-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Qh8URZ/l9+AT55PBEc+zBI0SlYcYfSHjBxlZvk62OW1CQCJFIhuqpO+Qs52QYyt+ VfOoDK7SswyzWxqn3MIbjQ== 0000950137-04-001883.txt : 20040315 0000950137-04-001883.hdr.sgml : 20040315 20040315170751 ACCESSION NUMBER: 0000950137-04-001883 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST INDUSTRIAL LP CENTRAL INDEX KEY: 0001033128 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 363924586 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-21873 FILM NUMBER: 04670332 BUSINESS ADDRESS: STREET 1: 311 S WACKER DR STREET 2: STE 4000 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3123444300 MAIL ADDRESS: STREET 1: 150 N WACKER DR STREET 2: STE 150 CITY: CHICAGO STATE: IL ZIP: 60606 10-K 1 c83723e10vk.txt ANNUAL REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2003 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 333-21873 FIRST INDUSTRIAL, L.P. (Exact name of Registrant as specified in its Charter) DELAWARE 36-3924586 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 311 S. WACKER DRIVE, SUITE 4000, 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: NONE Securities registered pursuant to Section 12(g) of the Act: NONE 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. Yes [X] No [ ]. Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Yes [X] No [ ]. FIRST INDUSTRIAL, L.P. TABLE OF CONTENTS

1 This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. First Industrial, L.P. (the "Operating Partnership") intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies and expectations of the Operating Partnership, are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. The Operating Partnership's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on the operations and future prospects of the Operating Partnership on a consolidated basis include, but are not limited to, changes in: economic conditions generally and the real estate market specifically, legislative/regulatory changes (including changes to laws governing the taxation of real estate investment trusts), availability of capital, interest rates, competition, supply and demand for industrial properties in the Operating Partnership's current and proposed market areas, potential environmental liabilities, slippage in development or lease-up schedules, tenant credit risks, higher-than-expected costs and general accounting principles, policies and guidelines applicable to real estate investment trusts. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Further information concerning the Operating Partnership and its business, including additional factors that could materially affect the Operating Partnership's financial results, is included herein and in the Operating Partnership's other filings with the Securities and Exchange Commission. 2 PART I ITEM 1. BUSINESS THE COMPANY GENERAL First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") with an approximate 85.6% ownership interest at December 31, 2003. The Company also owns a preferred general partnership interest in the Operating Partnership ("Preferred Units") with an aggregate liquidation priority of $250.0 million. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code. The Company's operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership own, in the aggregate, approximately a 14.4% interest in the Operating Partnership at December 31, 2003. The Operating Partnership is the sole member of several limited liability companies (the "L.L.C.s") and the sole stockholder of First Industrial Development Services, Inc., and holds at least a 99% limited partnership interest in First Industrial Financing Partnership, L.P. (the "Financing Partnership"), First Industrial Securities, L.P. (the "Securities Partnership"), First Industrial Mortgage Partnership, L.P (the "Mortgage Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"), First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV, LTD., and FI Development Services L.P. (together, the "Other Real Estate Partnerships"). The Operating Partnership, through separate wholly-owned limited liability companies in which it is the sole member, also owns minority equity interests in, and provides asset and property management services to, three joint ventures which invest in industrial properties. The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnerships for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company. As of December 31, 2003, the Operating Partnership, the L.L.C.s and First Industrial Development Services, Inc. (hereinafter defined as the "Consolidated Operating Partnership") owned 729 in-service industrial properties, containing an aggregate of approximately 48.5 million square feet of gross leasable area ("GLA"). On a combined basis, as of December 31, 2003, the Other Real Estate Partnerships owned 105 in-service industrial properties, containing an aggregate of approximately 9.4 million square feet of GLA. Of the 105 industrial properties owned by the Other Real Estate Partnerships at December 31, 2003, 15 are held by the Mortgage Partnership, 41 are held by the Pennsylvania Partnership, 15 are held by the Securities Partnership, 19 are held by the Financing Partnership, 10 are held by the Harrisburg Partnership, four are held by the Indianapolis Partnership and one is held by TK-SV, LTD. The Consolidated Operating Partnership utilizes 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 March 5, 2004, the Consolidated Operating Partnership had 329 employees. The Consolidated Operating Partnership has grown and will seek to continue to grow through the development and the acquisition of additional industrial properties and through its corporate services program. The Company maintains a website at www.firstindustrial.com. Copies of the Company's annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to such reports are available without charge on the Company's website as soon as reasonably practicable after such reports are filed with or furnished to the SEC. In addition, the Company's Corporate Governance Guidelines, Code of Business Conduct and Ethics, Audit Committee Charter, Compensation Committee Charter, Nominating/Corporate Governance Committee Charter, along with supplemental financial and operating information prepared by the Company, are all available without charge on the Company's website or upon request to the Company. Amendments to, or waivers from, the Company's Code of Business Conduct and Ethics that apply to the Company's Executive Officers or directors shall be posted to the Company's website at www.firstindustrial.com. Please direct requests as follows: First Industrial Realty Trust, Inc. 311 S. Wacker, Suite 4000 Chicago, IL 60606 Attention: Investor Relations 3 BUSINESS OBJECTIVES AND GROWTH PLANS The Consolidated Operating Partnership's fundamental business objective is to maximize the total return to its partners through increases in per unit distributions and increases in the value of the Consolidated Operating Partnership's properties and operations. The Consolidated Operating Partnership's growth plans include the following elements: - - Internal Growth. The Consolidated Operating Partnership seeks 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; (iv) renovating existing properties; and (v) increasing ancillary revenues from non-real estate sources. - - External Growth. The Consolidated Operating Partnership seeks to grow externally through (i) the development of industrial properties; (ii) the acquisition of portfolios of industrial properties, industrial property businesses or individual properties which meet the Consolidated Operating Partnership's investment parameters and geographic target markets; and (iii) the expansion of its properties. - - Corporate Services. Through its corporate services program, the Consolidated Operating Partnership builds for, purchases from, and leases and sells industrial properties to companies that need to improve their industrial facility networks and supply chain. The Consolidated Operating Partnership seeks to grow this business by targeting both large and middle market public and private companies. BUSINESS STRATEGIES The Consolidated Operating Partnership utilizes the following six strategies in connection with the operation of its business: - - Organization Strategy. The Consolidated Operating Partnership implements its decentralized property operations strategy through the use of experienced regional management teams and local property managers. Each operating region is headed by a managing director, who is a senior executive officer of, and has an equity interest in, the Company. The Consolidated Operating Partnership provides acquisition, development and financing assistance, asset management oversight and financial reporting functions from its headquarters in Chicago, Illinois to support its regional operations. The Consolidated Operating Partnership believes the size of its portfolio enables it to realize operating efficiencies by spreading overhead among many properties and by negotiating quantity purchasing discounts. - - Market Strategy. The Consolidated Operating Partnership's market strategy is to concentrate on the top industrial real estate markets in the United States. These top industrial real estate markets are based upon one or more of the following characteristics: (i) the strength of the market's industrial real estate fundamentals, including increased industrial demand expectations from supply chain management; (ii) the history and future outlook for continued economic growth and diversity; and (iii) a minimum market size of 100 million square feet of industrial space. - - Disposition Strategy. The Consolidated Operating Partnership continues to evaluate local market conditions and property-related factors in all of its markets and will consider disposition of select assets. - - Acquisition/Development Strategy. The Consolidated Operating Partnership's acquisition/development strategy is to concentrate on the top industrial real estate markets in the United States. Of the 834 properties in the Consolidated Operating Partnership's and Other Real Estate Partnerships' combined portfolios at December 31, 2003, 143 properties have been developed by either the Consolidated Operating Partnership, the Other Real Estate Partnerships, or its former management. The Consolidated Operating Partnership will continue to leverage the development capabilities of its management, many of whom are leading developers in their respective markets. - - Financing Strategy. The Consolidated Operating Partnership plans on utilizing a portion of net sales proceeds from property sales as well as borrowings under its $300 million unsecured line of credit to finance future acquisitions and developments. As of March 5, 2004, the Consolidated Operating Partnership had approximately $70.9 million available in additional borrowings under its $300 million unsecured line of credit. 4 - - Leasing and Marketing Strategy. The Consolidated Operating Partnership has an operational management strategy designed to enhance tenant satisfaction and portfolio performance. The Consolidated Operating Partnership pursues an active leasing strategy, which includes aggressively 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. The Consolidated Operating Partnership also has local and national marketing programs which focus on the business and real estate brokerage communities and national tenants. RECENT DEVELOPMENTS In 2003, the Consolidated Operating Partnership acquired or completed development of 73 industrial properties and acquired several parcels of land for a total investment of approximately $284.0 million. The Consolidated Operating Partnership also sold 116 in-service industrial properties, five industrial properties that were out of service and several parcels of land for a gross sales price of approximately $357.5 million. At December 31, 2003, the Consolidated Operating Partnership owned 729 in-service industrial properties containing approximately 48.5 million square feet of GLA. On May 1, 2003, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the principal amount of approximately $14.2 million which bears interest at a fixed rate of 8.25%, provides for monthly principal and interest payments based on a 30-year amortization schedule and matures on December 1, 2010. In conjunction with the assumption of the loan, the Consolidated Operating Partnership recorded a premium in the amount of $2.9 million which will be amortized over the remaining life of the loan as an adjustment to interest expense. On September 12, 2003, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the principal amount of approximately $4.3 million which bears interest at a fixed rate of 7.61%, provides for monthly principal and interest payments based on a 30-year amortization schedule and matures on May 1, 2012. In conjunction with the assumption of the loan, the Consolidated Operating Partnership recorded a premium in the amount of $.6 million which will be amortized over the remaining life of the loan as an adjustment to interest expense. On September 12, 2003, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the principal amount of approximately $2.3 million which bears interest at a fixed rate of 7.54%, provides for monthly principal and interest payments based on a 30-year amortization schedule and matures on January 1, 2012. In conjunction with the assumption of the loan, the Consolidated Operating Partnership recorded a premium in the amount of $.3 million which will be amortized over the remaining life of the loan as an adjustment to interest expense. In May 2003, the Consolidated Operating Partnership, through wholly-owned limited liability companies of which the Operating Partnership is the sole member, entered into a joint venture arrangement (the "May 2003 Joint Venture") with an institutional investor to invest in industrial properties. As of December 31, 2003, the May 2003 Joint Venture did not own any industrial properties. During the year ended December 31, 2003, the Company repurchased 37,300 shares of its common stock at a weighted average price of approximately $26.73 per share. The Operating Partnership repurchased general partner units from the Company in the same amount. During the period January 1, 2004 through March 5, 2004, the Consolidated Operating Partnership acquired or completed development of nine industrial properties for a total estimated investment of approximately $48.1 million. On February 25, 2004, the Consolidated Operating Partnership declared a first quarter 2004 distribution of $.6850 per Unit which is payable on April 19, 2004. The Consolidated Operating Partnership also declared first quarter 2004 preferred unit distributions of $53.906 per Unit on its 8 5/8% Series C Cumulative Preferred Units, $49.688 per Unit on its 7.95% Series D Cumulative Preferred Units and $49.375 per Unit on its 7.90% Series E Cumulative Preferred Units, respectively, totaling, in the aggregate, approximately $5.0 million, which is payable on March 31, 2004. 5 FUTURE PROPERTY ACQUISITIONS, DEVELOPMENTS AND PROPERTY SALES The Consolidated Operating Partnership has an active acquisition and development program through which it is continually engaged in identifying, negotiating and consummating portfolio and individual industrial property acquisitions and developments. As a result, the Consolidated Operating Partnership is currently engaged in negotiations relating to the possible acquisition and development of certain industrial properties located in the United States. The Consolidated Operating Partnership also sells properties based on market conditions and property related factors. As a result, the Consolidated Operating Partnership is currently engaged in negotiations relating to the possible sales of certain industrial properties in the Consolidated Operating Partnership's current portfolio. When evaluating potential industrial property acquisitions and developments, as well as potential industrial property sales, the Consolidated Operating Partnership 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 potential for capital appreciation of the property; (iv) the ability of the Consolidated Operating Partnership to improve the property's performance through renovation; (v) the terms of tenant leases, including the potential for rent increases; (vi) the potential for economic growth and the tax and regulatory environment of the area in which the property is located; (vii) the potential for expansion of the physical layout of the property and/or the number of sites; (viii) the occupancy and demand by tenants for properties of a similar type in the vicinity; and (ix) competition from existing properties and the potential for the construction of new properties in the area. 6 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. Historically, occupancy rates for industrial property in the United States have been higher than those for other types of commercial property. The Consolidated Operating Partnership believes that the higher occupancy rate in the industrial property sector is a result of the construction-on-demand nature of, and the comparatively short development time required for, industrial property. For the five years ended December 31, 2003, the occupancy rates for industrial properties in the United States have ranged from 88.4%* to 93.4%*, with an occupancy rate of 88.4%* at December 31, 2003. ITEM 2. THE PROPERTIES GENERAL At December 31, 2003, the Consolidated Operating Partnership and the Other Real Estate Partnerships owned 834 in-service properties (729 of which were owned by the Consolidated Operating Partnership and 105 of which were owned by the Other Real Estate Partnerships) containing an aggregate of approximately 57.9 million square feet of GLA (48.5 million square feet of which comprised the properties owned by the Consolidated Operating Partnership and 9.4 million square feet of which comprised the properties owned by the Other Real Estate Partnerships) in 22 states, with a diverse base of more than 2,400 tenants engaged in a wide variety of businesses, including manufacturing, retail, wholesale trade, distribution and professional services. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. The weighted average age of the Consolidated Operating Partnership's and the Other Real Estate Partnerships' properties on a combined basis as of December 31, 2003 was approximately 17 years. The Consolidated Operating Partnership and Other Real Estate Partnerships maintain insurance on their respective properties that the Consolidated Operating Partnership and Other Real Estate Partnerships believe is adequate. The Consolidated Operating Partnership and the Other Real Estate Partnerships classify their properties into five industrial categories: light industrial, bulk warehouse, R&D/flex, regional warehouse and manufacturing. While some properties may have characteristics which fall under more than one property type, the Consolidated Operating Partnership and the Other Real Estate Partnerships have used what they believe is the most dominant characteristic to categorize the property. The following describes the different industrial categories: - Light industrial properties generally are of less than 100,000 square feet, have a ceiling height of 16 to 21 feet, are comprised of 5% - 50% of office space, contain less than 50% of manufacturing space and have a land use ratio of 4:1. The land use ratio is the ratio of the total property area to that which is occupied by the building. - Bulk warehouse buildings generally are of more than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5% - 15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1. - R&D/flex buildings generally are of less than 100,000 square feet, have a ceiling height of less than 16 feet, are comprised of 50% or more of office space, contain less than 25% of manufacturing space and have a land use ratio of 4:1. - Regional warehouses generally are of less than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5% - 15% of office space, contain less than 25% of manufacturing space and have a land use ratio of 2:1. - Manufacturing properties are a diverse category of buildings that generally have a ceiling height of 10 - 18 feet, are comprised of 5% - 15% of office space, contain at least 50% of manufacturing space and have a land use ratio of 4:1. * SOURCE: TORTO WHEATON RESEARCH 7 The following tables summarize certain information as of December 31, 2003 with respect to the in-service properties owned by the Consolidated Operating Partnership, each of which is wholly-owned. CONSOLIDATED OPERATING PARTNERSHIP PROPERTY SUMMARY

