817	2006	(j)
1351 Eisenhower Blvd., Bldg. 2	Harrisburg, PA	—	436	1,587	64		443	1,644	2,087	689	2006	(j)
1490 Dennison Circle	Carlisle, PA	—	1,500	—	14,185		2,341	13,344	15,685	3,398	2008	(j)
298 First Avenue	Covington Twp, PA	—	7,022	—	57,272		7,019	57,275	64,294	10,584	2008	(j)
225 Cross Farm Lane	York, PA	18,075	4,718	—	23,163		4,715	23,166	27,881	4,783	2008	(j)
105 Steamboat Blvd	Manchester, PA	—	4,085	14,464	1		4,070	14,480	18,550	2,284	2012	(j)
20 Leo Lane	York County, PA	—	6,884	—	26,647		6,889	26,642	33,531	1,366	2013	(j)
Chicago
720-730 Landwehr Drive	Northbrook, IL	—	521	2,982	799		521	3,781	4,302	1,851	1994	(j)
1385 101st Street	Lemont, IL	3,813	967	5,554	1,745		968	7,298	8,266	3,604	1994	(j)
585 Slawin Court	Mount Prospect, IL	—	611	3,505	(50	)	525	3,541	4,066	1,713	1994	(j)
2300 Windsor Court	Addison, IL	3,689	688	3,943	1,060		696	4,995	5,691	2,698	1994	(j)
305-311 Era Drive	Northbrook, IL	—	200	1,154	1,315		205	2,464	2,669	936	1994	(j)
365 North Avenue	Carol Stream, IL	5,620	1,042	6,882	1,244		1,073	8,095	9,168	4,081	1994	(j)
800 Business Drive	Mount Prospect, IL	—	631	3,493	328		666	3,786	4,452	1,426	2000	(j)

580 Slawin Court	Mount Prospect, IL	774	233	1,292	(37	)	162	1,326	1,488	597	2000	(j)
1005 101st Street	Lemont, IL	5,358	1,200	6,643	1,550		1,220	8,173	9,393	2,953	2001	(j)
175 Wall Street	Glendale Heights, IL	1,363	427	2,363	165		433	2,522	2,955	940	2002	(j)
800-820 Thorndale Avenue	Bensenville, IL	—	751	4,159	785		761	4,934	5,695	1,522	2002	(j)
251 Airport Road	North Aurora, IL	4,816	983	—	6,873		983	6,873	7,856	2,431	2002	(j)
1661 Feehanville Drive	Mount Prospect, IL	—	985	5,455	3,346		1,044	8,742	9,786	3,389	2004	(j)
400 Crossroads Pkwy	Bolingbrook, IL	5,356	1,178	9,453	928		1,181	10,378	11,559	3,419	2005	(j)
7609 W. Industrial Drive	Forest Park, IL	—	1,207	2,343	131		1,213	2,468	3,681	1,171	2005	(j)
7801 W. Industrial Drive	Forest Park, IL	—	1,215	3,020	896		1,220	3,911	5,131	1,384	2005	(j)
825 E. 26th Street	LaGrange, IL	—	1,547	2,078	2,378		1,617	4,386	6,003	2,331	2005	(j)
725 Kimberly Drive	Carol Stream, IL	—	793	1,395	223		801	1,610	2,411	658	2005	(j)
17001 S. Vincennes	Thornton, IL	—	497	504	3		513	491	1,004	380	2005	(j)
2900 W. 166th Street	Markham, IL	—	1,132	4,293	(881	)	1,134	3,410	4,544	924	2007	(j)
555 W. Algonquin Road	Arlington Heights, IL	2,005	574	741	1,936		579	2,672	3,251	799	2007	(j)
1501 Oakton Street	Elk Grove Village, IL	6,240	3,369	6,121	434		3,482	6,442	9,924	1,802	2008	(j)
16500 W. 103rd Street	Woodridge, IL	2,493	744	2,458	379		762	2,819	3,581	1,018	2008	(j)
8505 50th Street	Kenosha, WI	—	3,212	—	32,956		3,212	32,956	36,168	5,909	2008	(j)
4100 Rock Creek Blvd	Joliet, IL	—	4,476	16,061	818		4,476	16,879	21,355	1,865	2013	(j)
10100 58th Place	Kenosha, WI	—	4,201	17,604	1,446		4,201	19,050	23,251	2,593	2013	(j)
401 Airport Road	North Aurora, IL	—	534	1,957	—		534	1,957	2,491	135	2014	(j)
Cincinnati
9900-9970 Princeton	Cincinnati, OH	—	545	3,088	1,874		566	4,941	5,507	2,275	1996	(j)
4700-4750 Creek Road	Blue Ash, OH	—	1,080	6,118	1,373		1,109	7,462	8,571	3,482	1996	(j)
4436 Muhlhauser Road	Hamilton, OH	3,843	630	—	5,299		630	5,299	5,929	1,711	2002	(j)
4438 Muhlhauser Road	Hamilton, OH	4,635	779	—	6,503		779	6,503	7,282	2,251	2002	(j)
420 Wards Corner Road	Loveland, OH	—	600	1,083	777		606	1,854	2,460	664	2003	(j)
422 Wards Corner Road	Loveland, OH	—	600	1,811	187		592	2,006	2,598	654	2003	(j)
4663 Dues Drive	Westchester, OH	—	858	2,273	626		875	2,882	3,757	2,515	2005	(j)
9345 Princeton-Glendale Road	Westchester, OH	1,371	818	1,648	380		840	2,006	2,846	1,243	2006	(j)
9525 Glades Drive	Westchester, OH	—	347	1,323	(27	)	355	1,288	1,643	469	2007	(j)
9774-9792 Windisch Road	Westchester, OH	—	392	1,744	119		394	1,861	2,255	665	2007	(j)
9808-9830 Windisch Road	Westchester, OH	—	395	2,541	137		397	2,676	3,073	716	2007	(j)
9842-9862 Windisch Road	Westchester, OH	—	506	3,148	130		508	3,276	3,784	843	2007	(j)
9872-9898 Windisch Road	Westchester, OH	—	546	3,039	126		548	3,163	3,711	900	2007	(j)
9902-9922 Windisch Road	Westchester, OH	—	623	4,003	788		627	4,787	5,414	1,779	2007	(j)
Cleveland
30311 Emerald Valley Parkway	Glenwillow, OH	8,229	681	11,838	905		691	12,733	13,424	4,336	2006	(j)
30333 Emerald Valley Parkway	Glenwillow, OH	3,984	466	5,447	54		475	5,492	5,967	2,109	2006	(j)
7800 Cochran Road	Glenwillow, OH	3,804	972	7,033	243		991	7,257	8,248	2,419	2006	(j)
7900 Cochran Road	Glenwillow, OH	4,544	775	6,244	284		792	6,511	7,303	2,164	2006	(j)
7905 Cochran Road	Glenwillow, OH	4,468	920	6,174	738		922	6,910	7,832	2,535	2006	(j)
30600 Carter Street	Solon, OH	—	989	3,042	930		1,022	3,939	4,961	2,846	2006	(j)
8181 Darrow Road	Twinsburg, OH	7,332	2,478	6,791	2,040		2,496	8,813	11,309	3,899	2008	(j)

Dallas
2406-2416 Walnut Ridge		Dallas, TX	—	178	1,006	573		172	1,585	1,757	601	1997	(j)
2401-2419 Walnut Ridge		Dallas, TX	—	148	839	416		142	1,261	1,403	485	1997	(j)
900-906 Great Southwest Pkwy		Arlington, TX	—	237	1,342	625		270	1,934	2,204	895	1997	(j)
3000 West Commerce		Dallas, TX	—	456	2,584	1,303		469	3,874	4,343	1,656	1997	(j)
3030 Hansboro		Dallas, TX	—	266	1,510	(664	)	87	1,025	1,112	657	1997	(j)
405-407 113th		Arlington, TX	—	181	1,026	528		185	1,550	1,735	681	1997	(j)
816 111th Street		Arlington, TX	800	251	1,421	131		258	1,545	1,803	674	1997	(j)
7427 Dogwood Park		Richland Hills, TX	—	96	532	316		102	842	944	324	1998	(j)
7348-54 Tower Street		Richland Hills, TX	—	88	489	213		94	696	790	290	1998	(j)
7339-41 Tower Street		Richland Hills, TX	—	98	541	180		104	715	819	287	1998	(j)
7437-45 Tower Street		Richland Hills, TX	—	102	563	291		108	848	956	331	1998	(j)
7331-59 Airport Freeway		Richland Hills, TX	1,871	354	1,958	573		372	2,513	2,885	988	1998	(j)
7338-60 Dogwood Park		Richland Hills, TX	—	106	587	240		112	821	933	310	1998	(j)
7450-70 Dogwood Park		Richland Hills, TX	—	106	584	156		112	734	846	289	1998	(j)
7423-49 Airport Freeway		Richland Hills, TX	1,547	293	1,621	472		308	2,078	2,386	812	1998	(j)
7400 Whitehall Street		Richland Hills, TX	—	109	603	95		115	692	807	284	1998	(j)
1602-1654 Terre Colony		Dallas, TX	1,733	458	2,596	849		468	3,435	3,903	1,253	2000	(j)
2351-2355 Merritt Drive		Garland, TX	—	101	574	105		93	687	780	268	2000	(j)
2220 Merritt Drive		Garland, TX	—	352	1,993	266		316	2,295	2,611	721	2000	(j)
2010 Merritt Drive		Garland, TX	—	350	1,981	54		318	2,067	2,385	720	2000	(j)
2363 Merritt Drive		Garland, TX	—	73	412	(7	)	48	430	478	175	2000	(j)
2447 Merritt Drive		Garland, TX	—	70	395	(164	)	25	276	301	168	2000	(j)
2465-2475 Merritt Drive		Garland, TX	—	91	514	16		73	548	621	221	2000	(j)
2485-2505 Merritt Drive		Garland, TX	—	431	2,440	684		440	3,115	3,555	1,209	2000	(j)
2110 Hutton Drive		Carrolton, TX	—	374	2,117	120		255	2,356	2,611	969	2001	(j)
2025 McKenzie Drive		Carrolton, TX	1,495	437	2,478	452		442	2,925	3,367	968	2001	(j)
2019 McKenzie Drive		Carrolton, TX	1,654	502	2,843	380		507	3,218	3,725	1,216	2001	(j)
2029-2035 McKenzie Drive		Carrolton, TX	1,535	306	1,870	236		306	2,106	2,412	807	2001	(j)
2015 McKenzie Drive		Carrolton, TX	2,360	510	2,891	450		516	3,335	3,851	1,194	2001	(j)
2009 McKenzie Drive		Carrolton, TX	2,284	476	2,699	551		481	3,245	3,726	1,240	2001	(j)
900-1100 Avenue S		Grand Prairie, TX	2,277	623	3,528	978		629	4,500	5,129	1,389	2002	(j)
Plano Crossing	(f)	Plano, TX	8,665	1,961	11,112	1,062		1,981	12,154	14,135	4,060	2002	(j)
7413A-C Dogwood Park		Richland Hills, TX	—	110	623	245		111	867	978	303	2002	(j)
7450 Tower Street		Richland Hills, TX	—	36	204	112		36	316	352	123	2002	(j)
7436 Tower Street		Richland Hills, TX	—	57	324	196		58	519	577	203	2002	(j)
7426 Tower Street		Richland Hills, TX	—	76	429	186		76	615	691	180	2002	(j)
7427-7429 Tower Street		Richland Hills, TX	—	75	427	163		76	589	665	250	2002	(j)
2840-2842 Handley Ederville Road		Richland Hills, TX	—	112	635	58		113	692	805	225	2002	(j)
7451-7477 Airport Freeway		Richland Hills, TX	1,392	256	1,453	439		259	1,889	2,148	636	2002	(j)
7450 Whitehall Street		Richland Hills, TX	—	104	591	339		105	929	1,034	277	2002	(j)
3000 Wesley Way		Richland Hills, TX	—	208	1,181	18		211	1,196	1,407	397	2002	(j)
7451 Dogwood Park		Richland Hills, TX	681	133	753	184		134	936	1,070	293	2002	(j)

825-827 Avenue H	(d)	Arlington, TX	2,108	600	3,006	89		604	3,091	3,695	1,355	2004	(j)
1013-31 Avenue M		Grand Prairie, TX	—	300	1,504	263		302	1,765	2,067	638	2004	(j)
1172-84 113th Street	(d)	Grand Prairie, TX	1,884	700	3,509	34		704	3,539	4,243	1,093	2004	(j)
1200-16 Avenue H	(d)	Arlington, TX	1,685	600	2,846	348		604	3,190	3,794	1,044	2004	(j)
1322-66 W. North Carrier Parkway	(e)	Grand Prairie, TX	4,004	1,000	5,012	1,007		1,006	6,013	7,019	2,035	2004	(j)
2401-2407 Centennial Drive		Arlington, TX	2,048	600	2,534	(2	)	604	2,528	3,132	1,098	2004	(j)
3111 West Commerce Street		Dallas, TX	3,487	1,000	3,364	1,749		1,011	5,102	6,113	1,668	2004	(j)
13800 Senlac Drive		Farmers Branch, TX	2,728	823	4,042	(83	)	825	3,957	4,782	1,471	2005	(j)
801-831 S Great Southwest Pkwy	(g)	Grand Prairie, TX	—	2,581	16,556	147		2,586	16,698	19,284	8,597	2005	(j)
801 Heinz Way		Grand Prairie, TX	2,749	599	3,327	315		601	3,640	4,241	1,510	2005	(j)
901-937 Heinz Way		Grand Prairie, TX	2,139	493	2,758	48		481	2,818	3,299	1,233	2005	(j)
3301 Century Circle		Irving, TX	2,045	760	3,856	(10	)	771	3,835	4,606	988	2007	(j)
3901 W Miller Road		Garland, TX	—	1,912	—	15,493		1,947	15,458	17,405	3,591	2008	(j)
1251 North Cockrell Hill Road		Dallas, TX	—	2,064	—	13,463		1,072	14,455	15,527	260	2015	(j)
1171 North Cockrell Hill Road		Dallas, TX	—	1,215	—	9,541		632	10,124	10,756	146	2015	(j)
3996 Scientific Drive		Arlington, TX	—	1,301	—	7,344		1,349	7,296	8,645	82	2015	(j)
750 Gateway Blvd		Coppell, TX	—	1,452	4,679	—		1,452	4,679	6,131	41	2015	(j)
Denver
4785 Elati		Denver, CO	—	173	981	202		175	1,181	1,356	517	1997	(j)
4770 Fox Street		Denver, CO	—	132	750	263		134	1,011	1,145	398	1997	(j)
3851-3871 Revere		Denver, CO	1,279	361	2,047	473		368	2,513	2,881	1,063	1997	(j)
4570 Ivy Street		Denver, CO	—	219	1,239	279		220	1,517	1,737	716	1997	(j)
5855 Stapleton Drive North		Denver, CO	—	288	1,630	250		290	1,878	2,168	848	1997	(j)
5885 Stapleton Drive North		Denver, CO	—	376	2,129	324		380	2,449	2,829	1,069	1997	(j)
5977 North Broadway		Denver, CO	1,521	268	1,518	561		271	2,076	2,347	857	1997	(j)
5952-5978 North Broadway		Denver, CO	2,264	414	2,346	732		422	3,070	3,492	1,346	1997	(j)
4721 Ironton Street		Denver, CO	—	232	1,313	317		236	1,626	1,862	703	1997	(j)
7003 E 47th Ave Drive		Denver, CO	—	441	2,689	27		441	2,716	3,157	1,233	1997	(j)
9500 West 49th Street - A		Wheatridge, CO	1,247	283	1,625	126		287	1,747	2,034	831	1997	(j)
9500 West 49th Street - B		Wheatridge, CO	1,043	225	1,272	205		227	1,475	1,702	653	1997	(j)
9500 West 49th Street - C		Wheatridge, CO	2,591	600	3,409	217		601	3,625	4,226	1,580	1997	(j)
9500 West 49th Street - D		Wheatridge, CO	1,349	246	1,537	417		247	1,953	2,200	939	1997	(j)
451-591 East 124th Avenue		Thornton, CO	—	383	2,145	498		383	2,643	3,026	1,194	1997	(j)
15000 West 6th Avenue		Golden, CO	—	913	5,174	848		918	6,017	6,935	2,765	1997	(j)
14998 West 6th Avenue Bldg E		Golden, CO	—	565	3,199	429		570	3,623	4,193	1,610	1997	(j)
14998 West 6th Avenue Bldg F		Golden, CO	—	269	1,525	101		273	1,622	1,895	746	1997	(j)
6547 South Racine Circle		Centennial, CO	2,717	739	4,241	241		739	4,482	5,221	1,998	1997	(j)
11701 East 53rd Avenue		Denver, CO	—	416	2,355	434		422	2,783	3,205	1,252	1997	(j)
5401 Oswego		Denver, CO	—	273	1,547	343		278	1,885	2,163	878	1997	(j)
14818 West 6th Avenue Bldg A		Golden, CO	—	468	2,799	287		468	3,086	3,554	1,372	1997	(j)
14828 West 6th Avenue Bldg B		Golden, CO	—	503	2,942	378		503	3,320	3,823	1,464	1997	(j)
445 Bryant Street		Denver, CO	6,684	1,829	10,219	3,007		1,829	13,226	15,055	5,803	1998	(j)
3811 Joliet		Denver, CO	—	735	4,166	558		752	4,707	5,459	2,049	1998	(j)

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2015

				(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/15				Year Acquired/ Constructed	Depreciable Lives (Years)
Building Address		Location (City/State)	(a) Encumbrances	Land	Buildings and Improvements			Land	Buildings and Improvements	Total	Accumulated Depreciation 12/31/2015
12055 E 49th Ave/4955 Peoria		Denver, CO	—	298	1,688	535		305	2,216	2,521	981	1998	(j)
4940-4950 Paris		Denver, CO	—	152	861	285		156	1,142	1,298	511	1998	(j)
4970 Paris		Denver, CO	—	95	537	101		97	636	733	272	1998	(j)
7367 South Revere Parkway		Centennial, CO	3,062	926	5,124	846		934	5,962	6,896	2,574	1998	(j)
8200 East Park Meadows Drive	(d)	Lone Tree, CO	5,590	1,297	7,348	1,155		1,304	8,496	9,800	3,282	2000	(j)
3250 Quentin Street	(d)	Aurora, CO	5,104	1,220	6,911	817		1,230	7,718	8,948	2,933	2000	(j)
Highpoint Bus Ctr B		Littleton, CO	—	739	—	3,310		781	3,268	4,049	1,087	2000	(j)
1130 W. 124th Avenue		Westminster, CO	—	441	—	3,225		441	3,225	3,666	1,164	2000	(j)
1070 W. 124th Avenue		Westminster, CO	—	374	—	2,711		374	2,711	3,085	975	2000	(j)
1020 W. 124th Avenue		Westminster, CO	—	374	—	2,799		374	2,799	3,173	1,049	2000	(j)
8810 W. 116th Circle		Broomfield, CO	—	312	—	1,645		370	1,587	1,957	507	2001	(j)
960 W. 124th Avenue		Westminster, CO	—	441	—	3,508		442	3,507	3,949	1,336	2001	(j)
8820 W. 116th Circle		Broomfield, CO	—	338	1,918	386		372	2,270	2,642	732	2003	(j)
8835 W. 116th Circle		Broomfield, CO	—	1,151	6,523	1,182		1,304	7,552	8,856	2,487	2003	(j)
18150 E. 32nd Place		Aurora, CO	1,744	563	3,188	177		572	3,356	3,928	1,162	2004	(j)
3400 Fraser Street		Aurora, CO	2,117	616	3,593	(142	)	620	3,447	4,067	1,120	2005	(j)
7005 E. 46th Avenue Drive		Denver, CO	1,337	512	2,025	32		517	2,052	2,569	757	2005	(j)
4001 Salazar Way		Frederick, CO	—	1,271	6,508	(773	)	1,276	5,730	7,006	1,511	2006	(j)
5909-5915 N. Broadway		Denver, CO	854	495	1,268	107		500	1,370	1,870	639	2006	(j)
Detroit
47461 Clipper		Plymouth Township, MI	—	122	723	54		122	777	899	431	1994	(j)
449 Executive Drive		Troy, MI	—	125	425	1,066		218	1,398	1,616	1,293	1994	(j)
501 Executive Drive		Troy, MI	—	71	236	678		129	856	985	692	1994	(j)
451 Robbins Drive		Troy, MI	—	96	448	934		192	1,286	1,478	1,103	1994	(j)
1416 Meijer Drive		Troy, MI	—	94	394	399		121	766	887	708	1994	(j)
1624 Meijer Drive		Troy, MI	—	236	1,406	1,093		373	2,362	2,735	2,123	1994	(j)
1972 Meijer Drive		Troy, MI	—	315	1,301	787		372	2,031	2,403	1,623	1994	(j)
1707 Northwood Drive		Troy, MI	—	95	262	1,724		239	1,842	2,081	1,532	1994	(j)
1788 Northwood Drive		Troy, MI	—	50	196	483		103	626	729	569	1994	(j)
1826 Northwood Drive		Troy, MI	—	55	208	472		103	632	735	559	1994	(j)
1864 Northwood Drive		Troy, MI	—	57	190	489		107	629	736	575	1994	(j)
2451 Elliott Avenue		Troy, MI	—	78	319	733		164	966	1,130	798	1994	(j)
2730 Research Drive		Rochester Hills, MI	—	903	4,215	829		903	5,044	5,947	4,246	1994	(j)
2791 Research Drive		Rochester Hills, MI	—	557	2,731	1,018		560	3,746	4,306	2,722	1994	(j)

2871 Research Drive		Rochester Hills, MI	—	324	1,487	403		327	1,887	2,214	1,449	1994	(j)
3011 Research Drive		Rochester Hills, MI	—	457	2,104	492		457	2,596	3,053	2,178	1994	(j)
2870 Technology Drive		Rochester Hills, MI	—	275	1,262	356		279	1,614	1,893	1,331	1994	(j)
2900 Technology Drive		Rochester Hills, MI	—	214	977	513		219	1,485	1,704	1,011	1994	(j)
2930 Technology Drive		Rochester Hills, MI	—	131	594	435		138	1,022	1,160	731	1994	(j)
2950 Technology Drive		Rochester Hills, MI	—	178	819	368		185	1,180	1,365	848	1994	(j)
23014 Commerce Drive		Farmington Hills, MI	—	39	203	189		56	375	431	337	1994	(j)
23028 Commerce Drive		Farmington Hills, MI	—	98	507	278		125	758	883	709	1994	(j)
23035 Commerce Drive		Farmington Hills, MI	—	71	355	237		93	570	663	531	1994	(j)
23042 Commerce Drive		Farmington Hills, MI	—	67	277	273		89	528	617	501	1994	(j)
23065 Commerce Drive		Farmington Hills, MI	—	71	408	338		93	724	817	620	1994	(j)
23079 Commerce Drive		Farmington Hills, MI	—	68	301	330		79	620	699	537	1994	(j)
23093 Commerce Drive		Farmington Hills, MI	—	211	1,024	1,337		295	2,277	2,572	1,808	1994	(j)
23135 Commerce Drive		Farmington Hills, MI	—	146	701	310		158	999	1,157	861	1994	(j)
23163 Commerce Drive		Farmington Hills, MI	—	111	513	396		138	882	1,020	734	1994	(j)
23177 Commerce Drive		Farmington Hills, MI	—	175	1,007	677		254	1,605	1,859	1,344	1994	(j)
23206 Commerce Drive		Farmington Hills, MI	—	125	531	367		137	886	1,023	763	1994	(j)
23370 Commerce Drive		Farmington Hills, MI	—	59	233	209		66	435	501	375	1994	(j)
1451 East Lincoln Avenue		Madison Heights, MI	—	299	1,703	(179	)	148	1,675	1,823	907	1995	(j)
4400 Purks Drive		Auburn Hills, MI	—	602	3,410	3,305		612	6,705	7,317	3,225	1995	(j)
32450 N Avis Drive		Madison Heights, MI	—	281	1,590	342		286	1,927	2,213	914	1996	(j)
12707 Eckles Road		Plymouth Township, MI	—	255	1,445	220		267	1,653	1,920	770	1996	(j)
32975 Capitol Avenue		Livonia, MI	—	135	748	(166	)	77	640	717	334	1998	(j)
32920 Capitol Avenue		Livonia, MI	—	76	422	(62	)	27	409	436	237	1998	(j)
11923 Brookfield Avenue		Livonia, MI	—	120	665	(321	)	32	432	464	280	1998	(j)
450 Robbins Drive		Troy, MI	—	166	920	219		178	1,127	1,305	486	1998	(j)
12886 Westmore Avenue		Livonia, MI	—	190	1,050	(351	)	86	803	889	460	1998	(j)
47711 Clipper Street		Plymouth Township, MI	—	539	2,983	460		575	3,407	3,982	1,425	1998	(j)
32975 Industrial Road		Livonia, MI	—	160	887	(175	)	92	780	872	401	1998	(j)
32995 Industrial Road		Livonia, MI	—	160	887	(414	)	53	580	633	364	1998	(j)
12874 Westmore Avenue		Livonia, MI	—	137	761	(302	)	58	538	596	311	1998	(j)
1775 Bellingham		Troy, MI	—	344	1,902	329		367	2,208	2,575	951	1998	(j)
1785 East Maple		Troy, MI	—	92	507	200		98	701	799	278	1998	(j)
980 Chicago		Troy, MI	—	206	1,141	333		220	1,460	1,680	579	1998	(j)
1885 Enterprise Drive		Rochester Hills, MI	—	209	1,158	589		223	1,733	1,956	656	1998	(j)
1935-55 Enterprise Drive		Rochester Hills, MI	—	1,285	7,144	1,258		1,371	8,316	9,687	3,451	1998	(j)
5500 Enterprise Court		Warren, MI	—	675	3,737	750		721	4,441	5,162	1,867	1998	(j)
750 Chicago Road		Troy, MI	—	323	1,790	392		345	2,160	2,505	936	1998	(j)
800 Chicago Road		Troy, MI	—	283	1,567	380		302	1,928	2,230	812	1998	(j)
850 Chicago Road		Troy, MI	—	183	1,016	218		196	1,221	1,417	524	1998	(j)
1100 East Mandoline Road		Madison Heights, MI	—	888	4,915	(1,243	)	332	4,228	4,560	2,545	1998	(j)
1080, 1120, 1180 John Papalas Drive	(e)	Lincoln Park, MI	—	366	3,241	627		297	3,937	4,234	2,080	1998	(j)
4872 S. Lapeer Road		Lake Orion Twsp, MI	—	1,342	5,441	1,214		1,412	6,585	7,997	2,869	1999	(j)

1400 Allen Drive		Troy, MI	—	209	1,154	380		212	1,531	1,743	500	2000	(j)
1408 Allen Drive		Troy, MI	—	151	834	121		153	953	1,106	347	2000	(j)
32505 Industrial Drive		Madison Heights, MI	—	345	1,910	107		351	2,011	2,362	745	2000	(j)
1799-1855 Northfield Drive	(d)	Rochester Hills, MI	—	481	2,665	364		490	3,020	3,510	1,153	2000	(j)
28435 Automation Blvd		Wixom, MI	—	621	—	3,664		628	3,657	4,285	1,011	2004	(j)
32200 North Avis Drive		Madison Heights, MI	—	503	3,367	(1,591	)	195	2,084	2,279	753	2005	(j)
100 Kay Industrial Drive		Orion Township, MI	—	677	2,018	177		685	2,187	2,872	987	2005	(j)
11800 Sears Drive		Livonia, MI	—	693	1,507	1,212		476	2,936	3,412	1,591	2005	(j)
1099 Chicago Road		Troy, MI	—	1,277	1,332	(1,134	)	303	1,172	1,475	506	2005	(j)
42555 Merrill Road		Sterling Heights, MI	—	1,080	2,300	3,487		1,090	5,777	6,867	2,223	2006	(j)
200 Northpointe Drive		Orion Township, MI	—	723	2,063	36		734	2,088	2,822	989	2006	(j)
Houston
3351 Rauch Street		Houston, TX	—	272	1,541	560		278	2,095	2,373	819	1997	(j)
3801-3851 Yale Street		Houston, TX	2,360	413	2,343	952		425	3,283	3,708	1,236	1997	(j)
3337-3347 Rauch Street		Houston, TX	—	227	1,287	440		233	1,721	1,954	696	1997	(j)
8505 North Loop East		Houston, TX	1,555	439	2,489	574		449	3,053	3,502	1,303	1997	(j)
4749-4799 Eastpark Drive		Houston, TX	2,342	594	3,368	1,313		611	4,664	5,275	2,034	1997	(j)
4851 Homestead Road		Houston, TX	2,958	491	2,782	1,552		504	4,321	4,825	1,852	1997	(j)
3365-3385 Rauch Street		Houston, TX	1,493	284	1,611	451		290	2,056	2,346	823	1997	(j)
5050 Campbell Road		Houston, TX	1,812	461	2,610	1,009		470	3,610	4,080	1,433	1997	(j)
4300 Pine Timbers		Houston, TX	2,291	489	2,769	758		499	3,517	4,016	1,594	1997	(j)
2500-2530 Fairway Park Drive		Houston, TX	3,161	766	4,342	2,011		792	6,327	7,119	2,565	1997	(j)
6550 Longpointe		Houston, TX	1,508	362	2,050	985		370	3,027	3,397	1,193	1997	(j)
1815 Turning Basin Drive		Houston, TX	2,056	487	2,761	1,384		531	4,101	4,632	1,598	1997	(j)
1819 Turning Basin Drive		Houston, TX	—	231	1,308	872		251	2,160	2,411	827	1997	(j)
1805 Turning Basin Drive		Houston, TX	2,774	564	3,197	2,488		616	5,633	6,249	1,961	1997	(j)
9835A Genard Road		Houston, TX	—	1,505	8,333	3,308		1,581	11,565	13,146	4,301	1999	(j)
9835B Genard Road		Houston, TX	—	245	1,357	644		256	1,990	2,246	739	1999	(j)
11505 State Highway 225		La Porte, TX	—	940	4,675	606		940	5,281	6,221	2,036	2005	(j)
1500 East Main Street		La Porte, TX	—	201	1,328	(91	)	204	1,234	1,438	886	2005	(j)
7230-7238 Wynnwood		Houston, TX	—	254	764	176		259	935	1,194	407	2007	(j)
7240-7248 Wynnwood		Houston, TX	—	271	726	31		276	752	1,028	377	2007	(j)
7250-7260 Wynnwood		Houston, TX	—	200	481	166		203	644	847	265	2007	(j)
6400 Long Point		Houston, TX	—	188	898	174		188	1,072	1,260	340	2007	(j)
7967 Blankenship		Houston, TX	—	307	1,166	337		307	1,503	1,810	449	2010	(j)
8800 City Park Loop East		Houston, TX	—	3,717	19,237	(784	)	3,717	18,453	22,170	3,311	2011	(j)
4800 West Greens Road		Houston, TX	—	3,350	—	14,822		3,264	14,908	18,172	439	2014	(j)
611 East Sam Houston Parkway S		Pasadena, TX	—	1,970	7,755	1		1,970	7,756	9,726	—	2015	(j)
619 East Sam Houston Parkway S		Pasadena, TX	—	2,879	11,972	1		2,880	11,972	14,852	—	2015	(j)
Indianapolis
2900 North Shadeland Avenue		Indianapolis, IN	—	2,057	13,565	5,392		2,057	18,957	21,014	8,140	1996	(j)
1445 Brookville Way		Indianapolis, IN	—	459	2,603	1,076		476	3,662	4,138	1,612	1996	(j)
1440 Brookville Way		Indianapolis, IN	3,074	665	3,770	954		685	4,704	5,389	2,161	1996	(j)

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2015

			(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/15				Year Acquired/ Constructed	Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances	Land	Buildings and Improvements			Land	Buildings and Improvements	Total	Accumulated Depreciation 12/31/2015
		(In thousands)
1240 Brookville Way	Indianapolis, IN	—	247	1,402	373		258	1,764	2,022	833	1996	(j)
1345 Brookville Way	Indianapolis, IN	—	586	3,321	1,517		601	4,823	5,424	2,058	1996	(j)
1350 Brookville Way	Indianapolis, IN	—	205	1,161	253		212	1,407	1,619	680	1996	(j)
1341 Sadlier Circle South	Indianapolis, IN	—	131	743	207		136	945	1,081	443	1996	(j)
1322-1438 Sadlier Circle East	Indianapolis, IN	—	145	822	291		152	1,106	1,258	521	1996	(j)
1327-1441 Sadlier Circle West	Indianapolis, IN	—	218	1,234	621		225	1,848	2,073	806	1996	(j)
1402-1430 Sadlier Circle West	Indianapolis, IN	—	165	934	390		171	1,318	1,489	621	1996	(j)
1504 Sadlier Circle South	Indianapolis, IN	—	219	1,238	(104	)	115	1,238	1,353	793	1996	(j)
1365-1367 Sadlier Way Circle East	Indianapolis, IN	—	121	688	194		91	912	1,003	436	1996	(j)
1352-1354 Sadlier Circle West	Indianapolis, IN	—	178	1,008	241		166	1,261	1,427	575	1996	(j)
1335 Sadlier Circle East	Indianapolis, IN	—	81	460	207		85	663	748	314	1996	(j)
1425 Sadlier Circle West	Indianapolis, IN	—	21	117	41		23	156	179	72	1996	(j)
6951 East 30th Street	Indianapolis, IN	—	256	1,449	229		265	1,669	1,934	800	1996	(j)
6701 East 30th Street	Indianapolis, IN	—	78	443	98		82	537	619	264	1996	(j)
6737 East 30th Street	Indianapolis, IN	1,848	385	2,181	283		398	2,451	2,849	1,154	1996	(j)
6555 East 30th Street	Indianapolis, IN	—	484	4,760	2,416		484	7,176	7,660	3,062	1996	(j)
7901 West 21st Street	Indianapolis, IN	—	1,048	6,027	328		1,048	6,355	7,403	2,808	1997	(j)
1225 Brookville Way	Indianapolis, IN	—	60	—	417		68	409	477	183	1997	(j)
6751 East 30th Street	Indianapolis, IN	2,544	728	2,837	359		741	3,183	3,924	1,393	1997	(j)
6575 East 30th Street	Indianapolis, IN	1,369	118	—	1,994		128	1,984	2,112	820	1998	(j)
6585 East 30th Street	Indianapolis, IN	2,214	196	—	3,219		196	3,219	3,415	1,365	1998	(j)
5705-97 Park Plaza Court	Indianapolis, IN	—	600	2,194	847		609	3,032	3,641	1,137	2003	(j)
9319-9341 Castlegate Drive	Indianapolis, IN	—	530	1,235	717		544	1,938	2,482	729	2003	(j)
1133 Northwest L Street	Richmond, IN	—	201	1,358	(143	)	208	1,208	1,416	711	2006	(j)
14425 Bergen Blvd	Noblesville, IN	—	647	—	3,693		743	3,597	4,340	759	2007	(j)
Miami
4700 NW 15th Avenue	Ft. Lauderdale, FL	—	908	1,883	132		912	2,011	2,923	714	2007	(j)
4710 NW 15th Avenue	Ft. Lauderdale, FL	—	830	2,722	62		834	2,780	3,614	683	2007	(j)
4720 NW 15th Avenue	Ft. Lauderdale, FL	—	937	2,455	335		942	2,785	3,727	820	2007	(j)
4740 NW 15th Avenue	Ft. Lauderdale, FL	—	1,107	3,111	17		1,112	3,123	4,235	779	2007	(j)
4750 NW 15th Avenue	Ft. Lauderdale, FL	—	947	3,079	412		951	3,487	4,438	897	2007	(j)
4800 NW 15th Avenue	Ft. Lauderdale, FL	—	1,092	3,308	179		1,097	3,482	4,579	880	2007	(j)
6891 NW 74th Street	Medley, FL	—	857	3,428	4,158		864	7,579	8,443	2,052	2007	(j)