(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen, Texas and Wichita, Kansas. 8 CONSOLIDATED OPERATING PARTNERSHIP PROPERTY SUMMARY TOTALS

(a) Properties are located in Denton, Texas; Abilene, Texas; McAllen, Texas and Wichita, Kansas. 9 OTHER REAL ESTATE PARTNERSHIPS PROPERTY SUMMARY The following tables summarize certain information as of December 31, 2003 with respect to the in-service properties owned by the Other Real Estate Partnerships, each of which is wholly-owned.

(a) Properties are located in Austin, Texas and Sparks, Nevada. 10 OTHER REAL ESTATE PARTNERSHIPS PROPERTY SUMMARY TOTALS

(a) Properties are located in Austin, Texas and Sparks, Nevada. 11 PROPERTY ACQUISITION ACTIVITY During 2003, the Consolidated Operating Partnership acquired 62 in-service industrial properties totaling approximately 6.3 million square feet of GLA at a total purchase price of approximately $217.5 million, or approximately $34.63 per square foot. The Consolidated Operating Partnership also purchased several land parcels for an aggregate purchase price of approximately $1.6 million. The 62 industrial properties acquired have the following characteristics:

(a) Property was sold in 2003. (b) Property was placed out of service in 2003. (c) One property was placed out of service in 2003. (d) Two properties were placed out of service in 2003. (e) Three properties were placed out of service in 2003. (f) Four properties were placed out of service in 2003. 12 During 2003, the Other Real Estate Partnerships acquired two in-service industrial properties totaling approximately .3 million square feet of GLA at a total purchase price of approximately $11.3 million, or $32.93 per square foot. The two industrial properties acquired have the following characteristics:

(a) One property was placed out of service in 2003. PROPERTY DEVELOPMENT ACTIVITY During 2003, the Consolidated Operating Partnership placed in-service 11 developments totaling approximately 1.3 million square feet of GLA at a total cost of approximately $64.9 million, or $48.42 per square foot. The developed properties have the following characteristics:

(a) Property was sold to one of the Company's industrial real estate joint ventures in 2003. At December 31, 2003, the Consolidated Operating Partnership had 26 projects under development, with an estimated completion GLA of approximately 2.6 million square feet and an estimated completion cost of approximately $156.1 million. The Consolidated Operating Partnership estimates it will place in service 22 of the 26 projects in fiscal year 2004. There can be no assurance that the Consolidated Operating Partnership will place these projects in-service in 2004 or that the actual completion cost will not exceed the estimated completion cost stated above. 13 PROPERTY SALES During 2003, the Consolidated Operating Partnership sold 116 in-service industrial properties and five out-of-service properties totaling approximately 6.3 million square feet of GLA and several land parcels. Total gross sales proceeds approximated $357.5 million. The 116 in-service properties and five out-of-service properties sold have the following characteristics:

(a) Property was sold to one of the Company's Joint Ventures. During 2003, the Other Real Estate Partnerships sold nine in-service industrial properties totaling approximately 1.1 million square feet of GLA. Total gross sales proceeds approximated $36.9 million. The nine in-service properties sold have the following characteristics:

(a) Property was sold to one of the Company's Joint Ventures. PROPERTY ACQUISITIONS, DEVELOPMENTS AND SALES SUBSEQUENT TO YEAR END During the period January 1, 2004 through March 5, 2004, the Consolidated Operating Partnership acquired or completed development of nine industrial properties for a total estimated investment of approximately $48.1 million. During the period January 1, 2004 through March 5, 2004, the Other Real Estate Partnerships sold one land parcel for approximately $.2 million of gross proceeds. 15 DETAIL PROPERTY LISTING The following table lists all of the Consolidated Operating Partnership's in-service properties as of December 31, 2003, by geographic market area. PROPERTY LISTING

23 F

(a) This property collateralizes a $5.6 million mortgage loan which matures on December 1, 2019. (b) These properties collateralize a $5.4 million mortgage loan which matures on January 1, 2013. (c) This property collateralizes a $5.8 million mortgage loan which matures on December 1, 2019. (d) This property collateralizes a $2.1 million mortgage loan which matures on October 1, 2006. (e) This property collateralizes a $16.8 million mortgage loan which matures on December 1, 2010. (f) This property collateralizes a $4.9 million mortgage loan which matures on May 1, 2012. (g) Comprised of two properties. (h) Comprised of three properties. (i) Comprised of four properties. (j) Comprised of five properties. (k) Comprised of seven properties. (l) Comprised of 28 properties. 25 TENANT AND LEASE INFORMATION The Consolidated Operating Partnership has a diverse base of over 2,200 tenants engaged in a wide variety of businesses including manufacturing, retail, wholesale trade, distribution and professional services. Most leases have an initial term of between three and six 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, property taxes and insurance. As of December 31, 2003, approximately 90% of the GLA of the Consolidated Operating Partnership's properties was leased, and no single tenant or group of related tenants accounted for more than 1.3% of the Consolidated Operating Partnership's rent revenues, nor did any single tenant or group of related tenants occupy more than 1.4% of the Consolidated Operating Partnership's total GLA as of December 31, 2003. The following table shows scheduled lease expirations for all leases for the Consolidated Operating Partnership's properties as of December 31, 2003.

(1) Lease expirations as of December 31, 2003 assuming tenants do not exercise existing renewal, termination, or purchase options. (2) Does not include existing vacancies of 4,846,522 aggregate square feet. 26 The Other Real Estate Partnerships have a diverse base of more than 200 tenants engaged in a wide variety of businesses including manufacturing, retail, wholesale trade, distribution and professional services. Most leases have an initial term of between three and six 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, property taxes and insurance. As of December 31, 2003, approximately 80% of the GLA of the Other Real Estate Partnerships' properties was leased, and no single tenant or group of related tenants accounted for more than 11.7% of the Other Real Estate Partnerships' rent revenues, nor did any single tenant or group of related tenants occupy more than 9.4% of the Other Real Estate Partnerships' total GLA as of December 31, 2003. The following table shows scheduled lease expirations for all leases for the Other Real Estate Partnerships' properties as of December 31, 2003.

(1) Lease expirations as of December 31, 2003 assuming tenants do not exercise existing renewal, termination, or purchase options. (2) Does not include existing vacancies of 1,855,445 aggregate square feet. ITEM 3. LEGAL PROCEEDINGS The Consolidated Operating Partnership is 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 the results of operations, financial position or liquidity of the Consolidated Operating Partnership. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None 27 PART II ITEM 5. MARKET FOR REGISTRANT'S PARTNERS' CAPITAL AND RELATED PARTNER MATTERS There is no established public trading market for the general partner and limited partner units and the Preferred Units. As of March 7, 2003, there were 264 holders of record of general partner and limited partner units ("Unit") and one holder of record (the Company) of Preferred Units. Beginning with the third quarter of 1994, the Operating Partnership has made consecutive quarterly distributions to its partners with respect to general partner and limited partner units since the initial public offering of the Company in June 1994. The Operating Partnership has made consecutive quarterly distributions to the Company with respect to Preferred Units since the issuance of each such Preferred Units. The current indicated annual distribution rate with respect to general partner and limited partner units is $2.74 per unit ($.6850 per Unit per quarter). The annual distribution rate with respect to Preferred Units is $215.624000 per Series C Preferred Unit ($53.90600 per Series C Preferred Unit per quarter), $198.74800 per Series D Preferred Unit ($49.68750 per Series D Preferred Unit per quarter) and $197.50000 per Series E Preferred Unit ($49.375000 per Series E Preferred Unit per quarter). The Operating Partnership's ability to make distributions depends on a number of factors, including its net cash provided by operating activities, capital commitments and debt repayment schedules. Holders of general partner and limited partner units are entitled to receive distributions when, as and if declared by the Board of Directors of the Company, its general partner, after the priority distributions required under the Operating Partnership's partnership agreement have been made with respect to Preferred Units, out of any funds legally available for that purpose. The following table sets forth the distributions per Unit paid or declared by the Operating Partnership during the periods noted:

In 2002, the Operating Partnership issued an aggregate of 18,203 Units having an aggregate value of $.6 million in exchange for property. In 2001, the Operating Partnership issued an aggregate of 44,579 Units having an aggregate value of $1.5 million in exchange for property. All of the above Units were issued in private placements in reliance on Section 4(2) of the Securities Act of 1933, as amended, including Regulation D promulgated thereunder, to individuals or entities holding real property or interests therein. No underwriters were used in connection with such issuances. Subject to lock-up periods and certain adjustments, Units are convertible into common stock, $.01 par value, of the Company on a one-for-one basis or cash at the option of the Company. 28 ITEM 6. SELECTED FINANCIAL DATA The following sets forth selected financial and operating data for the Consolidated Operating Partnership on a historical basis. The following data should be read in conjunction with the 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 historical statements of operations for the years ended December 31, 2003, 2002 and 2001 include the results of operations of the Consolidated Operating Partnership as derived from the Consolidated Operating Partnership's audited financial statements. The historical statements of operations for the years ended December 31, 2000 and 1999 include the results of operations of the Consolidated Operating Partnership as derived from the Consolidated Operating Partnership's audited financial statements except that the results of operations of properties that were sold subsequent to December 31, 2001 that were not classified as held for sale at December 31, 2001 and the results of operations of properties that were classified as held for sale subsequent to December 31, 2001 are presented in discontinued operations if such properties met both of the following criteria: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Consolidated Operating Partnership as a result of the disposition and (b) the Consolidated Operating Partnership will not have any significant involvement in the operations of the property after the disposal transaction. The historical balance sheet data and other data as of December 31, 2003, 2002, 2001, 2000 and 1999 include the balances of the Consolidated Operating Partnership as derived from the Consolidated Operating Partnership's audited financial statements. 29

(a) Represents a valuation provision on real estate relating to certain properties located in Columbus, Ohio, Des Moines, Iowa and Grand Rapids, Michigan. (b) On January 1, 2003, the Company adopted the Financial Accounting Standard Board's Statement of Financial Accounting Standard's No. 145. "Recission of FASB Statements No. 4,44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections" ("FAS 145"). FAS 145 rescinds FAS 4, FAS 44 and FAS 64 and amends FAS 13 to modify the accounting for sales-leaseback transactions. FAS 4 required the classification of gains and losses resulting from the extinguishment of debt to be classified as extraordinary items. Pursuant to the adoption of FAS 145, the Company reclassified amounts shown as extraordinary for the year ended December 31, 2002 and 2001 to continuing operations. In 2002, the Consolidated Operating Partnership paid off and retired certain senior unsecured debt. The Consolidated Operating Partnership recorded a loss from the early retirement of debt of approximately $.9 million which is comprised of the amount paid above the carrying amount of the senior unsecured debt, the write-off of pro rata unamortized deferred financing costs and legal costs. In 2001, the Consolidated Operating Partnership, paid off and retired certain mortgage loans and certain senior unsecured debt. The Consolidated Operating Partnership recorded a loss from the early retirement of debt of approximately $10.3 million, which is comprised of the amount paid above the carrying amount of the senior unsecured debt, the write-off of unamortized deferred financing costs, the write-off of the unamortized portion of an interest rate protection agreement which was used to fix the interest rate on the senior unsecured debt prior to issuance, the settlement of an interest rate protection agreement used to fix the retirement price of the senior unsecured debt, prepayment fees, legal costs and other expenses. (c) On January 1, 2002, the Consolidated Operating Partnership adopted the Financial Accounting Standards Board's ("FASB") Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long Lived Assets" ("FAS 144"). FAS 144 addresses financial accounting and reporting for the disposal of long lived assets. FAS 144 requires that the results of operations and gains or losses on the sale of property sold subsequent to December 31, 2001 that were not classified as held for sale at December 31, 2001 as well as the results of operations from properties that were classified as held for sale subsequent to December 31, 2001 be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Consolidated Operating Partnership as a result of the disposal transaction and (b) the Consolidated Operating Partnership will not have any significant continuing involvement in the operations of the property after the disposal transaction. FAS 144 also requires prior period results of operations for these properties to be restated and presented in discontinued operations in prior consolidated statements of operations. (d) As of end of period and excludes properties under development. (e) In accordance with FASB's Statement of Financial Accounting Standards No. 128, "Earnings Per Share", the basic weighted average units outstanding for 2002, 2001, 2000 and 1999 have been adjusted to exclude restricted stock issued that has not vested. The diluted weighted average units outstanding for 2002, 2001 2000 and 1999 have been adjusted to exclude restricted stock issued that has not vested except for the impact of the dilution related to restricted stock outstanding. Due to these adjustments, basic and diluted earnings per unit available to unitholders for the years ended December 31, 2002, 2001, and 2000 exceeds the basic and diluted earnings per unit available to unitholders reported in 2002's Form 10-K by $.01 per unit, $.02 per unit, and $.02 per unit, respectively and $.01 per unit, for basic earnings per unit available to unitholders for the year ended December 31, 1999. 31 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read in conjunction with "Selected Financial Data" and the historical Consolidated Financial Statements and Notes thereto appearing elsewhere in this Form 10-K. First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") with an approximate 85.6% ownership interest at December 31, 2003. The Company also owns a preferred general partnership interest in the Operating Partnership ("Preferred Units") with an aggregate liquidation priority of $250.0 million. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code. The Company's operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership own, in the aggregate, approximately a 14.4% interest in the Operating Partnership at December 31, 2003. The Operating Partnership is the sole member of several limited liability companies (the "L.L.C.s") and the sole stockholder of First Industrial Development Services, Inc., and holds at least a 99% limited partnership interest in First Industrial Financing Partnership, L.P. (the "Financing Partnership"), First Industrial Securities, L.P. (the "Securities Partnership"), First Industrial Mortgage Partnership, L.P (the "Mortgage Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"), First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV, LTD., and FI Development Services, L.P. (together, the "Other Real Estate Partnerships"). The Operating Partnership, through separate wholly-owned limited liability companies in which it is the sole member, also owns minority equity interests in, and provides asset and property management services to, two joint ventures which invest in industrial properties. The Consolidated Operating Partnership, through a wholly-owned limited liability company of which the Operating Partnership is the sole member, also owned a minority equity interest in and provided asset and property management services to a third joint venture which invested in industrial properties (the "September 1999 Joint Venture"). During the year ended December 31, 2003, the September 1999 Joint Venture sold its remaining property. In conjunction with this final property sale, the final distribution was made to the partners. In May 2003, the Consolidated Operating Partnership through wholly-owned limited liability companies of which the Operating Partnership is the sole member, entered into a joint venture arrangement (the "May 2003 Joint Venture") with an institutional investor to invest in industrial properties. As of December 31, 2003, the May 2003 Joint Venture did not own any industrial properties. The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnerships for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company. The financial statements of the Operating Partnership report the L.L.C.s and First Industrial Development Services, Inc. on a consolidated basis (hereinafter defined as the "Consolidated Operating Partnership") and the Other Real Estate Partnerships and three joint ventures are accounted for under the equity method of accounting. Profits, losses and distributions of the Operating Partnership, the L.L.C.s and the Other Real Estate Partnerships are allocated to the general partner and the limited partners, or members, as applicable, in accordance with the provisions contained within the partnership agreements or operating agreements, as applicable, of the Operating Partnership, the L.L.C.s and the Other Real Estate Partnerships. As of December 31, 2003, the Consolidated Operating Partnership owned 729 in-service industrial properties, containing an aggregate of approximately 48.5 million square feet of gross leasable area ("GLA"). On a combined basis, as of December 31, 2003, the Other Real Estate Partnerships owned 105 in-service industrial properties, containing an aggregate of approximately 9.4 million square feet of GLA. Of the 105 industrial properties owned by the Other Real Estate Partnerships at December 31, 2003, 19 are held by the Financing Partnership, 15 are held by the Securities Partnership, 15 are held by the Mortgage Partnership, 41 are held by the Pennsylvania Partnership, 10 are held by the Harrisburg Partnership, four are held by the Indianapolis Partnership and one is held by TK-SV, LTD. Management believes the Consolidated Operating Partnership's financial condition and results of operations are, primarily, a function of the Consolidated Operating Partnership's performance in four key areas: leasing of industrial properties, acquisition and development of additional industrial properties, redeployment of internal capital and access to external capital. The Consolidated Operating Partnership generates revenue primarily from rental income and tenant recoveries from the lease of industrial properties under long-term (generally three to six years) operating leases. Such revenue is offset by certain property specific operating expenses, such as real estate taxes, repairs and maintenance, 32 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. The Consolidated Operating Partnership's revenue growth is dependent, in part, on its ability to (i) increase rental income, through increasing, either or both, occupancy rates and rental rates at the Consolidated Operating Partnership's 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 the Consolidated Operating Partnership's properties (as discussed below), for the Consolidated Operating Partnership's distributions. 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 the control of the Consolidated Operating Partnership. The leasing of property also entails various risks, including the risk of tenant default. If the Consolidated Operating Partnership were unable to maintain or increase occupancy rates and rental rates at the Consolidated Operating Partnership's properties or to maintain tenant recoveries and operating and certain expenses consistent with historical levels and proportions, the Consolidated Operating Partnership's revenue growth would be limited. Further, if a significant number of the Consolidated Operating Partnership's tenants were unable to pay rent (including tenant recoveries) or if the Consolidated Operating Partnership were unable to rent its properties on favorable terms, the Consolidated Operating Partnership's financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company's common stock would be adversely affected. The Consolidated Operating Partnership's revenue growth is also dependent, in part, on its ability to acquire existing, and acquire and develop new, additional industrial properties on favorable terms. The Consolidated Operating Partnership continually seeks to acquire existing industrial properties on favorable terms, and, when conditions permit, also seeks to acquire and develop new industrial properties on favorable terms. Existing properties, as they are acquired, and acquired and developed properties, as they lease-up, generate revenue from rental income and tenant recoveries, income from which, as discussed above, is a source of funds for the Consolidated Operating Partnership's distributions. The acquisition and development of properties is impacted, variously, by property specific, market specific, general economic and other conditions, many of which are beyond the control of the Consolidated Operating Partnership. The acquisition and development of properties also entails various risks, including the risk that the Consolidated Operating Partnership's 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, the Consolidated Operating Partnership 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, the Consolidated Operating Partnership faces significant competition for attractive acquisition and development opportunities from other well-capitalized real estate investors, including both publicly-traded real estate investment trusts and private investors. Further, as discussed below, the Consolidated Operating Partnership may not be able to finance the acquisition and development opportunities it identifies. If the Company were unable to acquire and develop sufficient additional properties on favorable terms or if such investments did not perform as expected, the Consolidated Operating Partnership's revenue growth would be limited and its financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company's common stock would be adversely affected. The Consolidated Operating Partnership also generates income from the sale of properties (including existing buildings, buildings which the Consolidated Operating Partnership has developed or re-developed on a merchant basis and land). The Consolidated Operating Partnership is continually engaged in, and its income growth is dependent, in part, on systematically redeploying its capital from properties and other assets with lower yield potential into properties and other assets with higher yield potential. As part of that process, the Consolidated Operating Partnership sells, on an ongoing basis, select stabilized properties or properties offering lower potential returns relative to their market value. The gain/loss on the sale of such properties is included in the Consolidated Operating Partnership's income and is a significant source of funds, in addition to revenues generated from rental income and tenant recoveries, for the Consolidated Operating Partnership's distributions. Also, a significant portion of the proceeds from such sales is 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 the control of the Consolidated Operating Partnership. The sale of properties also entails various risks, including competition from other sellers and the availability of attractive financing for potential buyers of the Consolidated Operating Partnership's properties. Further, the Consolidated Operating Partnership's ability to sell properties is limited by safe harbor rules applying to REITs under the Code which relate to the number of properties that may be disposed of in a year, their tax bases and the cost of improvements made to the properties, along with other tests which enable a REIT to avoid punitive taxation on the sale of assets. If the Consolidated Operating Partnership were unable to sell properties on favorable terms, the Consolidated Operating 33 Partnership's income growth would be limited and its financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company's common stock would be adversely affected. Currently, the Consolidated Operating Partnership utilizes a portion of the net sales proceeds from property sales, as well as borrowings under its $300 million unsecured line of credit (the "Unsecured Line of Credit"), to finance future acquisitions and developments. Nonetheless, access to external capital on favorable terms plays a key role in the Consolidated Operating Partnership's financial condition and results of operations, as it impacts the Consolidated Operating Partnership's cost of capital and its ability, and cost, to refinance existing indebtedness as it matures and to fund future acquisitions and developments, if the Consolidated Operating Partnership chooses to do so, through the issuance of additional equity securities. The Company's ability to access external capital on favorable terms is dependent on various factors, including general market conditions, interest rates, credit ratings on the Company's capital stock and debt, the market's perception of the Company's growth potential, the Company's current and potential future earnings and cash distributions and the market price of the Company's capital stock. If the Company were unable to access external capital on favorable terms, the Company's financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company's common stock would be adversely affected. CRITICAL ACCOUNTING POLICIES The Consolidated Operating Partnership's significant accounting policies are described in more detail in Note 3 to the Consolidated Financial Statements. The Consolidated Operating Partnership believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation of its consolidated financial statements. - The Consolidated Operating Partnership maintains an allowance for doubtful accounts which is based on estimates of potential losses which could result from the inability of the Consolidated Operating Partnership's tenants to satisfy outstanding billings with the Consolidated Operating Partnership. The allowance for doubtful accounts is an estimate based on the Consolidated Operating Partnership's assessment of the creditworthiness of its tenants. - Properties are classified as held for sale when the Consolidated Operating Partnership has entered into a binding contract to sell such assets. When properties are classified as held for sale, the Consolidated Operating Partnership ceases depreciating the properties and estimates the values of such properties and measures them at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, the Consolidated Operating Partnership decides not to sell a property previously classified as held for sale, the Consolidated Operating Partnership will reclassify such property as held and used. The Consolidated Operating Partnership estimates the value of such property and measures it 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. - The Consolidated Operating Partnership reviews its properties on a quarterly basis for impairment and provides a provision if impairments are determined. The Consolidated Operating Partnership utilizes the guidelines established under Financial Accounting Standards Board's Statement of Financial Accounting Standards ("FAS") No. 144, "Accounting for the Impairment or Disposal of Long Lived Assets" ("FAS 144") to determine if impairment conditions exist. The Consolidated Operating Partnership reviews the expected undiscounted cash flows of each property to determine if there are any indications of impairment. The review of anticipated cash flows involves assumptions of estimated occupancy and rental rates and ultimate residual value; accordingly, the anticipated cash flows may not ultimately be achieved. - The Consolidated Operating Partnership is engaged in the acquisition of individual properties as well as multi-property portfolios. In accordance with Financial Accounting Standards Board's Statement of Financial Accounting Standards No. 141, "Business Combinations" ("FAS 141"), the Consolidated Operating Partnership is required to allocate purchase price between land, building, tenant improvements, leasing commissions, intangible assets and above and below market leases. Above-market and below-market lease 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) management's estimate of fair market lease rents for each corresponding in-place lease. Acquired above and below market leases are amortized over the remaining non-cancelable terms of the respective leases. The Consolidated Operating Partnership also must allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on the Consolidated Operating Partnership's assessment of various characteristics of the markets where the property is located and the expected cash flows of the property. 34 RESULTS OF OPERATIONS COMPARISON OF YEAR ENDED DECEMBER 31, 2003 TO YEAR ENDED DECEMBER 31, 2002 At December 31, 2003, the Consolidated Operating Partnership owned 729 in-service industrial properties with approximately 48.5 million square feet of GLA, compared to 798 in-service industrial properties with approximately 49.9 million square feet of GLA at December 31, 2002. During 2003, the Consolidated Operating Partnership acquired 62 industrial properties containing approximately 6.3 million square feet of GLA, completed development of 11 industrial totaling approximately 1.3 million square feet of GLA and sold 116 in-service industrial properties totaling approximately 6.0 million square feet of GLA, five out-of-service industrial properties and several land parcels. The Consolidated Operating Partnership also took 29 industrial properties out-of-service comprising approximately 3.3 million square feet of GLA, and placed in-service six industrial properties comprising approximately .5 million square feet of GLA. During the period between January 1, 2003 and December 31, 2003, the Consolidated Operating Partnership contributed two industrial properties comprising approximately .1 million square feet of GLA to First Industrial Harrisburg, L.P. and contributed one industrial property comprising approximately .1 million square feet of GLA to First Industrial Financing, L.P. The tables below summarize the Consolidated Operating Partnership's revenues, property expenses and depreciation and amortization by source. Same store properties are in-service properties owned prior to January 1, 2002. Acquired properties are in-service properties that were acquired subsequent to December 31, 2001. During 2003 and 2002, the Consolidated Operating Partnership acquired 129 industrial properties totaling approximately 10.5 million square feet of GLA at a total purchase price of $400.6 million. Sold properties are properties that were sold subsequent to December 31, 2001. During 2003 and 2002, the Consolidated Operating Partnership sold 217 industrial properties totaling approximately 15.3 million square feet of GLA and several land parcels for gross sales proceeds of $743.5 million. Properties that are not placed in-service are properties that have not been placed in-service as of December 31, 2001. These properties are placed in-service as they reach stabilized occupancy. Other revenues are derived from the operations of the Consolidated Operating Partnership's maintenance company, fees earned from the Consolidated Operating Partnership's joint ventures, fees earned for developing properties for third properties and other miscellaneous revenues. Other expenses are derived from the operations of the Consolidated Operating Partnership's maintenance company and other miscellaneous expenses. The Consolidated Operating Partnership's future financial condition and results of operations, including rental revenues, may be impacted by the future acquisition and sale of properties. The future revenues and expenses may vary materially from historical rates. In 2003, the Consolidated Operating Partnership's revenues were impacted by a soft leasing market attributable to a weak economy. For the five years ended December 31, 2003, industrial properties in the United States recorded occupancy rates ranging from 88.4% to 93.4%, with an occupancy rate of 88.4% at December 31, 2003, and rental rate growth ranging from (4.1%) to 9.8%, with an annual rental rate growth rate of (4.0%) for 2003.* At December 31, 2003 and 2002, the occupancy rates of the Consolidated Operating Partnership's in-service properties were 88.4% and 88.8%, respectively. Revenues from same store properties decreased $7.6 million, or 3.3% due primarily to a decrease in occupancy and rental rates on new leases. Revenues from acquired properties increased $19.9 million, or 233.4% due to properties acquired subsequent to December 31, 2001. Revenues from sold properties decreased $32.0 million, or 59.4% due to properties sold subsequent to December 31, 2001. - --------- * Source: Torto Wheaton Research 35

Property expenses, which include real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses, increased by approximately $10.3 million or 12.2%. The increase in property expenses from same store properties is due primarily to an increase in repairs and maintenance expense, utilities expense and insurance expense, partially offset by a decrease in real estate tax expense. Due to a harsh winter in many of the Operating Partnership's markets in 2003, the Operating Partnership experienced an increase in repairs and maintenance due primarily to an increase in snow removal, as well as an increase in utilities usage and utility rates. The increase in insurance expense is due primarily to an increase in insurance premiums. The decrease in real estate tax expense is due to a decrease in real estate taxes in certain of the Operating Partnerships' markets. Property expenses from acquired properties increased by $5.5 million, or 295.7% due to properties acquired subsequent to December 31, 2001. Property expenses from sold properties decreased by $10.1 million, or (57.8%) due to properties sold subsequent to December 31, 2001.