12601 &12605 NW 115th Avenue	Medley, FL	—	2,316	—	449		762	2,003	2,765	333	2008	(j)
Milwaukee
N25 W23255 Paul Road	Pewaukee, WI	—	569	3,270	1,836		450	5,225	5,675	2,148	1994	(j)
5355 South Westridge Drive	New Berlin, WI	4,467	1,630	7,058	(105	)	1,646	6,937	8,583	1,804	2004	(j)
320-334 West Vogel Avenue	Milwaukee, WI	—	506	3,199	(110	)	508	3,087	3,595	1,625	2005	(j)
4950 South 6th Avenue	Milwaukee, WI	—	299	1,565	273		301	1,836	2,137	1,173	2005	(j)
17005 West Ryerson Road	New Berlin, WI	2,454	403	3,647	251		405	3,896	4,301	1,753	2005	(j)
W140 N9059 Lilly Road	Menomonee Falls, WI	—	343	1,153	106		366	1,236	1,602	455	2005	(j)
200 W. Vogel Avenue-Bldg B	Milwaukee, WI	—	301	2,150	62		302	2,211	2,513	1,135	2005	(j)
4921 S. 2nd Street	Milwaukee, WI	—	101	713	(276	)	58	480	538	262	2005	(j)
1500 Peebles Drive	Richland Center, WI	—	1,577	1,018	(441	)	1,528	626	2,154	561	2005	(j)
16600 West Glendale Avenue	New Berlin, WI	2,181	704	1,923	932		715	2,844	3,559	1,701	2006	(j)
2485 Commerce Drive	New Berlin, WI	1,306	483	1,516	131		491	1,639	2,130	852	2007	(j)
N58W15380 Shawn Circle	Menomonee Falls, WI	—	1,188	—	16,931		1,204	16,915	18,119	3,556	2008	(j)
Minneapolis/St. Paul
6201 West 111th Street	Bloomington, MN	2,931	1,358	8,622	13,466		1,519	21,927	23,446	11,841	1994	(j)
7101 Winnetka Avenue South	Brooklyn Park, MN	5,538	2,195	6,084	4,195		2,228	10,246	12,474	7,394	1994	(j)
9901 West 74th Street	Eden Prairie, MN	3,333	621	3,289	3,598		639	6,869	7,508	5,630	1994	(j)
1030 Lone Oak Road	Eagan, MN	2,407	456	2,703	767		456	3,470	3,926	1,722	1994	(j)
1060 Lone Oak Road	Eagan, MN	3,046	624	3,700	645		624	4,345	4,969	2,255	1994	(j)
5400 Nathan Lane	Plymouth, MN	2,684	749	4,461	835		757	5,288	6,045	2,640	1994	(j)
6655 Wedgewood Road	Maple Grove, MN	—	1,466	8,342	5,591		1,466	13,933	15,399	5,897	1994	(j)
10120 West 76th Street	Eden Prairie, MN	—	315	1,804	1,962		315	3,766	4,081	2,251	1995	(j)
12155 Nicollet Avenue	Burnsville, MN	—	286	—	1,957		288	1,955	2,243	868	1995	(j)
4100 Peavey Road	Chaska, MN	—	277	2,261	779		277	3,040	3,317	1,414	1996	(j)
7100-7198 Shady Oak Road	Eden Prairie, MN	4,324	715	4,054	2,284		736	6,317	7,053	2,698	1996	(j)
5240-5300 Valley Industrial Blvd	Shakopee, MN	2,087	362	2,049	1,248		371	3,288	3,659	1,328	1996	(j)
5775 12th Avenue	Shakopee, MN	2,995	590	—	4,661		590	4,661	5,251	1,549	1998	(j)
1157 Valley Park Drive	Shakopee, MN	4,161	760	—	7,234		888	7,106	7,994	2,617	1999	(j)
9600 West 76th Street	Eden Prairie, MN	2,025	1,000	2,450	60		1,034	2,476	3,510	666	2004	(j)
9700 West 76th Street	Eden Prairie, MN	2,914	1,000	2,709	727		1,038	3,398	4,436	1,136	2004	(j)
7600 69th Avenue	Greenfield, MN	—	1,500	8,328	(539	)	1,510	7,779	9,289	1,809	2004	(j)
5017 Boone Avenue North	New Hope, MN	—	1,000	1,599	153		1,009	1,743	2,752	913	2005	(j)
2300 West Highway 13	Burnsville, MN	—	2,517	6,069	(1,651	)	1,296	5,639	6,935	3,812	2005	(j)
1087 Park Place	Shakopee, MN	3,654	1,195	4,891	(246	)	1,198	4,642	5,840	1,225	2005	(j)
5391 12th Avenue SE	Shakopee, MN	4,138	1,392	8,149	(469	)	1,395	7,677	9,072	2,059	2005	(j)
4701 Valley Industrial Blvd S	Shakopee, MN	4,606	1,296	7,157	(378	)	1,299	6,776	8,075	2,748	2005	(j)
6455 City West Parkway	Eden Prairie, MN	—	659	3,189	955		665	4,138	4,803	1,249	2006	(j)
7035 Winnetka Avenue North	Brooklyn Park, MN	4,432	1,275	—	7,239		1,343	7,171	8,514	1,472	2007	(j)
139 Eva Street	St. Paul, MN	—	2,132	3,105	(286	)	2,175	2,776	4,951	649	2008	(j)
21900 Dodd Boulevard	Lakeville, MN	9,482	2,289	7,952	—		2,289	7,952	10,241	2,034	2010	(j)
375 Rivertown Drive	Woodbury, MN	7,000	2,635	8,157	48		2,635	8,205	10,840	815	2014	(j)
935 Aldrin Drive	Eagan, MN	5,524	2,096	7,884	(43	)	2,096	7,841	9,937	457	2014	(j)

7050 Winnetka Avenue North	Brooklyn Park, MN	—	1,623	—	7,228		1,634	7,217	8,851	197	2014	(j)
7051 West Broadway	Brooklyn Park, MN	—	1,275	—	5,828		1,279	5,824	7,103	155	2014	(j)
Nashville
1931 Air Lane Drive	Nashville, TN	2,179	489	2,785	280		493	3,061	3,554	1,362	1997	(j)
4640 Cummings Park	Nashville, TN	—	360	2,040	579		365	2,614	2,979	975	1999	(j)
1740 River Hills Drive	Nashville, TN	2,750	848	4,383	731		888	5,074	5,962	2,223	2005	(j)
211 Ellery Court	Nashville, TN	2,587	606	3,192	379		616	3,561	4,177	1,312	2007	(j)
130 Maddox Road	Mount Juliet, TN	16,422	1,778	—	23,554		1,778	23,554	25,332	4,080	2008	(j)
Northern New Jersey
14 World's Fair Drive	Franklin, NJ	—	483	2,735	773		503	3,488	3,991	1,533	1997	(j)
12 World's Fair Drive	Franklin, NJ	—	572	3,240	1,064		593	4,283	4,876	2,052	1997	(j)
22 World's Fair Drive	Franklin, NJ	—	364	2,064	491		375	2,544	2,919	1,055	1997	(j)
26 World's Fair Drive	Franklin, NJ	—	361	2,048	656		377	2,688	3,065	1,147	1997	(j)
24 World's Fair Drive	Franklin, NJ	—	347	1,968	573		362	2,526	2,888	1,121	1997	(j)
20 World's Fair Drive Lot 13	Sumerset, NJ	—	9	—	2,568		691	1,886	2,577	702	1999	(j)
45 Route 46	Pine Brook, NJ	—	969	5,491	928		978	6,410	7,388	2,443	2000	(j)
43 Route 46	Pine Brook, NJ	—	474	2,686	540		479	3,221	3,700	1,295	2000	(j)
39 Route 46	Pine Brook, NJ	—	260	1,471	292		262	1,761	2,023	632	2000	(j)
26 Chapin Road	Pine Brook, NJ	—	956	5,415	664		965	6,070	7,035	2,355	2000	(j)
30 Chapin Road	Pine Brook, NJ	—	960	5,440	524		969	5,955	6,924	2,256	2000	(j)
20 Hook Mountain Road	Pine Brook, NJ	—	1,507	8,542	2,997		1,534	11,512	13,046	5,062	2000	(j)
30 Hook Mountain Road	Pine Brook, NJ	—	389	2,206	526		396	2,725	3,121	1,058	2000	(j)
16 Chapin Road	Pine Brook, NJ	—	885	5,015	612		901	5,611	6,512	2,089	2000	(j)
20 Chapin Road	Pine Brook, NJ	—	1,134	6,426	602		1,154	7,008	8,162	2,580	2000	(j)
2500 Main Street	Sayreville, NJ	—	944	—	4,576		944	4,576	5,520	1,458	2002	(j)
2400 Main Street	Sayreville, NJ	—	996	—	5,494		996	5,494	6,490	1,611	2003	(j)
309-313 Pierce Street	Somerset, NJ	3,205	1,300	4,628	1,020		1,309	5,639	6,948	2,194	2004	(j)
Philadelphia
230-240 Welsh Pool Road	Exton, PA	—	154	851	355		170	1,190	1,360	468	1998	(j)
254 Welsh Pool Road	Exton, PA	—	75	418	206		91	608	699	270	1998	(j)
151-161 Philips Road	Exton, PA	—	191	1,059	378		229	1,399	1,628	597	1998	(j)
216 Philips Road	Exton, PA	—	199	1,100	331		220	1,410	1,630	592	1998	(j)
14 McFadden Road	Palmer, PA	—	600	1,349	(274	)	625	1,050	1,675	299	2004	(j)
2801 Red Lion Road	Philadelphia, PA	—	950	5,916	(51	)	964	5,851	6,815	2,450	2005	(j)
3240 South 78th Street	Philadelphia, PA	—	515	1,245	(514	)	423	823	1,246	252	2005	(j)
200 Cascade Drive, Bldg. 1	Allentown, PA	13,382	2,133	17,562	592		2,769	17,518	20,287	5,770	2007	(j)
200 Cascade Drive, Bldg. 2	Allentown, PA	1,826	310	2,268	178		316	2,440	2,756	789	2007	(j)
6300 Bristol Pike	Levittown, PA	—	1,074	2,642	(194	)	964	2,558	3,522	1,790	2008	(j)
2455 Boulevard of Generals	Norristown, PA	2,926	1,200	4,800	344		1,226	5,118	6,344	1,602	2008	(j)
3857 Nazareth Highway - Bldg. 1	Easton, PA	—	4,855	—	16,738		4,388	17,205	21,593	69	2015	(j)
3857 Nazareth Highway - Bldg. 2	Easton, PA	—	3,459	—	12,177		3,128	12,508	15,636	51	2015	(j)
Phoenix
1045 South Edward Drive	Tempe, AZ	—	390	2,160	360		396	2,514	2,910	969	1999	(j)

50 South 56th Street	Chandler, AZ	3,547	1,206	3,218	1,362		1,252	4,534	5,786	1,445	2004	(j)
4701 West Jefferson	Phoenix, AZ	2,453	926	2,195	243		929	2,435	3,364	1,364	2005	(j)
7102 West Roosevelt	Phoenix, AZ	4,806	1,613	6,451	360		1,620	6,804	8,424	2,486	2006	(j)
4137 West Adams Street	Phoenix, AZ	—	990	2,661	239		1,038	2,852	3,890	961	2006	(j)
245 West Lodge	Tempe, AZ	—	898	3,066	(2,009	)	362	1,593	1,955	667	2007	(j)
1590 East Riverview Dr.	Phoenix, AZ	4,965	1,293	5,950	417		1,292	6,368	7,660	1,620	2008	(j)
14131 N. Rio Vista Blvd	Peoria, AZ	—	2,563	9,388	404		2,563	9,792	12,355	2,394	2008	(j)
8716 W. Ludlow Drive	Peoria, AZ	—	2,709	10,970	811		2,709	11,781	14,490	2,658	2008	(j)
3815 W. Washington Street	Phoenix, AZ	3,446	1,675	4,514	149		1,719	4,619	6,338	1,105	2008	(j)
9180 W. Buckeye Road	Tolleson, AZ	7,239	1,904	6,805	2,665		1,923	9,451	11,374	1,989	2008	(j)
8644 West Ludlow Drive	Peoria, AZ	—	1,726	7,216	—		1,726	7,216	8,942	300	2014	(j)
8606 West Ludlow Drive	Peoria, AZ	—	956	2,668	75		956	2,743	3,699	116	2014	(j)
8679 West Ludlow Drive	Peoria, AZ	—	672	2,791	—		672	2,791	3,463	119	2014	(j)
94th Avenue & Buckeye Road	Tolleson, AZ	—	4,315	—	14,711		4,315	14,711	19,026	—	2015	(j)
Salt Lake City
1270 West 2320 South	West Valley, UT	—	138	784	161		143	940	1,083	391	1998	(j)
1275 West 2240 South	West Valley, UT	—	395	2,241	352		408	2,580	2,988	1,102	1998	(j)
1288 West 2240 South	West Valley, UT	—	119	672	139		123	807	930	346	1998	(j)
2235 South 1300 West	West Valley, UT	—	198	1,120	168		204	1,282	1,486	546	1998	(j)
1293 West 2200 South	West Valley, UT	—	158	896	304		163	1,195	1,358	533	1998	(j)
1279 West 2200 South	West Valley, UT	—	198	1,120	172		204	1,286	1,490	561	1998	(j)
1272 West 2240 South	West Valley, UT	—	336	1,905	410		347	2,304	2,651	1,042	1998	(j)
1149 West 2240 South	West Valley, UT	—	217	1,232	341		225	1,565	1,790	696	1998	(j)
1142 West 2320 South	West Valley, UT	—	217	1,232	300		225	1,524	1,749	626	1998	(j)
2323 South 900 W	Salt Lake City, UT	—	886	2,995	(3	)	898	2,980	3,878	1,578	2006	(j)
1815-1957 South 4650 West	Salt Lake City, UT	6,667	1,707	10,873	44		1,713	10,911	12,624	2,907	2006	(j)
2100 Alexander Street	West Valley, UT	—	376	1,670	387		376	2,057	2,433	622	2007	(j)
2064 Alexander Street	West Valley, UT	—	864	2,771	89		869	2,855	3,724	949	2007	(j)
Seattle
1901 Raymond Ave SW	Renton, WA	821	4,458	2,659	433		4,594	2,956	7,550	740	2008	(j)
19014 64th Avenue South	Kent, WA	2,992	1,990	3,979	518		2,042	4,445	6,487	1,328	2008	(j)
18640 68th Avenue South	Kent, WA	328	1,218	1,950	306		1,258	2,216	3,474	661	2008	(j)
Southern California
1944 Vista Bella Way	Rancho Dominguez, CA	3,057	1,746	3,148	465		1,822	3,537	5,359	1,439	2005	(j)
2000 Vista Bella Way	Rancho Dominguez, CA	1,283	817	1,673	292		853	1,929	2,782	821	2005	(j)
2835 East Ana Street	Rancho Dominguez, CA	2,968	1,682	2,750	409		1,772	3,069	4,841	1,139	2005	(j)
16275 Technology Drive	San Diego, CA	—	2,848	8,641	546		2,859	9,176	12,035	2,721	2005	(j)
665 N. Baldwin Park Blvd.	City of Industry, CA	4,132	2,124	5,219	1,614		2,143	6,814	8,957	2,810	2006	(j)
27801 Avenue Scott	Santa Clarita, CA	6,103	2,890	7,020	788		2,902	7,796	10,698	2,670	2006	(j)
2610 & 2660 Columbia Street	Torrance, CA	4,335	3,008	5,826	565		3,031	6,368	9,399	1,895	2006	(j)
433 Alaska Avenue	Torrance, CA	—	681	168	(5	)	684	160	844	97	2006	(j)
4020 S. Compton Avenue	Los Angeles, CA	—	3,800	7,330	(473	)	3,825	6,832	10,657	1,664	2006	(j)
6305 El Camino Real	Carlsbad, CA	—	1,590	6,360	7,730		1,590	14,090	15,680	3,874	2006	(j)

2325 Camino Vida Roble	Carlsbad, CA	1,918	1,441	1,239	646		1,446	1,880	3,326	536	2006	(j)
2335 Camino Vida Roble	Carlsbad, CA	980	817	762	121		821	879	1,700	311	2006	(j)
2345 Camino Vida Roble	Carlsbad, CA	574	562	456	(23	)	565	430	995	174	2006	(j)
2355 Camino Vida Roble	Carlsbad, CA	625	481	365	237		483	600	1,083	226	2006	(j)
2365 Camino Vida Roble	Carlsbad, CA	1,189	1,098	630	334		1,102	960	2,062	362	2006	(j)
2375 Camino Vida Roble	Carlsbad, CA	1,304	1,210	874	113		1,214	983	2,197	348	2006	(j)
6451 El Camino Real	Carlsbad, CA	—	2,885	1,931	642		2,895	2,563	5,458	929	2006	(j)
8572 Spectrum Lane	San Diego, CA	1,995	806	3,225	293		807	3,517	4,324	769	2007	(j)
13100 Gregg Street	Poway, CA	—	1,040	4,160	744		1,073	4,871	5,944	1,589	2007	(j)
21730-21748 Marilla Street	Chatsworth, CA	2,743	2,585	3,210	151		2,608	3,338	5,946	1,065	2007	(j)
8015 Paramount	Pico Rivera, CA	—	3,616	3,902	61		3,657	3,922	7,579	1,575	2007	(j)
3365 E. Slauson	Vernon, CA	—	2,367	3,243	40		2,396	3,254	5,650	1,377	2007	(j)
3015 East Ana	Rancho Dominguez, CA	—	19,678	9,321	6,305		20,144	15,160	35,304	3,987	2007	(j)
19067 Reyes Ave	Rancho Dominguez, CA	—	9,281	3,920	303		9,381	4,123	13,504	1,765	2007	(j)
24870 Nandina Avenue	Moreno Valley, CA	—	13,543	—	21,149		6,482	28,210	34,692	2,410	2012	(j)
1250 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,435	779	(56	)	1,441	717	2,158	281	2007	(j)
1260 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,353	722	(920	)	675	480	1,155	175	2007	(j)
1270 Rancho Conejo Blvd.	Thousand Oaks, CA	—	1,224	716	(65	)	1,229	646	1,875	262	2007	(j)
1280 Rancho Conejo Blvd.	Thousand Oaks, CA	2,729	2,043	3,408	(252	)	2,051	3,148	5,199	639	2007	(j)
1290 Rancho Conejo Blvd.	Thousand Oaks, CA	2,300	1,754	2,949	(332	)	1,761	2,610	4,371	544	2007	(j)
100 West Sinclair Street	Perris, CA	—	4,894	3,481	(5,233	)	1,819	1,323	3,142	585	2007	(j)
14050 Day Street	Moreno Valley, CA	3,479	2,538	2,538	291		2,565	2,801	5,366	891	2008	(j)
12925 Marlay Avenue	Fontana, CA	9,204	6,072	7,891	235		6,090	8,108	14,198	3,066	2008	(j)
18201-18291 Santa Fe	Rancho Dominguez, CA	10,193	6,720	—	9,004		6,897	8,827	15,724	1,892	2008	(j)
1011 Rancho Conejo	Thousand Oaks, CA	4,524	7,717	2,518	(427	)	7,752	2,055	9,807	755	2008	(j)
20700 Denker Avenue	Torrance, CA	5,533	5,767	2,538	1,289		5,964	3,631	9,595	1,667	2008	(j)
18408 Laurel Park Road	Rancho Dominguez, CA	—	2,850	2,850	722		2,874	3,548	6,422	1,023	2008	(j)
19021 S. Reyes Avenue	Rancho Dominguez, CA	—	8,183	7,501	234		8,545	7,373	15,918	1,226	2008	(j)
6185 Kimball Avenue	Chino, CA	—	6,385	—	12,343		6,382	12,346	18,728	1,294	2013	(j)
5553 Bandini Blvd.	Bell, CA	—	32,536	—	21,636		32,540	21,632	54,172	1,183	2013	(j)
16875 Heacock Street	Moreno Valley, CA	—	—	6,831	72		—	6,903	6,903	630	2014	(j)
4710 Guasti Road	Ontario, CA	6,018	2,846	6,564	—		2,846	6,564	9,410	287	2014	(j)
17100 Perris Blvd	Moreno Valley, CA	—	6,388	—	24,140		6,395	24,133	30,528	933	2014	(j)
13414 S. Figueroa	Los Angeles, CA	—	1,701	—	6,578		1,887	6,392	8,279	248	2014	(j)
3841 Ocean Ranch Boulevard	Oceanside, CA	—	4,400	—	7,591		4,400	7,591	11,991	—	2015	(j)
3831 Ocean Ranch Boulevard	Oceanside, CA	—	2,693	—	4,333		2,694	4,332	7,026	—	2015	(j)
3821 Ocean Ranch Boulevard	Oceanside, CA	—	2,792	—	4,162		2,792	4,162	6,954	—	2015	(j)
145 W. 134th	Los Angeles, CA	—	2,901	2,285	39		2,901	2,324	5,225	68	2015	(j)
6150 Sycamore Canyon Blvd.	Riverside, CA	—	3,182	10,643	—		3,182	10,643	13,825	206	2015	(j)
17825 Indian Street	Moreno Valley, CA	—	5,034	22,095	—		5,034	22,095	27,129	258	2015	(j)
Southern New Jersey
2060 Springdale Road	Cherry Hill, NJ	—	258	1,436	599		258	2,035	2,293	824	1998	(j)
111 Whittendale Drive	Morrestown, NJ	—	522	2,916	519		522	3,435	3,957	1,340	2000	(j)

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2015

				(b) Initial Cost		(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At Close of Period 12/31/15				Year Acquired/ Constructed	Depreciable Lives (Years)
Building Address		Location (City/State)	(a) Encumbrances	Land	Buildings and Improvements			Land	Buildings and Improvements	Total	Accumulated Depreciation 12/31/2015
			(In thousands)
7851 Airport Highway		Pennsauken, NJ	—	160	508	381		162	887	1,049	390	2003	(j)
103 Central Avenue		Mt. Laurel, NJ	—	610	1,847	1,617		619	3,455	4,074	1,260	2003	(j)
7890 Airport Hwy/7015 Central		Pennsauken, NJ	—	300	989	461		425	1,325	1,750	996	2006	(j)
St. Louis
8921-8971 Frost Avenue		Berkeley, MO	—	431	2,479	850		431	3,329	3,760	1,550	1994	(j)
9043-9083 Frost Avenue		Berkeley, MO	—	319	1,838	2,618		319	4,456	4,775	1,612	1994	(j)
10431 Midwest Industrial Blvd		Olivette, MO	1,542	237	1,360	781		237	2,141	2,378	978	1994	(j)
10751 Midwest Industrial Boulevard		Olivette, MO	—	193	1,119	303		194	1,421	1,615	626	1994	(j)
6951 N Hanley	(d)	Hazelwood, MO	—	405	2,295	2,520		419	4,801	5,220	1,915	1996	(j)
1067-1083 Warson-Bldg A		St. Louis, MO	1,385	246	1,359	823		251	2,177	2,428	628	2002	(j)
1093-1107 Warson-Bldg B		St. Louis, MO	2,471	380	2,103	1,850		388	3,945	4,333	1,159	2002	(j)
1113-1129 Warson-Bldg C		St. Louis, MO	1,950	303	1,680	1,436		310	3,109	3,419	1,252	2002	(j)
1131-1151 Warson-Bldg D		St. Louis, MO	1,905	353	1,952	1,034		360	2,979	3,339	833	2002	(j)
6821-6857 Hazelwood Avenue		Berkeley, MO	4,678	985	6,205	1,011		985	7,216	8,201	2,321	2003	(j)
13701 Rider Trail North		Earth City, MO	—	800	2,099	707		804	2,802	3,606	1,162	2003	(j)
1908-2000 Innerbelt	(d)	Overland, MO	7,182	1,590	9,026	1,336		1,591	10,361	11,952	4,216	2004	(j)
9060 Latty Avenue		Berkeley, MO	—	687	1,947	(82	)	694	1,858	2,552	1,645	2006	(j)
21-25 Gateway Commerce Center		Edwardsville, IL	—	1,874	31,958	(262	)	1,902	31,668	33,570	8,155	2006	(j)
6647 Romiss Court		St. Louis, MO	—	230	681	(8	)	241	662	903	280	2008	(j)
Tampa
5313 Johns Road		Tampa, FL	—	204	1,159	568		257	1,674	1,931	727	1997	(j)
5525 Johns Road		Tampa, FL	—	192	1,086	280		200	1,358	1,558	582	1997	(j)
5709 Johns Road		Tampa, FL	—	192	1,086	182		200	1,260	1,460	557	1997	(j)
5711 Johns Road		Tampa, FL	—	243	1,376	159		255	1,523	1,778	681	1997	(j)
5455 W Waters Avenue		Tampa, FL	—	307	1,742	755		326	2,478	2,804	1,161	1997	(j)
5553 W Waters Avenue		Tampa, FL	—	307	1,742	424		326	2,147	2,473	973	1997	(j)
5501 W Waters Avenue		Tampa, FL	—	215	871	251		242	1,095	1,337	476	1997	(j)
5503 W Waters Avenue		Tampa, FL	—	98	402	140		110	530	640	227	1997	(j)
5555 W Waters Avenue		Tampa, FL	—	213	1,206	214		221	1,412	1,633	603	1997	(j)
5557 W Waters Avenue		Tampa, FL	—	59	335	59		62	391	453	172	1997	(j)
5463 W Waters Avenue		Tampa, FL	—	497	2,751	637		560	3,325	3,885	1,447	1998	(j)
5461 W Waters Avenue		Tampa, FL	—	261	—	1,305		265	1,301	1,566	540	1998	(j)
5481 W Waters Avenue		Tampa, FL	—	558	—	2,276		561	2,273	2,834	891	1999	(j)

4515-4519 George Road		Tampa, FL	—		633		3,587		895			640		4,475		5,115		1,586		2001	(j)
6089 Johns Road		Tampa, FL	—		180		987		66			186		1,047		1,233		361		2004	(j)
6091 Johns Road		Tampa, FL	—		140		730		(4		)	144		722		866		242		2004	(j)
6103 Johns Road		Tampa, FL	—		220		1,160		82			226		1,236		1,462		447		2004	(j)
6201 Johns Road		Tampa, FL	—		200		1,107		(10		)	205		1,092		1,297		446		2004	(j)
6203 Johns Road		Tampa, FL	—		300		1,460		(306		)	311		1,143		1,454		395		2004	(j)
6205 Johns Road		Tampa, FL	—		270		1,363		154			278		1,509		1,787		500		2004	(j)
6101 Johns Road		Tampa, FL	—		210		833		95			216		922		1,138		347		2004	(j)
4908 Tampa West Blvd		Tampa, FL	—		2,622		8,643		(820		)	2,635		7,810		10,445		3,022		2005	(j)
7201-7281 Bryan Dairy Road	(d)	Largo, FL	—		1,895		5,408		(1,374		)	1,365		4,564		5,929		1,287		2006	(j)
4900-4914 Creekside Drive	(h)	Clearwater, FL	—		3,702		7,338		(3,566		)	2,245		5,229		7,474		1,592		2006	(j)
12345 Starkey Road		Largo, FL	—		898		2,078		(592		)	599		1,785		2,384		729		2006	(j)
Other
2250 Delaware Avenue		Des Moines, IA	—		277		1,609		(132		)	173		1,581		1,754		788		1998	(j)
6266 Hurt Road		Horn Lake, MS	—		427		—		3,721			387		3,761		4,148		930		2004	(j)
6301 Hazeltine National Drive		Orlando, FL	—		909		4,613		67			920		4,669		5,589		1,891		2005	(j)
12626 Silicon Drive		San Antonio, TX	—		768		3,448		(394		)	779		3,043		3,822		1,041		2005	(j)
3100 Pinson Valley Parkway		Birmingham, AL	—		303		742		(304		)	225		516		741		210		2005	(j)
3730 Wheeler Avenue		Fort Smith, AR	—		720		2,800		(589		)	583		2,348		2,931		917		2006	(j)
3200 Pond Station		Jefferson County, KY	—		2,074		—		9,681			2,120		9,635		11,755		2,099		2007	(j)
581 Welltown Road/Tyson Blvd		Winchester, VA	—		2,320		—		10,994			2,401		10,913		13,314		2,345		2007	(j)
7501 NW 106th Terrace		Kansas City, MO	11,555		4,152		—		13,673			4,228		13,597		17,825		2,450		2008	(j)
600 Greene Drive		Greenville, KY	—		294		8,570		(727		)	296		7,841		8,137		4,679		2008	(j)
Developments in Process
First San Michele Logistics Center		Moreno Valley, CA	—		1,274		—		3,179			1,274		3,179		4,453		—		2012	(j)
First Arlington Commerce Center II		Arlington. TX	—		1,603		—		2,859			1,603		2,859		4,462		—		2015	(j)
First Park 94 - Building I		Somers, WI	—		1,920		—		16,177			1,920		16,177		18,097		—		2015	(j)
First Park McDonough		McDonough, GA	—		2,501		—		94			2,501		94		2,595		—		2015	(j)
Land Parcels
Land Parcels	(i)		—		149,456		—		24,324			144,510		29,270		173,780		2,854
Total			$	564,955	$	764,387	$	1,639,778	$	893,484		$	747,125	$	2,550,524	$	3,297,649	$	792,501

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

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2015

NOTES:

(a) See description of encumbrances in Note 4 of the Notes to Consolidated Financial Statements. For purposes of this schedule the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property's carrying balance.

(b) Initial cost for each respective property is tangible purchase price allocated in accordance with FASB’s guidance on business combinations.

(c) Improvements are net of the write-off of fully depreciated assets and impairment of real estate and include construction in progress.

(d) Comprised of two properties.

(e) Comprised of three properties.

(f) Comprised of four properties.

(g) Comprised of five properties.

(h) Comprised of eight properties.

(i) These properties represent developable land and land parcels for which we receive ground lease income.

(j) Depreciation is computed based upon the following estimated lives:

Buildings and Improvements	7 to 50 years
Land Improvements	5 to 20 years
Tenant Improvements	Lease Term

At December 31, 2015, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $3.2 billion (excluding construction in progress).

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

	2015			2014			2013
	(In thousands)
Balance, Beginning of Year	$	3,183,369		$	3,119,547		$	3,130,942
Acquisition of Real Estate Assets	161,074			84,526			69,481
Construction Costs and Improvements	142,535			104,782			100,207
Disposition of Real Estate Assets	(162,636		)	(98,378		)	(142,369		)
Impairment of Real Estate	(626		)	—			(2,652		)
Write-off of Fully Depreciated Assets	(26,067		)	(27,108		)	(36,062		)
Balance, End of Year Including Real Estate Held for Sale	$	3,297,649		$	3,183,369		$	3,119,547
Real Estate Held for Sale	(3,681		)	—			—
Balance, End of Year Excluding Real Estate Held for Sale	$	3,293,968		$	3,183,369		$	3,119,547

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

	2015			2014			2013
	(In thousands)
Balance, Beginning of Year	$	786,978		$	748,044		$	735,593
Depreciation for Year	92,955			93,457			94,271
Disposition of Real Estate Assets	(61,365		)	(27,415		)	(45,758		)
Write-off of Fully Depreciated Assets	(26,067		)	(27,108		)	(36,062		)
Balance, End of Year Including Real Estate Held for Sale	$	792,501		$	786,978		$	748,044
Real Estate Held for Sale	(1,171		)	—			—
Balance, End of Year Excluding Real Estate Held for Sale	$	791,330		$	786,978		$	748,044

XML

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements at December 31, 2015 and 2014 and for each of the years ended December 31, 2015, 2014 and 2013 include the accounts and operating results of the Company and the Operating Partnership. Such financial statements present our noncontrolling equity interests in our Joint Ventures under the equity method of accounting. All intercompany transactions have been eliminated in consolidation.

Use of Estimates

Use of Estimates

In order to conform with generally accepted accounting principles, in preparation of our consolidated financial statements we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2015 and 2014, and the reported amounts of revenues and expenses for each of the years ended December 31, 2015, 2014 and 2013. Actual results could differ from those estimates.

Reclassifications

Reclassifications and Revisions

Gain on sale of real estate included in continuing operations for the years ended December 31, 2014 and 2013 have been reclassified within the statement of operations to be included in the income from continuing operations subtotal to conform to the 2015 presentation.

From 2000 through 2007, we repurchased 4,324,114 common shares pursuant to a stock repurchase plan authorized by the Company's Board of Directors. These repurchased common shares are subject to state corporate laws that establish the legal status of redeemed shares and prevent them from being reported as treasury shares within the consolidated financial statements. We previously misclassified the repurchased common shares as treasury shares. The common share repurchases should have been classified as reductions of common stock, additional paid-in-capital and distributions in excess of accumulated earnings. We evaluated the impact of this correction on previously issued financial statements and concluded they were not materially misstated.  In order to conform previous financial statements to the current period, we elected to revise previously issued financial statements. The balances for common stock, additional-paid-in-capital and distributions in excess of accumulated earnings on the accompanying consolidated statements of changes in stockholders' equity of the Company as of December 31, 2012, 2013 and 2014 and on the accompanying consolidated balance sheet of the Company as of December 31, 2014 have been revised to correct the misclassification. The correction results in reductions in common stock, additional paid-in-capital and distributions in excess of accumulated earnings of $43, $121,277 and $18,698, respectively to the previously reported amounts of $1,031, $1,906,490 and ($657,567), respectively, as of December 31, 2012, $1,143, $1,938,886 and $(669,896), respectively, as of December 31, 2013 and $1,149, $1,872,336 and ($670,650), respectively, as of December 31, 2014. The misclassification has no impact on the previously reported consolidated statements of operations, comprehensive income or cash flows. In addition, the misclassification has no impact on the previously reported consolidated financial statements of the Operating Partnership.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments.

Restricted Cash

Restricted Cash

Restricted cash includes cash held in escrow in connection with gross proceeds from the sales of certain industrial properties. These sales proceeds will be disbursed as we exchange into properties under Section 1031 of the Code. The carrying amount approximates fair value due to the short term maturity of these investments.

Investment in Real Estate and Depreciation

Investment in Real Estate and Depreciation

Investment in real estate is carried at cost, less accumulated depreciation and amortization. We review our properties on a quarterly basis for impairment and provide a provision if impairments exist. To determine if an impairment may exist, we review our properties and identify those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy, a decline in general market conditions or a change in the expected hold period of an asset). If further assessment of recoverability is needed, we estimate the future net cash flows expected to result from the use of the property and its eventual disposition on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, we will recognize an impairment loss based upon the estimated fair value of such property. For properties we consider held for sale, we cease depreciating the properties and value the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, we decide not to sell a property previously classified as held for sale, we will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. We classify properties as held for sale when all criteria within the Financial Accounting Standards Board’s (the "FASB") guidance on the impairment or disposal of long-lived assets are met.

Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and cease when the development projects are substantially completed and held available for occupancy.

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

	Years
Buildings and Improvements	7 to 50
Land Improvements	5 to 20
Furniture, Fixtures and Equipment	4 to 10
Tenant Improvements	Lease Term

Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of personnel attributable to leasing) are capitalized and amortized over the terms of each specific lease. Capitalized compensation costs of personnel attributable to leasing relate to time directly attributable to originating leases with tenants that result directly from and are essential to originating those leases and would not have been incurred had these leasing transactions not occurred. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized.