General and administrative expense increased by approximately $6.4 million due primarily to increases in employee compensation and additional employees for the year ended December 31, 2003 as compared to the year ended December 31, 2002 as well as an increase in the Operating Partnership's state taxes. Amortization of deferred financing costs remained relatively unchanged. The increase in depreciation and other amortization for the same store properties is primarily due to a net increase in leasing commissions and tenant improvements paid in 2003 and 2002. Depreciation and other amortization from acquired properties increased by $5.1 million, or 341.7% due to properties acquired subsequent to December 31, 2001. Depreciation and other amortization from sold properties decreased by $5.6 million, or 57.2% due to properties sold subsequent to December 31, 2001. 36

Interest income increased by approximately $1.6 million primarily due to an increase in seller financing in 2003. Interest expense increased by approximately $7.8 million for the year ended December 31, 2003 as compared to the year ended December 31, 2002 due primarily to an increase in average debt balance outstanding for the year ended December 31, 2003 ($1,452.0 million) as compared to the year ended December 31, 2002 ($1,392.6 million) and a decrease in capitalized interest for the year ended December 31, 2003 due to a decrease in development activities. This was offset by a decrease in the weighted average interest rate for the year ended December 31, 2003 (6.61%) as compared to the year ended December 31, 2002 (6.84%). The approximate $.9 million loss on early retirement of debt for the year ended December 31, 2002 is due to the early retirement of senior unsecured debt. The loss on early retirement of debt is comprised of the amount paid above the carrying amount of the senior unsecured debt, the write-off of pro rata unamortized deferred financing costs and legal costs. Equity in income of Other Real Estate Partnerships decreased by approximately $9.7 million due primarily to a decrease in gain on sale of real estate, partially offset by an approximate $10.7 million lease termination fee received from a tenant during the year ended December 31, 2003. Equity in income of joint ventures increased by approximately $.1 million due primarily to the increase in gain on sale of real estate of one of the Company's joint ventures and the Company recognizing its proportionate interest in net income in one of the Company's joint ventures during the year ended December 31, 2002, offset by a loss on the sale of real estate of one of the Company's joint ventures. Income from discontinued operations of approximately $82.9 million for the year ended December 31, 2003 reflects the results of operations and gain on sale of real estate of 113 industrial properties that were sold during the year ended December 31, 2003. Gross proceeds from the sales of the 113 industrial properties were approximately $304.1 million, resulting in a gain on sale of real estate of approximately $74.4 million. Income from discontinued operations of approximately $56.6 million for the year ended December 31, 2002 reflects the results of operations of the 113 industrial properties that were sold during the year ended December 31, 2003 and 69 industrial properties that were sold during the year ended December 31, 2002 as well as the gain on sale of real estate from the 69 industrial properties which were sold during the year ended December 31, 2002. Gross proceeds from the sales of the 69 industrial properties were approximately $233.7 million, resulting in a gain on sale of real estate of approximately $33.4 million. 37

The $9.4 million gain on sale of real estate for the year ended December 31, 2003 resulted from the sale of eight industrial properties and several land parcels that do not meet the criteria established by FAS 144 for inclusion in discontinued operations. The $16.4 million gain on sale of real estate for the year ended December 31, 2002 resulted from the sale of 27 industrial properties and several land parcels that do not meet the criteria established by FAS 144 for inclusion in discontinued operations. COMPARISON OF YEAR ENDED DECEMBER 31, 2002 TO YEAR ENDED DECEMBER 31, 2001 At December 31, 2002, the Consolidated Operating Partnership owned 798 in-service industrial properties with approximately 49.9 million square feet of GLA, compared to 812 in-service industrial properties with approximately 52.2 million square feet of GLA at December 31, 2001. During 2002, the Consolidated Operating Partnership acquired 67 in-service industrial properties containing approximately 4.2 million square feet of GLA, completed development of 17 industrial properties totaling approximately 3.2 million square feet of GLA and sold 92 in-service industrial properties totaling approximately 8.5 million square feet of GLA, four out of service industrial properties and several land parcels. The Consolidated Operating Partnership also took eight industrial properties out of service comprising approximately 1.4 million square feet of GLA, and placed in-service two industrial properties comprising approximately .2 million square feet of GLA. The tables below summarize the Consolidated Operating Partnership's revenues, property expenses and depreciation and amortization by source. Same store properties are in-service properties owned prior to January 1, 2001. Acquired properties are in-service properties that were acquired subsequent to December 31, 2000. During 2002 and 2001, the Consolidated Operating Partnership acquired 137 industrial properties totaling approximately 8.0 million square feet of GLA at a total purchase price of $386.2 million. Sold properties are properties that were sold subsequent to December 31, 2000. During 2002 and 2001, the Consolidated Operating Partnership sold 220 industrial properties totaling approximately 16.2 million square feet of GLA and several land parcels for gross sales proceeds of $703.7 million. Properties that are not placed in-service are properties that have not been placed in-service as of December 31, 2000. These properties will be placed in-service when they have reached stabilized occupancy. Other revenues are derived from the operations of the Consolidated Operating Partnership's maintenance company, fees earned from the Consolidated Operating Partnership's joint ventures, fees earned for developing properties for third parties and other miscellaneous revenues. Other expenses are derived from the operations of the Consolidated Operating Partnership's maintenance company and other miscellaneous expenses. In 2002, the Consolidated Operating Partnership's revenues were impacted by a soft leasing market attributable to a weak economy. For the five years ended December 31, 2002, industrial properties in the United States recorded occupancy rates ranging from 88.9% to 93.4%, with an occupancy rate of 88.9% at December 31, 2002, and rental rate growth ranging from (4.1%) to 9.8%, with an annual rental rate growth rate of (4.1%) for 2002.* At December 31, 2002 and 2001, the occupancy rates of the Consolidated Operating Partnership's in-service properties were 88.8% and 90.3%, respectively. Revenues from same store properties decreased $4.9 million, or 2.0% due primarily to a decrease in occupancy and rental rates on new leases. Revenues from acquired properties increased $20.9 million, or 206.2% due to properties acquired subsequent to December 31, 2000. Revenues from sold properties decreased $31.2 million, or 58.8% due to properties sold subsequent to December 31, 2000. - ---------- * Source: Torto Wheaton Research 38

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 by approximately $3.5 million or 5.0% due primarily to an increase in repairs and maintenance expense, insurance expense and other expense. The increase in repairs and maintenance expense is due primarily to an increase in maintenance company expenses and related costs. The increase in insurance is due primarily to an increase in insurance premiums. The increase in other expense is primarily due to an increase in bad debt expense for the year ended December 31, 2003. Property expenses from acquired properties increased $5.8 or 222.7% due to properties acquired subsequent to December 31, 2000. Property expenses from sold properties decreased by $8.0 million or 51.8% due to properties sold subsequent to December 31, 2000.

General and administrative expense increased by approximately $1.2 million due primarily to increases in employee compensation and additional employees for the year ended December 31, 2002 as compared to the year ended December 31, 2001, partially offset by the write-off of the Consolidated Operating Partnership's technology initiative investment of approximately $.7 million during the year ended December 31, 2001. Amortization of deferred financing costs remained relatively unchanged. The increase in depreciation and other amortization for the same store properties is primarily due to a net increase in leasing commissions and tenant improvements paid in 2003 and 2002. Depreciation and other amortization from acquired properties increased $3.8 million, or 223.7% due to properties acquired subsequent to December 31, 2000. Depreciation and other amortization from sold properties decreased by $5.0 million, or 59.9% due to properties sold subsequent to December 31, 2000. 39

Interest income remained relatively unchanged. Interest expense increased by approximately $8.6 million for the year ended December 31, 2002 as compared to the year ended December 31, 2001 due primarily to an increase in the weighted average debt balance outstanding for the year ended December 31, 2002 ($1,392.6 million) as compared to the year ended December 31, 2001 ($1,269.3 million) and a decrease in capitalized interest for the year ended December 31, 2002 due to a decrease in development activities. This was partially offset by a decrease in the weighted average interest rate for the year ended December 31, 2002 (6.84%) as compared to the year ended December 31, 2001 (7.05%). The valuation provision on real estate of approximately $6.5 million for the year ended December 31, 2001 represents a valuation provision on certain properties located in the Columbus, Ohio and Des Moines, Iowa markets. The approximate $.9 million loss on early retirement of debt for the year ended December 31, 2002 is due to the early retirement of senior unsecured debt. The loss is comprised of the amount paid above the carrying amount of the senior unsecured debt, the write-off of pro rata unamortized deferred financing costs and legal costs. The $10.3 million loss on early retirement of debt for the year ended December 31, 2001 is due to the early retirement of senior unsecured debt and various mortgage loans. The loss is comprised of the amount paid above the carrying amount of the senior unsecured debt, the write-off of unamortized deferred financing costs, the write-off of the unamortized portion of an interest rate protection agreement which was used to fix the interest rate on the senior unsecured debt prior to issuance, the settlement of an interest rate protection agreement used to fix the retirement price of the senior unsecured debt, prepayment fees, legal costs and other expenses. Equity in income of Other Real Estate Partnerships increased by approximately $5.1 million due primarily to an increase in gain on sale of real estate (whether classified as continuing operations or discontinued operations), offset by a decrease in net operating income (whether classified as continuing operations or discontinued operations) and a preferred distribution made by one of the Other Real Estate Partnerships in 2001. Equity in income of joint ventures increased by approximately $1.3 million due primarily to the increase in gain on sale of real estate of one of the Consolidated Operating Partnership's joint ventures, the start up of one of the Consolidated Operating Partnership's joint ventures in December 2001 and the Consolidated Operating Partnership recognizing its proportionate interest in a valuation provision recognized in one of the Consolidated Operating Partnership's joint ventures during the year ended December 31, 2001, offset by a loss on the sale of real estate of one of the Consolidated Operating Partnership's joint ventures. Income from discontinued operations of approximately $56.6 million for the year ended December 31, 2002 reflects the results of operations of the 113 industrial properties that were sold during the year ended December 31, 2003 and 69 industrial properties that were sold during the year ended December 31, 2002 as well as the gain on sale of real estate from the 69 industrial properties which were sold during the year ended December 31, 2002. Gross proceeds from the sales of the 69 industrial properties were approximately $233.7 million, resulting in a gain on sale of real estate of approximately $33.4 million. 40 Income from discontinued operations of approximately $28.3 million for the year ended December 31, 2001 reflects the results of operations of the 113 industrial properties that were sold during the year ended December 31, 2003 and 69 industrial properties that were sold during the year ended December 31, 2002. The approximate $16.4 million gain on sale of real estate for the year ended December 31, 2002 resulted from the sale of 12 industrial properties that were identified as held for sale at December 31, 2001, 15 industrial properties that were sold to one of the Consolidated Operating Partnership's joint ventures and several land parcels. Gross proceeds from these sales were approximately $152.4 million. The $42.9 million gain on sale of real estate for the year ended December 31, 2001 resulted from the sale of 124 industrial properties and several land parcels. Gross proceeds from these sales were approximately $317.6 million.

41 LIQUIDITY AND CAPITAL RESOURCES At December 31, 2003, the Consolidated Operating Partnership's restricted cash was approximately $60.9 million. Restricted cash was comprised of gross proceeds from the sales of certain properties. These sales proceeds will be disbursed as the Consolidated Operating Partnership exchanges into properties under Section 1031 of the Internal Revenue Code. The Consolidated Operating Partnership has considered its short-term (one year or less) liquidity needs and the adequacy of its estimated cash flow from operations and other expected liquidity sources to meet these needs. The Company's 7.375% Notes due in 2011, in aggregate principal amount of $100 million (the "Trust Notes"), are redeemable on May 15, 2004 at the option of the holder in the event that the holder of a call option with respect to the Trust Notes fails to exercise such option on or before May 1, 2004. In the event the Trust Notes are redeemed, the Company would satisfy such redemption through the issuance of additional debt. With the exception of the Trust Notes, The Consolidated Operating Partnership believes that its principal short-term liquidity needs are to fund normal recurring expenses, debt service requirements and the minimum distribution required by the Company to maintain the Company's REIT qualification under the Internal Revenue Code. The Consolidated Operating Partnership anticipates that these needs will be met with cash flows provided by operating activities. The Consolidated Operating Partnership expects to meet long-term (greater than one year) 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 indebtedness and the issuance of additional Units and preferred Units. As of December 31, 2003 and March 5, 2004, $250.0 million of debt securities was registered and unissued under the Securities Act of 1933, as amended. The Consolidated Operating Partnership may also finance the development or acquisition of additional properties through borrowings under the Unsecured Line of Credit. At December 31, 2003, borrowings under the Unsecured Line of Credit bore interest at a weighted average interest rate of 2.207%. As of March 5, 2004, the Consolidated Operating Partnership, through the Operating Partnership, had approximately $70.9 million available in additional borrowings under the Unsecured Line of Credit. The Unsecured Line of Credit bears interest at a floating rate of LIBOR plus .70% or the Prime Rate, at the Company's election. The Unsecured line of Credit contains certain financial covenants relating to debt service coverage, market value net worth, dividend payout ratio and total funded indebtedness. The Consolidated Operating Partnership's access to borrowings may be limited if it fails to meet any of these covenants. Also, the Consolidated Operating Partnership's borrowing rate on its Unsecured Line of Credit may increase in the event of a downgrade on the Consolidated Operating Partnership's unsecured notes by the rating agencies. The Consolidated Operating Partnership currently has credit ratings from Standard & Poor's, Moody's and Fitch Ratings of BBB/Baa2/BBB, respectively. The Consolidated Operating Partnership's goal is to maintain its existing credit ratings. In the event of a downgrade, management believes the Consolidated Operating Partnership would continue to have access to sufficient liquidity; however, the Consolidated Operating Partnership's cost of borrowing would increase and its ability to access certain financial markets may be limited. YEAR ENDED DECEMBER 31, 2003 Net cash provided by operating activities of approximately $87.7 million for the year ended December 31, 2003 was comprised primarily of net income of approximately $131.1 million, offset by adjustments for non-cash items of approximately $5.4 million and by the net change in operating assets and liabilities of approximately $38.0 million. The adjustments for the non-cash items of approximately $5.4 million are primarily comprised of the gain on sale of real estate of approximately $83.8 million, a decrease of the bad debt provision of approximately $.2 million, and the effect of the straight-lining of rental income of approximately $2.6 million, offset by depreciation and amortization of approximately $81.2 million. Net cash provided by investing activities of approximately $21.7 million for the year ended December 31, 2003 was comprised primarily of the acquisition of real estate, development of real estate, capital expenditures related to the expansion and improvement of existing real estate, investments in and advances to Other Real Estate Partnerships, offset by the net proceeds from the sale of real estate, distributions from the Operating Partnership's joint ventures, the repayment of mortgage loans receivable and a decrease in restricted cash from sales proceeds deposited with an intermediary for Section 1031 exchange purposes. During the year ended December 31, 2003, the Consolidated Operating Partnership sold 121 industrial properties comprising approximately 6.3 million square feet of GLA and several land parcels. Eight of the 121 sold industrial properties comprising approximately .7 million square feet of GLA were sold to the December 2001 Joint Venture. Gross proceeds from the sales of the 121 industrial properties and several land parcels were approximately $357.4 million. During the year ended December 31, 2003, the Consolidated Operating Partnership acquired 62 industrial properties comprising, in the aggregate, approximately 6.3 million square feet of GLA and several land parcels for an aggregate purchase price of approximately $219.1 million, excluding costs incurred in conjunction with the acquisition of the properties. The Consolidated Operating Partnership also completed the development of 11 industrial properties comprising approximately 1.3 million square feet of GLA at a cost of approximately $64.9 million. The Operating Partnership, through wholly-owned limited liability companies in which it is the sole member, invested approximately $5.6 million in one of the industrial joint ventures and received distributions of approximately $3.4 million from three of the Consolidated Operating Partnership's industrial real estate joint ventures. As of December 31, 2003, the Consolidated Operating Partnership's industrial real estate joint ventures owned in 80 industrial properties comprising approximately 8.0 million square feet of GLA. Net cash used in financing activities of approximately $109.4 million for the year ended December 31, 2003 was comprised primarily of Unit and preferred general partnership unit distributions, the purchase of general partnership Units and restricted Units, repayments on mortgage loans payable and debt issuance costs incurred in conjunction with the Operating Partnership's Unsecured Line of Credit, offset by the net borrowings under the Operating Partnership's Unsecured Line of Credit, Unit contributions and a book overdraft. 42 On May 1, 2003, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the principal amount of $14,157 (the "Acquisition Mortgage Loan X"). The Acquisition Mortgage Loan X is collateralized by one property in Hagerstown, Maryland, bears interest at a fixed rate of 8.25% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan X matures on December 1, 2010. In conjunction with the assumption of the Acquisition Mortgage Loan X, the Consolidated Operating Partnership recorded a premium in the amount of $2,927 which will be amortized over the remaining life of the Acquisition Mortgage Loan X as an adjustment to interest expense. On September 12, 2003, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the amount of $4,269 (the "Acquisition Mortgage Loan XI"). The Acquisition Mortgage Loan XI is collateralized by one property in Downers Grove, Illinois, bears interest at a fixed rate of 7.61% and provides for monthly principal and interest payments based on a 30 - year amortization schedule. The Acquisition Mortgage Loan XI matures on May 1, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XI, the Consolidated Operating Partnership recorded a premium in the amount of $621 which will be amortized over the remaining life of the Acquisition Mortgage Loan XI as an adjustment to interest expense. On September 12, 2003, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the amount of $2,325 (the "Acquisition Mortgage Loan XII"). The Acquisition Mortgage Loan XII is collateralized by one property in Indianapolis, Indiana, bears interest at a fixed rate of 7.54% and provides for monthly principal and interest payments based on a 30 - year amortization schedule. The Acquisition Mortgage Loan XII matures on January 1, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XII, the Consolidated Operating Partnership recorded a premium in the amount of $317 which will be amortized over the remaining life of the Acquisition Mortgage Loan XII as an adjustment to interest expense. 43 On March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003, the Company paid first, second, third and fourth quarter 2003 distributions of $53.906 per unit on its 8 5/8%, $.01 par value, Series C Cumulative Preferred Units (the "Series C Preferred Units"), $49.688 per share on its 7.95%, $.01 par value, Series D Cumulative Preferred Units (the "Series D Preferred Units") and $49.375 per share on its 7.90%, $.01 par value, Series E Cumulative Preferred Units (the "Series E Preferred Units"). The preferred unit distributions paid on March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 totaled approximately $5.0 million per quarter. On January 27, 2003, the Operating Partnership paid a fourth quarter 2002 distribution of $.6850 per Unit, totaling approximately $31.1 million. On April 21, 2003, the Operating Partnership paid a first quarter 2002 distribution of $.6850 per Unit, totaling approximately $31.5 million. On July 21, 2003, the Operating Partnership paid a second quarter 2003 distribution of $.6850 per Unit, totaling approximately $31.6 million. On October 20, 2003, the Operating Partnership paid a third quarter 2003 distribution of $.6850 per Unit, totaling approximately $31.7 million. During the year ended December 31, 2003, the Company repurchased 37,300 shares of its common stock at a weighted average price of approximately $26.73 per share. The Operating Partnership repurchased general partnership units from the Company in the same amount. During the year ended December 31, 2003, the Company awarded 692,888 shares of restricted common stock to certain employees and 11,956 shares of restricted common stock to certain Directors. The Consolidated Operating Partnership, through the Operating Partnership, issued Units to the Company in the same amount. These shares of restricted common stock had a fair value of approximately $20.6 million on the date of grant. The restricted common stock vests over periods from one to ten years. Compensation expense will be charged to earnings over the respective vesting periods. For the year ended December 31, 2003, certain employees of the Company exercised 531,473 non-qualified employee stock options. Gross proceeds to the Company were approximately $14.8 million. The Consolidated Operating Partnership, through the Operating Partnership, issued 531,473 Units to the Company. CONTRACTUAL OBLIGATIONS AND COMMITMENTS The following table lists our contractual obligations and commitments as of December 31, 2003 (In Thousands):