Upon acquisition of an occupied property, we allocate the purchase price of the property based upon the fair value of the assets acquired and liabilities assumed, which generally consists of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases, above market and below market leases, below market ground lease obligations and tenant relationships. We allocate the purchase price to the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. Acquired above and below market leases and below market ground lease obligations are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and below market ground lease obligations, and the initial term plus the term of any below market fixed rate renewal options for below market leases. The above market lease values are amortized as a reduction of rental revenue over the remaining term of the respective leases, and the below market lease values are amortized as an increase to base rental revenue over the remaining initial terms plus the terms of any below market fixed rate renewal options of the respective leases.

The purchase price is further allocated to in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value of in-place lease intangibles and tenant relationships, which are included as components of deferred leasing intangibles, net are amortized over the remaining lease term (and expected renewal periods of the respective lease for tenant relationships) as adjustments to depreciation and other amortization expense. If a tenant terminates its lease early, the unamortized portion of the tenant improvements, leasing commissions, above and below market leases, the in-place lease value and tenant relationships is immediately written off.

Acquisition related costs associated with business combinations are expensed as incurred. As defined by GAAP, a business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing a return in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. We do not consider acquisitions of land or unoccupied buildings to be business combinations. Rather, these transactions are treated as asset acquisitions and the acquisition related costs are capitalized to the basis of the assets acquired.

Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following:

	December 31, 2015		December 31, 2014
In-Place Leases	$	19,438	$	16,850
Above Market Leases	2,520		3,425
Below Market Ground Lease Obligation	1,778		1,823
Tenant Relationships	9,590		11,428
Total Included in Total Assets, Net of $26,432 and $28,808 of Accumulated Amortization	$	33,326	$	33,526
Below Market Leases	$	11,841	$	12,726
Total Included in Total Liabilities, Net of $8,911 and $8,735 of Accumulated Amortization	$	11,841	$	12,726

Amortization expense related to in-place leases and tenant relationships, exclusive of amortization expense related to in-place leases and tenant relationships included in discontinued operations, was $6,326, $6,239 and $5,598 for the years ended December 31, 2015, 2014 and 2013, respectively. Rental revenues increased by $462, $925 and $572 related to net amortization of above/(below) market leases, exclusive of net amortization related to above/(below) market leases included in discontinued operations, for the years ended December 31, 2015, 2014 and 2013, respectively. We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2015 as follows:

	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases
2016	$	5,922	$	1,106
2017	$	5,263	$	1,049
2018	$	3,652	$	877
2019	$	2,951	$	836
2020	$	2,465	$	757

Foreign Currency Transactions and Translation

Foreign Currency Transactions and Translation

The assets and liabilities of our operations in Canada were translated to U.S. dollars from the Canadian dollar based on the current exchange rate prevailing at each balance sheet date. The income statement accounts were translated using the average exchange rate for the period. The resulting translation adjustments are included in accumulated other comprehensive income. We sold our sole remaining real estate asset located in Canada during the year ended December 31, 2014.

Deferred Financing Costs

Deferred Financing Costs

Deferred financing costs include fees and costs incurred to obtain long-term financing. These fees and costs are being amortized over the terms of the respective loans. Accumulated amortization of deferred financing costs was $20,332 and $17,173 at December 31, 2015 and 2014, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Investments in Joint Ventures

Investments in Joint Ventures

Investments in joint ventures represent our noncontrolling equity/limited partnership interests in our Joint Ventures. We account for our investments in joint ventures under the equity method of accounting, as we do not have a majority voting interest, operational control or financial control. Control is determined using accounting standards related to the consolidation of joint ventures and variable interest entities. In order to assess whether consolidation of a variable interest entity is required, an enterprise is required to qualitatively assess the determination of the primary beneficiary of a variable interest entity ("VIE") based on whether the entity (1) has the power to direct matters that most significantly impact the activities of the VIE and (2) has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Additionally, they require an ongoing reconsideration of the primary beneficiary and provide a framework for the events that trigger a reassessment of whether an entity is a VIE.

Under the equity method of accounting, our share of earnings or losses of our Joint Ventures is reflected in income as earned and contributions or distributions increase or decrease our investments in joint ventures as paid or received, respectively. Differences between our carrying value of our investments in joint ventures and our underlying equity of such Joint Ventures are amortized over the respective lives of the underlying assets.

Limited Partners Units

Limited Partners Units

Limited Partner Units are reported within Partners’ Capital in the Operating Partnership's balance sheet as of December 31, 2015 and 2014 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares.

The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Company's Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2015, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company’s common shares required to be delivered upon redemption of all remaining Limited Partner Units.

Stock Based Compensation

Stock Based Compensation

We measure compensation cost for all stock-based awards at fair value on the date of grant and recognize compensation expense over the service period for awards expected to vest.

Net income, net of preferred stock dividends or preferred Unit distributions and redemption of preferred stock or preferred Units, is allocated to common stockholders or Unitholders and participating securities based upon their proportionate share of weighted average shares or Units plus weighted average participating securities. Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Restricted stock or restricted Unit awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as common stock or Units. See Note 7 for further disclosure about participating securities.

Revenue Recognition

Revenue Recognition

Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for real estate taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by us.

If the lease provides for tenant improvements, we determine whether the tenant improvements are owned by the tenant or us. When we are the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the leased asset until the tenant improvements are substantially complete. Also, when we are the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, we record any tenant improvement allowance funded as a lease inducement and amortize it as a reduction of revenue over the lease term.

Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’s lease and when we have no further obligations under the lease.

We provide an allowance for doubtful accounts against the portion of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $1,515 and $1,695 as of December 31, 2015 and 2014, respectively. Deferred rent receivable in the consolidated balance sheets is shown net of an allowance for doubtful accounts of $2,669 and $1,888 as of December 31, 2015 and 2014, respectively. For accounts receivable we deem uncollectible, we use the direct write-off method.

Gain on Sale of Real Estate

Gain on Sale of Real Estate

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

Income Taxes

Income Taxes

The Company has elected to be taxed as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute at least 90% of its adjusted taxable income to its stockholders. Management intends to continue to adhere to these requirements and to maintain the Company's REIT status. As a REIT, the Company is entitled to a tax deduction for some or all of the dividends it pays to shareholders. Accordingly, the Company generally will not be subject to federal income taxes as long as it currently distributes to shareholders an amount equal to or in excess of the Company's taxable income. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes and may not be able to qualify as a REIT for four subsequent taxable years.

REIT qualification reduces, but does not eliminate, the amount of state and local taxes we pay. In addition, our financial statements include the operations of taxable corporate subsidiaries that are not entitled to a dividends paid deduction and are subject to corporate federal, state and local income taxes.

In accordance with partnership taxation, each of the partners of the Operating Partnership is responsible for reporting their share of taxable income or loss.

We may also be subject to certain federal excise and franchise taxes if we engage in certain types of transactions. A benefit/provision has been made for federal, state and local income taxes in the accompanying consolidated financial statements. In accordance with FASB’s guidance, the total benefit/provision has been separately allocated to income (loss) from continuing operations and income (loss) from discontinued operations, if applicable. The provision for excise and franchise taxes has been reflected in general and administrative expense in the consolidated statements of operations and has not been separately stated due to its insignificance.

Earnings Per Share/Unit (EPS/EPU)

Earnings Per Share and Earnings Per Unit ("EPS" and "EPU")

Basic net income (loss) per common share or Unit is computed by dividing net income (loss) available to common shareholders or Unitholders by the weighted average number of common shares or Units outstanding for the period.

Diluted net income (loss) per common share or Unit is computed by dividing net income (loss) available to common shareholders or Unitholders by the sum of the weighted average number of common shares or Units outstanding and any dilutive non-participating securities for the period. See Note 7 for further disclosure about EPS and EPU.

Derivative Financial Instruments

Derivative Financial Instruments

Historically, we have used interest rate protection agreements ("Agreements") to fix the interest rate on anticipated offerings of senior unsecured notes. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and included in interest expense. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss that is effective is recognized in other comprehensive income (loss) whereas mark-to-market gains and losses on Agreements which do not qualify for hedge accounting are recognized in net income (loss) immediately. Amounts accumulated in other comprehensive income (loss) during the hedge period are reclassified to earnings in the same period during which the forecasted transaction or hedged item affects net income (loss). The credit risks associated with Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of Agreements, our exposure is limited to the fair value of Agreements, not the notional amounts. See Note 11 for more information on the Agreements.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Financial instruments other than our derivatives include tenant accounts receivable, accounts payable, other accrued expenses, mortgage loans payable, unsecured credit facility, unsecured term loans and senior unsecured notes. The fair values of tenant accounts receivable, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 4 for the fair values of the mortgage loans payable, unsecured credit facility, unsecured term loans and senior unsecured notes.

Discontinued Operations

Discontinued Operations

Effective January 1, 2015, we adopted Accounting Standards Update ("ASU") No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08") for all properties not previously sold. ASU 2014-08 revised the reporting requirements to only allow a component of an entity, or group of components of an entity, to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.  Going forward, we expect the majority of our property dispositions will not qualify as discontinued operations and the results of the dispositions, including the gain on sale of real estate, will be presented in Income from Continuing Operations.

Prior to the adoption of ASU 2014-08, the FASB’s guidance on financial reporting for the disposal of long lived assets required that the results of operations and gains or losses on the sale of property or property held for sale be presented in discontinued operations if both of the following criteria were met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Company and the Operating Partnership as a result of the disposal transaction and (b) we will not have any significant continuing involvement in the operations of the property after the disposal transaction. The guidance also required prior period results of operations for these properties to be reclassified and presented in discontinued operations in prior consolidated statements of operations.

Segment Reporting

Segment Reporting

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

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis" (“ASU 2015-02”). ASU 2015-02 updates consolidation guidance for legal entities such as limited partnerships, limited liability companies and securitization structures in an attempt to simplify consolidation accounting. ASU 2015-02 eliminates the presumption that a general partner should consolidate a limited partnership, modifies the evaluation of whether limited partnerships are variable interest entities ("VIE") or voting interest entities ("VOE") and adds requirements that limited partnerships must meet to qualify as VOEs. ASU 2015-02 is effective for fiscal years beginning after December 15, 2015, with early adoption permitted.

Since formation of each Other Real Estate Partnership, the Company, which wholly-owns the corporations that act as a general partner of each Other Real Estate Partnership, is also the general partner of the Operating Partnership which holds at least a 99% limited partnership interest in each of the Other Real Estate Partnership, has fully consolidated the financial information of the Other Real Estate Partnerships within its financial statements. The Operating Partnership has in the past accounted for each of the Other Real Estate Partnerships under the equity method of accounting based on the VOE classification and the presumption that the corporations owned by the Company that act as the general partners of the Other Real Estate Partnerships controlled the partnerships. However, under ASU 2015-02, the Operating Partnership determined that each Other Real Estate Partnership meets the criteria of a VIE and that it is the primary beneficiary for each Other Real Estate Partnership. As a result, the Operating Partnership has concluded that it should cease accounting for the Other Real Estate Partnerships under the equity method of accounting and consolidate the financial information of the Other Real Estate Partnerships within its financial statements.

During the year ended ended December 31, 2015, the Operating Partnership elected early adoption of ASU 2015-02. The election is a full retrospective adoption approach which requires previously reported periods to be restated. The impact of this adoption on the Operating Partnership's previously reported period is as follows:

	Balance Sheet as Previously Filed as of December 31, 2014		Impact of the Adoption of ASU 2015-02		Balance Sheet as Adjusted as of December 31, 2014
Total Assets	$	2,514,246	$	78,462	$	2,592,708
Total Liabilities	$	1,413,736	$	77,382	$	1,491,118
Total Noncontrolling Interest	$	—	$	1,080	$	1,080

The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets:

	December 31, 2015		December 31, 2014
ASSETS
Assets:
Net Investment in Real Estate	$	306,866	$	278,720
Other Assets, Net	20,478		21,078
Total Assets	$	327,344	$	299,798
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	77,445	$	81,231
Other Liabilities, Net	43,103		10,656
Partners’ Capital	206,796		207,911
Total Liabilities and Partners’ Capital	$	327,344	$	299,798

In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which amends the current presentation of debt issuance costs in the financial statements. ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, instead of as an asset. The recognition and measurement guidance for debt issuance costs are not affected by this update. Debt issuance costs related to revolving credit agreements are not within the scope of this new guidance. In August 2015, the FASB issued ASU No. 2015-15, "Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements" ("ASU 2015-15"), which expands upon ASU 2015-03. ASU 2015-15 states that given the absence of authoritative guidance within 2015-03, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset for revolving credit agreements and subsequently amortizing the deferred issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the revolving credit agreement. The amendments are to be applied retrospectively and are effective for interim and annual periods beginning after December 15, 2015. The adoption of ASU 2015-03 and ASU 2015-15 are not expected to have a material impact on our results of operations, however, they will impact the Consolidated Balance Sheet presentation related to our debt issuance costs.

In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern, and to provide certain disclosures when it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. ASU 2014-15 is effective for the annual period ended December 31, 2016 and for annual periods and interim periods thereafter with early adoption permitted. The adoption of ASU 2014-15 is not expected to materially impact our consolidated financial statements.

In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"). ASU 2014-09 requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those good or services. For the real estate industry, leasing transactions are not within the scope of the new standard. A majority of our tenant-related revenue is recognized pursuant to lease agreements. In July 2015, the FASB deferred the effective date of ASU 2014-09 by one year. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is permitted for annual periods beginning after December 15, 2016. We are currently evaluating the impact of the adoption of ASU 2014-09 on our consolidated financial statements.

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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2015

Accounting Policies [Abstract]

Useful Lives of Depreciable Assets

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

	Years
Buildings and Improvements	7 to 50
Land Improvements	5 to 20
Furniture, Fixtures and Equipment	4 to 10
Tenant Improvements	Lease Term

Summary of Deferred Leasing Intangibles

Deferred leasing intangibles, net of accumulated amortization, included in our total assets and total liabilities consist of the following:

	December 31, 2015		December 31, 2014
In-Place Leases	$	19,438	$	16,850
Above Market Leases	2,520		3,425
Below Market Ground Lease Obligation	1,778		1,823
Tenant Relationships	9,590		11,428
Total Included in Total Assets, Net of $26,432 and $28,808 of Accumulated Amortization	$	33,326	$	33,526
Below Market Leases	$	11,841	$	12,726
Total Included in Total Liabilities, Net of $8,911 and $8,735 of Accumulated Amortization	$	11,841	$	12,726

Future Amortization Expense Related to Deferred Leasing Intangibles

We will recognize net amortization expense related to deferred leasing intangibles over the next five years, for properties owned as of December 31, 2015 as follows:

	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases
2016	$	5,922	$	1,106
2017	$	5,263	$	1,049
2018	$	3,652	$	877
2019	$	2,951	$	836
2020	$	2,465	$	757

New Accounting Pronouncement, Early Adoption

During the year ended ended December 31, 2015, the Operating Partnership elected early adoption of ASU 2015-02. The election is a full retrospective adoption approach which requires previously reported periods to be restated. The impact of this adoption on the Operating Partnership's previously reported period is as follows:

	Balance Sheet as Previously Filed as of December 31, 2014		Impact of the Adoption of ASU 2015-02		Balance Sheet as Adjusted as of December 31, 2014
Total Assets	$	2,514,246	$	78,462	$	2,592,708
Total Liabilities	$	1,413,736	$	77,382	$	1,491,118
Total Noncontrolling Interest	$	—	$	1,080	$	1,080

Condensed Balance Sheet

The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets:

	December 31, 2015		December 31, 2014
ASSETS
Assets:
Net Investment in Real Estate	$	306,866	$	278,720
Other Assets, Net	20,478		21,078
Total Assets	$	327,344	$	299,798
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	77,445	$	81,231
Other Liabilities, Net	43,103		10,656
Partners’ Capital	206,796		207,911
Total Liabilities and Partners’ Capital	$	327,344	$	299,798

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Investment in Real Estate (Tables)

12 Months Ended

Dec. 31, 2015

Real Estate [Abstract]

Summary of Acquisition Purchase Price Allocation

The purchase price of the industrial properties and land parcels acquired for the years ended December 31, 2015 and 2014, was allocated as follows:

	Year Ended December 31, 2015				Year Ended December 31, 2014
	Purchase Price			Weighted Average Life (in Months)	Purchase Price			Weighted Average Life (in Months)
Land	$	52,954		N/A	$	39,739		N/A
Building and Improvements	107,106			(A)	44,070			(A)
Other Assets	2,562			(B)	1,863			(B)
In-Place Leases	7,124			84	5,350			74
Tenant Relationships	—			N/A	3,440			131
Above Market Leases	—			N/A	316			66
Below Market Ground Lease Obligation	—			N/A	1,854			480
Below Market Leases	(528		)	62	(940		)	79
Total Purchase Price (C)	$	169,218			$	95,692

Summary Regarding Industrial Properties Included in Discontinued Operations

The following table discloses certain information regarding the industrial properties included in our discontinued operations for the years ended December 31, 2014 and 2013:

	Year Ended December 31,
	2014			2013
Total Revenues	$	7,007		$	20,727
Property Expenses	(2,784		)	(8,126		)
Impairment of Real Estate	—			(2,652		)
Depreciation and Amortization	(2,388		)	(7,727		)
Gain on Sale of Real Estate	25,988			34,344
Income from Discontinued Operations	$	27,823		$	36,566

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Indebtedness (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Information Regarding Indebtedness

The following table discloses certain information regarding our indebtedness:

	Outstanding Balance at						Interest Rate at December 31, 2015	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2015			December 31, 2014
Mortgage Loans Payable, Net	$	564,955		$	599,985		4.03% – 8.26%	4.03% – 8.26%	June 2016 – September 2022
Unamortized Premiums	(64		)	(90		)
Mortgage Loans Payable, Gross	$	564,891		$	599,895
Senior Unsecured Notes, Net
2016 Notes	$	159,677		$	159,621		5.75%	5.91%	1/15/2016
2017 Notes	54,971			54,966			7.50%	7.52%	12/1/2017
2027 Notes	6,067			6,066			7.15%	7.11%	5/15/2027
2028 Notes	31,885			31,884			7.60%	8.13%	7/15/2028
2032 Notes	10,523			10,518			7.75%	7.87%	4/15/2032
2017 II Notes	101,833			101,806			5.95%	6.37%	5/15/2017
Subtotal	$	364,956		$	364,861
Unamortized Discounts	146			241
Senior Unsecured Notes, Gross	$	365,102		$	365,102
2014 Unsecured Term Loan	$	200,000		$	200,000		1.94%	N/A	1/29/2021
2015 Unsecured Term Loan	260,000			—			1.84%	N/A	9/12/2022
Unsecured Term Loans, Total (A)	$	460,000		$	200,000
Unsecured Credit Facility (B)	$	52,500		$	185,000		1.57%	N/A	3/11/2019

(A) We entered into interest rate protection agreements, with an aggregate notional value of $460,000, to effectively convert the variable rate to a fixed rate. See Note 11.

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

Schedule of Maturities of Long-Term Debt

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

	Amount
2016	$	229,024
2017	168,723
2018	168,341
2019	128,923
2020	90,855
Thereafter	656,627
Total	$	1,442,493

Summary of Indebtedness at Estimated Fair Value

At December 31, 2015 and 2014, the fair value of our indebtedness was as follows:

	December 31, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable, Net	$	564,955	$	595,964	$	599,985	$	640,818
Senior Unsecured Notes, Net	364,956		386,253		364,861		395,320
Unsecured Term Loans	460,000		460,970		200,000		200,575
Unsecured Credit Facility	52,500		52,500		185,000		185,747
Total	$	1,442,411	$	1,495,687	$	1,349,846	$	1,422,460

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Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership (Tables)

12 Months Ended

Dec. 31, 2015

Stockholders' Equity Note [Abstract]

Common Stock and Units Outstanding

The following table is a roll-forward of the Company's shares of common stock outstanding and the Operating Partnership's Units outstanding, including unvested restricted shares/Units (see Note 10), for the three years ended December 31, 2015:

	Shares of Common Stock Outstanding		General Partner and Limited Partner Units Outstanding
Balance at December 31, 2012	98,767,913		103,470,254
Issuance of Common Stock/Units, Including Vesting of Restricted Stock Units	10,853,693		10,853,693
Issuance of Restricted Stock Shares/Units	284,461		284,461
Repurchase and Retirement of Restricted Stock Shares/Units	(30,245	)	(30,245	)
Conversion of Operating Partnership Units	105,028		—
Balance at December 31, 2013	109,980,850		114,578,163
Vesting of Restricted Stock Units	219,695		219,695
Issuance of Restricted Stock Shares/Units	319,055		319,055
Repurchase and Retirement of Restricted Stock Shares/Units	(141,410	)	(141,410	)
Conversion of Operating Partnership Units	222,676		—
Balance at December 31, 2014	110,600,866		114,975,503
Vesting of Restricted Stock Units	224,990		224,990
Issuance of Restricted Stock Shares/Units	234,360		234,360
Repurchase and Retirement of Restricted Stock Shares/Units	(101,921	)	(101,921	)
Conversion of Operating Partnership Units	68,930		—
Balance at December 31, 2015	111,027,225		115,332,932

Summary of Dividends/Distributions

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

	2015 Total Dividend/ Distribution		2014 Total Dividend/ Distribution		2013 Total Dividend/ Distribution
Common Stock/Operating Partnership Units	$	59,014	$	47,263	$	38,862
Series F Preferred Stock/Units (A)	N/A		$	566	$	2,896
Series G Preferred Stock/Units (A)	N/A		$	453	$	1,809
Series J Preferred Stock/Units (A)	N/A		N/A		$	2,034
Series K Preferred Stock/Units (A)	N/A		N/A		$	1,994

_______________

(A) See the "Preferred Stock/Contributions" section for the redemptions and discussion of pro-rated dividends/distributions for all series of preferred stock/Units occurring during the years ended December 31, 2014 and 2013.

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Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive loss by component for the Company for the years ended December 31, 2015 and 2014:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Comprehensive Income (Loss) Attributable to Noncontrolling Interest			Total
Balance as of December 31, 2013	$	(3,481	)	$	78		$	138		$	(3,265	)
Other Comprehensive (Loss) Income Before Reclassifications	(16,270		)	(93		)	412			(15,951		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,349			—			—			5,349
Net Current Period Other Comprehensive (Loss) Income	(10,921		)	(93		)	412			(10,602		)
Balance as of December 31, 2014	$	(14,402	)	$	(15	)	$	550		$	(13,867	)
Other Comprehensive (Loss) Income Before Reclassifications	(14,684		)	15			(174		)	(14,843		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	19,043			—			—			19,043
Net Current Period Other Comprehensive Income (Loss)	4,359			15			(174		)	4,200
Balance as of December 31, 2015	$	(10,043	)	$	—		$	376		$	(9,667	)

Reclassification Out of Accumulated Other Comprehensive Income

The following table summarizes the reclassifications out of accumulated other comprehensive loss for both the Company and the Operating Partnership for the years ended December 31, 2015, 2014 and 2013:

	Amount Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components	Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013		Affected Line Item in the Consolidated Statements of Operations
Interest Rate Protection Agreements:
Reclassification of Fair Value of Interest Rate Protection Agreement (See Note 11)	$	12,990	$	—	$	—	Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements
Amortization of Interest Rate Protection Agreements (Previously Settled)	524		1,358		2,411		Interest Expense
Settlement Payments to our Counterparties	5,529		3,991		—		Interest Expense
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	—		—		1,116		Loss from Retirement of Debt
	$	19,043	$	5,349	3,527		Total

First Industrial L.P.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive loss by component for the Operating Partnership for the years ended December 31, 2015 and 2014:

	Interest Rate Protection Agreements			Foreign Currency Translation Adjustment			Total
Balance as of December 31, 2013	$	(3,481	)	$	119		$	(3,362	)
Other Comprehensive Loss Before Reclassifications	(16,270		)	(93		)	(16,363		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	5,349			—			5,349
Net Current Period Other Comprehensive Loss	(10,921		)	(93		)	(11,014		)
Balance as of December 31, 2014	$	(14,402	)	$	26		$	(14,376	)
Other Comprehensive Loss Before Reclassifications	(14,684		)	(26		)	(14,710		)
Amounts Reclassified from Accumulated Other Comprehensive Loss	19,043			—			19,043
Net Current Period Other Comprehensive Income (Loss)	4,359			(26		)	4,333
Balance as of December 31, 2015	$	(10,043	)	$	—		$	(10,043	)

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Earnings Per Share / Unit (EPS / EPU) (Tables)

12 Months Ended

Dec. 31, 2015

Computation of Basic and Diluted Earnings Per Share / Unit

The computation of basic and diluted EPS of the Company is presented below:

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Numerator:
Income from Continuing Operations	$	76,705		$	23,182		$	4,862
Noncontrolling Interest Allocable to Continuing Operations	(2,903		)	(813		)	396
Income from Continuing Operations Allocable to Participating Securities	(248		)	(75		)	—
Income from Continuing Operations Attributable to First Industrial Realty Trust, Inc.	73,554			22,294			5,258
Preferred Dividends	—			(1,019		)	(8,733		)
Redemption of Preferred Stock	—			(1,462		)	(5,667		)
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	73,554		$	19,813		$	(9,142	)
Income from Discontinued Operations	$	—		$	27,823		$	36,566
Noncontrolling Interest Allocable to Discontinued Operations	—			(1,082		)	(1,517		)
Income from Discontinued Operations Allocable to Participating Securities	—			(100		)	(162		)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.	$	—		$	26,641		$	34,887
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders and Participating Securities	$	73,802		$	46,629		$	25,907
Net Income Allocable to Participating Securities	(248		)	(175		)	(162		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	73,554		$	46,454		$	25,745
Denominator (In Thousands):
Weighted Average Shares - Basic	110,352			109,922			106,995
Effect of Dilutive Securities:
LTIP Unit Awards	429			403			—
Weighted Average Shares - Diluted	110,781			110,325			106,995
Basic EPS:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.67		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	0.24		$	0.33
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.67		$	0.42		$	0.24
Diluted EPS:
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.66		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	—		$	0.24		$	0.33
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.66		$	0.42		$	0.24

Non-Participating Securities

The following table discloses the number of non-participating securities outstanding for the year ended December 31, 2013 that were excluded from the computation of diluted EPS and EPU:

	Number of Awards Outstanding at December 31, 2013
Non-Participating Securities:
Restricted Unit Awards	73,400
LTIP Unit Awards	718,960

First Industrial L.P.

Computation of Basic and Diluted Earnings Per Share / Unit

The computation of basic and diluted EPU of the Operating Partnership is presented below:

	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Numerator:
Income from Continuing Operations	$	76,820		$	23,434		$	4,908
Noncontrolling Interest Allocable to Continuing Operations	(138		)	(62		)	(36		)
Income from Continuing Operations Allocable to Participating Securities	(248		)	(75		)	—
Income from Continuing Operations Attributable to Unitholders	76,434			23,297			4,872
Preferred Unit Distributions	—			(1,019		)	(8,733		)
Redemption of Preferred Units	—			(1,462		)	(5,667		)
Income (Loss) from Continuing Operations Available to Unitholders	$	76,434		$	20,816		$	(9,528	)
Income from Discontinued Operations	$	—		$	27,823		$	36,566
Noncontrolling Interest Allocable to Discontinued Operations	—			(10		)	(5		)
Income from Discontinued Operations Allocable to Participating Securities	—			(100		)	(162		)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	27,713		$	36,399
Net Income Available to Unitholders and Participating Securities	$	76,682		$	48,704		$	27,033
Net Income Allocable to Participating Securities	(248		)	(175		)	(162		)
Net Income Available to Unitholders	$	76,434		$	48,529		$	26,871
Denominator (In Thousands):
Weighted Average Units - Basic	114,709			114,388			111,646
Effect of Dilutive Securities that Result in the Issuance of General Partner Units:
LTIP Unit Awards	429			403			—
Weighted Average Units - Diluted	115,138			114,791			111,646
Basic EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.67		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	0.24		$	0.33
Net Income Available to Unitholders	$	0.67		$	0.42		$	0.24
Diluted EPU:
Income (Loss) from Continuing Operations Available to Unitholders	$	0.66		$	0.18		$	(0.09	)
Income from Discontinued Operations Attributable to Unitholders	$	—		$	0.24		$	0.33
Net Income Available to Unitholders	$	0.66		$	0.42		$	0.24

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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income Tax Benefit (Provision)

The components of income tax (provision) benefit for the years ended December 31, 2015, 2014 and 2013 are comprised of the following:

	Year Ended December 31,
	2015			2014			2013
Current:
Federal	$	68		$	(51	)	$	231
State	(297		)	(196		)	(264		)
Deferred:
State	112			9			36
	$	(117	)	$	(238	)	$	3

Deferred Tax Assets (Liabilities)

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2015 and 2014:

	Year Ended December 31,
	2015			2014
Impairment of Real Estate	$	2,484		$	2,466
Foreign Net Operating Loss Carryforward	—			585
Valuation Allowance	(3,437		)	(4,224		)
Other	1,021			1,251
Total Deferred Tax Assets, Net of Allowance	$	68		$	78
Straight-line Rent	$	(79	)	$	(90	)
Other	(1		)	(112		)
Total Deferred Tax Liabilities	$	(80	)	$	(202	)
Total Net Deferred Tax Liabilities	$	(12	)	$	(124	)

Effective Income Tax Rate Reconciliation

The income tax (provision) benefit pertaining to income from continuing operations of the taxable REIT subsidiaries differs from the amounts computed by applying the applicable federal statutory rate as follows for the years ended December 31, 2015, 2014 and 2013:

	Year Ended December 31,
	2015			2014			2013
Tax Benefit (Provision) at Federal Rate Related to Continuing Operations	$	64		$	(532	)	$	286
State Tax Provision, Net of Federal Benefit	(212		)	(214		)	(236		)
Non-deductible Permanent Items, Net	10			1			21
IRS Audit Adjustment and Accrued Interest	—			—			58
Change in Valuation Allowance	787			1,133			(388		)
Other	(766		)	(626		)	262
Net Income Tax (Provision) Benefit	$	(117	)	$	(238	)	$	3

Federal Income Tax Treatment of Share Distributions

For income tax purposes, distributions paid to the Company's common shareholders are classified as ordinary income, capital gain, return of capital or qualified dividends. For the years ended December 31, 2015, 2014 and 2013, the distributions per common share were classified as follows:

Common Stock	2015		As a Percentage of Distributions		2014		As a Percentage of Distributions		2013		As a Percentage of Distributions
Ordinary Income	$	0.2629	67.93	%	$	0.4412	100.00	%	$	0.3088	100.00	%
Unrecaptured Section 1250 Gain	0.1241		32.07	%	—		0.00	%	—		0.00	%
	$	0.3870	100.00	%	$	0.4412	100.00	%	$	0.3088	100.00	%

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Future Rental Revenues (Tables)

12 Months Ended

Dec. 31, 2015

Operating Leases, Future Minimum Payments Receivable [Abstract]

Minimum Lease Payments Receivable, Excluding Tenant Reimbursements of Expenses, Under Non-Cancelable Operating Leases

Our properties are leased to tenants under net and semi-net operating leases. Future minimum rental receipts, excluding tenant reimbursements of expenses, under non-cancelable operating leases executed as of December 31, 2015 are approximately as follows:

2016	$	271,032
2017	242,844
2018	201,970
2019	160,133
2020	125,735
Thereafter	369,030
Total	$	1,370,744

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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Share-based Compensation [Abstract]

Schedule of Share-based Payment Awards: Valuation Assumptions

As mentioned above, the fair values of the LTIP Unit Awards at issuance were determined by a lattice-binomial option-pricing model based on Monte Carlo simulations using the following assumptions:

	Year Ended December 31, 2015		Year Ended December 31, 2013
Expected dividend yield	1.99	%	2.22	%
Expected volatility - range used	20.43% - 21.99%		24.28% - 34.66%
Expected volatility - weighted average	21.34	%	30.61	%
Risk-free interest rate	0.10% - 1.16%		0.03% - 0.71%
Expected term	3 years		1 - 2.5 years

Summary of Restricted Stock/Unit Award and LTIP Unit Award Transactions

Restricted stock or restricted Unit award and LTIP Unit Award transactions for the year ended December 31, 2015 are summarized as follows:

	Awards		Weighted Average Grant Date Fair Value
Outstanding at December 31, 2014	816,718		$	12.68
Issued	498,792		$	15.21
Forfeited	(4,313	)	$	13.68
Vested	(661,222	)	$	11.87
Outstanding at December 31, 2015	649,975		$	15.43

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Derivatives (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value Measurements on Recurring Basis

The following table sets forth our financial liabilities related to the 2014 and 2015 Swaps, which are included in Accounts Payable, Accrued Expenses and Other Liabilities on the accompanying consolidated balance sheets and are accounted for at fair value on a recurring basis as of December 31, 2015:

				Fair Value Measurements at Reporting Date Using:
Description	Fair Value			Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)
Liabilities:
Derivatives designated as a hedging instrument:
2014 Swaps	$	(7,380	)	—	$	(7,380	)	—
2015 Swaps	$	(1,064	)	—	$	(1,064	)	—

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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Rental Payments Under the Terms of All Non-Cancelable Ground and Operating Leases

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee as of December 31, 2015 are as follows:

2016	$	1,993
2017	1,929
2018	1,180
2019	534
2020	533
Thereafter	25,866
Total (A)	$	32,035

________________

(A) Minimum rental payments have not been reduced by minimum sublease rentals of $3,861 due in the future under non-cancelable subleases.

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Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information (unaudited)

The following tables summarize the Company's unaudited quarterly financial information for each of the years ended December 31, 2015 and 2014.

	Year Ended December 31, 2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	89,942		$	90,456		$	92,157		$	93,207
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	$	2,373		$	14,012		$	13,917		$	43,500
Net Income Allocable to Participating Securities	(41		)	(50		)	(50		)	(153		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	2,332		$	13,962		$	13,867		$	43,347
Basic EPS:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.13		$	0.13		$	0.39
Diluted EPS:
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.13		$	0.13		$	0.39
Weighted Average Shares Basic/Diluted (In Thousands):
Weighted Average Shares - Basic	110,310			110,348			110,356			110,392
Weighted Average Shares - Diluted	110,675			110,683			110,848			110,916

	Year Ended December 31, 2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	83,861		$	84,044		$	86,361		$	90,333
Income from Continuing Operations, Net of Noncontrolling Interest	$	3,868		$	3,028		$	7,938		$	7,535
Income from Discontinued Operations, Net of Noncontrolling Interest	1,095			1,011			13,389			11,246
Net Income Attributable to First Industrial Realty Trust, Inc.	4,963			4,039			21,327			18,781
Preferred Dividends	(1,019		)	—			—			—
Redemption of Preferred Stock	(1,462		)	—			—			—
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders and Participating Securities	2,482			4,039			21,327			18,781
Income from Continuing Operations Allocable to Participating Securities	(18		)	(32		)	(33		)	(32		)
Income from Discontinued Operations Allocable to Participating Securities	(14		)	(11		)	(57		)	(47		)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	2,450		$	3,996		$	21,237		$	18,702
Basic EPS:
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.04		$	0.19		$	0.17
Diluted EPS:
Income from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders	$	0.02		$	0.04		$	0.19		$	0.17
Weighted Average Shares Basic/Diluted (In Thousands):
Weighted Average Shares - Basic	109,676			109,815			110,072			110,118
Weighted Average Shares - Diluted	110,215			110,404			110,271			110,405

First Industrial L.P.

Quarterly Financial Information (unaudited)

The following tables summarize the Operating Partnership's unaudited quarterly financial information for each of the years ended December 31, 2015 and 2014.

	Year Ended December 31, 2015
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	89,942		$	90,456		$	92,157		$	93,207
Net Income Available to Unitholders and Participating Securities	$	2,457		$	14,644		$	14,438		$	45,143
Net Income Allocable to Participating Securities	(41		)	(50		)	(50		)	(153		)
Net Income Available to Unitholders	$	2,416		$	14,594		$	14,388		$	44,990
Basic EPU:
Net Income Available to Unitholders	$	0.02		$	0.13		$	0.13		$	0.39
Diluted EPU:
Net Income Available to Unitholders	$	0.02		$	0.13		$	0.12		$	0.39
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units - Basic	114,681			114,712			114,720			114,722
Weighted Average Units - Diluted	115,046			115,047			115,212			115,246

	Year Ended December 31, 2014
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	83,861		$	84,044		$	86,361		$	90,333
Income from Continuing Operations, Net of Noncontrolling Interest	$	3,938		$	3,176		$	8,294		$	7,964
Income from Discontinued Operations, Net of Noncontrolling Interest	1,140			1,051			13,924			11,698
Net Income Attributable to Unitholders	5,078			4,227			22,218			19,662
Preferred Unit Distributions	(1,019		)	—			—			—
Redemption of Preferred Units	(1,462		)	—			—			—
Net Income Available to Unitholders and Participating Securities	2,597			4,227			22,218			19,662
Income from Continuing Operations Allocable to Participating Securities	(17		)	(32		)	(33		)	(32		)
Income from Discontinued Operations Allocable to Participating Securities	(14		)	(11		)	(57		)	(47		)
Net Income Available to Unitholders	$	2,566		$	4,184		$	22,128		$	19,583
Basic EPU:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Diluted EPU:
Income from Continuing Operations Available to Unitholders	$	0.01		$	0.03		$	0.07		$	0.07
Income from Discontinued Operations Attributable to Unitholders	$	0.01		$	0.01		$	0.12		$	0.10
Net Income Available to Unitholders	$	0.02		$	0.04		$	0.19		$	0.17
Weighted Average Units Basic/Diluted (In Thousands):
Weighted Average Units - Basic	114,245			114,278			114,512			114,512
Weighted Average Units - Diluted	114,784			114,867			114,711			114,799

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Organization - Additional Information (Detail) ft² in Millions	12 Months Ended
	Dec. 31, 2015 ft² Property Joint_Ventures State	Dec. 31, 2014 ft² Property	Dec. 31, 2013 ft² Property
Organization [Line Items]
Company's ownership interest in the Operating Partnership	96.30%	96.20%
Operating Partnership's minimum ownership interest in the limited partnerships	99.00%
Company's ownership interest in the general partners	100.00%
Limited partners' ownership interest in the Operating Partnership	3.70%	3.80%
Number of joint ventures | Joint_Ventures	2
Number of industrial properties sold	66	29	67
Gross leasable area (GLA) of industrial properties sold | ft²	3.8	2.0	3.0
Number of industrial properties owned	589
Number of states in which industrial properties are located | State	25
Gross leasable area (GLA) of industrial properties sold | ft²	63.6
Other Real Estate Partnership
Organization [Line Items]
NumberOfLimitedPartnership	8
Operating Partnership's minimum ownership interest in the limited partnerships	99.00%
General Partners' minimum ownership interest in the limited partnerships	0.01%
2003 Net Lease Joint Venture
Organization [Line Items]
Noncontrolling equity ownership interest	15.00%
Number of industrial properties sold	1
Gross leasable area (GLA) of industrial properties sold | ft²	0.8
2007 Europe Joint Venture
Organization [Line Items]
Noncontrolling equity ownership interest	10.00%
Number of industrial properties owned	0

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Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended			96 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2007	Dec. 31, 2012
Accounting Policies [Abstract]
Maturity of liquid investments	three months or less
Accumulated amortization deferred financing costs	$ 20,332	$ 17,173
Allowance for doubtful accounts receivable	1,515	1,695
Deferred rent receivable allowance amount	$ 2,669	1,888
Minimum percentage of taxable income to be distributed	90.00%
Operating Partnership's minimum ownership interest in the limited partnerships	99.00%
Statement [Line Items]
Common Stock	$ 1,111	1,106
Additional Paid-in-Capital	1,756,415	1,751,059
Accumulated Distributions in Excess of Net Income	(674,759)	(689,348)
Restatement Adjustment
Statement [Line Items]
Stock Repurchased During Period, Shares				4,324,114
Common Stock		43
Additional Paid-in-Capital		121,277
Accumulated Distributions in Excess of Net Income		18,698
Previously Reported
Statement [Line Items]
Common Stock		1,149	$ 1,143		$ 1,031
Additional Paid-in-Capital		1,872,336	1,938,886		1,906,490
Accumulated Distributions in Excess of Net Income		(670,650)	(669,896)		$ (657,567)
In-Place Leases and Tenant Relationships
Finite-Lived Intangible Assets [Line Items]
Amortization expense of deferred leasing intangibles	6,326	6,239	5,598
Above and Below Market Leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense of deferred leasing intangibles	$ 462	$ 925	$ 572

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Summary of Significant Accounting Policies - Useful Lives of Depreciable Assets (Detail)	12 Months Ended
	Dec. 31, 2015
Buildings and Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Buildings and Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	50 years
Land Improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Land Improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Furniture, Fixtures and Equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	4 years
Furniture, Fixtures and Equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years

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Summary of Significant Accounting Policies - Deferred Leasing Intangibles Included in Total Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total assets	$ 33,326	$ 33,526
Total deferred leasing intangibles, net, included in total liabilities	11,841	12,726
In-Place Leases
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total assets	19,438	16,850
Above Market Leases
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total assets	2,520	3,425
Below Market Ground Lease Obligation
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total assets	1,778	1,823
Tenant Relationships
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total assets	9,590	11,428
Below Market Leases
Finite-Lived Intangible Assets [Line Items]
Total deferred leasing intangibles, net, included in total liabilities	$ 11,841	$ 12,726

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Summary of Significant Accounting Policies - Deferred Leasing Intangibles Included in Total Assets and Liabilities (Phantoms) (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Total accumulated amortization of deferred leasing intangibles included in total assets	$ 26,432	$ 28,808
Total accumulated amortization of deferred leasing intangibles included in total liabilities	$ 8,911	$ 8,735

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Summary of Significant Accounting Policies - Net Amortization Expense Related to Deferred Leasing Intangibles (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
In-Place Leases and Tenant Relationships
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2016	$ 5,922
2017	5,263
2018	3,652
2019	2,951
2020	2,465
Above and Below Market Leases
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2016	1,106
2017	1,049
2018	877
2019	836
2020	$ 757

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Summary of Significant Accounting Policies - Summary of New Accounting Pronouncements (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncement, Early Adoption [Line Items]
Total Assets	$ 2,718,051	$ 2,581,995
Total Liabilities	1,602,916	1,491,168
First Industrial L.P.
New Accounting Pronouncement, Early Adoption [Line Items]
Total Assets	2,728,766	2,592,708
Total Liabilities	1,602,916	1,491,118
Noncontrolling Interest	$ 1,096	1,080
Previously Reported | First Industrial L.P.
New Accounting Pronouncement, Early Adoption [Line Items]
Total Assets		2,514,246
Total Liabilities		1,413,736
Noncontrolling Interest		0
Restatement Adjustment | First Industrial L.P.
New Accounting Pronouncement, Early Adoption [Line Items]
Total Assets		78,462
Total Liabilities		77,382
Noncontrolling Interest		$ 1,080

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Summary of Significant Accounting Policies - Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets:
Real Estate Investment Property, Net	$ 2,502,638	$ 2,396,391
Total Assets	2,718,051	2,581,995
LIABILITIES AND EQUITY
Mortgage Loans Payable, Net	564,955	599,985
Total Liabilities and Equity/Partners' Capital	2,718,051	2,581,995
Other Real Estate Partnership
Assets:
Real Estate Investment Property, Net	306,866	278,720
Other Assets	20,478	21,078
Total Assets	327,344	299,798
LIABILITIES AND EQUITY
Mortgage Loans Payable, Net	77,445	81,231
Other Liabilities, Net	43,103	10,656
Partners' Capital	206,796	207,911
Total Liabilities and Equity/Partners' Capital	$ 327,344	$ 299,798

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Investment in Real Estate - Additional Information (Detail) $ in Thousands, ft² in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) ft² Property	Dec. 31, 2014 USD ($) ft² Property	Dec. 31, 2013 USD ($) ft² Property
Real Estate [Line Items]
Number of industrial properties acquired | Property	8	8	2
Number of industrial properties acquired through acquisition of equity interest | Property			1
Equity interest acquired			100.00%
Gross leasable area (GLA) of industrial properties acquired | ft²	1.9	1.1	1.1
Purchase price of acquisitions	$ 169,218	$ 95,692	$ 72,812
Number of Days After Acquisiton Date	180 days
Number of Industrial Properties Held for Sale | Property	1
Square Footage of Industrial Properties Held for Sale | ft²	0.2
Number of industrial properties sold | Property	66	29	67
Gross leasable area (GLA) of industrial properties sold | ft²	3.8	2.0	3.0
Proceeds from sale of industrial properties	$ 158,429	$ 102,596	$ 144,628
Gain on sale of real estate	48,906	25,905	35,444
Gain on sale of real estate included in discontinued operations	$ 0	$ 25,988	$ 34,344
Number of sold industrial properties included in discontinued operations | Property	0	29	67
Impairment of Real Estate	$ 626	$ 0	$ 2,652
Impairment of Long-Lived Assets to be Disposed of			$ 2,652
Series of Individually Immaterial Business Acquisitions [Member]
Real Estate [Line Items]
Number of industrial properties acquired | Property	6
Purchase price of acquisitions	$ 122,913

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Investment in Real Estate - Summary of Acquisition Purchase Price Allocation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Land	$ 52,954	$ 39,739
Building and Improvements	107,106	44,070
Other Assets	2,562	1,863
Acquired Finite-Lived Intangible Assets [Line Items]
Total Purchase Price	169,218	95,692	$ 72,812
In-Place Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value	$ 7,124	$ 5,350
Acquired finite lived intangible assets, weighted average life	84 months	74 months
Tenant Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value		$ 3,440
Acquired finite lived intangible assets, weighted average life		131 months
Above Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value		$ 316
Acquired finite lived intangible assets, weighted average life		66 months
Below Market Ground Lease Obligation
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value		$ 1,854
Acquired finite lived intangible assets, weighted average life		480 months
Below Market Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired finite lived intangible assets, fair value	$ (528)	$ (940)
Acquired finite lived intangible assets, weighted average life	62 months	79 months

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Investment in Real Estate - Summary Regarding Industrial Properties Included in Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Total Revenues						$ 7,007	$ 20,727
Property Expenses						(2,784)	(8,126)
Impairment of Real Estate						0	(2,652)
Depreciation and Amortization						(2,388)	(7,727)
Gain on Sale of Real Estate					$ 0	25,988	34,344
Income from Discontinued Operations	$ 11,246	$ 13,389	$ 1,011	$ 1,095	$ 0	$ 27,823	$ 36,566

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Indebtedness - Information Regarding Indebtedness (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgage Loans Payable, Net		$ 564,955	$ 599,985
Senior Unsecured Notes, Net		364,956	364,861
Unsecured Term Loans		460,000	200,000
Unsecured Credit Facility		52,500	185,000
2016 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net		$ 159,677	159,621
Interest Rate		5.75%
Effective Interest Rate		5.91%
Maturity Date		Jan. 15, 2016
2017 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net		$ 54,971	54,966
Interest Rate		7.50%
Effective Interest Rate		7.52%
Maturity Date		Dec. 01, 2017
2027 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net		$ 6,067	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		$ 31,885	31,884
Interest Rate		7.60%
Effective Interest Rate		8.13%
Maturity Date		Jul. 15, 2028
2032 Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net		$ 10,523	10,518
Interest Rate		7.75%
Effective Interest Rate		7.87%
Maturity Date		Apr. 15, 2032
2017 II Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net		$ 101,833	101,806
Interest Rate		5.95%
Effective Interest Rate		6.37%
Maturity Date		May 15, 2017
2014 Unsecured Term Loan
Debt Instrument [Line Items]
Unsecured Term Loans	[1]	$ 200,000	200,000
Interest Rate	[1]	1.94%
Maturity Date	[1]	Jan. 29, 2021
2015 Unsecured Term Loan
Debt Instrument [Line Items]
Unsecured Term Loans	[1]	$ 260,000	0
Interest Rate	[1]	1.84%
Maturity Date	[1]	Sep. 12, 2022
Mortgages
Debt Instrument [Line Items]
Mortgage Loans Payable, Net		$ 564,955	599,985
Unamortized Premiums		(64)	(90)
Mortgage Loans Payable, Gross		$ 564,891	599,895
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		Jun. 01, 2016
Maturity Date Range, End		Sep. 01, 2022
Senior Unsecured Notes
Debt Instrument [Line Items]
Senior Unsecured Notes, Net		$ 364,956	364,861
Unamortized Discounts		146	241
Senior Unsecured Notes, Gross		365,102	365,102
Unsecured Term Loan
Debt Instrument [Line Items]
Unsecured Term Loans		460,000	200,000
Unsecured Credit Facility
Debt Instrument [Line Items]
Unsecured Credit Facility	[2]	$ 52,500	$ 185,000
Interest Rate	[2]	1.57%
Maturity Date	[2]	Mar. 11, 2019

[1] We entered into interest rate protection agreements, with an aggregate notional value of $460,000, to effectively convert the variable rate to a fixed rate. See Note 11.

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

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Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands			12 Months Ended
	Sep. 11, 2015	Jan. 29, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 10, 2015	Jul. 19, 2013
Debt Disclosure [Line Items]
Loss from Retirement of Debt			$ 0	$ (655)	$ (6,637)
Line of Credit Facility, Current Borrowing Capacity							$ 625,000
2014 Notes
Debt Disclosure [Line Items]
Extinguishment of Debt, Amount				81,794
2014 Unsecured Term Loan
Debt Disclosure [Line Items]
Unsecured Term Loan, Term		7 years
Unsecured Term Loan, Face Amount		$ 200,000
Debt Instrument, Interest Rate Terms			LIBOR plus 170 basis points
2015 Unsecured Term Loan
Debt Disclosure [Line Items]
Unsecured Term Loan, Term	7 years
Unsecured Term Loan, Face Amount	$ 260,000
Debt Instrument, Interest Rate Terms			LIBOR plus 160 basis points
Mortgages
Debt Disclosure [Line Items]
Extinguishment of Debt, Amount			$ 22,910	65,558
Loss from Retirement of Debt			0	$ 655
Carrying value of industrial properties held under mortgage			727,022
Unsecured Credit Facility
Debt Disclosure [Line Items]
Line of Credit Facility, Current Borrowing Capacity						$ 625,000
Line of credit facility, increase, additional borrowings			$ 900,000
Number of years of extension of line of credit facility at election			1 year
Line of credit facility, interest rate description			LIBOR plus 115 basis points
Interest Rate Swap
Debt Disclosure [Line Items]
Swaps, Notional Amount			$ 460,000

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Indebtedness - Schedule of Maturities of Long-Term Debt (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
Debt Disclosure [Abstract]
2016	$ 229,024
2017	168,723
2018	168,341
2019	128,923
2020	90,855
Thereafter	656,627
Total	$ 1,442,493

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Indebtedness - Summary of Indebtedness at Estimated Fair Value (Detail) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Line Items]
Mortgage Loans Payable, Net, Carrying Amount		$ 564,955	$ 599,985
Senior Unsecured Debt, Net, Carrying Amount		364,956	364,861
Unsecured Term Loan, Carrying Amount		460,000	200,000
Unsecured Credit Facility, Carrying Amount		52,500	185,000
Total, Carrying Amount		1,442,411	1,349,846
Total, Fair Value		1,495,687	1,422,460
Mortgages
Debt Disclosure [Line Items]
Mortgage Loans Payable, Net, Carrying Amount		564,955	599,985
Mortgage Loans Payable, Net, Fair Value		595,964	640,818
Senior Unsecured Notes
Debt Disclosure [Line Items]
Senior Unsecured Debt, Net, Carrying Amount		364,956	364,861
Senior Unsecured Debt, Net, Fair Value		386,253	395,320
Unsecured Term Loan
Debt Disclosure [Line Items]
Unsecured Term Loan, Carrying Amount		460,000	200,000
Unsecured Term Loan, Fair Value		460,970	200,575
Unsecured Credit Facility
Debt Disclosure [Line Items]
Unsecured Credit Facility, Carrying Amount	[1]	52,500	185,000
Unsecured Credit Facility, Fair Value		$ 52,500	$ 185,747

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

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Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended						12 Months Ended
	Mar. 06, 2014	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 13, 2014	Apr. 11, 2013	Dec. 21, 2012	Mar. 01, 2012	Aug. 21, 2006	Jan. 13, 2006	May. 27, 2004
Class of Stock [Line Items]
Operating Partnership, aggregate cash payment								$ 95,285
Operating Partnership, shares								4,305,707
Cost associated with the redemptions		$ 0	$ 0	$ 0	$ 1,462			$ 0	$ 1,462	$ 5,667
Preferred stock shares authorized								10,000,000
Preferred stock outstanding								0
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units								$ 0	0	0
Net proceeds from the issuance of common stock								$ 0	0	174,081
Series F Preferred Stock/Units
Class of Stock [Line Items]
Depositary Shares issued																	50,000
Depositary Share Percentage Per Share																	1.00%
Dividend rate per share	6.275%							6.236%
Par value per share																	$ 0.01
Initial offering price per depository share																	1,000.00
Redemption price per share																	$ 1,000.00
Aggregate redemption price																	$ 50,000
Dividend per Depositary share					$ 11.3299
Total dividends, Depositary Shares					$ 566
Cost associated with the redemptions									949
Derivative, Basis Spread on Variable Rate								2.375%
Number Of Years Of Treasury Rate One	30 years
Number Of Years Of Treasury Rate Two	10 years
LIBOR rate	3-month LIBOR
Series G Preferred Stock/Units
Class of Stock [Line Items]
Depositary Shares issued																	25,000
Depositary Share Percentage Per Share																	1.00%
Dividend rate per share								7.236%
Par value per share																	$ 0.01
Initial offering price per depository share																	1,000.00
Redemption price per share																	$ 1,000.00
Aggregate redemption price																	$ 25,000
Dividend per Depositary share					$ 36.18
Total dividends, Depositary Shares					$ 905
Cost associated with the redemptions									$ 513
Series J Preferred Stock/Units
Class of Stock [Line Items]
Depositary Shares issued																6,000,000
Depositary Share Percentage Per Share																0.01%
Dividend rate per share								7.25%
Par value per share																$ 0.01
Initial offering price per depository share																25.00
Redemption price per share																$ 25.00
Aggregate redemption price																$ 150,000
Dividend per Depositary share							$ 0.055382
Total dividends, Depositary Shares							$ 221
Cost associated with the redemptions										3,546
Depositary Shares redeemed												4,000,000	2,000,000
Series K Preferred Stock/Units
Class of Stock [Line Items]
Depositary Shares issued															2,000,000
Depositary Share Percentage Per Share															0.01%
Dividend rate per share								7.25%
Par value per share															$ 0.01
Initial offering price per depository share															25.00
Redemption price per share															$ 25.00
Aggregate redemption price															$ 50,000
Dividend per Depositary share						$ 0.090625
Total dividends, Depositary Shares						$ 181
Cost associated with the redemptions										$ 2,121
Common Stock
Class of Stock [Line Items]
Shares of common stock issued										8,400,000
Net proceeds from the issuance of common stock										$ 132,050
Convertible Common Stock
Class of Stock [Line Items]
Units converted to common stock								68,930	222,676	105,028
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units								$ 673	$ 2,155	$ 996
ATM
Class of Stock [Line Items]
Shares of common stock issued										2,315,704
Net proceeds from the issuance of common stock										$ 41,735
Shares of company stock issuable under an at-the-market offering											13,300,000			12,500,000
Aggregate gross sale proceeds											$ 200,000			$ 125,000
First Industrial L.P.
Class of Stock [Line Items]
Cost associated with the redemptions		$ 0	$ 0	$ 0	$ 1,462			0	1,462	5,667
Conversion of Units / Limited Partner Units to Common Stock / General Partner Units								0	0	0
Net proceeds from the issuance of common stock								$ 0	$ 0	$ 174,081
First Industrial L.P. | Series F Preferred Stock/Units
Class of Stock [Line Items]
Dividend rate per share								6.236%
First Industrial L.P. | Series G Preferred Stock/Units
Class of Stock [Line Items]
Dividend rate per share								7.236%
First Industrial L.P. | Series J Preferred Stock/Units
Class of Stock [Line Items]
Dividend rate per share								7.25%
First Industrial L.P. | Series K Preferred Stock/Units
Class of Stock [Line Items]
Dividend rate per share								7.25%

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Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Common Stock and Units Outstanding (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Stock [Line Items]
Common Stock/Units, Outstanding, Beginning Balance	110,600,866
Issuance of Restricted Stock Shares/Units	498,792
Common Stock/Units, Outstanding, Ending Balance	111,027,225	110,600,866
Common Stock / Operating Partnership Units
Class of Stock [Line Items]
Common Stock/Units, Outstanding, Beginning Balance	110,600,866	109,980,850	98,767,913
Issuance of Common Stock/Units, Including Vesting of Restricted Stock Units	224,990	219,695	10,853,693
Issuance of Restricted Stock Shares/Units	234,360	319,055	284,461
Repurchase and Retirement of Restricted Stock Shares/Units	(101,921)	(141,410)	(30,245)
Conversion of Operating Partnership Units	68,930	222,676	105,028
Common Stock/Units, Outstanding, Ending Balance	111,027,225	110,600,866	109,980,850
First Industrial L.P. | Common Stock / Operating Partnership Units
Class of Stock [Line Items]
Common Stock/Units, Outstanding, Beginning Balance	114,975,503	114,578,163	103,470,254
Issuance of Common Stock/Units, Including Vesting of Restricted Stock Units	224,990	219,695	10,853,693
Issuance of Restricted Stock Shares/Units	234,360	319,055	284,461
Repurchase and Retirement of Restricted Stock Shares/Units	(101,921)	(141,410)	(30,245)
Conversion of Operating Partnership Units	0	0	0
Common Stock/Units, Outstanding, Ending Balance	115,332,932	114,975,503	114,578,163

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Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership - Summary of Dividends/Distributions (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014		Dec. 31, 2013
Class of Stock [Line Items]
Total Common Stock Dividend / Unit Distribution		$ 59,014	$ 47,263		$ 38,862
Total Preferred Dividend / Distribution			1,019		8,733
Common Stock / Operating Partnership Units
Class of Stock [Line Items]
Total Common Stock Dividend / Unit Distribution		$ 59,014	47,263		38,862
Series F Preferred Stock/Units
Class of Stock [Line Items]
Total Preferred Dividend / Distribution			566	[1]	2,896
Series G Preferred Stock/Units
Class of Stock [Line Items]
Total Preferred Dividend / Distribution			$ 453	[1]	1,809
Series J Preferred Stock/Units
Class of Stock [Line Items]
Total Preferred Dividend / Distribution	[1]				2,034
Series K Preferred Stock/Units
Class of Stock [Line Items]
Total Preferred Dividend / Distribution	[1]				$ 1,994

[1] See the "Preferred Stock/Contributions" section for the redemptions and discussion of pro-rated dividends/distributions for all series of preferred stock/Units occurring during the years ended December 31, 2014 and 2013.

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Accumulated Other Comprehensive Loss (Changes in AOCI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (13,867)	$ (3,265)
Other Comprehensive Loss Before Reclassifications	(14,843)	(15,951)
Amounts Reclassified from Accumulated Other Comprehensive Loss	19,043	5,349
Net Current Period Other Comprehensive Income (Loss)	4,200	(10,602)
Balance	(9,667)	(13,867)
Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(14,402)	(3,481)
Other Comprehensive Loss Before Reclassifications	(14,684)	(16,270)
Amounts Reclassified from Accumulated Other Comprehensive Loss	19,043	5,349
Net Current Period Other Comprehensive Income (Loss)	4,359	(10,921)
Balance	(10,043)	(14,402)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(15)	78
Other Comprehensive Loss Before Reclassifications	15	(93)
Amounts Reclassified from Accumulated Other Comprehensive Loss	0	0
Net Current Period Other Comprehensive Income (Loss)	15	(93)
Balance	0	(15)
Comprehensive Income (Loss) Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	550	138
Other Comprehensive Loss Before Reclassifications	(174)	412
Amounts Reclassified from Accumulated Other Comprehensive Loss	0	0
Net Current Period Other Comprehensive Income (Loss)	(174)	412
Balance	376	550
First Industrial L.P.
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(14,376)	(3,362)
Other Comprehensive Loss Before Reclassifications	(14,710)	(16,363)
Amounts Reclassified from Accumulated Other Comprehensive Loss	19,043	5,349
Net Current Period Other Comprehensive Income (Loss)	4,333	(11,014)
Balance	(10,043)	(14,376)
First Industrial L.P. | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(14,402)	(3,481)
Other Comprehensive Loss Before Reclassifications	(14,684)	(16,270)
Amounts Reclassified from Accumulated Other Comprehensive Loss	19,043	5,349
Net Current Period Other Comprehensive Income (Loss)	4,359	(10,921)
Balance	(10,043)	(14,402)
First Industrial L.P. | Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	26	119
Other Comprehensive Loss Before Reclassifications	(26)	(93)
Amounts Reclassified from Accumulated Other Comprehensive Loss	0	0
Net Current Period Other Comprehensive Income (Loss)	(26)	(93)
Balance	$ 0	$ 26

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Accumulated Other Comprehensive Loss (Amounts Reclassified from AOCI) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements	$ (11,546)	$ 0	$ 52
Interest Expense	67,424	72,178	73,558
Loss from Retirement of Debt	0	(655)	(6,637)
Total	(33,162)	(73,904)	(79,914)
Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total	19,043	5,349	3,527
Interest Rate Swap | Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Settlement Loss and Mark-to-Market Gain on Interest Rate Protection Agreements	12,990	0	0
Interest Expense	5,529	3,991	0
Interest Rate Contract | Reclassification Out Of Accumulated Other Comprehensive Income | Interest Rate Protection Agreements
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest Expense	524	1,358	2,411
Loss from Retirement of Debt	$ 0	$ 0	$ 1,116

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Accumulated Other Comprehensive Loss - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Accumulated Other Comprehensive Loss [Abstract]
Amortization to be reclassified from OCI into income	$ 391

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Earnings Per Share / Unit (EPS / EPU) - Computation of Basic and Diluted EPS / EPU (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Income from Continuing Operations									$ 76,705	$ 23,182	$ 4,862
Noncontrolling Interest Allocable to Continuing Operations									(2,903)	(813)	396
Income from Continuing Operations Allocable to Participating Securities	$ (153)	$ (50)	$ (50)	$ (41)	$ (32)	$ (33)	$ (32)	$ (18)	(248)	(75)	0
Income (Loss) from Continuing Operations Attributable to Common Stockholder / Unitholders									73,554	22,294	5,258
Preferred Dividends/Unit Distributions					0	0	0	(1,019)	0	(1,019)	(8,733)
Redemption of Preferred Stock/Units					0	0	0	(1,462)	0	(1,462)	(5,667)
Income (Loss) from Continuing Operations Available to First Industrial Realty Trust, Inc.’s Common Stockholders									73,554	19,813	(9,142)
Income from Discontinued Operations					11,246	13,389	1,011	1,095	0	27,823	36,566
Noncontrolling Interest Allocable to Discontinued Operations									0	(1,082)	(1,517)
Income from Discontinued Operations Allocable to Participating Securities					(47)	(57)	(11)	(14)	0	(100)	(162)
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders									0	26,641	34,887
Net Income (Loss) Available to Common Stockholders/Unitholders and Participating Securities	$ 43,500	$ 13,917	$ 14,012	$ 2,373	$ 18,781	$ 21,327	$ 4,039	$ 2,482	73,802	46,629	25,907
Net Income Allocable to Participating Securities									(248)	(175)	(162)
Net Income Available to First Industrial Realty Trust, Inc.’s Common Stockholders									$ 73,554	$ 46,454	$ 25,745
Denominator:
Weighted Average Shares/Units - Basic	110,392	110,356	110,348	110,310	110,118	110,072	109,815	109,676	110,352	109,922	106,995
LTIP Unit Awards									429	403	0
Weighted Average Shares/Units - Diluted	110,916	110,848	110,683	110,675	110,405	110,271	110,404	110,215	110,781	110,325	106,995
Basic Earnings Per Share/Unit:
Income (Loss) from Continuing Operations Available to Common Stockholders / Unitholders					$ 0.07	$ 0.07	$ 0.03	$ 0.01	$ 0.67	$ 0.18	$ (0.09)
Income (Loss) from Discontinued Operations Attributable to Common Stockholders / Unitholders					0.10	0.12	0.01	0.01	0.00	0.24	0.33
Net Income Available to Common Stockholders/Unitholders	$ 0.39	$ 0.13	$ 0.13	$ 0.02	0.17	0.19	0.04	0.02	0.67	0.42	0.24
Diluted Earnings Per Share/Unit:
Income (Loss) from Continuing Operations Available to Common Stockholders / Unitholders					0.07	0.07	0.03	0.01	0.66	0.18	(0.09)
Income (Loss) from Discontinued Operations Attributable to Common Stockholders / Unitholders					0.10	0.12	0.01	0.01	0.00	0.24	0.33
Net Income Available to Common Stockholders / Unitholders	$ 0.39	$ 0.13	$ 0.13	$ 0.02	$ 0.17	$ 0.19	$ 0.04	$ 0.02	$ 0.66	$ 0.42	$ 0.24
First Industrial L.P.
Numerator:
Income from Continuing Operations									$ 76,820	$ 23,434	$ 4,908
Noncontrolling Interest Allocable to Continuing Operations									(138)	(62)	(36)
Income from Continuing Operations Allocable to Participating Securities	$ (153)	$ (50)	$ (50)	$ (41)	$ (32)	$ (33)	$ (32)	$ (17)	(248)	(75)	0
Income (Loss) from Continuing Operations Attributable to Common Stockholder / Unitholders									76,434	23,297	4,872
Preferred Dividends/Unit Distributions					0	0	0	(1,019)	0	(1,019)	(8,733)
Redemption of Preferred Stock/Units					0	0	0	(1,462)	0	(1,462)	(5,667)
Income (Loss) from Continuing Operations Available to Unitholders									76,434	20,816	(9,528)
Income from Discontinued Operations					11,698	13,924	1,051	1,140	0	27,823	36,566
Noncontrolling Interest Allocable to Discontinued Operations									0	(10)	(5)
Income from Discontinued Operations Allocable to Participating Securities					(47)	(57)	(11)	(14)	0	(100)	(162)
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders									0	27,713	36,399
Net Income (Loss) Available to Common Stockholders/Unitholders and Participating Securities	$ 45,143	$ 14,438	$ 14,644	$ 2,457	$ 19,662	$ 22,218	$ 4,227	$ 2,597	76,682	48,704	27,033
Net Income Allocable to Participating Securities									(248)	(175)	(162)
Net Income Available to Unitholders									$ 76,434	$ 48,529	$ 26,871
Denominator:
Weighted Average Shares/Units - Basic	114,722	114,720	114,712	114,681	114,512	114,512	114,278	114,245	114,709	114,388	111,646
LTIP Unit Awards									429	403	0
Weighted Average Shares/Units - Diluted	115,246	115,212	115,047	115,046	114,799	114,711	114,867	114,784	115,138	114,791	111,646
Basic Earnings Per Share/Unit:
Income (Loss) from Continuing Operations Available to Common Stockholders / Unitholders					$ 0.07	$ 0.07	$ 0.03	$ 0.01	$ 0.67	$ 0.18	$ (0.09)
Income (Loss) from Discontinued Operations Attributable to Common Stockholders / Unitholders					0.10	0.12	0.01	0.01	0.00	0.24	0.33
Net Income Available to Common Stockholders/Unitholders	$ 0.39	$ 0.13	$ 0.13	$ 0.02	0.17	0.19	0.04	0.02	0.67	0.42	0.24
Diluted Earnings Per Share/Unit:
Income (Loss) from Continuing Operations Available to Common Stockholders / Unitholders					0.07	0.07	0.03	0.01	0.66	0.18	(0.09)
Income (Loss) from Discontinued Operations Attributable to Common Stockholders / Unitholders					0.10	0.12	0.01	0.01	0.00	0.24	0.33
Net Income Available to Common Stockholders / Unitholders	$ 0.39	$ 0.12	$ 0.13	$ 0.02	$ 0.17	$ 0.19	$ 0.04	$ 0.02	$ 0.66	$ 0.42	$ 0.24

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Earnings Per Share / Unit (EPS / EPU) - Additional Information (Detail) - shares	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Number Of Unvested Restricted Stock Awards Outstanding Included In Participating Securities	387,947	463,774	488,861

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Earnings Per Share / Unit (EPS / EPU) - Non-Participating Securities (Detail)	12 Months Ended
	Dec. 31, 2013 shares
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of Non-Participating Securities Outstanding	73,400
LTIP Unit Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of Non-Participating Securities Outstanding	718,960

XML

Income Taxes - Components of Income Tax Benefit (Provision) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal	$ 68	$ (51)	$ 231
State	(297)	(196)	(264)
Deferred:
State	112	9	36
Income Tax Benefit (Provision), Continuing Operations	$ (117)	$ (238)	$ 3

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Income Taxes - Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Impairment of Real Estate	$ 2,484	$ 2,466
Foreign Net Operating Loss Carryforward	0	585
Valuation Allowance	(3,437)	(4,224)
Other	1,021	1,251
Total Deferred Tax Assets, Net of Allowance	68	78
Straight-line Rent	(79)	(90)
Other	(1)	(112)
Total Deferred Tax Liabilities	(80)	(202)
Total Net Deferred Tax Liabilities	$ (12)	$ (124)

XML

Income Taxes - Income Tax Benefit (Provision) Pertaining to Income from Continuing Operations and Gain on Sale of Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Tax Benefit (Provision) at Federal Rate Related to Continuing Operations	$ 64	$ (532)	$ 286
State Tax Provision, Net of Federal Benefit	(212)	(214)	(236)
Non-deductible Permanent Items, Net	10	1	21
IRS Audit Adjustment and Accrued Interest	0	0	58
Change in Valuation Allowance	787	1,133	(388)
Other	(766)	(626)	262
Income Tax Benefit (Provision), Continuing Operations	$ (117)	$ (238)	$ 3

XML

Income Taxes - Federal Income Tax Treatment of Share Distributions (Detail) - Common Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax [Line Items]
Ordinary Income	$ 0.2629	$ 0.4412	$ 0.3088
Unrecaptured Section 1250 Gain	0.1241	0.0000	0.0000
Distributions Per Common Share	$ 0.3870	$ 0.4412	$ 0.3088
Ordinary Income as a Percentage of Distribution	67.93%	100.00%	100.00%
Unrecaptured Section 1250 Gain as a Percentage of Distribution	32.07%	0.00%	0.00%
Common Distributions Percentage	100.00%	100.00%	100.00%

XML

Income Taxes - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2013 $ / shares
Series J Preferred Stock
Income Tax [Line Items]
Ordinary Income	$ 0.5085
Series K Preferred Stock
Income Tax [Line Items]
Ordinary Income	$ 0.9969

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Future Rental Revenues - Minimum Lease Payments Receivable, Excluding Tenant Reimbursements of Expenses, Under Non-Cancelable Operating Leases (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2016	$ 271,032
2017	242,844
2018	201,970
2019	160,133
2020	125,735
Thereafter	369,030
Total	$ 1,370,744