OFF-BALANCE SHEET ARRANGEMENTS Letters of credit are issued in most cases as pledges to governmental entities for development purposes or to support purchase obligations. At December 31, 2003 the Consolidated Operating Partnership has $ 17.8 million in outstanding letters of credit, of which $7.4 million are not reflected as liabilities on the Consolidated Operating Partnership's balance sheet. The Consolidated Operating Partnership has no other off-balance sheet arrangements other than those disclosed on the previous Contractual Obligations and Commitments table. 44 ENVIRONMENTAL The Consolidated Operating Partnership incurred environmental costs of approximately $.1 and $.1 million in 2003 and 2002, respectively. The Consolidated Operating Partnership estimates 2004 costs of approximately $.1 million. The Consolidated Operating Partnership estimates that the aggregate cost which needs to be expended in 2004 and beyond with regard to currently identified environmental issues will not exceed approximately $1.3 million, a substantial amount of which will be the primary responsibility of the tenant, the seller to the Consolidated Operating Partnership or another responsible party. This estimate was determined by a third party evaluation. INFLATION For the last several years, inflation has not had a significant impact on the Consolidated Operating Partnership because of the relatively low inflation rates in the Consolidated Operating Partnership's markets of operation. Most of the Consolidated Operating Partnership's leases require the tenants to pay their share of operating expenses, including common area maintenance, real estate taxes and insurance, thereby reducing the Consolidated Operating Partnership's exposure to increases in costs and operating expenses resulting from inflation. In addition, many of the outstanding leases expire within six years which may enable the Consolidated Operating Partnership to replace existing leases with new leases at higher base rentals if rents of existing leases are below the then-existing market rate. RATIO OF EARNINGS TO FIXED CHARGES The ratio of earnings to fixed charges was 1.48, 1.74 and 2.10 for the years ended December 31, 2003, 2002 and 2001, respectively. The decrease in earnings to fixed charges between fiscal years 2003 and 2002 is primarily due to a decrease in income from continuing operations in fiscal year 2003 due to a decrease in rental income and tenant recoveries and other income and an increase in depreciation and amortization expense for fiscal year 2003 as compared to fiscal year 2002 as discussed in "Results of Operations" above. The decrease in earnings to fixed charges between fiscal years 2002 and 2001 is primarily due to a decrease in income from continuing operations in fiscal year 2002 due to a decrease in rental income and tenant recoveries and other income, an increase in depreciation and amortization expense, slightly offset by a valuation provision on real estate recognized in fiscal year 2001 as discussed in "Results of Operations" above. MARKET RISK The following discussion about the Consolidated Operating Partnership's 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. This analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the financial instruments and derivative instruments which are held by the Consolidated Operating Partnership at December 31, 2002 that are sensitive to changes in the 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, the Consolidated Operating Partnership also faces 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, 2003, $1,255.4 million (approximately 86.5% of total debt at December 31, 2003) of the Consolidated Operating Partnership's debt was fixed rate debt and $195.9 million (approximately 13.5% of total debt at December 31, 2003) of the Consolidated Operating Partnership's debt was variable rate debt. The Consolidated Operating Partnership also had outstanding a written put option (the "Written Option") which was issued in conjunction with the initial offering of one tranche of senior unsecured debt. Currently, the Consolidated Operating Partnership does not enter into financial instruments for trading or other speculative purposes. For fixed rate debt, changes in interest rates generally affect the fair value of the debt, but not earnings or cash flows of the Consolidated Operating Partnership. Conversely, for variable rate debt, changes in the interest rate generally do not impact the fair value of the debt, but would affect the Consolidated Operating Partnership's future earnings and cash flows. The interest rate risk and changes in fair market value of fixed rate debt generally do not 45 have a significant impact on the Consolidated Operating Partnership until the Consolidated Operating Partnership is required to refinance such debt. See Note 6 to the consolidated financial statements for a discussion of the maturity dates of the Consolidated Operating Partnership's various fixed rate debt. Based upon the amount of variable rate debt outstanding at December 31, 2003, a 10% increase or decrease in the interest rate on the Consolidated Operating Partnership's variable rate debt would decrease or increase, respectively, future net income and cash flows by approximately $.4 million per year. A 10% increase in interest rates would decrease the fair value of the fixed rate debt at December 31, 2003 by approximately $47.5 million, to $1,331.7 million. A 10% decrease in interest rates would increase the fair value of the fixed rate debt at December 31, 2003 by approximately $51.4 million, to $1,430.6 million. A 10% increase in interest rates would decrease the fair value of the Written Option at December 31, 2003 by approximately $2.8 million, to $13.5 million. A 10% decrease in interest rates would increase the fair value of the Written Option at December 31, 2003 by approximately $2.9 million, to $19.2 million. SUBSEQUENT EVENTS On January 20, 2004, the Operating Partnership paid a fourth quarter 2003 distribution of $.6850 per Unit, totaling approximately $31.9 million. On February 25, 2004, the Operating Partnership declared a first quarter 2004 distribution of $.6850 per Unit which is payable on April 19, 2004. The Operating Partnership also declared first quarter 2004 distributions of $53.906 per Unit, $49.688 per Unit and $49.375 per Unit on its Series C Preferred Units, Series D Preferred Units and Series E Preferred Units, respectively, totaling, in the aggregate, approximately $5.0 million, which is payable on March 31, 2004. From January 1, 2004 to March 5, 2004, the Company awarded 1,221 shares of restricted common stock to certain Directors. These shares of restricted common stock had a fair value of approximately $0.4 million on the date of grant. The Consolidated Operating Partnership, through the Operating Partnership, issued Units to the Company in the same amount. The restricted common stock vests over ten years. Compensation expense will be charged to earnings in the Operating Partnership's consolidated statements of operations over the respective vesting period. From January 1, 2004 to March 5, 2004, the Consolidated Operating Partnership acquired or completed development of nine industrial properties for a total estimated investment of approximately $48.1 million. RELATED PARTY TRANSACTIONS The Consolidated Operating Partnership periodically engages in transactions for which CB Richard Ellis, Inc. acts as a broker. A relative of Michael W. Brennan, the President and Chief Executive Officer and a director of the Company, is an employee of CB Richard Ellis, Inc. For the year ended December 31, 2003, this relative received approximately $.1 million in brokerage commissions paid by the Consolidated Operating Partnership. OTHER In January 2003, the FASB issued FIN 46, which provides guidance on how to identify a variable interest entity (VIE) and determines when the assets, liabilities, non-controlling interests, and results of operations of a VIE are to be included in an entity's consolidated financial statements. A VIE exists when either the total equity investment at risk is not sufficient to permit the entity to finance its activities by itself, or the equity investors lack one of three characteristics associated with owning a controlling financial interest. In December 2003, the FASB reissued FIN 46 with certain modifications and clarifications. Application of this guidance was effective for interests in certain VIEs commonly referred to as special-purpose entities ("SPEs") as of December 31, 2003. Application for all other types of entities is required for periods ending after March 15, 2004, unless previously applied. The Consolidated Operating Partnership does not believe that the application of FIN 46 will have an impact on its financial position, results of operations, or liquidity. On January 1, 2003, the Consolidated Operating Partnership adopted the FASB's Statement of Financial Accounting Standard No. 145, "Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections" ("FAS 145"). FAS 145 rescinds FAS 4, FAS 44 and FAS 64 and amends FAS 13 to modify the accounting for sales-leaseback transactions. FAS 4 required the classification of gains and losses resulting 46 from extinguishment of debt to be classified as extraordinary items. Pursuant to the adoption of FAS 145, the Consolidated Operating Partnership reclassified amounts shown as extraordinary for the years ended December 31, 2002 and 2001 to continuing operations. In July 2003, the Securities and Exchange Commission (the "SEC") issued a clarification on Emerging Issues Task Force ("EITF") Abstract, Topic No. D 42, "The Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock" ("EITF 42"). This clarification of EITF 42, states for the purpose of calculating the excess of (1) fair value of the consideration transferred to the holders of the preferred stock over (2) the carrying amount of the preferred stock in the balance sheet, the carrying amount of the preferred stock should be reduced by the issuance costs of the preferred stock. This clarification was effective in the first fiscal period ending after June 15, 2003 and requires prior periods presented to be restated. Pursuant to EITF 42, the Consolidated Operating Partnership restated net income available to unitholders and net income available to unitholders per unit amounts for the year ended December 31, 2002 by reducing net income available to unitholders for the initial issuance costs related to the redemption of the Consolidated Operating Partnership's 8.75%, $.01 par value, Series B Cumulative Preferred Units on May 14, 2002. The impact of the adoption of EITF 42 for the year ended December 31, 2002 was a reduction of basic and diluted Earnings Per Unit of $.08. RISK FACTORS The Consolidated Operating Partnership's operations involve various risks that could adversely affect its financial condition, results of operations, cash flow, ability to pay distributions on its Units and the market value of its Units. These risks, among others contained in the Consolidated Operating Partnership's other filings with the Securities and Exchange Commission, include: Real estate investments' value fluctuates depending on conditions in the general economy and the real estate business. These conditions may limit the Consolidated Operating Partnership's revenues and available cash. The factors that affect the value of the Consolidated Operating Partnership's real estate and the revenues the Consolidated Operating Partnership derives from its properties include, among other things: - general economic climate; - local conditions such as oversupply or a reduction in demand in the area; - the attractiveness of the properties to tenants; - tenant defaults; - zoning or other regulatory restrictions; - competition from other available real estate; - our ability to provide adequate maintenance and insurance; and - increased operating costs, including insurance premiums and real estate taxes. Many real estate costs are fixed, even if income from properties decreases. The Consolidated Operating Partnership's financial results depend on leasing space in the Consolidated Operating Partnership's real estate properties to tenants on terms favorable to the Consolidated Operating Partnership. The Consolidated Operating Partnership's income and funds available for distribution to its unitholders will decrease if a significant number of the Consolidated Operating Partnership's tenants cannot pay their rent or the Consolidated Operating Partnership is unable to rent properties on favorable terms. In addition, if a tenant does not pay its rent, the Consolidated Operating Partnership might not be able to enforce its rights as landlord without delays and the Consolidated Operating Partnership might incur substantial legal costs. Costs associated with real estate investment, such as real estate taxes and maintenance costs, generally are not reduced when circumstances cause a reduction in income from the investment. For the year ended December 31, 2003, approximately 75.1% of the Consolidated Operating Partnership's gross revenues from continuing operations came from rentals of real property. The Consolidated Operating Partnership may be unable to sell properties when appropriate because real estate investments are not as liquid as certain other types of assets. Real estate investments generally cannot be sold quickly and, therefore, will tend to limit the Consolidated Operating Partnership's ability to vary its property portfolio promptly in response to changes in economic or other conditions. The inability to respond promptly to changes in the performance of the Consolidated Operating Partnership's property portfolio could adversely affect the Consolidated Operating Partnership's financial condition and ability to service debt and make distributions to its unitholders. In addition, like other companies qualifying as REITs 47 under the Internal Revenue Code, the Company must comply with the safe harbor rules relating to the number of properties disposed of in a year, their tax bases and the cost of improvements made to the properties, or meet other tests which enable a REIT to avoid punitive taxation on the sale of assets. Thus, the Consolidated Operating Partnership's ability at any time to sell assets may be restricted. The Consolidated Operating Partnership may be unable to sell properties on advantageous terms. The Consolidated Operating Partnership has sold to third parties a significant number of properties in recent years and, as part of its business, the Consolidated Operating Partnership intends to continue to sell properties to third parties. The Consolidated Operating Partnership's ability to sell properties on advantageous terms depends on factors beyond the Consolidated Operating Partnership's control, including competition from other sellers and the availability of attractive financing for potential buyers of the Consolidated Operating Partnership's properties. If the Consolidated Operating Partnership is unable to sell properties on favorable terms or redeploy the proceeds of property sales in accordance with the Consolidated Operating Partnership's business strategy, then the Consolidated Operating Partnership's financial condition, results of operations, cash flow and ability to pay distributions on, and the market value of, the Consolidated Operating Partnership's Units could be adversely affected. The Consolidated Operating Partnership has also sold to its joint ventures a significant number of properties in recent years and, as part of its business, the Consolidated Operating Partnership intends to continue to sell properties to its joint ventures as opportunities arise. If the Consolidated Operating Partnership does not have sufficient properties available that meet the investment criteria of current or future joint ventures, or if the joint ventures have reduced or no access to capital on favorable terms, then such sales could be delayed or prevented, adversely affecting the Consolidated Operating Partnership's financial condition, results of operations, cash flow and ability to pay distributions on, and the market value of, the Consolidated Operating Partnership's Units. For the year ended December 31, 2003, gains on sales or contributions of properties accounted for approximately 63.9% of the Consolidated Operating Partnership's net income. The Consolidated Operating Partnership may be unable to acquire properties on advantageous terms or acquisitions may not perform as the Consolidated Operating Partnership expects. The Consolidated Operating Partnership acquires and intends to continue to acquire primarily industrial properties. The acquisition of properties entails various risks, including the risks that the Consolidated Operating Partnership's investments may not perform as expected and that the Consolidated Operating Partnership's cost estimates for bringing an acquired property up to market standards may prove inaccurate. Further, the Consolidated Operating Partnership faces significant competition for attractive investment opportunities from other well-capitalized real estate investors, including both publicly-traded real estate investment trusts and private investors. This competition increases as investments in real estate become increasingly attractive relative to other forms of investment. As a result of competition, the Consolidated Operating Partnership may be unable to acquire additional properties as it desires or the purchase price may be significantly elevated. In addition, the Company expects to finance future acquisitions through a combination of borrowings under the Consolidated Operating Partnership's Unsecured Line of Credit, proceeds from equity or debt offerings by the Consolidated Operating Partnership and proceeds from property sales, which may not be available and which could adversely affect the Consolidated Operating Partnership's cash flow. Any of the above risks could adversely affect the Consolidated Operating Partnership's financial condition, results of operations, cash flow and ability to pay distributions on, and the market value of, the Consolidated Operating Partnership's Units. The Consolidated Operating Partnership may be unable to complete development and re-development projects on advantageous terms. As part of its business, the Consolidated Operating Partnership develops new and re-develops existing properties. In addition, the Consolidated Operating Partnership has sold to third parties or sold to the Company's joint ventures a significant number of development and re-development properties in recent years and the Consolidated Operating Partnership intends to continue to sell such properties to third parties or to sell such properties to the Consolidated Operating Partnership's joint ventures as opportunities arise. The real estate development and re-development business involves significant risks that could adversely affect the Consolidated Operating Partnership's financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, the Company's common stock which include: 48 - the Consolidated Operating Partnership may not be able to obtain financing for development projects on favorable terms and complete construction on schedule or within budget, resulting in increased debt service expense and construction costs and delays in leasing the properties and generating cash flow; - the Consolidated Operating Partnership 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; - the properties may perform below anticipated levels, producing cash flow below budgeted amounts and limiting the Consolidated Operating Partnership's ability to sell such properties to third parties or to sell such properties to the Consolidated Operating Partnership's joint ventures; The Consolidated Operating Partnership may be unable to renew leases or find other lessees. The Consolidated Operating Partnership is 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 expiring lease terms. If the Consolidated Operating Partnership were unable to promptly renew a significant number of expiring leases or to promptly relet the space covered by such leases, or if the rental rates upon renewal or reletting were significantly lower than the then current rates, the Consolidated Operating Partnership's cash funds from operations and ability to make expected distributions to stockholders might be adversely affected. As of December 31, 2003, leases with respect to approximately 11.7 million, 9.2 million and 7.0 million square feet of GLA, representing 26.7%, 21.0% and 16.0%, of GLA expire in the remainder of 2004, 2005 and 2006, respectively. The Company might fail to qualify or remain qualified as a REIT. First Industrial Realty Trust, Inc. intends to operate so as to qualify as a REIT under the Code. Although the Consolidated Operating Partnership believes that First Industrial Realty Trust, Inc. is organized and will operate in a manner so as to qualify as a REIT, 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 of which there are only limited judicial or administrative interpretations, and involve the determination of various factual matters and circumstances not entirely within the Company's control. If First Industrial Realty Trust, Inc. were to fail to qualify as a REIT in any taxable year, First Industrial Realty Trust, Inc. would be subject to federal income tax, including any applicable alternative minimum tax, on First Industrial Realty Trust, Inc.'s taxable income at corporate rates. This could result in a discontinuation or substantial reduction in distributions to unitholders. Unless entitled to relief under certain statutory provisions, First Industrial Realty Trust, Inc. also would be disqualified from treatment as a REIT for the four taxable years that follow. Certain property transfers may generate prohibited transaction income, resulting in a penalty tax on the gain attributable to the transaction. As part of its business, the Consolidated Operating Partnership sells properties to third parties or sells properties to the Consolidated Operating Partnership's joint ventures as opportunities arise. Under the Code, a 100% penalty tax could be assessed on the gain resulting 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 Internal Revenue Service could contend that certain sales of properties by the Company are prohibited transactions. While the Consolidated Operating Partnership's management does not believe that the Internal Revenue Service would prevail in such a dispute, if the matter was successfully argued by the Internal Revenue Service, the 100% penalty tax could be assessed against the profits from these transactions. In addition, any income from a prohibited transaction may adversely affect the Company's ability to satisfy the income tests for qualification as a REIT. The REIT distribution requirements may require the Company to turn to external financing sources. First Industrial Realty Trust, Inc. could, in certain instances, have taxable income without sufficient cash to enable First Industrial Realty Trust, Inc. to meet the distribution requirements of the REIT provisions of the Code. In that situation, the Company could be required to borrow funds or sell properties on adverse terms in order to meet those distribution requirements. In addition, because First Industrial Realty Trust, Inc. must distribute to its 49 stockholders at least 90% of the Company's REIT taxable income each year, the Company's ability to accumulate capital may be limited. Thus, in connection with future acquisitions, First Industrial Realty Trust, Inc. 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 the Consolidated Operating Partnership's leverage and additional equity offerings may result in substantial dilution of unitholders' interests. Debt financing, the degree of leverage and rising interest rates could reduce the Consolidated Operating Partnership's cash flow. Where possible, the Consolidated Operating Partnership intends to continue to use leverage to increase the rate of return on the Consolidated Operating Partnership's investments and to allow the Consolidated Operating Partnership to make more investments than it otherwise could. The Consolidated Operating Partnership's use of leverage presents an additional element of risk in the event that the cash flow from the Consolidated Operating Partnership's properties is insufficient to meet both debt payment obligations and the Company's distribution requirements of the REIT provisions of the Code. In addition, rising interest rates would reduce the Consolidated Operating Partnership's cash flow by increasing the amount of interest due on its floating rate debt and on its fixed rate debt as it matures and is refinanced. Cross-collateralization of mortgage loans could result in foreclosure on substantially all of the Consolidated Operating Partnership's properties if the Consolidated Operating Partnership is unable to service its indebtedness. If the Operating Partnership determines to obtain additional debt financing in the future, it may do so through mortgages on some or all of its properties. These mortgages may be on recourse, non-recourse or cross-collateralized bases. Cross-collateralization makes all of the subject properties available to the lender in order to satisfy the Consolidated Operating Partnership's debt. Holders of indebtedness that is so secured will have a claim against these properties. To the extent indebtedness is cross collateralized, lenders may seek to foreclose upon properties that are not the primary collateral for their loan, which may, in turn, result in acceleration of other indebtedness secured by properties. Foreclosure of properties would result in a loss of income and asset value to the Consolidated Operating Partnership, making it difficult for it to meet both debt payment obligations and the Company's distribution requirements of the REIT provisions of the Code. As of December 31, 2003, none of the Consolidated Operating Partnership's current indebtedness was cross-collateralized. The Consolidated Operating Partnership may have to make lump-sum payments on its existing indebtedness. The Consolidated Operating Partnership is required to make the following lump-sum or "balloon" payments under the terms of some of its indebtedness, including: - $50 million aggregate principal amount of 7.75% Notes due 2032 (the "2032 Notes") - $200 million aggregate principal amount of 7.60% Notes due 2028 (the "2028 Notes") - approximately $15 million aggregate principal amount of 7.15% Notes due 2027 (the "2027 Notes") - $100 million aggregate principal amount of 7.50% Notes due 2017 (the "2017 Notes") - $200 million aggregate principal amount of 6.875% Notes due 2012 (the "2012 Notes") - $100 million aggregate principal amount of 7.375% Notes due 2011 (the "Trust Notes") The trust to which the Trust Notes were issued must exercise its right to require the Consolidated Operating Partnership, to redeem the Trust Notes on May 15, 2004 if the holder of a call option with respect to the Trust Notes fails to give written notice on or before May 1, 2004 that it intends to exercise such option. - $200 million aggregate principal amount of our 7.375% Notes due 2011(the "2011 Notes") - $150 million aggregate principal amount of 7.60% Notes due 2007 (the "2007 Notes") - $150 million aggregate principal amount of 7.00% Notes due 2006 (the "2006 Notes") - $50 million aggregate principal amount of 6.90% Notes due 2005 (the "2005 Notes") and - a $300 million unsecured revolving credit facility (the "Unsecured Line of Credit") under which Consolidated Operating Partnership may borrow to finance the acquisition of additional properties and for other corporate purposes, including working capital. 50 The Unsecured Line of Credit provides for the repayment of principal in a lump-sum or "balloon" payment at maturity in 2005. Under the Unsecured Line of Credit, the Operating Partnership has the right, subject to certain conditions, to increase the aggregate commitment under the Unsecured Line of Credit by up to $100 million. As of December 31, 2003, $195.9 million was outstanding under the Unsecured Line of Credit at a weighted average interest rate of 2.207%. The Consolidated Operating Partnership's ability to make required payments of principal on outstanding indebtedness, whether at maturity or otherwise, may depend on its ability either to refinance the applicable indebtedness or to sell properties. The Consolidated Operating Partnership has no commitments to refinance the 2005 Notes, the 2006 Notes, the 2007 Notes, the 2011 Notes, the 2012 Notes, the Trust Notes, the 2017 Notes, the 2027 Notes, the 2028 Notes, the 2032 Notes or the Unsecured Line of Credit. Some of the existing debt obligations, other than those discussed above, Consolidated Operating Partnership, are secured by the Consolidated Operating Partnership's properties, and therefore such obligations will permit the lender to foreclose on those properties in the event of a default. There is no limitation on debt in the Consolidated Operating Partnership's organizational documents. The organizational documents of First Industrial Realty Trust, Inc., do not contain any limitation on the amount or percentage of indebtedness the Company may incur. Accordingly, the Consolidated Operating Partnership could become more highly leveraged, resulting in an increase in debt service that could adversely affect the Consolidated Operating Partnership's ability to make expected distributions to Unitholders and in an increased risk of default on the Consolidated Operating Partnership's obligations. As of December 31, 2003, the Company's ratio of debt to its total market capitalization was 44.4%. The Company computes that percentage by calculating its total consolidated debt as a percentage of the aggregate market value of all outstanding shares of the Company's common stock, assuming the exchange of all limited partnership units of the Operating Partnership for common stock, plus the aggregate stated value of all outstanding shares of preferred stock and total consolidated debt. Rising interest rates on the Consolidated Operating Partnership's Unsecured Line of Credit could decrease the Consolidated Operating Partnership's available cash. The Consolidated Operating Partnership's Unsecured Line of Credit bears interest at a floating rate. As of December 31, 2003, the Company's Unsecured Line of Credit had an outstanding balance of $195.9 million at a weighted average interest rate of 2.207%. Currently, the Consolidated Operating Partnership's Unsecured Line of Credit bears interest at the Prime Rate or at the London Interbank Offered Rate plus .70%. Based on an outstanding balance on our Unsecured Line of Credit as of December 31, 2003, a 10% increase in interest rates would increase interest expense by $.4 million on an annual basis. Increases in the interest rate payable on balances outstanding under the Unsecured Line of Credit would decrease the Consolidated Operating Partnership's cash available for distribution to unitholders. Earnings and cash dividends, asset value and market interest rates affect the price of the Company's common stock. As a real estate investment trust, the market value of the Company's common stock, in general, is based primarily upon the market's perception of the Company's growth potential and its current and potential future earnings and cash dividends. The market value of the Company's common stock is based secondarily upon the market 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 our 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 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 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. Additionally, if the market price of the Company's common stock declines significantly, then the Company might breach certain covenants with respect to its debt obligations, which could adversely affect the Company's liquidity and ability to make future acquisitions and the Company's ability to pay dividends to its stockholders. 51 The Consolidated Operating Partnership may incur unanticipated costs and liabilities due to environmental problems. Under various federal, state and local laws, ordinances and regulations, 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 the 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 the ability to rent or sell the property or to borrow using the property as collateral. Persons who dispose of or arrange for the disposal or treatment of hazardous or toxic materials may also be liable for the costs of clean-up of such materials, or for related natural resource damages, at or from an off-site disposal or treatment facility, whether or not the facility is owned or operated by those persons. No assurance can be given that existing environmental assessments with respect to any of the Consolidated Operating Partnership's properties reveal all environmental liabilities, that any prior owner or operator of any of the properties did not create any material environmental condition not known to the Consolidated Operating Partnership or that a material environmental condition does not otherwise exist as to any of the Consolidated Operating Partnership's properties. The Consolidated Operating Partnership's insurance coverage does not include all potential losses. The Consolidated Operating Partnership currently carries comprehensive insurance coverage including property, boiler & machinery, liability, fire, flood, terrorism, earthquake, extended coverage and rental loss as appropriate for the markets where each of the Consolidated Operating Partnership's properties and their business operations are located. The insurance coverage contains policy specifications and insured limits customarily carried for similar properties and business activities. The Consolidated Operating Partnership believes its properties are adequately insured. However, there are certain losses, including losses from earthquakes, hurricanes, floods, pollution, acts of war, acts of terrorism or riots, that are not generally insured against or that are not generally fully insured against because it is not deemed to be economically feasible or prudent to do so. If an uninsured loss or a loss in excess of insured limits occurs with respect to one or more of the Consolidated Operating Partnership's properties, the Consolidated Operating Partnership could experience a significant loss of capital invested and potential revenues in these properties, and could potentially remain obligated under any recourse debt associated with the property. 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 on page F-1 of this Form 10-K. ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES None. ITEM 9A. CONTROLS AND PROCEDURES The Company's principal executive officer and principal financial officer, after evaluating the effectiveness of the Company's disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 (c) and 15d-14(c)) as of a date within 90 days before the filing date of this report, have concluded that as of such date the Company's disclosure controls and procedures were effective. There have been no significant changes (including corrective actions with regard to significant deficiencies or material weaknesses) in the Company's internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation referenced in the paragraph above. 52 PART III ITEM 10, 11, 12, 13, 14. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT, EXECUTIVE COMPENSATION, SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT, CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND PRINCIPAL ACCOUNTANT FEES AND SERVICES The Operating Partnership has no directors or executive officers; instead it is managed by its sole general partner, the Company. The information with respect to the sole general partner of the Operating Partnership required by Item 10, Item 11, Item 12, Item 13 and Item 14 is incorporated herein by reference to the Company's definitive proxy statement expected to be filed with the Securities and Exchange Commission no later than 120 days after the Company's fiscal year (which will be filed no later than 120 days after the end of the Company's fiscal year end). Information contained in the parts of such proxy statement captioned "Stock Performance Graph", "Report of the Compensation Committee", "Report of the Audit Committee" and in statements with respect to the independence of the Audit Committee, (except as such statements specifically relate to the independence of such committee's financial expert) and regarding the Audit Committee Charter, are specifically not incorporated herein by reference. 53 PART IV Item 15. Exhibits, Financial Statements, Financial Statement Schedule and Reports on Form 8-K (a) Financial Statements, Financial Statement Schedule and Exhibits (1 & 2) See Index to Financial Statements and Financial Statement Schedule on page F-1 of this Form 10-K (3) Exhibits: Exhibit No. Description 3.1 Sixth Amended and Restated Limited Partnership Agreement of First Industrial, L.P. dated March 18, 1998 (the "L.P. Agreement")(incorporated by reference to Exhibit 10.1 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997, File No. 1-13102) 3.2 First Amendment to the L.P. Agreement dated April 1, 1998 (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1998, File No. 1-13102) 3.3 Second Amendment to the L.P. Agreement dated April 3, 1998 (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1998, File No. 1-13102) 3.4 Third Amendment to the L.P. Agreement dated April 16, 1998 (incorporated by reference to Exhibit 10.4 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1998, File No. 1-13102) 3.5 Fourth Amendment to the L.P. Agreement dated June 24, 1998 (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1998, File No. 1-13102) 3.6 Fifth Amendment to the L.P. Agreement dated July 16, 1998 (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1998, File No. 1-13102) 3.7 Sixth Amendment to the L.P. Agreement dated August 31, 1998 (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 1998, File No. 1-13102) 3.8 Seventh Amendment to the L.P. Agreement dated October 21, 1998 (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 1998, File No. 1-13102) 3.9 Eighth Amendment to the L.P. Agreement dated October 30, 1998 (incorporated by reference to Exhibit 10.4 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 1998, File No. 1-13102) 3.10 Ninth Amendment to the L.P. Agreement dated November 5, 1998 (incorporated by reference to Exhibit 10.5 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 1998, File No. 1-13102) 3.11 Tenth Amendment to the L.P. Agreement dated January 28, 2000 (incorporated by reference to Exhibit 10.11 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1999, File No. 1-13102) 3.12 Eleventh Amendment to the L.P. Agreement dated January 28, 2000 (incorporated by reference to Exhibit 10.12 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1999, File No. 1-13102) 3.13 Twelfth Amendment to the L.P. Agreement dated June 27, 2000 (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2000, File No. 1-13102) 3.14 Thirteenth Amendment to the L.P. Agreement dated September 1, 2000 (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 2000, File No. 1-13102) 3.15 Fourteenth Amendment to the L.P. Agreement dated October 13, 2000 (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 2000, File No. 1-13102) 54 Exhibit No. Description 3.16 Fifteenth Amendment to the L.P. Agreement dated October 13, 2000 (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 2000, File No. 1-13102) 3.17 Sixteenth Amendment to the L.P. Agreement dated October 27, 2000 (incorporated by reference to Exhibit 10.4 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 2000, File No. 1-13102) 3.18 Seventeenth Amendment to the L.P. Agreement dated January 25, 2001(incorporated by reference to Exhibit 10.18 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000, File No. 1-13102) 3.19 Eighteenth Amendment to the L.P. Agreement dated February 13, 2001(incorporated by reference to Exhibit 10.19 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000, File No. 1-13102) 3.20 Nineteenth Amendment, dated as of June 26, 2002, to Sixth Amended and Restated Limited Partnership Agreement of First Industrial, L.P. dated March 18, 1998 (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2002, 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 $150 million of 7.60% Notes due 2007 and $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. 2, dated as of May 22, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7 3/8% Notes due 2011 (incorporated by reference to Exhibit 4.4 of the Form 10-QT of the Operating Partnership for the fiscal quarter ended March 31, 1997, File No. 333-21873) 4.4 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 the Operating Partnership, dated November 3, 1997, as filed November 3, 1997, File No.333-21873) 4.5 6.90% Medium-Term Note due 2005 in principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.17 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997, File No. 1-13102) 4.6 7.00% Medium-Term Note due 2006 in principal amount of $150 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.18 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997, File No. 1-13102) 4.7 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 fiscal year ended December 31, 1997, File No. 1-13102) 4.8 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-QT of the Operating Partnership for the fiscal quarter ended March 31, 1997, File No. 333-21873) 55 Exhibit No. Description 4.9 Second Amended and Restated Unsecured Revolving Credit Agreement, dated as of September 27, 2002, among First Industrial L.P., First Industrial Realty Trust, Inc., Bank One, NA and certain other banks (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 2002, File No. 1-13102) 4.10 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 the Operating Partnership dated July 15, 1998, File No. 333-21873) 4.11 Supplemental Indenture No.5, dated as of July 14, 1998, between First Industrial, L.P. and the 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 the Operating Partnership dated July 15, 1998, File No. 333-21873) 4.12 7.375% Note due 2011 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.15 of the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) 4.13 Supplemental Indenture No.6, dated as of March 19, 2001, between First Industrial, L.P. and the U.S. Bank Trust National Association, relating to First Industrial, L.P.'s 7.375% Notes due March 15, 2011(incorporated by reference to Exhibit 4.16 of the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) 4.14 Registration Rights Agreement, dated as of March 19, 2001, among First Industrial, L.P. and Credit Suisse First Boston Corporation, Chase Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Salomon Smith Barney, Inc., Banc of America Securities LLC, Banc One Capital Markets, Inc. and UBS Warburg LLC (incorporated by reference to Exhibit 4.17 of the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) 4.15 Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and the 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 Operating Partnership's Form 8-K, dated April 4, 2002, File No. 333-21873) 4.16 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 the Operating Partnership's Form 8-K of First Industrial, L.P. dated April 4, 2002, File No. 333-21873) 4.17 Form of 7.75% Notes due 2032 in the principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the Operating Partnership's Form 8-K, dated April 4, 2002, File No. 333-21873) 4.18 First Amendment, dated as of June 26, 2003, to Second Amended and Restated Unsecured Revolving Credit Agreement, dated as of September 27, 2002, among First Industrial, L.P. First Industrial Realty Trust, Inc., Bank One NA and certain other banks (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2003, File No. 1-13102) 12.1* Computation of ratios of earnings to fixed charges of First Industrial, L.P. 21.1 Subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2003, File No. 1-13102) 23* Consent of PricewaterhouseCoopers LLP 56 Exhibit No. Description 31.1* Certification of Principal Executive Officer of First Industrial Realty Trust, Inc., registrant's sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. 31.2* Certification of Principal Financial Officer of First Industrial Realty Trust, Inc., registrant's sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. 32** Certification of the Principal Executive Officer and the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes - Oxley Act of 2002. * Filed herewith. ** Furnished herewith (a) Reports on Form 8-K None. 57 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FIRST INDUSTRIAL, L.P. By: FIRST INDUSTRIAL REALTY TRUST, INC. as general partner Date: March 5, 2004 By: /s/ Michael W. Brennan ----------------------------------------- Michael W. Brennan President, Chief Executive Officer and Director (Principal Executive Officer) Date: March 5, 2004 By: /s/ Michael J. Havala ----------------------------------------- Michael J. Havala Chief Financial Officer (Principal Financial Officer) Date: March 5, 2004 By: /s/ Scott A. Musil ----------------------------------------- Scott A. Musil Senior Vice President, Controller, Treasurer and Assistant Secretary (Principal Accounting Officer) 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.