XML

Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available under the Plan	3,000,000
Restricted stock/Unit awards and LTIP Unit Awards	498,792
Unrecognized compensation related to unvested restricted stock/Unit awards and LTIP Unit Awards	$ 5,432
Amortization related to restricted stock/Unit awards and LTIP Unit Awards	7,177	$ 7,605	$ 6,202
Amortization capitalized in connection with development activities	$ 42	41	43
Weighted average period of unrecognized compensation expected to be recognized	10 months 29 days
Matching contributions in 401(k) / profit sharing plan	$ 471	$ 387	$ 300
LTIP Unit Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of LTIP Unit Awards	0.00%
LTIP Unit Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage of LTIP Unit Awards	100.00%
Director | Restricted Stock/Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock/Unit awards and LTIP Unit Awards	17,385	19,250
Unrecognized compensation related to unvested restricted stock/Unit awards and LTIP Unit Awards	$ 350	$ 350
Vesting period of restricted stock/Unit awards	1 year
Management | Restricted Stock/Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock/Unit awards and LTIP Unit Awards	216,975	299,805	284,461
Unrecognized compensation related to unvested restricted stock/Unit awards and LTIP Unit Awards	$ 4,708	$ 5,413	$ 4,719
Vesting period of restricted stock/Unit awards	3 years
Compensation expense recognized at date of grant	$ 1,352	$ 1,451	$ 1,008
Management | LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock/Unit awards and LTIP Unit Awards	264,432		718,960
Unrecognized compensation related to unvested restricted stock/Unit awards and LTIP Unit Awards	$ 2,531		$ 5,411

XML

Benefit Plans - Valuation Assumptions (Details) - LTIP Unit Awards	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	1.99%	2.22%
Expected volatility - weighted average	21.34%	30.61%
Expected term	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility - range used	20.43%	24.28%
Risk-free interest rate	0.10%	0.03%
Expected term		1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility - range used	21.99%	34.66%
Risk-free interest rate	1.16%	0.71%
Expected term		2 years 6 months

XML

Benefit Plans - Summary of Restricted Stock/Unit Award and LTIP Unit Award Transactions (Detail)	12 Months Ended
	Dec. 31, 2015 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding, Beginning Balance, Awards | shares	816,718
Issued, Awards | shares	498,792
Forfeited, Awards | shares	(4,313)
Vested, Awards | shares	(661,222)
Outstanding, Ending Balance, Awards | shares	649,975
Outstanding, Weighted Average Grant Date Fair Value, Beginning of Period | $ / shares	$ 12.68
Issued, Weighted Average Grant Date Fair Value | $ / shares	15.21
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	13.68
Vested, Weighted Average Grant Date Fair Value | $ / shares	11.87
Outstanding, Weighted Average Grant Date Fair Value, End of Period | $ / shares	$ 15.43

XML

Derivatives - Additional Information (Detail) $ in Thousands	1 Months Ended			12 Months Ended
	Sep. 30, 2015 USD ($)	Aug. 31, 2014 USD ($)	Jan. 31, 2014 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Derivative [Line Items]
Mark-to-Market Gain on Interest Rate Protection Agreements				$ (11,546)	$ 0	$ 52
2014 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held			4
Swaps, Notional Amount			$ 200,000
Swaps, Average Fixed Interest Rate			2.29%
LIBOR rate			one month LIBOR
2015 Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held	6
Swaps, Notional Amount	$ 260,000
Swaps, Average Fixed Interest Rate	1.79%
LIBOR rate	one month LIBOR
Settled Swaps
Derivative [Line Items]
Swaps, Number of Instruments Held		3
Swaps, Notional Amount		$ 220,000
LIBOR rate		three month LIBOR
Derivative, Cost of Hedge				$ 11,546

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Derivatives - Fair Value Measurements on Recurring Basis (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
2014 Swaps
Fair Value On Recurring Basis [Line Items]
Fair Value	$ (7,380)
2014 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value On Recurring Basis [Line Items]
Fair Value	0
2014 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value On Recurring Basis [Line Items]
Fair Value	(7,380)
2014 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Fair Value On Recurring Basis [Line Items]
Fair Value	0
2015 Swaps
Fair Value On Recurring Basis [Line Items]
Fair Value	(1,064)
2015 Swaps | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value On Recurring Basis [Line Items]
Fair Value	0
2015 Swaps | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)
Fair Value On Recurring Basis [Line Items]
Fair Value	(1,064)
2015 Swaps | Fair Value, Measurements, Recurring | Unobservable Inputs (Level 3)
Fair Value On Recurring Basis [Line Items]
Fair Value	$ 0

XML

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Related Party Transactions [Abstract]
Receivable balance due from a direct wholly-owned subsidiary	$ 10,714	$ 10,767

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Commitments and Contingencies - Additional Information (Detail) $ in Thousands, ft² in Millions	12 Months Ended
	Dec. 31, 2015 USD ($) ft² Property	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding amount of letters of credit and performance bonds in the aggregate	$ 6,698
Number of industrial properties under construction | Property	4
Gross leasable area (GLA) of industrial properties under construction | ft²	1.4
Estimated total investment	$ 78,700
Estimated total investment remaining to be funded	59,700
Operating and ground lease expense	$ 1,281	$ 1,300	$ 1,440

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Commitments and Contingencies - Future Minimum Rental Payments Under Non-Cancelable Ground and Operating Leases (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2016	$ 1,993
2017	1,929
2018	1,180
2019	534
2020	533
Thereafter	25,866
Total	$ 32,035	[1]

[1] Minimum rental payments have not been reduced by minimum sublease rentals of $3,861 due in the future under non-cancelable subleases.

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Commitments and Contingencies - Future Minimum Rental Payments Under Non-Cancelable Ground and Operating Leases (Phantoms) (Detail) $ in Thousands	Dec. 31, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum sublease rentals due in the future under non-cancelable subleases	$ 3,861

XML

Subsequent Events - Additional Information (Detail) $ in Thousands	2 Months Ended	12 Months Ended
	Feb. 24, 2016 USD ($) Property	Dec. 31, 2015 USD ($) Property	Dec. 31, 2014 USD ($) Property	Dec. 31, 2013 USD ($) Property
Subsequent Event [Line Items]
Number of industrial properties acquired | Property		8	8	2
Purchase price of industrial properties acquired		$ 168,122	$ 96,045	$ 73,642
Mortgage Loans Payable, Net		$ 564,955	$ 599,985
Number of industrial properties sold | Property		66	29	67
Proceeds from sale of industrial properties		$ 158,429	$ 102,596	$ 144,628
Subsequent Events
Subsequent Event [Line Items]
Number of industrial properties acquired | Property	1
Purchase price of industrial properties acquired	$ 46,664
Number of industrial properties sold | Property	2
Proceeds from sale of industrial properties	$ 9,614
Mortgages
Subsequent Event [Line Items]
Mortgage Loans Payable, Net		564,955	599,985
Extinguishment of Debt, Amount		$ 22,910	$ 65,558
Mortgages | Subsequent Events
Subsequent Event [Line Items]
Mortgage Loans Payable, Net	4,513
2016 Notes | Subsequent Events
Subsequent Event [Line Items]
Extinguishment of Debt, Amount	$ 159,679

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Quarterly Financial Information - Net Income Available and Basic and Diluted EPS/EPU (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total Revenues	$ 93,207	$ 92,157	$ 90,456	$ 89,942	$ 90,333	$ 86,361	$ 84,044	$ 83,861	$ 365,762	$ 344,599	$ 318,454
Income from Continuing Operations, Net of Noncontrolling Interest					7,535	7,938	3,028	3,868
Income from Discontinued Operations, Net of Noncontrolling Interest					11,246	13,389	1,011	1,095	0	27,823	36,566
Net Income (Loss) Attributable to Common Stockholders/Unitholders					18,781	21,327	4,039	4,963	73,802	49,110	40,307
Preferred Dividends/Unit Distributions					0	0	0	(1,019)	0	(1,019)	(8,733)
Redemption of Preferred Stock/Units					0	0	0	(1,462)	0	(1,462)	(5,667)
Net Income (Loss) Available to Common Stockholders/Unitholders and Participating Securities	43,500	13,917	14,012	2,373	18,781	21,327	4,039	2,482	73,802	46,629	25,907
Income from Continuing Operations Allocable to Participating Securities	(153)	(50)	(50)	(41)	(32)	(33)	(32)	(18)	(248)	(75)	0
Income from Discontinued Operations Allocable to Participating Securities					(47)	(57)	(11)	(14)	$ 0	$ (100)	$ (162)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders / Unitholders	$ 43,347	$ 13,867	$ 13,962	$ 2,332	$ 18,702	$ 21,237	$ 3,996	$ 2,450
Basic Earnings Per Share/Unit:
Income from Continuing Operations Available to Common Stockholders / Unitholders					$ 0.07	$ 0.07	$ 0.03	$ 0.01	$ 0.67	$ 0.18	$ (0.09)
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders					0.10	0.12	0.01	0.01	0.00	0.24	0.33
Net Income Available to Common Stockholders/Unitholders	$ 0.39	$ 0.13	$ 0.13	$ 0.02	0.17	0.19	0.04	0.02	0.67	0.42	0.24
Diluted Earnings Per Share/Unit:
Income from Continuing Operations Available to Common Stockholders / Unitholders					0.07	0.07	0.03	0.01	0.66	0.18	(0.09)
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders					0.10	0.12	0.01	0.01	0.00	0.24	0.33
Net Income Available to Common Stockholders / Unitholders	$ 0.39	$ 0.13	$ 0.13	$ 0.02	$ 0.17	$ 0.19	$ 0.04	$ 0.02	$ 0.66	$ 0.42	$ 0.24
Weighted Average Shares/Units - Basic	110,392	110,356	110,348	110,310	110,118	110,072	109,815	109,676	110,352	109,922	106,995
Weighted Average Shares/Units - Diluted	110,916	110,848	110,683	110,675	110,405	110,271	110,404	110,215	110,781	110,325	106,995
First Industrial L.P.
Total Revenues	$ 93,207	$ 92,157	$ 90,456	$ 89,942	$ 90,333	$ 86,361	$ 84,044	$ 83,861	$ 365,762	$ 344,599	$ 318,454
Income from Continuing Operations, Net of Noncontrolling Interest					7,964	8,294	3,176	3,938
Income from Discontinued Operations, Net of Noncontrolling Interest					11,698	13,924	1,051	1,140	0	27,823	36,566
Net Income (Loss) Attributable to Common Stockholders/Unitholders					19,662	22,218	4,227	5,078	76,682	51,185	41,433
Preferred Dividends/Unit Distributions					0	0	0	(1,019)	0	(1,019)	(8,733)
Redemption of Preferred Stock/Units					0	0	0	(1,462)	0	(1,462)	(5,667)
Net Income (Loss) Available to Common Stockholders/Unitholders and Participating Securities	45,143	14,438	14,644	2,457	19,662	22,218	4,227	2,597	76,682	48,704	27,033
Income from Continuing Operations Allocable to Participating Securities	(153)	(50)	(50)	(41)	(32)	(33)	(32)	(17)	(248)	(75)	0
Income from Discontinued Operations Allocable to Participating Securities					(47)	(57)	(11)	(14)	$ 0	$ (100)	$ (162)
Net Income Available to First Industrial Realty Trust, Inc.'s Common Stockholders / Unitholders	$ 44,990	$ 14,388	$ 14,594	$ 2,416	$ 19,583	$ 22,128	$ 4,184	$ 2,566
Basic Earnings Per Share/Unit:
Income from Continuing Operations Available to Common Stockholders / Unitholders					$ 0.07	$ 0.07	$ 0.03	$ 0.01	$ 0.67	$ 0.18	$ (0.09)
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders					0.10	0.12	0.01	0.01	0.00	0.24	0.33
Net Income Available to Common Stockholders/Unitholders	$ 0.39	$ 0.13	$ 0.13	$ 0.02	0.17	0.19	0.04	0.02	0.67	0.42	0.24
Diluted Earnings Per Share/Unit:
Income from Continuing Operations Available to Common Stockholders / Unitholders					0.07	0.07	0.03	0.01	0.66	0.18	(0.09)
Income from Discontinued Operations Attributable to Common Stockholders / Unitholders					0.10	0.12	0.01	0.01	0.00	0.24	0.33
Net Income Available to Common Stockholders / Unitholders	$ 0.39	$ 0.12	$ 0.13	$ 0.02	$ 0.17	$ 0.19	$ 0.04	$ 0.02	$ 0.66	$ 0.42	$ 0.24
Weighted Average Shares/Units - Basic	114,722	114,720	114,712	114,681	114,512	114,512	114,278	114,245	114,709	114,388	111,646
Weighted Average Shares/Units - Diluted	115,246	115,212	115,047	115,046	114,799	114,711	114,867	114,784	115,138	114,791	111,646

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Schedule III: Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 564,955
Land	764,387
Buildings and Improvements	1,639,778
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	893,484
Land	747,125
Buildings and Improvements	2,550,524
Total	3,297,649
Accumulated Depreciation 12/31/2015	$ 792,501	$ 786,978	$ 748,044	$ 735,593
1650 Highway 155 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	McDonough, GA
Land	$ 788
Buildings and Improvements	4,544
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(425)
Land	365
Buildings and Improvements	4,542
Total	4,907
Accumulated Depreciation 12/31/2015	$ 2,790
1665 Dogwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Conyers, GA
Land	$ 635
Buildings and Improvements	3,662
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	978
Land	635
Buildings and Improvements	4,640
Total	5,275
Accumulated Depreciation 12/31/2015	$ 2,392
1715 Dogwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Conyers, GA
Land	$ 288
Buildings and Improvements	1,675
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	824
Land	228
Buildings and Improvements	2,559
Total	2,787
Accumulated Depreciation 12/31/2015	$ 1,098
11235 Harland Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Covington, GA
Land	$ 125
Buildings and Improvements	739
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	218
Land	125
Buildings and Improvements	957
Total	1,082
Accumulated Depreciation 12/31/2015	$ 472
4051 Southmeadow Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Atlanta, GA
Land	$ 726
Buildings and Improvements	4,130
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,472
Land	726
Buildings and Improvements	5,602
Total	6,328
Accumulated Depreciation 12/31/2015	$ 2,511
4071 Southmeadow Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Atlanta, GA
Land	$ 750
Buildings and Improvements	4,460
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,752
Land	828
Buildings and Improvements	6,134
Total	6,962
Accumulated Depreciation 12/31/2015	$ 3,110
4081 Southmeadow Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Atlanta, GA
Land	$ 1,012
Buildings and Improvements	5,918
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,873
Land	1,157
Buildings and Improvements	7,646
Total	8,803
Accumulated Depreciation 12/31/2015	$ 3,623
5570 Tulane Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Atlanta, GA
Encumbrances	$ 2,240
Land	527
Buildings and Improvements	2,984
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,345
Land	546
Buildings and Improvements	4,310
Total	4,856
Accumulated Depreciation 12/31/2015	$ 1,840
955 Cobb Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kennesaw, GA
Encumbrances	$ 2,828
Land	780
Buildings and Improvements	4,420
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	930
Land	804
Buildings and Improvements	5,326
Total	6,130
Accumulated Depreciation 12/31/2015	$ 2,272
1005 Sigman Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Conyers, GA
Encumbrances	$ 1,909
Land	566
Buildings and Improvements	3,134
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	439
Land	574
Buildings and Improvements	3,565
Total	4,139
Accumulated Depreciation 12/31/2015	$ 1,414
2050 East Park Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Conyers, GA
Land	$ 452
Buildings and Improvements	2,504
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	472
Land	459
Buildings and Improvements	2,969
Total	3,428
Accumulated Depreciation 12/31/2015	$ 1,095
3060 South Park Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ellenwood, GA
Land	$ 1,600
Buildings and Improvements	12,464
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,010
Land	1,604
Buildings and Improvements	15,470
Total	17,074
Accumulated Depreciation 12/31/2015	$ 4,444
Greenwood Industrial Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	McDonough, GA
Encumbrances	$ 4,235
Land	1,550
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	7,632
Land	1,550
Buildings and Improvements	7,632
Total	9,182
Accumulated Depreciation 12/31/2015	$ 2,163
46 Kent Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Cartersville GA
Encumbrances	$ 0
Land	794
Buildings and Improvements	2,252
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	85
Land	798
Buildings and Improvements	2,333
Total	3,131
Accumulated Depreciation 12/31/2015	$ 855
605 Stonehill Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Atlanta, GA
Land	$ 485
Buildings and Improvements	1,979
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(16)
Land	490
Buildings and Improvements	1,958
Total	2,448
Accumulated Depreciation 12/31/2015	$ 1,817
5095 Phillip Lee Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Atlanta, GA
Encumbrances	$ 3,821
Land	735
Buildings and Improvements	3,627
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	493
Land	740
Buildings and Improvements	4,115
Total	4,855
Accumulated Depreciation 12/31/2015	$ 2,632
6514 Warren Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norcross, GA
Land	$ 510
Buildings and Improvements	1,250
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	103
Land	513
Buildings and Improvements	1,350
Total	1,863
Accumulated Depreciation 12/31/2015	$ 445
6544 Warren Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norcross, GA
Land	$ 711
Buildings and Improvements	2,310
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	243
Land	715
Buildings and Improvements	2,549
Total	3,264
Accumulated Depreciation 12/31/2015	$ 965
5356 E. Ponce De Leon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Stone Mountain, GA
Land	$ 604
Buildings and Improvements	3,888
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	128
Land	610
Buildings and Improvements	4,010
Total	4,620
Accumulated Depreciation 12/31/2015	$ 2,058
5390 E. Ponce De Leon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Stone Mountain, GA
Land	$ 397
Buildings and Improvements	1,791
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	199
Land	402
Buildings and Improvements	1,985
Total	2,387
Accumulated Depreciation 12/31/2015	$ 823
195 & 197 Collins Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Athens, GA
Land	$ 1,410
Buildings and Improvements	5,344
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	539
Land	989
Buildings and Improvements	6,304
Total	7,293
Accumulated Depreciation 12/31/2015	$ 3,583
1755 Enterprise Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Buford, GA
Encumbrances	$ 1,201
Land	712
Buildings and Improvements	2,118
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(227)
Land	716
Buildings and Improvements	1,887
Total	2,603
Accumulated Depreciation 12/31/2015	$ 668
4555 Atwater Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Buford, GA
Encumbrances	$ 2,150
Land	881
Buildings and Improvements	3,550
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	231
Land	885
Buildings and Improvements	3,777
Total	4,662
Accumulated Depreciation 12/31/2015	$ 1,198
80 Liberty Industrial Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	McDonough, GA
Land	$ 756
Buildings and Improvements	3,695
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,244)
Land	467
Buildings and Improvements	2,740
Total	3,207
Accumulated Depreciation 12/31/2015	$ 1,027
596 Bonnie Valentine [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pendergrass, GA
Land	$ 2,580
Buildings and Improvements	21,730
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,711
Land	2,594
Buildings and Improvements	25,427
Total	28,021
Accumulated Depreciation 12/31/2015	$ 6,990
11415 Old Roswell Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Alpharetta, GA
Encumbrances	$ 3,135
Land	2,403
Buildings and Improvements	1,912
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	610
Land	2,428
Buildings and Improvements	2,497
Total	4,925
Accumulated Depreciation 12/31/2015	$ 995
9700 Martin Luther King Hwy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Land	$ 700
Buildings and Improvements	1,920
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	472
Land	700
Buildings and Improvements	2,392
Total	3,092
Accumulated Depreciation 12/31/2015	$ 885
9730 Martin Luther King Hwy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Land	$ 500
Buildings and Improvements	955
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	422
Land	500
Buildings and Improvements	1,377
Total	1,877
Accumulated Depreciation 12/31/2015	$ 544
4621 Boston Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Land	$ 1,100
Buildings and Improvements	3,070
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	860
Land	1,100
Buildings and Improvements	3,930
Total	5,030
Accumulated Depreciation 12/31/2015	$ 1,491
4720 Boston Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Land	$ 1,200
Buildings and Improvements	2,174
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	771
Land	1,200
Buildings and Improvements	2,945
Total	4,145
Accumulated Depreciation 12/31/2015	$ 1,159
22520 Randolph Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dulles, VA
Land	$ 3,200
Buildings and Improvements	8,187
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(172)
Land	3,208
Buildings and Improvements	8,007
Total	11,215
Accumulated Depreciation 12/31/2015	$ 1,854
22630 Dulles Summit Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dulles, VA
Land	$ 2,200
Buildings and Improvements	9,346
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(820)
Land	2,206
Buildings and Improvements	8,520
Total	10,726
Accumulated Depreciation 12/31/2015	$ 2,194
4201 Forbes Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Land	$ 356
Buildings and Improvements	1,823
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	15
Land	375
Buildings and Improvements	1,819
Total	2,194
Accumulated Depreciation 12/31/2015	$ 479
4370-4383 Lottsford Vista Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Land	$ 279
Buildings and Improvements	1,358
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	95
Land	296
Buildings and Improvements	1,436
Total	1,732
Accumulated Depreciation 12/31/2015	$ 385
4400 Lottsford Vista Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Land	$ 351
Buildings and Improvements	1,955
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	241
Land	372
Buildings and Improvements	2,175
Total	2,547
Accumulated Depreciation 12/31/2015	$ 684
4420 Lottsford Vista Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lanham, MD
Land	$ 539
Buildings and Improvements	2,196
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	26
Land	568
Buildings and Improvements	2,193
Total	2,761
Accumulated Depreciation 12/31/2015	$ 653
11204 McCormick Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hunt Valley, MD
Land	$ 1,017
Buildings and Improvements	3,132
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	170
Land	1,038
Buildings and Improvements	3,281
Total	4,319
Accumulated Depreciation 12/31/2015	$ 1,331
11110 Pepper Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hunt Valley, MD
Land	$ 918
Buildings and Improvements	2,529
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	281
Land	938
Buildings and Improvements	2,790
Total	3,728
Accumulated Depreciation 12/31/2015	$ 1,152
11100-11120 Gilroy Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hunt Valley, MD
Land	$ 901
Buildings and Improvements	1,455
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	166
Land	919
Buildings and Improvements	1,603
Total	2,522
Accumulated Depreciation 12/31/2015	$ 657
10709 Gilroy Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hunt Valley, MD
Encumbrances	$ 1,982
Land	913
Buildings and Improvements	2,705
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(143)
Land	913
Buildings and Improvements	2,562
Total	3,475
Accumulated Depreciation 12/31/2015	$ 1,314
10707 Gilroy Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hunt Valley, MD
Land	$ 1,111
Buildings and Improvements	3,819
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	502
Land	1,136
Buildings and Improvements	4,296
Total	5,432
Accumulated Depreciation 12/31/2015	$ 1,715
38 Loveton Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Sparks, MD
Land	$ 1,648
Buildings and Improvements	2,151
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(241)
Land	1,690
Buildings and Improvements	1,868
Total	3,558
Accumulated Depreciation 12/31/2015	$ 803
1225 Bengies Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Baltimore, MD
Land	$ 2,640
Buildings and Improvements	270
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	14,057
Land	2,823
Buildings and Improvements	14,144
Total	16,967
Accumulated Depreciation 12/31/2015	$ 3,866
400 Old Post Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Aberdeen, MD
Land	$ 3,411
Buildings and Improvements	17,144
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	9
Land	3,411
Buildings and Improvements	17,153
Total	20,564
Accumulated Depreciation 12/31/2015	$ 171
500 Old Post Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Aberdeen, MD
Land	$ 5,959
Buildings and Improvements	30,533
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	0
Land	5,959
Buildings and Improvements	30,533
Total	36,492
Accumulated Depreciation 12/31/2015	$ 302
1214-B Freedom Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Cranberry Township, PA
Encumbrances	$ 1,061
Land	31
Buildings and Improvements	994
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	613
Land	200
Buildings and Improvements	1,438
Total	1,638
Accumulated Depreciation 12/31/2015	$ 1,239
401 Russell Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Middletown, PA
Land	$ 262
Buildings and Improvements	857
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,705
Land	287
Buildings and Improvements	2,537
Total	2,824
Accumulated Depreciation 12/31/2015	$ 1,990
2700 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Middletown, PA
Land	$ 196
Buildings and Improvements	997
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	935
Land	206
Buildings and Improvements	1,922
Total	2,128
Accumulated Depreciation 12/31/2015	$ 1,507
2701 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Middletown, PA
Encumbrances	$ 1,505
Land	141
Buildings and Improvements	859
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,321
Land	164
Buildings and Improvements	2,157
Total	2,321
Accumulated Depreciation 12/31/2015	$ 1,473
2780 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Middletown, PA
Encumbrances	$ 1,287
Land	113
Buildings and Improvements	743
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,130
Land	209
Buildings and Improvements	1,777
Total	1,986
Accumulated Depreciation 12/31/2015	$ 1,409
350 Old Silver Spring Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mechanicsburg, PA
Land	$ 510
Buildings and Improvements	2,890
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	7,043
Land	541
Buildings and Improvements	9,902
Total	10,443
Accumulated Depreciation 12/31/2015	$ 4,362
16522 Hunters Green Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hagerstown, MD
Encumbrances	$ 12,441
Land	1,390
Buildings and Improvements	13,104
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	4,237
Land	1,863
Buildings and Improvements	16,868
Total	18,731
Accumulated Depreciation 12/31/2015	$ 4,549
18212 Shawley Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hagerstown, MD
Encumbrances	$ 5,282
Land	1,000
Buildings and Improvements	5,847
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,301
Land	1,016
Buildings and Improvements	7,132
Total	8,148
Accumulated Depreciation 12/31/2015	$ 1,886
37 Valley View Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Jessup, PA
Encumbrances	$ 2,318
Land	542
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,033
Land	532
Buildings and Improvements	3,043
Total	3,575
Accumulated Depreciation 12/31/2015	$ 829
301 Railroad Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shiremanstown, PA
Land	$ 1,181
Buildings and Improvements	4,447
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,262
Land	1,328
Buildings and Improvements	7,562
Total	8,890
Accumulated Depreciation 12/31/2015	$ 3,579
431 Railroad Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shiremanstown, PA
Encumbrances	$ 6,631
Land	1,293
Buildings and Improvements	7,164
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,960
Land	1,341
Buildings and Improvements	9,076
Total	10,417
Accumulated Depreciation 12/31/2015	$ 3,952
6951 Allentown Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Harrisburg, PA
Land	$ 585
Buildings and Improvements	3,176
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	336
Land	601
Buildings and Improvements	3,496
Total	4,097
Accumulated Depreciation 12/31/2015	$ 1,355
320 Reliance Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Washington, PA
Land	$ 201
Buildings and Improvements	1,819
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(348)
Land	178
Buildings and Improvements	1,494
Total	1,672
Accumulated Depreciation 12/31/2015	$ 741
1351 Eisenhower Blvd., Bldg 1 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Harrisburg, PA
Land	$ 382
Buildings and Improvements	2,343
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(64)
Land	387
Buildings and Improvements	2,274
Total	2,661
Accumulated Depreciation 12/31/2015	$ 817
1351 Eisenhower Blvd., Bldg 2 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Harrisburg, PA
Land	$ 436
Buildings and Improvements	1,587
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	64
Land	443
Buildings and Improvements	1,644
Total	2,087
Accumulated Depreciation 12/31/2015	$ 689
1490 Dennison Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlisle, PA
Land	$ 1,500
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	14,185
Land	2,341
Buildings and Improvements	13,344
Total	15,685
Accumulated Depreciation 12/31/2015	$ 3,398
298 First Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Covington Twp, PA
Land	$ 7,022
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	57,272
Land	7,019
Buildings and Improvements	57,275
Total	64,294
Accumulated Depreciation 12/31/2015	$ 10,584
225 Cross Farm Lane [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	York, PA
Encumbrances	$ 18,075
Land	4,718
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	23,163
Land	4,715
Buildings and Improvements	23,166
Total	27,881
Accumulated Depreciation 12/31/2015	$ 4,783
105 Steamboat Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Manchester, PA
Land	$ 4,085
Buildings and Improvements	14,464
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1
Land	4,070
Buildings and Improvements	14,480
Total	18,550
Accumulated Depreciation 12/31/2015	$ 2,284
20 Leo Lane [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	York County, PA
Land	$ 6,884
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	26,647
Land	6,889
Buildings and Improvements	26,642
Total	33,531
Accumulated Depreciation 12/31/2015	$ 1,366
720-730 Landwehr Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Northbrook, IL
Land	$ 521
Buildings and Improvements	2,982
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	799
Land	521
Buildings and Improvements	3,781
Total	4,302
Accumulated Depreciation 12/31/2015	$ 1,851
1385 101st Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lemont, IL
Encumbrances	$ 3,813
Land	967
Buildings and Improvements	5,554
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,745
Land	968
Buildings and Improvements	7,298
Total	8,266
Accumulated Depreciation 12/31/2015	$ 3,604
585 Slawin Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mount Prospect, IL
Land	$ 611
Buildings and Improvements	3,505
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(50)
Land	525
Buildings and Improvements	3,541
Total	4,066
Accumulated Depreciation 12/31/2015	$ 1,713
2300 Windsor Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Addison, IL
Encumbrances	$ 3,689
Land	688
Buildings and Improvements	3,943
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,060
Land	696
Buildings and Improvements	4,995
Total	5,691
Accumulated Depreciation 12/31/2015	$ 2,698
305-311 Era Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Northbrook, IL
Land	$ 200
Buildings and Improvements	1,154
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,315
Land	205
Buildings and Improvements	2,464
Total	2,669
Accumulated Depreciation 12/31/2015	$ 936
365 North Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carol Stream, IL
Encumbrances	$ 5,620
Land	1,042
Buildings and Improvements	6,882
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,244
Land	1,073
Buildings and Improvements	8,095
Total	9,168
Accumulated Depreciation 12/31/2015	$ 4,081
800 Business Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mount Prospect, IL
Land	$ 631
Buildings and Improvements	3,493
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	328
Land	666
Buildings and Improvements	3,786
Total	4,452
Accumulated Depreciation 12/31/2015	$ 1,426
580 Slawin Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mount Prospect, IL
Encumbrances	$ 774
Land	233
Buildings and Improvements	1,292
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(37)
Land	162
Buildings and Improvements	1,326
Total	1,488
Accumulated Depreciation 12/31/2015	$ 597
1005 101st Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lemont, IL
Encumbrances	$ 5,358
Land	1,200
Buildings and Improvements	6,643
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,550
Land	1,220
Buildings and Improvements	8,173
Total	9,393
Accumulated Depreciation 12/31/2015	$ 2,953
175 Wall Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glendale Heights, IL
Encumbrances	$ 1,363
Land	427
Buildings and Improvements	2,363
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	165
Land	433
Buildings and Improvements	2,522
Total	2,955
Accumulated Depreciation 12/31/2015	$ 940
800-820 Thorndale Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Bensenville, IL
Land	$ 751
Buildings and Improvements	4,159
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	785
Land	761
Buildings and Improvements	4,934
Total	5,695
Accumulated Depreciation 12/31/2015	$ 1,522
251 Airport Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	North Aurora, IL
Encumbrances	$ 4,816
Land	983
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6,873
Land	983
Buildings and Improvements	6,873
Total	7,856
Accumulated Depreciation 12/31/2015	$ 2,431
1661 Feehanville Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mount Prospect, IL
Land	$ 985
Buildings and Improvements	5,455
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,346
Land	1,044
Buildings and Improvements	8,742
Total	9,786
Accumulated Depreciation 12/31/2015	$ 3,389
400 Crossroads Pkwy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Bolingbrook, IL
Encumbrances	$ 5,356
Land	1,178
Buildings and Improvements	9,453
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	928
Land	1,181
Buildings and Improvements	10,378
Total	11,559
Accumulated Depreciation 12/31/2015	$ 3,419
7609 W. Industrial Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Forest Park, IL
Land	$ 1,207
Buildings and Improvements	2,343
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	131
Land	1,213
Buildings and Improvements	2,468
Total	3,681
Accumulated Depreciation 12/31/2015	$ 1,171
7801 W. Industrial Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Forest Park, IL
Land	$ 1,215
Buildings and Improvements	3,020
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	896
Land	1,220
Buildings and Improvements	3,911
Total	5,131
Accumulated Depreciation 12/31/2015	$ 1,384
825 E. 26th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	LaGrange, IL
Land	$ 1,547
Buildings and Improvements	2,078
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,378
Land	1,617
Buildings and Improvements	4,386
Total	6,003
Accumulated Depreciation 12/31/2015	$ 2,331
725 Kimberly Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carol Stream, IL
Land	$ 793
Buildings and Improvements	1,395
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	223
Land	801
Buildings and Improvements	1,610
Total	2,411
Accumulated Depreciation 12/31/2015	$ 658
17001 S. Vincennes [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thornton, IL
Land	$ 497
Buildings and Improvements	504
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3
Land	513
Buildings and Improvements	491
Total	1,004
Accumulated Depreciation 12/31/2015	$ 380
2900 W. 166th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Markham, IL
Land	$ 1,132
Buildings and Improvements	4,293
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(881)
Land	1,134
Buildings and Improvements	3,410
Total	4,544
Accumulated Depreciation 12/31/2015	$ 924
4100 Rock Creek Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Joliet, IL
Land	$ 4,476
Buildings and Improvements	16,061
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	818
Land	4,476
Buildings and Improvements	16,879
Total	21,355
Accumulated Depreciation 12/31/2015	$ 1,865
555 W. Algonquin Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington Heights, IL
Encumbrances	$ 2,005
Land	574
Buildings and Improvements	741
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,936
Land	579
Buildings and Improvements	2,672
Total	3,251
Accumulated Depreciation 12/31/2015	$ 799
10100 58th Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kenosha, WI
Land	$ 4,201
Buildings and Improvements	17,604
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,446
Land	4,201
Buildings and Improvements	19,050
Total	23,251
Accumulated Depreciation 12/31/2015	$ 2,593
401 Airport Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	North Aurora, IL
Land	$ 534
Buildings and Improvements	1,957
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	0
Land	534
Buildings and Improvements	1,957
Total	2,491
Accumulated Depreciation 12/31/2015	$ 135
1501 Oakton Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Elk Grove Village, IL
Encumbrances	$ 6,240
Land	3,369
Buildings and Improvements	6,121
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	434
Land	3,482
Buildings and Improvements	6,442
Total	9,924
Accumulated Depreciation 12/31/2015	$ 1,802
16500 W. 103rd Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Woodridge, IL
Encumbrances	$ 2,493
Land	744
Buildings and Improvements	2,458
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	379
Land	762
Buildings and Improvements	2,819
Total	3,581
Accumulated Depreciation 12/31/2015	$ 1,018
8505 50th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kenosha, WI
Land	$ 3,212
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	32,956
Land	3,212
Buildings and Improvements	32,956
Total	36,168
Accumulated Depreciation 12/31/2015	$ 5,909
9900-9970 Princeton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Cincinnati, OH
Land	$ 545
Buildings and Improvements	3,088
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,874
Land	566
Buildings and Improvements	4,941
Total	5,507
Accumulated Depreciation 12/31/2015	$ 2,275
4700-4750 Creek Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Blue Ash, OH
Land	$ 1,080
Buildings and Improvements	6,118
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,373
Land	1,109
Buildings and Improvements	7,462
Total	8,571
Accumulated Depreciation 12/31/2015	$ 3,482
4436 Mulhauser Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hamilton, OH
Encumbrances	$ 3,843
Land	630
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	5,299
Land	630
Buildings and Improvements	5,299
Total	5,929
Accumulated Depreciation 12/31/2015	$ 1,711
4438 Mulhauser Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hamilton, OH
Encumbrances	$ 4,635
Land	779
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6,503
Land	779
Buildings and Improvements	6,503
Total	7,282
Accumulated Depreciation 12/31/2015	$ 2,251
420 Wards Corner Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Loveland, OH
Land	$ 600
Buildings and Improvements	1,083
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	777
Land	606
Buildings and Improvements	1,854
Total	2,460
Accumulated Depreciation 12/31/2015	$ 664
422 Wards Corner Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Loveland, OH
Land	$ 600
Buildings and Improvements	1,811
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	187
Land	592
Buildings and Improvements	2,006
Total	2,598
Accumulated Depreciation 12/31/2015	$ 654
4663 Dues Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Land	$ 858
Buildings and Improvements	2,273
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	626
Land	875
Buildings and Improvements	2,882
Total	3,757
Accumulated Depreciation 12/31/2015	$ 2,515
9345 Princeton-Glendale [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Encumbrances	$ 1,371
Land	818
Buildings and Improvements	1,648
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	380
Land	840
Buildings and Improvements	2,006
Total	2,846
Accumulated Depreciation 12/31/2015	$ 1,243
9525 Glades Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Land	$ 347
Buildings and Improvements	1,323
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(27)
Land	355
Buildings and Improvements	1,288
Total	1,643
Accumulated Depreciation 12/31/2015	$ 469
9776-9876 Windisch Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Land	$ 392
Buildings and Improvements	1,744
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	119
Land	394
Buildings and Improvements	1,861
Total	2,255
Accumulated Depreciation 12/31/2015	$ 665
9808-9830 Windisch Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Land	$ 395
Buildings and Improvements	2,541
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	137
Land	397
Buildings and Improvements	2,676
Total	3,073
Accumulated Depreciation 12/31/2015	$ 716
9842-9862 Windisch Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Land	$ 506
Buildings and Improvements	3,148
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	130
Land	508
Buildings and Improvements	3,276
Total	3,784
Accumulated Depreciation 12/31/2015	$ 843
9872-9898 Windisch Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Land	$ 546
Buildings and Improvements	3,039
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	126
Land	548
Buildings and Improvements	3,163
Total	3,711
Accumulated Depreciation 12/31/2015	$ 900
9902-9922 Windisch Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westchester, OH
Land	$ 623
Buildings and Improvements	4,003
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	788
Land	627
Buildings and Improvements	4,787
Total	5,414
Accumulated Depreciation 12/31/2015	$ 1,779
30311 Emerald Valley Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glenwillow, OH
Encumbrances	$ 8,229
Land	681
Buildings and Improvements	11,838
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	905
Land	691
Buildings and Improvements	12,733
Total	13,424
Accumulated Depreciation 12/31/2015	$ 4,336
30333 Emerald Valley Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glenwillow, OH
Encumbrances	$ 3,984
Land	466
Buildings and Improvements	5,447
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	54
Land	475
Buildings and Improvements	5,492
Total	5,967
Accumulated Depreciation 12/31/2015	$ 2,109
7800 Cochran Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glenwillow, OH
Encumbrances	$ 3,804
Land	972
Buildings and Improvements	7,033
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	243
Land	991
Buildings and Improvements	7,257
Total	8,248
Accumulated Depreciation 12/31/2015	$ 2,419
7900 Cochran Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glenwillow, OH
Encumbrances	$ 4,544
Land	775
Buildings and Improvements	6,244
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	284
Land	792
Buildings and Improvements	6,511
Total	7,303
Accumulated Depreciation 12/31/2015	$ 2,164
7905 Cochran Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Glenwillow, OH
Encumbrances	$ 4,468
Land	920
Buildings and Improvements	6,174
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	738
Land	922
Buildings and Improvements	6,910
Total	7,832
Accumulated Depreciation 12/31/2015	$ 2,535
30600 Carter Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Solon, OH
Land	$ 989
Buildings and Improvements	3,042
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	930
Land	1,022
Buildings and Improvements	3,939
Total	4,961
Accumulated Depreciation 12/31/2015	$ 2,846
8181 Darrow Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Twinsburg, OH
Encumbrances	$ 7,332
Land	2,478
Buildings and Improvements	6,791
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,040
Land	2,496
Buildings and Improvements	8,813
Total	11,309
Accumulated Depreciation 12/31/2015	$ 3,899
4785 Elati [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 173
Buildings and Improvements	981
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	202
Land	175
Buildings and Improvements	1,181
Total	1,356
Accumulated Depreciation 12/31/2015	$ 517
4770 Fox Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 132
Buildings and Improvements	750
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	263
Land	134
Buildings and Improvements	1,011
Total	1,145
Accumulated Depreciation 12/31/2015	$ 398
3851-3871 Revere [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	$ 1,279
Land	361
Buildings and Improvements	2,047
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	473
Land	368
Buildings and Improvements	2,513
Total	2,881
Accumulated Depreciation 12/31/2015	$ 1,063
4570 Ivy Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 219
Buildings and Improvements	1,239
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	279
Land	220
Buildings and Improvements	1,517
Total	1,737
Accumulated Depreciation 12/31/2015	$ 716
5855 Stapleton Drive North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 288
Buildings and Improvements	1,630
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	250
Land	290
Buildings and Improvements	1,878
Total	2,168
Accumulated Depreciation 12/31/2015	$ 848
5885 Stapleton Drive North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 376
Buildings and Improvements	2,129
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	324
Land	380
Buildings and Improvements	2,449
Total	2,829
Accumulated Depreciation 12/31/2015	$ 1,069
5977 North Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	$ 1,521
Land	268
Buildings and Improvements	1,518
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	561
Land	271
Buildings and Improvements	2,076
Total	2,347
Accumulated Depreciation 12/31/2015	$ 857
5952-5978 North Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	$ 2,264
Land	414
Buildings and Improvements	2,346
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	732
Land	422
Buildings and Improvements	3,070
Total	3,492
Accumulated Depreciation 12/31/2015	$ 1,346
4721 Ironton Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 232
Buildings and Improvements	1,313
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	317
Land	236
Buildings and Improvements	1,626
Total	1,862
Accumulated Depreciation 12/31/2015	$ 703
7003 E 47th Ave Drive [Member ]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 441
Buildings and Improvements	2,689
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	27
Land	441
Buildings and Improvements	2,716
Total	3,157
Accumulated Depreciation 12/31/2015	$ 1,233
9500 West 49th Street - A [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Wheatridge, CO
Encumbrances	$ 1,247
Land	283
Buildings and Improvements	1,625
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	126
Land	287
Buildings and Improvements	1,747
Total	2,034
Accumulated Depreciation 12/31/2015	$ 831
9500 West 49th Street - B [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Wheatridge, CO
Encumbrances	$ 1,043
Land	225
Buildings and Improvements	1,272
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	205
Land	227
Buildings and Improvements	1,475
Total	1,702
Accumulated Depreciation 12/31/2015	$ 653
9500 West 49th Street - C [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Wheatridge, CO
Encumbrances	$ 2,591
Land	600
Buildings and Improvements	3,409
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	217
Land	601
Buildings and Improvements	3,625
Total	4,226
Accumulated Depreciation 12/31/2015	$ 1,580
9500 West 49th Street - D [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Wheatridge, CO
Encumbrances	$ 1,349
Land	246
Buildings and Improvements	1,537
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	417
Land	247
Buildings and Improvements	1,953
Total	2,200
Accumulated Depreciation 12/31/2015	$ 939
451-591 East 124th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thornton, CO
Land	$ 383
Buildings and Improvements	2,145
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	498
Land	383
Buildings and Improvements	2,643
Total	3,026
Accumulated Depreciation 12/31/2015	$ 1,194
15000 West 6th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Golden, CO
Land	$ 913
Buildings and Improvements	5,174
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	848
Land	918
Buildings and Improvements	6,017
Total	6,935
Accumulated Depreciation 12/31/2015	$ 2,765
14998 West 6th Avenue Bldg E [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Golden, CO
Land	$ 565
Buildings and Improvements	3,199
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	429
Land	570
Buildings and Improvements	3,623
Total	4,193
Accumulated Depreciation 12/31/2015	$ 1,610
14998 West 6 th Avenue Bldg F [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Golden, CO
Land	$ 269
Buildings and Improvements	1,525
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	101
Land	273
Buildings and Improvements	1,622
Total	1,895
Accumulated Depreciation 12/31/2015	$ 746
6547 South Racine Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Centennial, CO
Encumbrances	$ 2,717
Land	739
Buildings and Improvements	4,241
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	241
Land	739
Buildings and Improvements	4,482
Total	5,221
Accumulated Depreciation 12/31/2015	$ 1,998
11701 East 53rd Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 416
Buildings and Improvements	2,355
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	434
Land	422
Buildings and Improvements	2,783
Total	3,205
Accumulated Depreciation 12/31/2015	$ 1,252
5401 Oswego [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 273
Buildings and Improvements	1,547
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	343
Land	278
Buildings and Improvements	1,885
Total	2,163
Accumulated Depreciation 12/31/2015	$ 878
14818 West 6th Avenue Bldg A [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Golden, CO
Land	$ 468
Buildings and Improvements	2,799
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	287
Land	468
Buildings and Improvements	3,086
Total	3,554
Accumulated Depreciation 12/31/2015	$ 1,372
14828 West 6th Avenue Bldg B [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Golden, CO
Land	$ 503
Buildings and Improvements	2,942
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	378
Land	503
Buildings and Improvements	3,320
Total	3,823
Accumulated Depreciation 12/31/2015	$ 1,464
445 Bryant Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	$ 6,684
Land	1,829
Buildings and Improvements	10,219
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,007
Land	1,829
Buildings and Improvements	13,226
Total	15,055
Accumulated Depreciation 12/31/2015	$ 5,803
3811 Joliet [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 735
Buildings and Improvements	4,166
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	558
Land	752
Buildings and Improvements	4,707
Total	5,459
Accumulated Depreciation 12/31/2015	$ 2,049
12055 E 49th Ave/4955 Peoria [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 298
Buildings and Improvements	1,688
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	535
Land	305
Buildings and Improvements	2,216
Total	2,521
Accumulated Depreciation 12/31/2015	$ 981
4940 - 4950 Paris [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 152
Buildings and Improvements	861
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	285
Land	156
Buildings and Improvements	1,142
Total	1,298
Accumulated Depreciation 12/31/2015	$ 511
4970 Paris [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Land	$ 95
Buildings and Improvements	537
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	101
Land	97
Buildings and Improvements	636
Total	733
Accumulated Depreciation 12/31/2015	$ 272
7367 South Revere Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Centennial, CO
Encumbrances	$ 3,062
Land	926
Buildings and Improvements	5,124
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	846
Land	934
Buildings and Improvements	5,962
Total	6,896
Accumulated Depreciation 12/31/2015	$ 2,574
8200 East Park Meadows Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lone Tree, CO
Encumbrances	$ 5,590
Land	1,297
Buildings and Improvements	7,348
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,155
Land	1,304
Buildings and Improvements	8,496
Total	9,800
Accumulated Depreciation 12/31/2015	$ 3,282
3250 Quentin Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Aurora, CO
Encumbrances	$ 5,104
Land	1,220
Buildings and Improvements	6,911
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	817
Land	1,230
Buildings and Improvements	7,718
Total	8,948
Accumulated Depreciation 12/31/2015	$ 2,933
Highpoint Bus Ctr B [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Littleton, CO
Land	$ 739
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,310
Land	781
Buildings and Improvements	3,268
Total	4,049
Accumulated Depreciation 12/31/2015	$ 1,087
1130 W. 124th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westminster, CO
Land	$ 441
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,225
Land	441
Buildings and Improvements	3,225
Total	3,666
Accumulated Depreciation 12/31/2015	$ 1,164
1070 W. 124th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westminster, CO
Land	$ 374
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,711
Land	374
Buildings and Improvements	2,711
Total	3,085
Accumulated Depreciation 12/31/2015	$ 975
1020 W. 124th Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westminster, CO
Land	$ 374
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,799
Land	374
Buildings and Improvements	2,799
Total	3,173
Accumulated Depreciation 12/31/2015	$ 1,049
8810 W. 116th Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Broomfield, CO
Land	$ 312
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,645
Land	370
Buildings and Improvements	1,587
Total	1,957
Accumulated Depreciation 12/31/2015	$ 507
960 W. 124th Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Westminster, CO
Land	$ 441
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,508
Land	442
Buildings and Improvements	3,507
Total	3,949
Accumulated Depreciation 12/31/2015	$ 1,336
8820 W. 116th Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Broomfield, CO
Land	$ 338
Buildings and Improvements	1,918
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	386
Land	372
Buildings and Improvements	2,270
Total	2,642
Accumulated Depreciation 12/31/2015	$ 732
8835 W. 116th Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Broomfield, CO
Land	$ 1,151
Buildings and Improvements	6,523
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,182
Land	1,304
Buildings and Improvements	7,552
Total	8,856
Accumulated Depreciation 12/31/2015	$ 2,487
18150 E. 32nd Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Aurora, CO
Encumbrances	$ 1,744
Land	563
Buildings and Improvements	3,188
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	177
Land	572
Buildings and Improvements	3,356
Total	3,928
Accumulated Depreciation 12/31/2015	$ 1,162
3400 Fraser Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Aurora, CO
Encumbrances	$ 2,117
Land	616
Buildings and Improvements	3,593
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(142)
Land	620
Buildings and Improvements	3,447
Total	4,067
Accumulated Depreciation 12/31/2015	$ 1,120
7005 E. 46th Avenue Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	$ 1,337
Land	512
Buildings and Improvements	2,025
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	32
Land	517
Buildings and Improvements	2,052
Total	2,569
Accumulated Depreciation 12/31/2015	$ 757
4001 Salazar Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Frederick, CO
Land	$ 1,271
Buildings and Improvements	6,508
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(773)
Land	1,276
Buildings and Improvements	5,730
Total	7,006
Accumulated Depreciation 12/31/2015	$ 1,511
5909-5915 N. Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Denver, CO
Encumbrances	$ 854
Land	495
Buildings and Improvements	1,268
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	107
Land	500
Buildings and Improvements	1,370
Total	1,870
Accumulated Depreciation 12/31/2015	$ 639
2406-2416 Walnut Ridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Land	$ 178
Buildings and Improvements	1,006
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	573
Land	172
Buildings and Improvements	1,585
Total	1,757
Accumulated Depreciation 12/31/2015	$ 601
2401-2419 Walnut Ridge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Land	$ 148
Buildings and Improvements	839
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	416
Land	142
Buildings and Improvements	1,261
Total	1,403
Accumulated Depreciation 12/31/2015	$ 485
900-906 Great Southwest Pkwy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Land	$ 237
Buildings and Improvements	1,342
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	625
Land	270
Buildings and Improvements	1,934
Total	2,204
Accumulated Depreciation 12/31/2015	$ 895
3000 West Commerce [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Land	$ 456
Buildings and Improvements	2,584
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,303
Land	469
Buildings and Improvements	3,874
Total	4,343
Accumulated Depreciation 12/31/2015	$ 1,656
3030 Hansboro [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Land	$ 266
Buildings and Improvements	1,510
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(664)
Land	87
Buildings and Improvements	1,025
Total	1,112
Accumulated Depreciation 12/31/2015	$ 657
405-407 113th [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Land	$ 181
Buildings and Improvements	1,026
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	528
Land	185
Buildings and Improvements	1,550
Total	1,735
Accumulated Depreciation 12/31/2015	$ 681
816 111th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Encumbrances	$ 800
Land	251
Buildings and Improvements	1,421
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	131
Land	258
Buildings and Improvements	1,545
Total	1,803
Accumulated Depreciation 12/31/2015	$ 674
7427 Dogwood Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 96
Buildings and Improvements	532
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	316
Land	102
Buildings and Improvements	842
Total	944
Accumulated Depreciation 12/31/2015	$ 324
7348-54 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 88
Buildings and Improvements	489
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	213
Land	94
Buildings and Improvements	696
Total	790
Accumulated Depreciation 12/31/2015	$ 290
7339-41 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 98
Buildings and Improvements	541
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	180
Land	104
Buildings and Improvements	715
Total	819
Accumulated Depreciation 12/31/2015	$ 287
7437-45 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 102
Buildings and Improvements	563
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	291
Land	108
Buildings and Improvements	848
Total	956
Accumulated Depreciation 12/31/2015	$ 331
7331-59 Airport Freeway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Encumbrances	$ 1,871
Land	354
Buildings and Improvements	1,958
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	573
Land	372
Buildings and Improvements	2,513
Total	2,885
Accumulated Depreciation 12/31/2015	$ 988
7338-60 Dogwood Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 106
Buildings and Improvements	587
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	240
Land	112
Buildings and Improvements	821
Total	933
Accumulated Depreciation 12/31/2015	$ 310
7450-70 Dogwood Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 106
Buildings and Improvements	584
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	156
Land	112
Buildings and Improvements	734
Total	846
Accumulated Depreciation 12/31/2015	$ 289
7423-49 Airport Freeway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Encumbrances	$ 1,547
Land	293
Buildings and Improvements	1,621
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	472
Land	308
Buildings and Improvements	2,078
Total	2,386
Accumulated Depreciation 12/31/2015	$ 812
7400 Whitehall Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 109
Buildings and Improvements	603
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	95
Land	115
Buildings and Improvements	692
Total	807
Accumulated Depreciation 12/31/2015	$ 284
1602-1654 Terre Colony [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Encumbrances	$ 1,733
Land	458
Buildings and Improvements	2,596
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	849
Land	468
Buildings and Improvements	3,435
Total	3,903
Accumulated Depreciation 12/31/2015	$ 1,253
2351-2355 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Land	$ 101
Buildings and Improvements	574
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	105
Land	93
Buildings and Improvements	687
Total	780
Accumulated Depreciation 12/31/2015	$ 268
2220 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Land	$ 352
Buildings and Improvements	1,993
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	266
Land	316
Buildings and Improvements	2,295
Total	2,611
Accumulated Depreciation 12/31/2015	$ 721
2010 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Land	$ 350
Buildings and Improvements	1,981
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	54
Land	318
Buildings and Improvements	2,067
Total	2,385
Accumulated Depreciation 12/31/2015	$ 720
2363 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Land	$ 73
Buildings and Improvements	412
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(7)
Land	48
Buildings and Improvements	430
Total	478
Accumulated Depreciation 12/31/2015	$ 175
2447 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Land	$ 70
Buildings and Improvements	395
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(164)
Land	25
Buildings and Improvements	276
Total	301
Accumulated Depreciation 12/31/2015	$ 168
2465-2475 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Land	$ 91
Buildings and Improvements	514
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	16
Land	73
Buildings and Improvements	548
Total	621
Accumulated Depreciation 12/31/2015	$ 221
2485-2505 Merritt Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Land	$ 431
Buildings and Improvements	2,440
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	684
Land	440
Buildings and Improvements	3,115
Total	3,555
Accumulated Depreciation 12/31/2015	$ 1,209
2110 Hutton Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Land	$ 374
Buildings and Improvements	2,117
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	120
Land	255
Buildings and Improvements	2,356
Total	2,611
Accumulated Depreciation 12/31/2015	$ 969
2025 McKenzie Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Encumbrances	$ 1,495
Land	437
Buildings and Improvements	2,478
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	452
Land	442
Buildings and Improvements	2,925
Total	3,367
Accumulated Depreciation 12/31/2015	$ 968
2019 McKenzie Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Encumbrances	$ 1,654
Land	502
Buildings and Improvements	2,843
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	380
Land	507
Buildings and Improvements	3,218
Total	3,725
Accumulated Depreciation 12/31/2015	$ 1,216
2029-2035 McKenzie Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Encumbrances	$ 1,535
Land	306
Buildings and Improvements	1,870
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	236
Land	306
Buildings and Improvements	2,106
Total	2,412
Accumulated Depreciation 12/31/2015	$ 807
2015 McKenzie Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Encumbrances	$ 2,360
Land	510
Buildings and Improvements	2,891
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	450
Land	516
Buildings and Improvements	3,335
Total	3,851
Accumulated Depreciation 12/31/2015	$ 1,194
2009 McKenzie Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carrolton, TX
Encumbrances	$ 2,284
Land	476
Buildings and Improvements	2,699
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	551
Land	481
Buildings and Improvements	3,245
Total	3,726
Accumulated Depreciation 12/31/2015	$ 1,240
900-1100 Avenue S [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Encumbrances	$ 2,277
Land	623
Buildings and Improvements	3,528
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	978
Land	629
Buildings and Improvements	4,500
Total	5,129
Accumulated Depreciation 12/31/2015	$ 1,389
Plano Crossing F [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Plano, TX
Encumbrances	$ 8,665
Land	1,961
Buildings and Improvements	11,112
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,062
Land	1,981
Buildings and Improvements	12,154
Total	14,135
Accumulated Depreciation 12/31/2015	$ 4,060
7413A-C Dogwood Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 110
Buildings and Improvements	623
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	245
Land	111
Buildings and Improvements	867
Total	978
Accumulated Depreciation 12/31/2015	$ 303
7450 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 36
Buildings and Improvements	204
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	112
Land	36
Buildings and Improvements	316
Total	352
Accumulated Depreciation 12/31/2015	$ 123
7436 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 57
Buildings and Improvements	324
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	196
Land	58
Buildings and Improvements	519
Total	577
Accumulated Depreciation 12/31/2015	$ 203
7426 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 76
Buildings and Improvements	429
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	186
Land	76
Buildings and Improvements	615
Total	691
Accumulated Depreciation 12/31/2015	$ 180
7427-7429 Tower Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 75
Buildings and Improvements	427
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	163
Land	76
Buildings and Improvements	589
Total	665
Accumulated Depreciation 12/31/2015	$ 250
2840-2842 Handley Ederville Rd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 112
Buildings and Improvements	635
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	58
Land	113
Buildings and Improvements	692
Total	805
Accumulated Depreciation 12/31/2015	$ 225
825-827 Avenue H D [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Encumbrances	$ 2,108
Land	600
Buildings and Improvements	3,006
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	89
Land	604
Buildings and Improvements	3,091
Total	3,695
Accumulated Depreciation 12/31/2015	$ 1,355
1200-16 Avenue H D [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Encumbrances	$ 1,685
Land	600
Buildings and Improvements	2,846
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	348
Land	604
Buildings and Improvements	3,190
Total	3,794
Accumulated Depreciation 12/31/2015	$ 1,044
1322-66 W. North Carrier Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Encumbrances	$ 4,004
Land	1,000
Buildings and Improvements	5,012
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,007
Land	1,006
Buildings and Improvements	6,013
Total	7,019
Accumulated Depreciation 12/31/2015	$ 2,035
2401-2407 Centennial Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Encumbrances	$ 2,048
Land	600
Buildings and Improvements	2,534
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(2)
Land	604
Buildings and Improvements	2,528
Total	3,132
Accumulated Depreciation 12/31/2015	$ 1,098
3111 West Commerce Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Encumbrances	$ 3,487
Land	1,000
Buildings and Improvements	3,364
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,749
Land	1,011
Buildings and Improvements	5,102
Total	6,113
Accumulated Depreciation 12/31/2015	$ 1,668
13800 Senlac Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmers Branch, TX
Encumbrances	$ 2,728
Land	823
Buildings and Improvements	4,042
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(83)
Land	825
Buildings and Improvements	3,957
Total	4,782
Accumulated Depreciation 12/31/2015	$ 1,471
801-831 S Great Southwest Pkwy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Land	$ 2,581
Buildings and Improvements	16,556
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	147
Land	2,586
Buildings and Improvements	16,698
Total	19,284
Accumulated Depreciation 12/31/2015	$ 8,597
801 Heinz Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Encumbrances	$ 2,749
Land	599
Buildings and Improvements	3,327
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	315
Land	601
Buildings and Improvements	3,640
Total	4,241
Accumulated Depreciation 12/31/2015	$ 1,510
901-937 Heinz Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Encumbrances	$ 2,139
Land	493
Buildings and Improvements	2,758
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	48
Land	481
Buildings and Improvements	2,818
Total	3,299
Accumulated Depreciation 12/31/2015	$ 1,233
3301 Century Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Irving, TX
Encumbrances	$ 2,045
Land	760
Buildings and Improvements	3,856
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(10)
Land	771
Buildings and Improvements	3,835
Total	4,606
Accumulated Depreciation 12/31/2015	$ 988
3901 W Miller Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Garland, TX
Land	$ 1,912
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	15,493
Land	1,947
Buildings and Improvements	15,458
Total	17,405
Accumulated Depreciation 12/31/2015	$ 3,591
One Two Five One North Cockrell Hill Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Land	$ 2,064
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	13,463
Land	1,072
Buildings and Improvements	14,455
Total	15,527
Accumulated Depreciation 12/31/2015	$ 260
One One Seven One North Cockrell Hill Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Dallas, TX
Land	$ 1,215
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	9,541
Land	632
Buildings and Improvements	10,124
Total	10,756
Accumulated Depreciation 12/31/2015	$ 146
3996 Scientific Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington, TX
Land	$ 1,301
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	7,344
Land	1,349
Buildings and Improvements	7,296
Total	8,645
Accumulated Depreciation 12/31/2015	$ 82
750 Gateway Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Coppell, TX
Land	$ 1,452
Buildings and Improvements	4,679
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	0
Land	1,452
Buildings and Improvements	4,679
Total	6,131
Accumulated Depreciation 12/31/2015	$ 41
47461 Clipper [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Plymouth Township, MI
Land	$ 122
Buildings and Improvements	723
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	54
Land	122
Buildings and Improvements	777
Total	899
Accumulated Depreciation 12/31/2015	$ 431
449 Executive Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 125
Buildings and Improvements	425
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,066
Land	218
Buildings and Improvements	1,398
Total	1,616
Accumulated Depreciation 12/31/2015	$ 1,293
501 Executive Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 71
Buildings and Improvements	236
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	678
Land	129
Buildings and Improvements	856
Total	985
Accumulated Depreciation 12/31/2015	$ 692
451 Robbins Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 96
Buildings and Improvements	448
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	934
Land	192
Buildings and Improvements	1,286
Total	1,478
Accumulated Depreciation 12/31/2015	$ 1,103
1416 Meijer Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 94
Buildings and Improvements	394
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	399
Land	121
Buildings and Improvements	766
Total	887
Accumulated Depreciation 12/31/2015	$ 708
1624 Meijer Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 236
Buildings and Improvements	1,406
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,093
Land	373
Buildings and Improvements	2,362
Total	2,735
Accumulated Depreciation 12/31/2015	$ 2,123
1972 Meijer Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 315
Buildings and Improvements	1,301
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	787
Land	372
Buildings and Improvements	2,031
Total	2,403
Accumulated Depreciation 12/31/2015	$ 1,623
1707 Northwood Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 95
Buildings and Improvements	262
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,724
Land	239
Buildings and Improvements	1,842
Total	2,081
Accumulated Depreciation 12/31/2015	$ 1,532
1788 Northwood Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 50
Buildings and Improvements	196
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	483
Land	103
Buildings and Improvements	626
Total	729
Accumulated Depreciation 12/31/2015	$ 569
1826 Northwood Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 55
Buildings and Improvements	208
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	472
Land	103
Buildings and Improvements	632
Total	735
Accumulated Depreciation 12/31/2015	$ 559
1864 Northwood Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 57
Buildings and Improvements	190
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	489
Land	107
Buildings and Improvements	629
Total	736
Accumulated Depreciation 12/31/2015	$ 575
2451 Elliott Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 78
Buildings and Improvements	319
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	733
Land	164
Buildings and Improvements	966
Total	1,130
Accumulated Depreciation 12/31/2015	$ 798
2730 Research Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Land	$ 903
Buildings and Improvements	4,215
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	829
Land	903
Buildings and Improvements	5,044
Total	5,947
Accumulated Depreciation 12/31/2015	$ 4,246
2791 Research Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Land	$ 557
Buildings and Improvements	2,731
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,018
Land	560
Buildings and Improvements	3,746
Total	4,306
Accumulated Depreciation 12/31/2015	$ 2,722
2871 Research Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Land	$ 324
Buildings and Improvements	1,487
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	403
Land	327
Buildings and Improvements	1,887
Total	2,214
Accumulated Depreciation 12/31/2015	$ 1,449
3011 Research Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Land	$ 457
Buildings and Improvements	2,104
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	492
Land	457
Buildings and Improvements	2,596
Total	3,053
Accumulated Depreciation 12/31/2015	$ 2,178
2870 Technology Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Land	$ 275
Buildings and Improvements	1,262
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	356
Land	279
Buildings and Improvements	1,614
Total	1,893
Accumulated Depreciation 12/31/2015	$ 1,331
2900 Technology Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Land	$ 214
Buildings and Improvements	977
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	513
Land	219
Buildings and Improvements	1,485
Total	1,704
Accumulated Depreciation 12/31/2015	$ 1,011
2930 Technology Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Land	$ 131
Buildings and Improvements	594
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	435
Land	138
Buildings and Improvements	1,022
Total	1,160
Accumulated Depreciation 12/31/2015	$ 731
2950 Technology Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Land	$ 178
Buildings and Improvements	819
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	368
Land	185
Buildings and Improvements	1,180
Total	1,365
Accumulated Depreciation 12/31/2015	$ 848
23014 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 39
Buildings and Improvements	203
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	189
Land	56
Buildings and Improvements	375
Total	431
Accumulated Depreciation 12/31/2015	$ 337
23028 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 98
Buildings and Improvements	507
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	278
Land	125
Buildings and Improvements	758
Total	883
Accumulated Depreciation 12/31/2015	$ 709
23035 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 71
Buildings and Improvements	355
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	237
Land	93
Buildings and Improvements	570
Total	663
Accumulated Depreciation 12/31/2015	$ 531
23042 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 67
Buildings and Improvements	277
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	273
Land	89
Buildings and Improvements	528
Total	617
Accumulated Depreciation 12/31/2015	$ 501
23065 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 71
Buildings and Improvements	408
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	338
Land	93
Buildings and Improvements	724
Total	817
Accumulated Depreciation 12/31/2015	$ 620
23079 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 68
Buildings and Improvements	301
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	330
Land	79
Buildings and Improvements	620
Total	699
Accumulated Depreciation 12/31/2015	$ 537
23093 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 211
Buildings and Improvements	1,024
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,337
Land	295
Buildings and Improvements	2,277
Total	2,572
Accumulated Depreciation 12/31/2015	$ 1,808
23135 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 146
Buildings and Improvements	701
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	310
Land	158
Buildings and Improvements	999
Total	1,157
Accumulated Depreciation 12/31/2015	$ 861
23163 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 111
Buildings and Improvements	513
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	396
Land	138
Buildings and Improvements	882
Total	1,020
Accumulated Depreciation 12/31/2015	$ 734
23177 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 175
Buildings and Improvements	1,007
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	677
Land	254
Buildings and Improvements	1,605
Total	1,859
Accumulated Depreciation 12/31/2015	$ 1,344
23206 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 125
Buildings and Improvements	531
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	367
Land	137
Buildings and Improvements	886
Total	1,023
Accumulated Depreciation 12/31/2015	$ 763
23370 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Farmington Hills, MI
Land	$ 59
Buildings and Improvements	233
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	209
Land	66
Buildings and Improvements	435
Total	501
Accumulated Depreciation 12/31/2015	$ 375
1451 East Lincoln Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Madison Heights, MI
Land	$ 299
Buildings and Improvements	1,703
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(179)
Land	148
Buildings and Improvements	1,675
Total	1,823
Accumulated Depreciation 12/31/2015	$ 907
4400 Purks Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Auburn Hills, MI
Land	$ 602
Buildings and Improvements	3,410
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,305
Land	612
Buildings and Improvements	6,705
Total	7,317
Accumulated Depreciation 12/31/2015	$ 3,225
32450 N Avis Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Madison Heights, MI
Land	$ 281
Buildings and Improvements	1,590
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	342
Land	286
Buildings and Improvements	1,927
Total	2,213
Accumulated Depreciation 12/31/2015	$ 914
12707 Eckles Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Plymouth Township, MI
Land	$ 255
Buildings and Improvements	1,445
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	220
Land	267
Buildings and Improvements	1,653
Total	1,920
Accumulated Depreciation 12/31/2015	$ 770
32975 Capitol Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Land	$ 135
Buildings and Improvements	748
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(166)
Land	77
Buildings and Improvements	640
Total	717
Accumulated Depreciation 12/31/2015	$ 334
32920 Capitol Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Land	$ 76
Buildings and Improvements	422
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(62)
Land	27
Buildings and Improvements	409
Total	436
Accumulated Depreciation 12/31/2015	$ 237
11923 Brookfield Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Land	$ 120
Buildings and Improvements	665
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(321)
Land	32
Buildings and Improvements	432
Total	464
Accumulated Depreciation 12/31/2015	$ 280
450 Robbins Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 166
Buildings and Improvements	920
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	219
Land	178
Buildings and Improvements	1,127
Total	1,305
Accumulated Depreciation 12/31/2015	$ 486
12886 Westmore Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Land	$ 190
Buildings and Improvements	1,050
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(351)
Land	86
Buildings and Improvements	803
Total	889
Accumulated Depreciation 12/31/2015	$ 460
47711 Clipper Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Plymouth Township, MI
Land	$ 539
Buildings and Improvements	2,983
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	460
Land	575
Buildings and Improvements	3,407
Total	3,982
Accumulated Depreciation 12/31/2015	$ 1,425
32975 Industrial Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Land	$ 160
Buildings and Improvements	887
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(175)
Land	92
Buildings and Improvements	780
Total	872
Accumulated Depreciation 12/31/2015	$ 401
32995 Industrial Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Land	$ 160
Buildings and Improvements	887
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(414)
Land	53
Buildings and Improvements	580
Total	633
Accumulated Depreciation 12/31/2015	$ 364
12874 Westmore Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Land	$ 137
Buildings and Improvements	761
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(302)
Land	58
Buildings and Improvements	538
Total	596
Accumulated Depreciation 12/31/2015	$ 311
1775 Bellingham [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 344
Buildings and Improvements	1,902
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	329
Land	367
Buildings and Improvements	2,208
Total	2,575
Accumulated Depreciation 12/31/2015	$ 951
1785 East Maple [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 92
Buildings and Improvements	507
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	200
Land	98
Buildings and Improvements	701
Total	799
Accumulated Depreciation 12/31/2015	$ 278
980 Chicago [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 206
Buildings and Improvements	1,141
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	333
Land	220
Buildings and Improvements	1,460
Total	1,680
Accumulated Depreciation 12/31/2015	$ 579
1885 Enterprise Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Land	$ 209
Buildings and Improvements	1,158
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	589
Land	223
Buildings and Improvements	1,733
Total	1,956
Accumulated Depreciation 12/31/2015	$ 656
1935-55 Enterprise Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Land	$ 1,285
Buildings and Improvements	7,144
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,258
Land	1,371
Buildings and Improvements	8,316
Total	9,687
Accumulated Depreciation 12/31/2015	$ 3,451
5500 Enterprise Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Warren, MI
Land	$ 675
Buildings and Improvements	3,737
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	750
Land	721
Buildings and Improvements	4,441
Total	5,162
Accumulated Depreciation 12/31/2015	$ 1,867
750 Chicago Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 323
Buildings and Improvements	1,790
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	392
Land	345
Buildings and Improvements	2,160
Total	2,505
Accumulated Depreciation 12/31/2015	$ 936
800 Chicago Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 283
Buildings and Improvements	1,567
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	380
Land	302
Buildings and Improvements	1,928
Total	2,230
Accumulated Depreciation 12/31/2015	$ 812
850 Chicago Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 183
Buildings and Improvements	1,016
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	218
Land	196
Buildings and Improvements	1,221
Total	1,417
Accumulated Depreciation 12/31/2015	$ 524
1100 East Mandoline Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Madison Heights, MI
Land	$ 888
Buildings and Improvements	4,915
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,243)
Land	332
Buildings and Improvements	4,228
Total	4,560
Accumulated Depreciation 12/31/2015	$ 2,545
1080, 1120, 1180 John Papalas Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lincoln Park, MI
Land	$ 366
Buildings and Improvements	3,241
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	627
Land	297
Buildings and Improvements	3,937
Total	4,234
Accumulated Depreciation 12/31/2015	$ 2,080
4872 S. Lapeer Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lake Orion Twsp, MI
Land	$ 1,342
Buildings and Improvements	5,441
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,214
Land	1,412
Buildings and Improvements	6,585
Total	7,997
Accumulated Depreciation 12/31/2015	$ 2,869
1400 Allen Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 209
Buildings and Improvements	1,154
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	380
Land	212
Buildings and Improvements	1,531
Total	1,743
Accumulated Depreciation 12/31/2015	$ 500
1408 Allen Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 151
Buildings and Improvements	834
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	121
Land	153
Buildings and Improvements	953
Total	1,106
Accumulated Depreciation 12/31/2015	$ 347
32505 Industrial Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Madison Heights, MI
Land	$ 345
Buildings and Improvements	1,910
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	107
Land	351
Buildings and Improvements	2,011
Total	2,362
Accumulated Depreciation 12/31/2015	$ 745
1799-1855 Northfield Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rochester Hills, MI
Land	$ 481
Buildings and Improvements	2,665
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	364
Land	490
Buildings and Improvements	3,020
Total	3,510
Accumulated Depreciation 12/31/2015	$ 1,153
28435 Automation Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Wixom, MI
Land	$ 621
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,664
Land	628
Buildings and Improvements	3,657
Total	4,285
Accumulated Depreciation 12/31/2015	$ 1,011
32200 N Avis Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Madison Heights, MI
Land	$ 503
Buildings and Improvements	3,367
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,591)
Land	195
Buildings and Improvements	2,084
Total	2,279
Accumulated Depreciation 12/31/2015	$ 753
100 Kay Industrial Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Orion Township, MI
Land	$ 677
Buildings and Improvements	2,018
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	177
Land	685
Buildings and Improvements	2,187
Total	2,872
Accumulated Depreciation 12/31/2015	$ 987
11800 Sears Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Livonia, MI
Land	$ 693
Buildings and Improvements	1,507
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,212
Land	476
Buildings and Improvements	2,936
Total	3,412
Accumulated Depreciation 12/31/2015	$ 1,591
1099 Chicago Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Troy, MI
Land	$ 1,277
Buildings and Improvements	1,332
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,134)
Land	303
Buildings and Improvements	1,172
Total	1,475
Accumulated Depreciation 12/31/2015	$ 506
42555 Merrill Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Sterling Heights, MI
Land	$ 1,080
Buildings and Improvements	2,300
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,487
Land	1,090
Buildings and Improvements	5,777
Total	6,867
Accumulated Depreciation 12/31/2015	$ 2,223
200 Northpointe Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Orion Township, MI
Land	$ 723
Buildings and Improvements	2,063
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	36
Land	734
Buildings and Improvements	2,088
Total	2,822
Accumulated Depreciation 12/31/2015	$ 989
3351 Rauch St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 272
Buildings and Improvements	1,541
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	560
Land	278
Buildings and Improvements	2,095
Total	2,373
Accumulated Depreciation 12/31/2015	$ 819
3801-3851 Yale St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	$ 2,360
Land	413
Buildings and Improvements	2,343
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	952
Land	425
Buildings and Improvements	3,283
Total	3,708
Accumulated Depreciation 12/31/2015	$ 1,236
3337-3347 Rauch Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 227
Buildings and Improvements	1,287
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	440
Land	233
Buildings and Improvements	1,721
Total	1,954
Accumulated Depreciation 12/31/2015	$ 696
8505 N Loop East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	$ 1,555
Land	439
Buildings and Improvements	2,489
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	574
Land	449
Buildings and Improvements	3,053
Total	3,502
Accumulated Depreciation 12/31/2015	$ 1,303
4749-4799 Eastpark Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	$ 2,342
Land	594
Buildings and Improvements	3,368
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,313
Land	611
Buildings and Improvements	4,664
Total	5,275
Accumulated Depreciation 12/31/2015	$ 2,034
4851 Homestead Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	$ 2,958
Land	491
Buildings and Improvements	2,782