58 EXHIBIT INDEX Exhibit No. Description 3.1 Sixth Amended and Restated Limited Partnership Agreement of First Industrial, L.P. dated March 18, 1998 (the "L.P. Agreement")(incorporated by reference to Exhibit 10.1 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997, File No. 1-13102) 3.2 First Amendment to the L.P. Agreement dated April 1, 1998 (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1998, File No. 1-13102) 3.3 Second Amendment to the L.P. Agreement dated April 3, 1998 (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1998, File No. 1-13102) 3.4 Third Amendment to the L.P. Agreement dated April 16, 1998 (incorporated by reference to Exhibit 10.4 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1998, File No. 1-13102) 3.5 Fourth Amendment to the L.P. Agreement dated June 24, 1998 (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1998, File No. 1-13102) 3.6 Fifth Amendment to the L.P. Agreement dated July 16, 1998 (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 1998, File No. 1-13102) 3.7 Sixth Amendment to the L.P. Agreement dated August 31, 1998 (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 1998, File No. 1-13102) 3.8 Seventh Amendment to the L.P. Agreement dated October 21, 1998 (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 1998, File No. 1-13102) 3.9 Eighth Amendment to the L.P. Agreement dated October 30, 1998 (incorporated by reference to Exhibit 10.4 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 1998, File No. 1-13102) 3.10 Ninth Amendment to the L.P. Agreement dated November 5, 1998 (incorporated by reference to Exhibit 10.5 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 1998, File No. 1-13102) 3.11 Tenth Amendment to the L.P. Agreement dated January 28, 2000 (incorporated by reference to Exhibit 10.11 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1999, File No. 1-13102) 3.12 Eleventh Amendment to the L.P. Agreement dated January 28, 2000 (incorporated by reference to Exhibit 10.12 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1999, File No. 1-13102) 3.13 Twelfth Amendment to the L.P. Agreement dated June 27, 2000 (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2000, File No. 1-13102) 3.14 Thirteenth Amendment to the L.P. Agreement dated September 1, 2000 (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 2000, File No. 1-13102) 3.15 Fourteenth Amendment to the L.P. Agreement dated October 13, 2000 (incorporated by reference to Exhibit 10.2 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 2000, File No. 1-13102) 59 Exhibit No. Description 3.16 Fifteenth Amendment to the L.P. Agreement dated October 13, 2000 (incorporated by reference to Exhibit 10.3 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 2000, File No. 1-13102) 3.17 Sixteenth Amendment to the L.P. Agreement dated October 27, 2000 (incorporated by reference to Exhibit 10.4 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 2000, File No. 1-13102) 3.18 Seventeenth Amendment to the L.P. Agreement dated January 25, 2001(incorporated by reference to Exhibit 10.18 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000, File No. 1-13102) 3.19 Eighteenth Amendment to the L.P. Agreement dated February 13, 2001(incorporated by reference to Exhibit 10.19 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000, File No. 1-13102) 3.20 Nineteenth Amendment, dated as of June 26, 2002, to Sixth Amended and Restated Limited Partnership Agreement of First Industrial, L.P. dated March 18, 1998 (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2002, 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 $150 million of 7.60% Notes due 2007 and $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. 2, dated as of May 22, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7 3/8% Notes due 2011 (incorporated by reference to Exhibit 4.4 of the Form 10-QT of the Operating Partnership for the fiscal quarter ended March 31, 1997, File No. 333-21873) 4.4 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 the Operating Partnership, dated November 3, 1997, as filed November 3, 1997, File No.333-21873) 4.5 6.90% Medium-Term Note due 2005 in principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.17 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997, File No. 1-13102) 4.6 7.00% Medium-Term Note due 2006 in principal amount of $150 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.18 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1997, File No. 1-13102) 4.7 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 fiscal year ended December 31, 1997, File No. 1-13102) 4.8 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-QT of the Operating Partnership for the fiscal quarter ended March 31, 1997, File No. 333-21873) 60 Exhibit No. Description 4.9 Second Amended and Restated Unsecured Revolving Credit Agreement, dated as of September 27, 2002, among First Industrial L.P., First Industrial Realty Trust, Inc., Bank One, NA and certain other banks (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended September 30, 2002, File No. 1-13102) 4.10 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 the Operating Partnership dated July 15, 1998, File No. 333-21873) 4.11 Supplemental Indenture No.5, dated as of July 14, 1998, between First Industrial, L.P. and the 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 the Operating Partnership dated July 15, 1998, File No. 333-21873) 4.12 7.375% Note due 2011 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.15 of the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) 4.13 Supplemental Indenture No.6, dated as of March 19, 2001, between First Industrial, L.P. and the U.S. Bank Trust National Association, relating to First Industrial, L.P.'s 7.375% Notes due March 15, 2011(incorporated by reference to Exhibit 4.16 of the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) 4.14 Registration Rights Agreement, dated as of March 19, 2001, among First Industrial, L.P. and Credit Suisse First Boston Corporation, Chase Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Salomon Smith Barney, Inc., Banc of America Securities LLC, Banc One Capital Markets, Inc. and UBS Warburg LLC (incorporated by reference to Exhibit 4.17 of the Operating Partnership's Annual Report on Form 10-K for the year ended December 31, 2000, File No. 333-21873) 4.15 Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and the 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 Operating Partnership's Form 8-K, dated April 4, 2002, File No. 333-21873) 4.16 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 the Operating Partnership's Form 8-K of First Industrial, L.P. dated April 4, 2002, File No. 333-21873) 4.17 Form of 7.75% Notes due 2032 in the principal amount of $50 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.3 of the Operating Partnership's Form 8-K, dated April 4, 2002, File No. 333-21873) 4.18 First Amendment, dated as of June 26, 2003, to Second Amended and Restated Unsecured Revolving Credit Agreement, dated as of September 27, 2002, among First Industrial, L.P. First Industrial Realty Trust, Inc., Bank One NA and certain other banks (incorporated by reference to Exhibit 10.1 of the Form 10-Q of the Company for the fiscal quarter ended June 30, 2003, File No. 1-13102) 12.1* Computation of ratios of earnings to fixed charges of First Industrial, L.P. 21.1 Subsidiaries of the Registrant (incorporated by reference to Exhibit 21.1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2003, File No. 1-13102) 23* Consent of PricewaterhouseCoopers LLP 61 Exhibit No. Description 31.1* Certification of Principal Executive Officer of First Industrial Realty Trust, Inc., registrant's sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. 31.2* Certification of Principal Financial Officer of First Industrial Realty Trust, Inc., registrant's sole general partner, pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended. 32** Certification of the Principal Executive Officer and the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes - Oxley Act of 2002. 99.1* Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 * Filed herewith. ** Furnished herewith 62 FIRST INDUSTRIAL, L.P. INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE