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,552
Land	504
Buildings and Improvements	4,321
Total	4,825
Accumulated Depreciation 12/31/2015	$ 1,852
3365-3385 Rauch Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	$ 1,493
Land	284
Buildings and Improvements	1,611
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	451
Land	290
Buildings and Improvements	2,056
Total	2,346
Accumulated Depreciation 12/31/2015	$ 823
5050 Campbell Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	$ 1,812
Land	461
Buildings and Improvements	2,610
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,009
Land	470
Buildings and Improvements	3,610
Total	4,080
Accumulated Depreciation 12/31/2015	$ 1,433
4300 Pine Timbers [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	$ 2,291
Land	489
Buildings and Improvements	2,769
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	758
Land	499
Buildings and Improvements	3,517
Total	4,016
Accumulated Depreciation 12/31/2015	$ 1,594
2500-2530 Fairway Park Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	$ 3,161
Land	766
Buildings and Improvements	4,342
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,011
Land	792
Buildings and Improvements	6,327
Total	7,119
Accumulated Depreciation 12/31/2015	$ 2,565
6550 Longpointe [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	$ 1,508
Land	362
Buildings and Improvements	2,050
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	985
Land	370
Buildings and Improvements	3,027
Total	3,397
Accumulated Depreciation 12/31/2015	$ 1,193
1815 Turning Basin Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	$ 2,056
Land	487
Buildings and Improvements	2,761
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,384
Land	531
Buildings and Improvements	4,101
Total	4,632
Accumulated Depreciation 12/31/2015	$ 1,598
1819 Turning Basin Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 231
Buildings and Improvements	1,308
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	872
Land	251
Buildings and Improvements	2,160
Total	2,411
Accumulated Depreciation 12/31/2015	$ 827
1805 Turning Basin Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Encumbrances	$ 2,774
Land	564
Buildings and Improvements	3,197
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,488
Land	616
Buildings and Improvements	5,633
Total	6,249
Accumulated Depreciation 12/31/2015	$ 1,961
9835A Genard Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 1,505
Buildings and Improvements	8,333
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,308
Land	1,581
Buildings and Improvements	11,565
Total	13,146
Accumulated Depreciation 12/31/2015	$ 4,301
9835B Genard Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 245
Buildings and Improvements	1,357
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	644
Land	256
Buildings and Improvements	1,990
Total	2,246
Accumulated Depreciation 12/31/2015	$ 739
11505 State Highway 225 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	La Porte, TX
Land	$ 940
Buildings and Improvements	4,675
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	606
Land	940
Buildings and Improvements	5,281
Total	6,221
Accumulated Depreciation 12/31/2015	$ 2,036
1500 E. Main Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	La Porte, TX
Land	$ 201
Buildings and Improvements	1,328
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(91)
Land	204
Buildings and Improvements	1,234
Total	1,438
Accumulated Depreciation 12/31/2015	$ 886
7230-7238 Wynnwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 254
Buildings and Improvements	764
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	176
Land	259
Buildings and Improvements	935
Total	1,194
Accumulated Depreciation 12/31/2015	$ 407
7240-7248 Wynnwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 271
Buildings and Improvements	726
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	31
Land	276
Buildings and Improvements	752
Total	1,028
Accumulated Depreciation 12/31/2015	$ 377
7250-7260 Wynnwood [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 200
Buildings and Improvements	481
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	166
Land	203
Buildings and Improvements	644
Total	847
Accumulated Depreciation 12/31/2015	$ 265
6400 Long Point [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 188
Buildings and Improvements	898
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	174
Land	188
Buildings and Improvements	1,072
Total	1,260
Accumulated Depreciation 12/31/2015	$ 340
7967 Blankenship [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 307
Buildings and Improvements	1,166
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	337
Land	307
Buildings and Improvements	1,503
Total	1,810
Accumulated Depreciation 12/31/2015	$ 449
8800 City Park Look East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 3,717
Buildings and Improvements	19,237
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(784)
Land	3,717
Buildings and Improvements	18,453
Total	22,170
Accumulated Depreciation 12/31/2015	$ 3,311
4800 West Greens Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Houston, TX
Land	$ 3,350
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	14,822
Land	3,264
Buildings and Improvements	14,908
Total	18,172
Accumulated Depreciation 12/31/2015	$ 439
Six One One East Sam Houston Parkway S [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pasadena, TX
Land	$ 1,970
Buildings and Improvements	7,755
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1
Land	1,970
Buildings and Improvements	7,756
Total	9,726
Accumulated Depreciation 12/31/2015	$ 0
Six One Nine Sam Houston Parkway S [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pasadena, TX
Land	$ 2,879
Buildings and Improvements	11,972
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1
Land	2,880
Buildings and Improvements	11,972
Total	14,852
Accumulated Depreciation 12/31/2015	$ 0
2900 N Shadeland Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 2,057
Buildings and Improvements	13,565
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	5,392
Land	2,057
Buildings and Improvements	18,957
Total	21,014
Accumulated Depreciation 12/31/2015	$ 8,140
1445 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 459
Buildings and Improvements	2,603
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,076
Land	476
Buildings and Improvements	3,662
Total	4,138
Accumulated Depreciation 12/31/2015	$ 1,612
1440 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Encumbrances	$ 3,074
Land	665
Buildings and Improvements	3,770
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	954
Land	685
Buildings and Improvements	4,704
Total	5,389
Accumulated Depreciation 12/31/2015	$ 2,161
1240 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 247
Buildings and Improvements	1,402
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	373
Land	258
Buildings and Improvements	1,764
Total	2,022
Accumulated Depreciation 12/31/2015	$ 833
1345 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 586
Buildings and Improvements	3,321
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,517
Land	601
Buildings and Improvements	4,823
Total	5,424
Accumulated Depreciation 12/31/2015	$ 2,058
1350 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 205
Buildings and Improvements	1,161
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	253
Land	212
Buildings and Improvements	1,407
Total	1,619
Accumulated Depreciation 12/31/2015	$ 680
1341 Sadlier Circle South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 131
Buildings and Improvements	743
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	207
Land	136
Buildings and Improvements	945
Total	1,081
Accumulated Depreciation 12/31/2015	$ 443
1322-1438 Sadlier Circle East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 145
Buildings and Improvements	822
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	291
Land	152
Buildings and Improvements	1,106
Total	1,258
Accumulated Depreciation 12/31/2015	$ 521
1327-1441 Sadlier Circle West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 218
Buildings and Improvements	1,234
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	621
Land	225
Buildings and Improvements	1,848
Total	2,073
Accumulated Depreciation 12/31/2015	$ 806
1402-1430 Sadlier Circle West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 165
Buildings and Improvements	934
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	390
Land	171
Buildings and Improvements	1,318
Total	1,489
Accumulated Depreciation 12/31/2015	$ 621
1504 Sadlier Circle South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 219
Buildings and Improvements	1,238
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(104)
Land	115
Buildings and Improvements	1,238
Total	1,353
Accumulated Depreciation 12/31/2015	$ 793
1365-1367 Sadlier Way Circle East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 121
Buildings and Improvements	688
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	194
Land	91
Buildings and Improvements	912
Total	1,003
Accumulated Depreciation 12/31/2015	$ 436
1352-1354 Sadlier Circle West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 178
Buildings and Improvements	1,008
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	241
Land	166
Buildings and Improvements	1,261
Total	1,427
Accumulated Depreciation 12/31/2015	$ 575
1335 Sadlier Circle East [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 81
Buildings and Improvements	460
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	207
Land	85
Buildings and Improvements	663
Total	748
Accumulated Depreciation 12/31/2015	$ 314
1425 Sadlier Circle West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 21
Buildings and Improvements	117
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	41
Land	23
Buildings and Improvements	156
Total	179
Accumulated Depreciation 12/31/2015	$ 72
6951 East 30th St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 256
Buildings and Improvements	1,449
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	229
Land	265
Buildings and Improvements	1,669
Total	1,934
Accumulated Depreciation 12/31/2015	$ 800
6701 East 30th St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 78
Buildings and Improvements	443
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	98
Land	82
Buildings and Improvements	537
Total	619
Accumulated Depreciation 12/31/2015	$ 264
6737 East 30th St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Encumbrances	$ 1,848
Land	385
Buildings and Improvements	2,181
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	283
Land	398
Buildings and Improvements	2,451
Total	2,849
Accumulated Depreciation 12/31/2015	$ 1,154
6555 East 30th St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 484
Buildings and Improvements	4,760
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,416
Land	484
Buildings and Improvements	7,176
Total	7,660
Accumulated Depreciation 12/31/2015	$ 3,062
7901 West 21st St. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 1,048
Buildings and Improvements	6,027
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	328
Land	1,048
Buildings and Improvements	6,355
Total	7,403
Accumulated Depreciation 12/31/2015	$ 2,808
1225 Brookville Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 60
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	417
Land	68
Buildings and Improvements	409
Total	477
Accumulated Depreciation 12/31/2015	$ 183
6751 E 30th St [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Encumbrances	$ 2,544
Land	728
Buildings and Improvements	2,837
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	359
Land	741
Buildings and Improvements	3,183
Total	3,924
Accumulated Depreciation 12/31/2015	$ 1,393
6575 East 30th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Encumbrances	$ 1,369
Land	118
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,994
Land	128
Buildings and Improvements	1,984
Total	2,112
Accumulated Depreciation 12/31/2015	$ 820
6585 East 30th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Encumbrances	$ 2,214
Land	196
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,219
Land	196
Buildings and Improvements	3,219
Total	3,415
Accumulated Depreciation 12/31/2015	$ 1,365
5705-97 Park Plaza Ct. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 600
Buildings and Improvements	2,194
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	847
Land	609
Buildings and Improvements	3,032
Total	3,641
Accumulated Depreciation 12/31/2015	$ 1,137
9319-9341 Castlegate Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Indianapolis, IN
Land	$ 530
Buildings and Improvements	1,235
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	717
Land	544
Buildings and Improvements	1,938
Total	2,482
Accumulated Depreciation 12/31/2015	$ 729
1133 Northwest L Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richmond, IN
Land	$ 201
Buildings and Improvements	1,358
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(143)
Land	208
Buildings and Improvements	1,208
Total	1,416
Accumulated Depreciation 12/31/2015	$ 711
14425 Bergen Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Noblesville, IN
Land	$ 647
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,693
Land	743
Buildings and Improvements	3,597
Total	4,340
Accumulated Depreciation 12/31/2015	$ 759
4700 NW 15th Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Land	$ 908
Buildings and Improvements	1,883
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	132
Land	912
Buildings and Improvements	2,011
Total	2,923
Accumulated Depreciation 12/31/2015	$ 714
4710 NW 15th Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Land	$ 830
Buildings and Improvements	2,722
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	62
Land	834
Buildings and Improvements	2,780
Total	3,614
Accumulated Depreciation 12/31/2015	$ 683
4720 NW 15th Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Land	$ 937
Buildings and Improvements	2,455
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	335
Land	942
Buildings and Improvements	2,785
Total	3,727
Accumulated Depreciation 12/31/2015	$ 820
4740 NW 15th Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Land	$ 1,107
Buildings and Improvements	3,111
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	17
Land	1,112
Buildings and Improvements	3,123
Total	4,235
Accumulated Depreciation 12/31/2015	$ 779
4750 NW 15th Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Land	$ 947
Buildings and Improvements	3,079
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	412
Land	951
Buildings and Improvements	3,487
Total	4,438
Accumulated Depreciation 12/31/2015	$ 897
4800 NW 15th Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ft. Lauderdale, FL
Land	$ 1,092
Buildings and Improvements	3,308
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	179
Land	1,097
Buildings and Improvements	3,482
Total	4,579
Accumulated Depreciation 12/31/2015	$ 880
Medley Industrial Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Medley, FL
Land	$ 857
Buildings and Improvements	3,428
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	4,158
Land	864
Buildings and Improvements	7,579
Total	8,443
Accumulated Depreciation 12/31/2015	$ 2,052
12601 &12605 NW 115th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Medley, FL
Land	$ 2,316
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	449
Land	762
Buildings and Improvements	2,003
Total	2,765
Accumulated Depreciation 12/31/2015	$ 333
N25 W23255 Paul Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pewaukee, WI
Land	$ 569
Buildings and Improvements	3,270
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,836
Land	450
Buildings and Improvements	5,225
Total	5,675
Accumulated Depreciation 12/31/2015	$ 2,148
5355 South Westridge Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	New Berlin, WI
Encumbrances	$ 4,467
Land	1,630
Buildings and Improvements	7,058
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(105)
Land	1,646
Buildings and Improvements	6,937
Total	8,583
Accumulated Depreciation 12/31/2015	$ 1,804
320-334 W. Vogel Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Milwaukee, WI
Land	$ 506
Buildings and Improvements	3,199
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(110)
Land	508
Buildings and Improvements	3,087
Total	3,595
Accumulated Depreciation 12/31/2015	$ 1,625
4950 South 6th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Milwaukee, WI
Land	$ 299
Buildings and Improvements	1,565
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	273
Land	301
Buildings and Improvements	1,836
Total	2,137
Accumulated Depreciation 12/31/2015	$ 1,173
17005 W. Ryerson Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	New Berlin, WI
Encumbrances	$ 2,454
Land	403
Buildings and Improvements	3,647
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	251
Land	405
Buildings and Improvements	3,896
Total	4,301
Accumulated Depreciation 12/31/2015	$ 1,753
W140 N9059 Lilly Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Menomonee Falls, WI
Land	$ 343
Buildings and Improvements	1,153
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	106
Land	366
Buildings and Improvements	1,236
Total	1,602
Accumulated Depreciation 12/31/2015	$ 455
200 W. Vogel Avenue-Bldg B [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Milwaukee, WI
Land	$ 301
Buildings and Improvements	2,150
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	62
Land	302
Buildings and Improvements	2,211
Total	2,513
Accumulated Depreciation 12/31/2015	$ 1,135
4921 S. 2nd Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Milwaukee, WI
Land	$ 101
Buildings and Improvements	713
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(276)
Land	58
Buildings and Improvements	480
Total	538
Accumulated Depreciation 12/31/2015	$ 262
1500 Peebles Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Center, WI
Land	$ 1,577
Buildings and Improvements	1,018
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(441)
Land	1,528
Buildings and Improvements	626
Total	2,154
Accumulated Depreciation 12/31/2015	$ 561
16600 West Glendale Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	New Berlin, WI
Encumbrances	$ 2,181
Land	704
Buildings and Improvements	1,923
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	932
Land	715
Buildings and Improvements	2,844
Total	3,559
Accumulated Depreciation 12/31/2015	$ 1,701
2485 Commerce Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	New Berlin, WI
Encumbrances	$ 1,306
Land	483
Buildings and Improvements	1,516
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	131
Land	491
Buildings and Improvements	1,639
Total	2,130
Accumulated Depreciation 12/31/2015	$ 852
N58W15380 Shawn Circle [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Menomonee Falls, WI
Land	$ 1,188
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	16,931
Land	1,204
Buildings and Improvements	16,915
Total	18,119
Accumulated Depreciation 12/31/2015	$ 3,556
6201 West 111th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Bloomington, MN
Encumbrances	$ 2,931
Land	1,358
Buildings and Improvements	8,622
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	13,466
Land	1,519
Buildings and Improvements	21,927
Total	23,446
Accumulated Depreciation 12/31/2015	$ 11,841
7101 Winnetka Avenue North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Brooklyn Park, MN
Encumbrances	$ 5,538
Land	2,195
Buildings and Improvements	6,084
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	4,195
Land	2,228
Buildings and Improvements	10,246
Total	12,474
Accumulated Depreciation 12/31/2015	$ 7,394
9901 West 74th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Encumbrances	$ 3,333
Land	621
Buildings and Improvements	3,289
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,598
Land	639
Buildings and Improvements	6,869
Total	7,508
Accumulated Depreciation 12/31/2015	$ 5,630
1030 Lone Oak Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eagan, MN
Encumbrances	$ 2,407
Land	456
Buildings and Improvements	2,703
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	767
Land	456
Buildings and Improvements	3,470
Total	3,926
Accumulated Depreciation 12/31/2015	$ 1,722
1060 Lone Oak Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eagan, MN
Encumbrances	$ 3,046
Land	624
Buildings and Improvements	3,700
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	645
Land	624
Buildings and Improvements	4,345
Total	4,969
Accumulated Depreciation 12/31/2015	$ 2,255
5400 Nathan Lane [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Plymouth, MN
Encumbrances	$ 2,684
Land	749
Buildings and Improvements	4,461
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	835
Land	757
Buildings and Improvements	5,288
Total	6,045
Accumulated Depreciation 12/31/2015	$ 2,640
6655 Wedgewood Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Maple Grove, MN
Land	$ 1,466
Buildings and Improvements	8,342
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	5,591
Land	1,466
Buildings and Improvements	13,933
Total	15,399
Accumulated Depreciation 12/31/2015	$ 5,897
10120 W 76th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Land	$ 315
Buildings and Improvements	1,804
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,962
Land	315
Buildings and Improvements	3,766
Total	4,081
Accumulated Depreciation 12/31/2015	$ 2,251
12155 Nicollet Ave. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Burnsville, MN
Land	$ 286
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,957
Land	288
Buildings and Improvements	1,955
Total	2,243
Accumulated Depreciation 12/31/2015	$ 868
4100 Peavey Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Chaska, MN
Land	$ 277
Buildings and Improvements	2,261
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	779
Land	277
Buildings and Improvements	3,040
Total	3,317
Accumulated Depreciation 12/31/2015	$ 1,414
7100-7198 Shady Oak Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Encumbrances	$ 4,324
Land	715
Buildings and Improvements	4,054
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,284
Land	736
Buildings and Improvements	6,317
Total	7,053
Accumulated Depreciation 12/31/2015	$ 2,698
5240-5300 Valley Industrial Blvd S [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	$ 2,087
Land	362
Buildings and Improvements	2,049
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,248
Land	371
Buildings and Improvements	3,288
Total	3,659
Accumulated Depreciation 12/31/2015	$ 1,328
5775 12th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	$ 2,995
Land	590
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	4,661
Land	590
Buildings and Improvements	4,661
Total	5,251
Accumulated Depreciation 12/31/2015	$ 1,549
1157 Valley Park Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	$ 4,161
Land	760
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	7,234
Land	888
Buildings and Improvements	7,106
Total	7,994
Accumulated Depreciation 12/31/2015	$ 2,617
9600 West 76th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Encumbrances	$ 2,025
Land	1,000
Buildings and Improvements	2,450
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	60
Land	1,034
Buildings and Improvements	2,476
Total	3,510
Accumulated Depreciation 12/31/2015	$ 666
9700 West 76th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Encumbrances	$ 2,914
Land	1,000
Buildings and Improvements	2,709
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	727
Land	1,038
Buildings and Improvements	3,398
Total	4,436
Accumulated Depreciation 12/31/2015	$ 1,136
7600 69th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Greenfield, MN
Land	$ 1,500
Buildings and Improvements	8,328
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(539)
Land	1,510
Buildings and Improvements	7,779
Total	9,289
Accumulated Depreciation 12/31/2015	$ 1,809
5017 Boone Avenue North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	New Hope, MN
Land	$ 1,000
Buildings and Improvements	1,599
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	153
Land	1,009
Buildings and Improvements	1,743
Total	2,752
Accumulated Depreciation 12/31/2015	$ 913
2300 West Highway 13 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Burnsville, MN
Land	$ 2,517
Buildings and Improvements	6,069
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,651)
Land	1,296
Buildings and Improvements	5,639
Total	6,935
Accumulated Depreciation 12/31/2015	$ 3,812
1087 Park Place [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	$ 3,654
Land	1,195
Buildings and Improvements	4,891
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(246)
Land	1,198
Buildings and Improvements	4,642
Total	5,840
Accumulated Depreciation 12/31/2015	$ 1,225
5391 12th Avenue SE [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	$ 4,138
Land	1,392
Buildings and Improvements	8,149
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(469)
Land	1,395
Buildings and Improvements	7,677
Total	9,072
Accumulated Depreciation 12/31/2015	$ 2,059
4701 Valley Industrial Blvd S [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Shakopee, MN
Encumbrances	$ 4,606
Land	1,296
Buildings and Improvements	7,157
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(378)
Land	1,299
Buildings and Improvements	6,776
Total	8,075
Accumulated Depreciation 12/31/2015	$ 2,748
6455 City West Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eden Prairie, MN
Land	$ 659
Buildings and Improvements	3,189
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	955
Land	665
Buildings and Improvements	4,138
Total	4,803
Accumulated Depreciation 12/31/2015	$ 1,249
7035 Winnetka Avene North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Brooklyn Park, MN
Encumbrances	$ 4,432
Land	1,275
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	7,239
Land	1,343
Buildings and Improvements	7,171
Total	8,514
Accumulated Depreciation 12/31/2015	$ 1,472
139 Eva Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Paul, MN
Land	$ 2,132
Buildings and Improvements	3,105
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(286)
Land	2,175
Buildings and Improvements	2,776
Total	4,951
Accumulated Depreciation 12/31/2015	$ 649
21900 Dodd Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Lakeville, MN
Encumbrances	$ 9,482
Land	2,289
Buildings and Improvements	7,952
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	0
Land	2,289
Buildings and Improvements	7,952
Total	10,241
Accumulated Depreciation 12/31/2015	$ 2,034
375 Rivertown Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Woodbury, MN
Encumbrances	$ 7,000
Land	2,635
Buildings and Improvements	8,157
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	48
Land	2,635
Buildings and Improvements	8,205
Total	10,840
Accumulated Depreciation 12/31/2015	$ 815
935 Aldrin Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Eagan, MN
Encumbrances	$ 5,524
Land	2,096
Buildings and Improvements	7,884
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(43)
Land	2,096
Buildings and Improvements	7,841
Total	9,937
Accumulated Depreciation 12/31/2015	$ 457
7050 Winnetka Avenue North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Brooklyn Park, MN
Land	$ 1,623
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	7,228
Land	1,634
Buildings and Improvements	7,217
Total	8,851
Accumulated Depreciation 12/31/2015	$ 197
7051 West Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Brooklyn Park, MN
Land	$ 1,275
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	5,828
Land	1,279
Buildings and Improvements	5,824
Total	7,103
Accumulated Depreciation 12/31/2015	$ 155
1931 Air Lane Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Nashville, TN
Encumbrances	$ 2,179
Land	489
Buildings and Improvements	2,785
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	280
Land	493
Buildings and Improvements	3,061
Total	3,554
Accumulated Depreciation 12/31/2015	$ 1,362
4640 Cummings Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Nashville, TN
Land	$ 360
Buildings and Improvements	2,040
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	579
Land	365
Buildings and Improvements	2,614
Total	2,979
Accumulated Depreciation 12/31/2015	$ 975
1740 River Hills Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Nashville, TN
Encumbrances	$ 2,750
Land	848
Buildings and Improvements	4,383
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	731
Land	888
Buildings and Improvements	5,074
Total	5,962
Accumulated Depreciation 12/31/2015	$ 2,223
211 Ellery Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Nashville, TN
Encumbrances	$ 2,587
Land	606
Buildings and Improvements	3,192
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	379
Land	616
Buildings and Improvements	3,561
Total	4,177
Accumulated Depreciation 12/31/2015	$ 1,312
130 Maddox Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mount Juliet, TN
Encumbrances	$ 16,422
Land	1,778
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	23,554
Land	1,778
Buildings and Improvements	23,554
Total	25,332
Accumulated Depreciation 12/31/2015	$ 4,080
14 World's Fair Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Franklin, NJ
Land	$ 483
Buildings and Improvements	2,735
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	773
Land	503
Buildings and Improvements	3,488
Total	3,991
Accumulated Depreciation 12/31/2015	$ 1,533
12 World's Fair Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Franklin, NJ
Land	$ 572
Buildings and Improvements	3,240
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,064
Land	593
Buildings and Improvements	4,283
Total	4,876
Accumulated Depreciation 12/31/2015	$ 2,052
22 World's Fair Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Franklin, NJ
Land	$ 364
Buildings and Improvements	2,064
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	491
Land	375
Buildings and Improvements	2,544
Total	2,919
Accumulated Depreciation 12/31/2015	$ 1,055
26 World's Fair Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Franklin, NJ
Land	$ 361
Buildings and Improvements	2,048
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	656
Land	377
Buildings and Improvements	2,688
Total	3,065
Accumulated Depreciation 12/31/2015	$ 1,147
24 World's Fair Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Franklin, NJ
Land	$ 347
Buildings and Improvements	1,968
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	573
Land	362
Buildings and Improvements	2,526
Total	2,888
Accumulated Depreciation 12/31/2015	$ 1,121
20 World's Fair Drive Lot 13 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Sumerset, NJ
Land	$ 9
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,568
Land	691
Buildings and Improvements	1,886
Total	2,577
Accumulated Depreciation 12/31/2015	$ 702
45 Route 46 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Land	$ 969
Buildings and Improvements	5,491
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	928
Land	978
Buildings and Improvements	6,410
Total	7,388
Accumulated Depreciation 12/31/2015	$ 2,443
43 Route 46 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Land	$ 474
Buildings and Improvements	2,686
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	540
Land	479
Buildings and Improvements	3,221
Total	3,700
Accumulated Depreciation 12/31/2015	$ 1,295
39 Route 46 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Land	$ 260
Buildings and Improvements	1,471
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	292
Land	262
Buildings and Improvements	1,761
Total	2,023
Accumulated Depreciation 12/31/2015	$ 632
26 Chapin Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Land	$ 956
Buildings and Improvements	5,415
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	664
Land	965
Buildings and Improvements	6,070
Total	7,035
Accumulated Depreciation 12/31/2015	$ 2,355
30 Chapin Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Land	$ 960
Buildings and Improvements	5,440
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	524
Land	969
Buildings and Improvements	5,955
Total	6,924
Accumulated Depreciation 12/31/2015	$ 2,256
20 Hook Mountain Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Land	$ 1,507
Buildings and Improvements	8,542
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,997
Land	1,534
Buildings and Improvements	11,512
Total	13,046
Accumulated Depreciation 12/31/2015	$ 5,062
30 Hook Mountain Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Land	$ 389
Buildings and Improvements	2,206
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	526
Land	396
Buildings and Improvements	2,725
Total	3,121
Accumulated Depreciation 12/31/2015	$ 1,058
16 Chapin Rod [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Land	$ 885
Buildings and Improvements	5,015
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	612
Land	901
Buildings and Improvements	5,611
Total	6,512
Accumulated Depreciation 12/31/2015	$ 2,089
20 Chapin Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pine Brook, NJ
Land	$ 1,134
Buildings and Improvements	6,426
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	602
Land	1,154
Buildings and Improvements	7,008
Total	8,162
Accumulated Depreciation 12/31/2015	$ 2,580
2500 Main Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Sayreville, NJ
Land	$ 944
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	4,576
Land	944
Buildings and Improvements	4,576
Total	5,520
Accumulated Depreciation 12/31/2015	$ 1,458
2400 Main Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Sayreville, NJ
Land	$ 996
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	5,494
Land	996
Buildings and Improvements	5,494
Total	6,490
Accumulated Depreciation 12/31/2015	$ 1,611
309-319 Pierce Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Somerset, NJ
Encumbrances	$ 3,205
Land	1,300
Buildings and Improvements	4,628
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,020
Land	1,309
Buildings and Improvements	5,639
Total	6,948
Accumulated Depreciation 12/31/2015	$ 2,194
230-240 Welsh Pool Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Exton, PA
Land	$ 154
Buildings and Improvements	851
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	355
Land	170
Buildings and Improvements	1,190
Total	1,360
Accumulated Depreciation 12/31/2015	$ 468
254 Welsh Pool Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Exton, PA
Land	$ 75
Buildings and Improvements	418
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	206
Land	91
Buildings and Improvements	608
Total	699
Accumulated Depreciation 12/31/2015	$ 270
151-161 Philips Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Exton, PA
Land	$ 191
Buildings and Improvements	1,059
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	378
Land	229
Buildings and Improvements	1,399
Total	1,628
Accumulated Depreciation 12/31/2015	$ 597
216 Philips Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Exton, PA
Land	$ 199
Buildings and Improvements	1,100
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	331
Land	220
Buildings and Improvements	1,410
Total	1,630
Accumulated Depreciation 12/31/2015	$ 592
14 McFadden Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Palmer, PA
Land	$ 600
Buildings and Improvements	1,349
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(274)
Land	625
Buildings and Improvements	1,050
Total	1,675
Accumulated Depreciation 12/31/2015	$ 299
2801 Red Lion Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Philadelphia, PA
Land	$ 950
Buildings and Improvements	5,916
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(51)
Land	964
Buildings and Improvements	5,851
Total	6,815
Accumulated Depreciation 12/31/2015	$ 2,450
3240 S. 78th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Philadelphia, PA
Land	$ 515
Buildings and Improvements	1,245
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(514)
Land	423
Buildings and Improvements	823
Total	1,246
Accumulated Depreciation 12/31/2015	$ 252
200 Cascade Drive, Bldg. 1 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Allentown, PA
Encumbrances	$ 13,382
Land	2,133
Buildings and Improvements	17,562
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	592
Land	2,769
Buildings and Improvements	17,518
Total	20,287
Accumulated Depreciation 12/31/2015	$ 5,770
200 Cascade Drive, Bldg. 2 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Allentown, PA
Encumbrances	$ 1,826
Land	310
Buildings and Improvements	2,268
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	178
Land	316
Buildings and Improvements	2,440
Total	2,756
Accumulated Depreciation 12/31/2015	$ 789
6300 Bristol Pike [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Levittown, PA
Land	$ 1,074
Buildings and Improvements	2,642
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(194)
Land	964
Buildings and Improvements	2,558
Total	3,522
Accumulated Depreciation 12/31/2015	$ 1,790
2455 Boulevard of Generals [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Norristown, PA
Encumbrances	$ 2,926
Land	1,200
Buildings and Improvements	4,800
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	344
Land	1,226
Buildings and Improvements	5,118
Total	6,344
Accumulated Depreciation 12/31/2015	$ 1,602
Three Eight Five Seven Nazareth Highway - Bldg. 1 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Easton, PA
Land	$ 4,855
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	16,738
Land	4,388
Buildings and Improvements	17,205
Total	21,593
Accumulated Depreciation 12/31/2015	$ 69
Three Eight Five Seven Nazareth Highway - Bldg. 2 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Easton, PA
Land	$ 3,459
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	12,177
Land	3,128
Buildings and Improvements	12,508
Total	15,636
Accumulated Depreciation 12/31/2015	$ 51
1045 South Edward Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tempe, AZ
Land	$ 390
Buildings and Improvements	2,160
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	360
Land	396
Buildings and Improvements	2,514
Total	2,910
Accumulated Depreciation 12/31/2015	$ 969
50 South 56th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Chandler, AZ
Encumbrances	$ 3,547
Land	1,206
Buildings and Improvements	3,218
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,362
Land	1,252
Buildings and Improvements	4,534
Total	5,786
Accumulated Depreciation 12/31/2015	$ 1,445
4701 W. Jefferson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Phoenix, AZ
Encumbrances	$ 2,453
Land	926
Buildings and Improvements	2,195
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	243
Land	929
Buildings and Improvements	2,435
Total	3,364
Accumulated Depreciation 12/31/2015	$ 1,364
7102 W. Roosevelt [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Phoenix, AZ
Encumbrances	$ 4,806
Land	1,613
Buildings and Improvements	6,451
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	360
Land	1,620
Buildings and Improvements	6,804
Total	8,424
Accumulated Depreciation 12/31/2015	$ 2,486
4137 West Adams Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Phoenix, AZ
Land	$ 990
Buildings and Improvements	2,661
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	239
Land	1,038
Buildings and Improvements	2,852
Total	3,890
Accumulated Depreciation 12/31/2015	$ 961
245 W. Lodge [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tempe, AZ
Land	$ 898
Buildings and Improvements	3,066
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(2,009)
Land	362
Buildings and Improvements	1,593
Total	1,955
Accumulated Depreciation 12/31/2015	$ 667
1590 E Riverview Dr. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Phoenix, AZ
Encumbrances	$ 4,965
Land	1,293
Buildings and Improvements	5,950
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	417
Land	1,292
Buildings and Improvements	6,368
Total	7,660
Accumulated Depreciation 12/31/2015	$ 1,620
14131 N. Rio Vista Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Peoria, AZ
Land	$ 2,563
Buildings and Improvements	9,388
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	404
Land	2,563
Buildings and Improvements	9,792
Total	12,355
Accumulated Depreciation 12/31/2015	$ 2,394
8716 W. Ludlow Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Peoria, AZ
Land	$ 2,709
Buildings and Improvements	10,970
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	811
Land	2,709
Buildings and Improvements	11,781
Total	14,490
Accumulated Depreciation 12/31/2015	$ 2,658
3815 W. Washington St. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Phoenix, AZ
Encumbrances	$ 3,446
Land	1,675
Buildings and Improvements	4,514
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	149
Land	1,719
Buildings and Improvements	4,619
Total	6,338
Accumulated Depreciation 12/31/2015	$ 1,105
9180 W. Buckeye Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tolleson, AZ
Encumbrances	$ 7,239
Land	1,904
Buildings and Improvements	6,805
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,665
Land	1,923
Buildings and Improvements	9,451
Total	11,374
Accumulated Depreciation 12/31/2015	$ 1,989
8644 West Ludlow Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Peoria, AZ
Land	$ 1,726
Buildings and Improvements	7,216
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	0
Land	1,726
Buildings and Improvements	7,216
Total	8,942
Accumulated Depreciation 12/31/2015	$ 300
8606 West Ludlow Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Peoria, AZ
Land	$ 956
Buildings and Improvements	2,668
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	75
Land	956
Buildings and Improvements	2,743
Total	3,699
Accumulated Depreciation 12/31/2015	$ 116
8679 West Ludlow Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Peoria, AZ
Land	$ 672
Buildings and Improvements	2,791
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	0
Land	672
Buildings and Improvements	2,791
Total	3,463
Accumulated Depreciation 12/31/2015	$ 119
Nine Forth Avenue and Buckeye Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tolleson, AZ
Land	$ 4,315
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	14,711
Land	4,315
Buildings and Improvements	14,711
Total	19,026
Accumulated Depreciation 12/31/2015	$ 0
1270 West 2320 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Land	$ 138
Buildings and Improvements	784
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	161
Land	143
Buildings and Improvements	940
Total	1,083
Accumulated Depreciation 12/31/2015	$ 391
1275 West 2240 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Land	$ 395
Buildings and Improvements	2,241
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	352
Land	408
Buildings and Improvements	2,580
Total	2,988
Accumulated Depreciation 12/31/2015	$ 1,102
1288 West 2240 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Land	$ 119
Buildings and Improvements	672
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	139
Land	123
Buildings and Improvements	807
Total	930
Accumulated Depreciation 12/31/2015	$ 346
2235 South 1300 West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Land	$ 198
Buildings and Improvements	1,120
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	168
Land	204
Buildings and Improvements	1,282
Total	1,486
Accumulated Depreciation 12/31/2015	$ 546
1293 West 2200 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Land	$ 158
Buildings and Improvements	896
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	304
Land	163
Buildings and Improvements	1,195
Total	1,358
Accumulated Depreciation 12/31/2015	$ 533
1279 West 2200 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Land	$ 198
Buildings and Improvements	1,120
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	172
Land	204
Buildings and Improvements	1,286
Total	1,490
Accumulated Depreciation 12/31/2015	$ 561
1272 West 2240 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Land	$ 336
Buildings and Improvements	1,905
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	410
Land	347
Buildings and Improvements	2,304
Total	2,651
Accumulated Depreciation 12/31/2015	$ 1,042
1149 West 2240 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Land	$ 217
Buildings and Improvements	1,232
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	341
Land	225
Buildings and Improvements	1,565
Total	1,790
Accumulated Depreciation 12/31/2015	$ 696
1142 West 2320 South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Land	$ 217
Buildings and Improvements	1,232
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	300
Land	225
Buildings and Improvements	1,524
Total	1,749
Accumulated Depreciation 12/31/2015	$ 626
2323 South 900 W [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Salt Lake City, UT
Land	$ 886
Buildings and Improvements	2,995
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(3)
Land	898
Buildings and Improvements	2,980
Total	3,878
Accumulated Depreciation 12/31/2015	$ 1,578
1815-1957 South 4650 West [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Salt Lake City, UT
Encumbrances	$ 6,667
Land	1,707
Buildings and Improvements	10,873
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	44
Land	1,713
Buildings and Improvements	10,911
Total	12,624
Accumulated Depreciation 12/31/2015	$ 2,907
2100 Alexander Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Land	$ 376
Buildings and Improvements	1,670
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	387
Land	376
Buildings and Improvements	2,057
Total	2,433
Accumulated Depreciation 12/31/2015	$ 622
2064 Alexander Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	West Valley, UT
Land	$ 864
Buildings and Improvements	2,771
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	89
Land	869
Buildings and Improvements	2,855
Total	3,724
Accumulated Depreciation 12/31/2015	$ 949
1901 Raymond Ave SW [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Renton, WA
Encumbrances	$ 821
Land	4,458
Buildings and Improvements	2,659
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	433
Land	4,594
Buildings and Improvements	2,956
Total	7,550
Accumulated Depreciation 12/31/2015	$ 740
19014 64th Avenue South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kent, WA
Encumbrances	$ 2,992
Land	1,990
Buildings and Improvements	3,979
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	518
Land	2,042
Buildings and Improvements	4,445
Total	6,487
Accumulated Depreciation 12/31/2015	$ 1,328
18640 68th Avenue South [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kent, WA
Encumbrances	$ 328
Land	1,218
Buildings and Improvements	1,950
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	306
Land	1,258
Buildings and Improvements	2,216
Total	3,474
Accumulated Depreciation 12/31/2015	$ 661
1944 Vista Bella Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Encumbrances	$ 3,057
Land	1,746
Buildings and Improvements	3,148
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	465
Land	1,822
Buildings and Improvements	3,537
Total	5,359
Accumulated Depreciation 12/31/2015	$ 1,439
2000 Vista Bella Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Encumbrances	$ 1,283
Land	817
Buildings and Improvements	1,673
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	292
Land	853
Buildings and Improvements	1,929
Total	2,782
Accumulated Depreciation 12/31/2015	$ 821
2835 East Ana Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Encumbrances	$ 2,968
Land	1,682
Buildings and Improvements	2,750
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	409
Land	1,772
Buildings and Improvements	3,069
Total	4,841
Accumulated Depreciation 12/31/2015	$ 1,139
16275 Technology Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	San Diego, CA
Land	$ 2,848
Buildings and Improvements	8,641
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	546
Land	2,859
Buildings and Improvements	9,176
Total	12,035
Accumulated Depreciation 12/31/2015	$ 2,721
8921- 8971 Fost Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Berkeley, MO
Land	$ 431
Buildings and Improvements	2,479
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	850
Land	431
Buildings and Improvements	3,329
Total	3,760
Accumulated Depreciation 12/31/2015	$ 1,550
9043-9083 Frost Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Berkeley, MO
Land	$ 319
Buildings and Improvements	1,838
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,618
Land	319
Buildings and Improvements	4,456
Total	4,775
Accumulated Depreciation 12/31/2015	$ 1,612
10431 Midwest Industrial Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Olivette, MO
Encumbrances	$ 1,542
Land	237
Buildings and Improvements	1,360
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	781
Land	237
Buildings and Improvements	2,141
Total	2,378
Accumulated Depreciation 12/31/2015	$ 978
10751 Midwest Industrial Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Olivette, MO
Land	$ 193
Buildings and Improvements	1,119
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	303
Land	194
Buildings and Improvements	1,421
Total	1,615
Accumulated Depreciation 12/31/2015	$ 626
6951 N Hanley [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Hazelwood, MO
Land	$ 405
Buildings and Improvements	2,295
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,520
Land	419
Buildings and Improvements	4,801
Total	5,220
Accumulated Depreciation 12/31/2015	$ 1,915
1067-1083 Warson-Bldg A [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Louis, MO
Encumbrances	$ 1,385
Land	246
Buildings and Improvements	1,359
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	823
Land	251
Buildings and Improvements	2,177
Total	2,428
Accumulated Depreciation 12/31/2015	$ 628
1093-1107 Warson-Bldg B [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Louis, MO
Encumbrances	$ 2,471
Land	380
Buildings and Improvements	2,103
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,850
Land	388
Buildings and Improvements	3,945
Total	4,333
Accumulated Depreciation 12/31/2015	$ 1,159
1113-1129 Warson-Bldg C [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Louis, MO
Encumbrances	$ 1,950
Land	303
Buildings and Improvements	1,680
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,436
Land	310
Buildings and Improvements	3,109
Total	3,419
Accumulated Depreciation 12/31/2015	$ 1,252
1131-1151 Warson-Bldg D [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Louis, MO
Encumbrances	$ 1,905
Land	353
Buildings and Improvements	1,952
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,034
Land	360
Buildings and Improvements	2,979
Total	3,339
Accumulated Depreciation 12/31/2015	$ 833
6821-6857 Hazelwood Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Berkeley, MO
Encumbrances	$ 4,678
Land	985
Buildings and Improvements	6,205
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,011
Land	985
Buildings and Improvements	7,216
Total	8,201
Accumulated Depreciation 12/31/2015	$ 2,321
13701 Rider Trail North [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Earth City, MO
Land	$ 800
Buildings and Improvements	2,099
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	707
Land	804
Buildings and Improvements	2,802
Total	3,606
Accumulated Depreciation 12/31/2015	$ 1,162
1908-2000 Innerbelt [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Overland, MO
Encumbrances	$ 7,182
Land	1,590
Buildings and Improvements	9,026
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,336
Land	1,591
Buildings and Improvements	10,361
Total	11,952
Accumulated Depreciation 12/31/2015	$ 4,216
9060 Latty Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Berkeley, MO
Land	$ 687
Buildings and Improvements	1,947
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(82)
Land	694
Buildings and Improvements	1,858
Total	2,552
Accumulated Depreciation 12/31/2015	$ 1,645
21-25 Gateway Commerce Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Edwardsville, IL
Land	$ 1,874
Buildings and Improvements	31,958
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(262)
Land	1,902
Buildings and Improvements	31,668
Total	33,570
Accumulated Depreciation 12/31/2015	$ 8,155
6647 Romiss Court [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	St. Louis, MO
Land	$ 230
Buildings and Improvements	681
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(8)
Land	241
Buildings and Improvements	662
Total	903
Accumulated Depreciation 12/31/2015	$ 280
5313 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 204
Buildings and Improvements	1,159
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	568
Land	257
Buildings and Improvements	1,674
Total	1,931
Accumulated Depreciation 12/31/2015	$ 727
5525 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 192
Buildings and Improvements	1,086
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	280
Land	200
Buildings and Improvements	1,358
Total	1,558
Accumulated Depreciation 12/31/2015	$ 582
5709 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 192
Buildings and Improvements	1,086
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	182
Land	200
Buildings and Improvements	1,260
Total	1,460
Accumulated Depreciation 12/31/2015	$ 557
5711 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 243
Buildings and Improvements	1,376
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	159
Land	255
Buildings and Improvements	1,523
Total	1,778
Accumulated Depreciation 12/31/2015	$ 681
5455 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 307
Buildings and Improvements	1,742
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	755
Land	326
Buildings and Improvements	2,478
Total	2,804
Accumulated Depreciation 12/31/2015	$ 1,161
5553 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 307
Buildings and Improvements	1,742
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	424
Land	326
Buildings and Improvements	2,147
Total	2,473
Accumulated Depreciation 12/31/2015	$ 973
5501 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 215
Buildings and Improvements	871
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	251
Land	242
Buildings and Improvements	1,095
Total	1,337
Accumulated Depreciation 12/31/2015	$ 476
5503 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 98
Buildings and Improvements	402
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	140
Land	110
Buildings and Improvements	530
Total	640
Accumulated Depreciation 12/31/2015	$ 227
5555 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 213
Buildings and Improvements	1,206
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	214
Land	221
Buildings and Improvements	1,412
Total	1,633
Accumulated Depreciation 12/31/2015	$ 603
5557 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 59
Buildings and Improvements	335
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	59
Land	62
Buildings and Improvements	391
Total	453
Accumulated Depreciation 12/31/2015	$ 172
5463 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 497
Buildings and Improvements	2,751
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	637
Land	560
Buildings and Improvements	3,325
Total	3,885
Accumulated Depreciation 12/31/2015	$ 1,447
5461 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 261
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,305
Land	265
Buildings and Improvements	1,301
Total	1,566
Accumulated Depreciation 12/31/2015	$ 540
5481 W Waters Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 558
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,276
Land	561
Buildings and Improvements	2,273
Total	2,834
Accumulated Depreciation 12/31/2015	$ 891
4515-4519 George Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 633
Buildings and Improvements	3,587
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	895
Land	640
Buildings and Improvements	4,475
Total	5,115
Accumulated Depreciation 12/31/2015	$ 1,586
6089 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 180
Buildings and Improvements	987
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	66
Land	186
Buildings and Improvements	1,047
Total	1,233
Accumulated Depreciation 12/31/2015	$ 361
6091 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 140
Buildings and Improvements	730
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(4)
Land	144
Buildings and Improvements	722
Total	866
Accumulated Depreciation 12/31/2015	$ 242
6103 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 220
Buildings and Improvements	1,160
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	82
Land	226
Buildings and Improvements	1,236
Total	1,462
Accumulated Depreciation 12/31/2015	$ 447
6201 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 200
Buildings and Improvements	1,107
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(10)
Land	205
Buildings and Improvements	1,092
Total	1,297
Accumulated Depreciation 12/31/2015	$ 446
6203 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 300
Buildings and Improvements	1,460
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(306)
Land	311
Buildings and Improvements	1,143
Total	1,454
Accumulated Depreciation 12/31/2015	$ 395
6205 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 270
Buildings and Improvements	1,363
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	154
Land	278
Buildings and Improvements	1,509
Total	1,787
Accumulated Depreciation 12/31/2015	$ 500
6101 Johns Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 210
Buildings and Improvements	833
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	95
Land	216
Buildings and Improvements	922
Total	1,138
Accumulated Depreciation 12/31/2015	$ 347
4908 Tampa West Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Tampa, FL
Land	$ 2,622
Buildings and Improvements	8,643
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(820)
Land	2,635
Buildings and Improvements	7,810
Total	10,445
Accumulated Depreciation 12/31/2015	$ 3,022
7201-7281 Bryan Dairy Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Largo, FL
Land	$ 1,895
Buildings and Improvements	5,408
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(1,374)
Land	1,365
Buildings and Improvements	4,564
Total	5,929
Accumulated Depreciation 12/31/2015	$ 1,287
4900- 4914 Creekside Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Clearwater, FL
Land	$ 3,702
Buildings and Improvements	7,338
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(3,566)
Land	2,245
Buildings and Improvements	5,229
Total	7,474
Accumulated Depreciation 12/31/2015	$ 1,592
12345 Starkey Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Largo, FL
Land	$ 898
Buildings and Improvements	2,078
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(592)
Land	599
Buildings and Improvements	1,785
Total	2,384
Accumulated Depreciation 12/31/2015	$ 729
2250 Delaware Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Des Moines, IA
Land	$ 277
Buildings and Improvements	1,609
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(132)
Land	173
Buildings and Improvements	1,581
Total	1,754
Accumulated Depreciation 12/31/2015	$ 788
6266 Hurt Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Horn Lake, MS
Land	$ 427
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,721
Land	387
Buildings and Improvements	3,761
Total	4,148
Accumulated Depreciation 12/31/2015	$ 930
665 N. Baldwin Park Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	City of Industry, CA
Encumbrances	$ 4,132
Land	2,124
Buildings and Improvements	5,219
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,614
Land	2,143
Buildings and Improvements	6,814
Total	8,957
Accumulated Depreciation 12/31/2015	$ 2,810
27801 Avenue Scott [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Santa Clarita, CA
Encumbrances	$ 6,103
Land	2,890
Buildings and Improvements	7,020
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	788
Land	2,902
Buildings and Improvements	7,796
Total	10,698
Accumulated Depreciation 12/31/2015	$ 2,670
2610 & 2660 Columbia [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Torrance, CA
Encumbrances	$ 4,335
Land	3,008
Buildings and Improvements	5,826
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	565
Land	3,031
Buildings and Improvements	6,368
Total	9,399
Accumulated Depreciation 12/31/2015	$ 1,895
433 Alaska Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Torrance, CA
Land	$ 681
Buildings and Improvements	168
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(5)
Land	684
Buildings and Improvements	160
Total	844
Accumulated Depreciation 12/31/2015	$ 97
4020 S. Compton Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Los Angeles, CA
Land	$ 3,800
Buildings and Improvements	7,330
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(473)
Land	3,825
Buildings and Improvements	6,832
Total	10,657
Accumulated Depreciation 12/31/2015	$ 1,664
6305 El Camino Real [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Land	$ 1,590
Buildings and Improvements	6,360
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	7,730
Land	1,590
Buildings and Improvements	14,090
Total	15,680
Accumulated Depreciation 12/31/2015	$ 3,874
2325 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	$ 1,918
Land	1,441
Buildings and Improvements	1,239
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	646
Land	1,446
Buildings and Improvements	1,880
Total	3,326
Accumulated Depreciation 12/31/2015	$ 536
2335 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	$ 980
Land	817
Buildings and Improvements	762
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	121
Land	821
Buildings and Improvements	879
Total	1,700
Accumulated Depreciation 12/31/2015	$ 311
2345 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	$ 574
Land	562
Buildings and Improvements	456
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(23)
Land	565
Buildings and Improvements	430
Total	995
Accumulated Depreciation 12/31/2015	$ 174
2355 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	$ 625
Land	481
Buildings and Improvements	365
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	237
Land	483
Buildings and Improvements	600
Total	1,083
Accumulated Depreciation 12/31/2015	$ 226
2365 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	$ 1,189
Land	1,098
Buildings and Improvements	630
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	334
Land	1,102
Buildings and Improvements	960
Total	2,062
Accumulated Depreciation 12/31/2015	$ 362
2375 Camino Vida Roble [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Encumbrances	$ 1,304
Land	1,210
Buildings and Improvements	874
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	113
Land	1,214
Buildings and Improvements	983
Total	2,197
Accumulated Depreciation 12/31/2015	$ 348
6451 El Camino Real [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Carlsbad, CA
Land	$ 2,885
Buildings and Improvements	1,931
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	642
Land	2,895
Buildings and Improvements	2,563
Total	5,458
Accumulated Depreciation 12/31/2015	$ 929
8572 Spectrum Lane [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	San Diego, CA
Encumbrances	$ 1,995
Land	806
Buildings and Improvements	3,225
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	293
Land	807
Buildings and Improvements	3,517
Total	4,324
Accumulated Depreciation 12/31/2015	$ 769
13100 Gregg Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Poway, CA
Land	$ 1,040
Buildings and Improvements	4,160
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	744
Land	1,073
Buildings and Improvements	4,871
Total	5,944
Accumulated Depreciation 12/31/2015	$ 1,589
21730-21748 Marilla St. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Chatsworth, CA
Encumbrances	$ 2,743
Land	2,585
Buildings and Improvements	3,210
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	151
Land	2,608
Buildings and Improvements	3,338
Total	5,946
Accumulated Depreciation 12/31/2015	$ 1,065
8015 Paramount [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pico Rivera, CA
Land	$ 3,616
Buildings and Improvements	3,902
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	61
Land	3,657
Buildings and Improvements	3,922
Total	7,579
Accumulated Depreciation 12/31/2015	$ 1,575
3365 E. Slauson [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Vernon, CA
Land	$ 2,367
Buildings and Improvements	3,243
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	40
Land	2,396
Buildings and Improvements	3,254
Total	5,650
Accumulated Depreciation 12/31/2015	$ 1,377
3015 East Ana [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Land	$ 19,678
Buildings and Improvements	9,321
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6,305
Land	20,144
Buildings and Improvements	15,160
Total	35,304
Accumulated Depreciation 12/31/2015	$ 3,987
19067 Reyes Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Land	$ 9,281
Buildings and Improvements	3,920
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	303
Land	9,381
Buildings and Improvements	4,123
Total	13,504
Accumulated Depreciation 12/31/2015	$ 1,765
24870 Nandina Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Moreno Valley, CA
Land	$ 13,543
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	21,149
Land	6,482
Buildings and Improvements	28,210
Total	34,692
Accumulated Depreciation 12/31/2015	$ 2,410
1250 Rancho Conejo Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Land	$ 1,435
Buildings and Improvements	779
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(56)
Land	1,441
Buildings and Improvements	717
Total	2,158
Accumulated Depreciation 12/31/2015	$ 281
1260 Rancho Conejo Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Land	$ 1,353
Buildings and Improvements	722
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(920)
Land	675
Buildings and Improvements	480
Total	1,155
Accumulated Depreciation 12/31/2015	$ 175
1270 Rancho Conejo Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Land	$ 1,224
Buildings and Improvements	716
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(65)
Land	1,229
Buildings and Improvements	646
Total	1,875
Accumulated Depreciation 12/31/2015	$ 262
1280 Rancho Conejo Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Encumbrances	$ 2,729
Land	2,043
Buildings and Improvements	3,408
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(252)
Land	2,051
Buildings and Improvements	3,148
Total	5,199
Accumulated Depreciation 12/31/2015	$ 639
1290 Rancho Conejo Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Encumbrances	$ 2,300
Land	1,754
Buildings and Improvements	2,949
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(332)
Land	1,761
Buildings and Improvements	2,610
Total	4,371
Accumulated Depreciation 12/31/2015	$ 544
100 West Sinclair Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Perris, CA
Land	$ 4,894
Buildings and Improvements	3,481
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(5,233)
Land	1,819
Buildings and Improvements	1,323
Total	3,142
Accumulated Depreciation 12/31/2015	$ 585
14050 Day Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Moreno Valley, CA
Encumbrances	$ 3,479
Land	2,538
Buildings and Improvements	2,538
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	291
Land	2,565
Buildings and Improvements	2,801
Total	5,366
Accumulated Depreciation 12/31/2015	$ 891
12925 Marlay Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Fontana, CA
Encumbrances	$ 9,204
Land	6,072
Buildings and Improvements	7,891
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	235
Land	6,090
Buildings and Improvements	8,108
Total	14,198
Accumulated Depreciation 12/31/2015	$ 3,066
18201-18291 Santa Fe [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Encumbrances	$ 10,193
Land	6,720
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	9,004
Land	6,897
Buildings and Improvements	8,827
Total	15,724
Accumulated Depreciation 12/31/2015	$ 1,892
1011 Rancho Conejo [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Thousand Oaks, CA
Encumbrances	$ 4,524
Land	7,717
Buildings and Improvements	2,518
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(427)
Land	7,752
Buildings and Improvements	2,055
Total	9,807
Accumulated Depreciation 12/31/2015	$ 755
20700 Denker Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Torrance, CA
Encumbrances	$ 5,533
Land	5,767
Buildings and Improvements	2,538
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,289
Land	5,964
Buildings and Improvements	3,631
Total	9,595
Accumulated Depreciation 12/31/2015	$ 1,667
18408 Laurel Park Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Land	$ 2,850
Buildings and Improvements	2,850
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	722
Land	2,874
Buildings and Improvements	3,548
Total	6,422
Accumulated Depreciation 12/31/2015	$ 1,023
19021 S. Reyes Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Rancho Dominguez, CA
Land	$ 8,183
Buildings and Improvements	7,501
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	234
Land	8,545
Buildings and Improvements	7,373
Total	15,918
Accumulated Depreciation 12/31/2015	$ 1,226
6185 Kimball Ave [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Chino, CA
Land	$ 6,385
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	12,343
Land	6,382
Buildings and Improvements	12,346
Total	18,728
Accumulated Depreciation 12/31/2015	$ 1,294
5555 Bandini Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Bell, CA
Land	$ 32,536
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	21,636
Land	32,540
Buildings and Improvements	21,632
Total	54,172
Accumulated Depreciation 12/31/2015	$ 1,183
16875 Heacock Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Moreno Valley, CA
Land	$ 0
Buildings and Improvements	6,831
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	72
Land	0
Buildings and Improvements	6,903
Total	6,903
Accumulated Depreciation 12/31/2015	$ 630
4710 Guasti Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Ontario, CA
Encumbrances	$ 6,018
Land	2,846
Buildings and Improvements	6,564
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	0
Land	2,846
Buildings and Improvements	6,564
Total	9,410
Accumulated Depreciation 12/31/2015	$ 287
17100 Perris Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Moreno Valley, CA
Land	$ 6,388
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	24,140
Land	6,395
Buildings and Improvements	24,133
Total	30,528
Accumulated Depreciation 12/31/2015	$ 933
13414 South Figueroa [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Los Angeles, CA
Land	$ 1,701
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	6,578
Land	1,887
Buildings and Improvements	6,392
Total	8,279
Accumulated Depreciation 12/31/2015	$ 248
Three Eight Four One Ocean Ranch Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Oceanside, CA
Land	$ 4,400
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	7,591
Land	4,400
Buildings and Improvements	7,591
Total	11,991
Accumulated Depreciation 12/31/2015	$ 0
Three Eight Three One Ocean Ranch Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Oceanside, CA
Land	$ 2,693
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	4,333
Land	2,694
Buildings and Improvements	4,332
Total	7,026
Accumulated Depreciation 12/31/2015	$ 0
Three Eight Two One Ocean Ranch Boulevard [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Oceanside, CA
Land	$ 2,792
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	4,162
Land	2,792
Buildings and Improvements	4,162
Total	6,954
Accumulated Depreciation 12/31/2015	$ 0
One Four Five W. 134th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Los Angeles, CA
Land	$ 2,901
Buildings and Improvements	2,285
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	39
Land	2,901
Buildings and Improvements	2,324
Total	5,225
Accumulated Depreciation 12/31/2015	$ 68
6150 Sycamore Canyon Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Riverside, CA
Land	$ 3,182
Buildings and Improvements	10,643
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	0
Land	3,182
Buildings and Improvements	10,643
Total	13,825
Accumulated Depreciation 12/31/2015	$ 206
17825 Indian Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Moreno Valley, CA
Land	$ 5,034
Buildings and Improvements	22,095
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	0
Land	5,034
Buildings and Improvements	22,095
Total	27,129
Accumulated Depreciation 12/31/2015	$ 258
2060 Springdale Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Cherry Hill, NJ
Land	$ 258
Buildings and Improvements	1,436
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	599
Land	258
Buildings and Improvements	2,035
Total	2,293
Accumulated Depreciation 12/31/2015	$ 824
111 Whittendale Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Morrestown, NJ
Land	$ 522
Buildings and Improvements	2,916
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	519
Land	522
Buildings and Improvements	3,435
Total	3,957
Accumulated Depreciation 12/31/2015	$ 1,340
7851 Airport Highway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pennsauken, NJ
Land	$ 160
Buildings and Improvements	508
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	381
Land	162
Buildings and Improvements	887
Total	1,049
Accumulated Depreciation 12/31/2015	$ 390
103 Central Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Mt. Laurel, NJ
Land	$ 610
Buildings and Improvements	1,847
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	1,617
Land	619
Buildings and Improvements	3,455
Total	4,074
Accumulated Depreciation 12/31/2015	$ 1,260
7890 Airport Hwy/7015 Central [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Pennsauken, NJ
Land	$ 300
Buildings and Improvements	989
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	461
Land	425
Buildings and Improvements	1,325
Total	1,750
Accumulated Depreciation 12/31/2015	$ 996
6301 Hazeltine National Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Orlando, FL
Land	$ 909
Buildings and Improvements	4,613
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	67
Land	920
Buildings and Improvements	4,669
Total	5,589
Accumulated Depreciation 12/31/2015	$ 1,891
12626 Silicon Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	San Antonio, TX
Land	$ 768
Buildings and Improvements	3,448
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(394)
Land	779
Buildings and Improvements	3,043
Total	3,822
Accumulated Depreciation 12/31/2015	$ 1,041
3100 Pinson Valley Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Birmingham, AL
Land	$ 303
Buildings and Improvements	742
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(304)
Land	225
Buildings and Improvements	516
Total	741
Accumulated Depreciation 12/31/2015	$ 210
3730 Wheeler Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Fort Smith, AR
Land	$ 720
Buildings and Improvements	2,800
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(589)
Land	583
Buildings and Improvements	2,348
Total	2,931
Accumulated Depreciation 12/31/2015	$ 917
3200 Pond Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Jefferson County, KY
Land	$ 2,074
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	9,681
Land	2,120
Buildings and Improvements	9,635
Total	11,755
Accumulated Depreciation 12/31/2015	$ 2,099
7501 NW 106th Terrace [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Kansas City, MO
Encumbrances	$ 11,555
Land	4,152
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	13,673
Land	4,228
Buildings and Improvements	13,597
Total	17,825
Accumulated Depreciation 12/31/2015	$ 2,450
600 Greene Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Greenville, KY
Land	$ 294
Buildings and Improvements	8,570
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	(727)
Land	296
Buildings and Improvements	7,841
Total	8,137
Accumulated Depreciation 12/31/2015	$ 4,679
Seven Four Five One Seven Four Seven Seven Airport Freeway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Encumbrances	$ 1,392
Land	256
Buildings and Improvements	1,453
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	439
Land	259
Buildings and Improvements	1,889
Total	2,148
Accumulated Depreciation 12/31/2015	$ 636
Seven Four Five Zero Whitehall Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 104
Buildings and Improvements	591
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	339
Land	105
Buildings and Improvements	929
Total	1,034
Accumulated Depreciation 12/31/2015	$ 277
Three Zero Zero Zero Wesley Way [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Land	$ 208
Buildings and Improvements	1,181
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	18
Land	211
Buildings and Improvements	1,196
Total	1,407
Accumulated Depreciation 12/31/2015	$ 397
Seven Four Five One Dogwood Park [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Richland Hills, TX
Encumbrances	$ 681
Land	133
Buildings and Improvements	753
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	184
Land	134
Buildings and Improvements	936
Total	1,070
Accumulated Depreciation 12/31/2015	$ 293
One Zero One Three Three One Avenue M [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Land	$ 300
Buildings and Improvements	1,504
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	263
Land	302
Buildings and Improvements	1,765
Total	2,067
Accumulated Depreciation 12/31/2015	$ 638
One One Seven Two Eight Four One One Three Th Street D [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Grand Prairie, TX
Encumbrances	$ 1,884
Land	700
Buildings and Improvements	3,509
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	34
Land	704
Buildings and Improvements	3,539
Total	4,243
Accumulated Depreciation 12/31/2015	$ 1,093
Five Eight One Welltown Road Tyson Blvd [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Winchester, VA
Land	$ 2,320
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	10,994
Land	2,401
Buildings and Improvements	10,913
Total	13,314
Accumulated Depreciation 12/31/2015	$ 2,345
First San Michele Logistics Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Moreno Valley, CA
Land	$ 1,274
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	3,179
Land	1,274
Buildings and Improvements	3,179
Total	4,453
Accumulated Depreciation 12/31/2015	$ 0
First Arlington Commerce Center II [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Arlington. TX
Land	$ 1,603
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	2,859
Land	1,603
Buildings and Improvements	2,859
Total	4,462
Accumulated Depreciation 12/31/2015	$ 0
First Park 94 - Building I [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	Somers, WI
Land	$ 1,920
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	16,177
Land	1,920
Buildings and Improvements	16,177
Total	18,097
Accumulated Depreciation 12/31/2015	$ 0
First Park McDonough [Member]
Real Estate and Accumulated Depreciation [Line Items]
Location (City/State)	McDonough, GA
Land	$ 2,501
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	94
Land	2,501
Buildings and Improvements	94
Total	2,595
Accumulated Depreciation 12/31/2015	0
Developments / Land Parcels [Member]
Real Estate and Accumulated Depreciation [Line Items]
Land	149,456
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision	24,324
Land	144,510
Buildings and Improvements	29,270
Total	173,780
Accumulated Depreciation 12/31/2015	$ 2,854

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Schedule III: Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($) Property	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	589
Tenant improvements, useful life	Lease Term
Balance, Beginning of Year	$ 3,183,369	$ 3,119,547	$ 3,130,942
Acquisition of Real Estate Assets	161,074	84,526	69,481
Construction Costs and Improvements	142,535	104,782	100,207
Disposition of Real Estate Assets	(162,636)	(98,378)	(142,369)
Impairment of Real Estate	(626)	0	(2,652)
Write-off of Fully Depreciated Assets	(26,067)	(27,108)	(36,062)
Balance, End of Year Including Real Estate Held for Sale	3,297,649	3,183,369	3,119,547
Real Estate Held for Sale	(3,681)	0	0
Balance, End of Year Excluding Real Estate Held for Sale	3,293,968	3,183,369	3,119,547
Balance, Beginning of Year	786,978	748,044	735,593
Depreciation for Year	92,955	93,457	94,271
Disposition of Assets	(61,365)	(27,415)	(45,758)
Write-off of Fully Depreciated Assets	(26,067)	(27,108)	(36,062)
Balance, End of Year Including Real Estate Held for Sale	792,501	786,978	748,044
Real Estate Held for Sale	(1,171)	0	0
Balance, End of Year Excluding Real Estate Held for Sale	$ 791,330	$ 786,978	$ 748,044
Buildings and Improvements | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Property, plant and equipment, useful life	7 years
Buildings and Improvements | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Property, plant and equipment, useful life	50 years
Land Improvements | Minimum
Real Estate and Accumulated Depreciation [Line Items]
Property, plant and equipment, useful life	5 years
Land Improvements | Maximum
Real Estate and Accumulated Depreciation [Line Items]
Property, plant and equipment, useful life	20 years
5570 Tulane Dr [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	2
Balance, End of Year Including Real Estate Held for Sale	$ 1,840
825-827 Avenue H D [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	2
Balance, End of Year Including Real Estate Held for Sale	$ 1,355
One One Seven Two Eight Four One One Three Th Street D [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	2
Balance, End of Year Including Real Estate Held for Sale	$ 1,093
1200-16 Avenue H D [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	2
Balance, End of Year Including Real Estate Held for Sale	$ 1,044
8200 East Park Meadows Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	2
Balance, End of Year Including Real Estate Held for Sale	$ 3,282
3250 Quentin Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	2
Balance, End of Year Including Real Estate Held for Sale	$ 2,933
1799-1855 Northfield Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	2
Balance, End of Year Including Real Estate Held for Sale	$ 1,153
6951 N Hanley [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	2
Balance, End of Year Including Real Estate Held for Sale	$ 1,915
1908-2000 Innerbelt [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	2
Balance, End of Year Including Real Estate Held for Sale	$ 4,216
7201-7281 Bryan Dairy Road [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	2
Balance, End of Year Including Real Estate Held for Sale	$ 1,287
1080, 1120, 1180 John Papalas Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	3
Balance, End of Year Including Real Estate Held for Sale	$ 2,080
1322-66 W. North Carrier Parkway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	3
Balance, End of Year Including Real Estate Held for Sale	$ 2,035
Plano Crossing F [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	4
Balance, End of Year Including Real Estate Held for Sale	$ 4,060
801-831 S Great Southwest Pkwy [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	5
Balance, End of Year Including Real Estate Held for Sale	$ 8,597
4900- 4914 Creekside Drive [Member]
Real Estate and Accumulated Depreciation [Line Items]
Number of industrial properties | Property	8
Balance, End of Year Including Real Estate Held for Sale	$ 1,592

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Schedule III: Real Estate and Accumulated Depreciation - Additional Information (Details) $ in Billions	Dec. 31, 2015 USD ($)
Real Estate and Accumulated Depreciation [Abstract]
Aggregate cost of land and buildings and equipment for federal income tax purpose	$ 3.2