F-1 REPORT OF INDEPENDENT AUDITORS To the Partners of First Industrial, L.P. In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of operations and 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, 2003 and 2002, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2003 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Operating Partnership's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 3 to the consolidated financial statements, on January 1, 2002, the Operating Partnership adopted the provisions of Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets". PricewaterhouseCoopers LLP Chicago, Illinois March 9, 2004 F-2 FIRST INDUSTRIAL, L.P. CONSOLIDATED BALANCE SHEETS (DOLLARS IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

The accompanying notes are an integral part of the financial statements. F-3 FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)

The accompanying notes are an integral part of the financial statements. F-4 FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DOLLARS IN THOUSANDS, EXCEPT FOR PER SHARE DATA)

The accompanying notes are an integral part of the financial statements. F-5 FIRST INDUSTRIAL, L.P. CONSOLIDATED STATEMENTS OF CASH FLOWS (DOLLARS IN THOUSANDS)

The accompanying notes are an integral part of the financial statements. F-6 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 1. ORGANIZATION AND FORMATION OF PARTNERSHIP First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") with an approximate 85.6% and 85.0% ownership interest at December 31, 2003 and 2002, respectively. The Company also owns a preferred general partnership interest in the Operating Partnership ("Preferred Units") with an aggregate liquidation priority of $250,000. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code. The Company's operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership own, in the aggregate, approximately a 14.4% and 15.0% interest in the Operating Partnership at December 31, 2003 and 2002, respectively. The Operating Partnership is the sole member of several limited liability companies (the "L.L.C.s") and the sole stockholder of First Industrial Development Services, Inc., and holds at least a 99% limited partnership interest in First Industrial Financing Partnership, L.P. (the "Financing Partnership"), First Industrial Securities, L.P. (the "Securities Partnership"), First Industrial Mortgage Partnership, L.P, (the "Mortgage Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"), First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV, LTD. and FI Development Services, L.P. (together, the "Other Real Estate Partnerships"). The Operating Partnership, through separate wholly-owned limited liability companies in which it is the sole member, also owns minority equity interests in and provides asset and property management services to two joint ventures which invest in industrial properties, the September 1998 Joint Venture (hereinafter defined) and the December 2001 Joint Venture (hereinafter defined). The Consolidated Operating Partnership (hereinafter defined), through a wholly-owned limited liability company of which the Operating Partnership is the sole member, also owned a minority equity interest in and provided asset and property management services to a third joint venture which invested in industrial properties (the "September 1999 Joint Venture"). During September 2003, the September 1999 Joint Venture sold its remaining property. In conjunction with this final property sale, the final distribution was made to the partners. In May 2003, the Consolidated Operating Partnership (hereinafter defined), through wholly-owned limited liability companies of which the Operating Partnership is the sole member, entered into a joint venture arrangement (the "May 2003 Joint Venture") with an institutional investor to invest in industrial properties. As of December 31, 2003, the May 2003 Joint Venture did not own any industrial properties. The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnerships for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company. As of December 31, 2003, the Operating Partnership, the L.L.C.s and First Industrial Development Services, Inc. (hereinafter defined as the "Consolidated Operating Partnership") owned 729 in-service industrial properties, containing an aggregate of approximately 48.5 million square feet (unaudited) of gross leasable area ("GLA"). On a combined basis, as of December 31, 2003, the Other Real Estate Partnerships owned 105 in-service industrial properties, containing an aggregate of approximately 9.4 million square feet (unaudited) of GLA. Of the 105 industrial properties owned by the Other Real Estate Partnerships at December 31, 2003, 15 are held by the Mortgage Partnership, 41 are held by the Pennsylvania Partnership, 15 are held by the Securities Partnership, 19 are held by the Financing Partnership, 10 are held by the Harrisburg Partnership, four are held by the Indianapolis Partnership and one is held by TK-SV, LTD. Profits, losses and distributions of the Operating Partnership, the L.L.C.s and Other Real Estate Partnerships are allocated to the general partner and the limited partners, or the members, as applicable, in accordance with the provisions contained within the partnership agreements or ownership agreements, as applicable, of the Operating Partnership, the L.L.C.s and the Other Real Estate Partnerships. F-7 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 2. BASIS OF PRESENTATION The consolidated financial statements of the Consolidated Operating Partnership at December 31, 2003 and 2002 and for each of the years ended December 31, 2003, 2002 and 2001 include the accounts and operating results of the Operating Partnership, the L.L.C.s and First Industrial Development Services, Inc. on a consolidated basis. Such financial statements present the Operating Partnership's limited partnership interests in each of the Other Real Estate Partnerships and the Operating Partnership's minority equity interests in the September 1998 Joint Venture (hereinafter defined), the September 1999 Joint Venture (hereinafter defined) and the December 2001 Joint Venture (hereinafter defined) under the equity method of accounting. All intercompany transactions have been eliminated in consolidation. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES In order to conform with generally accepted accounting principles, management, in preparation of the Consolidated Operating Partnership's financial statements, is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2003 and 2002, and the reported amounts of revenues and expenses for each of the years ended December 31, 2003, 2002 and 2001. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short maturity of these investments. Restricted Cash At December 31, 2003 and 2002, restricted cash includes gross proceeds from the sales of certain properties. These sales proceeds will be disbursed as the Company exchanges into properties under Section 1031 of the Internal Revenue Code. The carrying amount approximates fair value due to the short term maturity of these investments. Investment in Real Estate and Depreciation Investment in Real Estate is carried at cost. The Consolidated Operating Partnership reviews its properties on a quarterly basis for impairment and provides a provision if impairments are found. To determine if an impairment may exist, the Consolidated Operating Partnership reviews its properties and identifies those which have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy). If further assessment of recoverability is needed, the Consolidated Operating Partnership estimates the future net cash flows expected to result from the use of the property and its eventual disposition, on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property, on an individual property basis, the Consolidated Operating Partnership will recognize an impairment loss based upon the estimated fair value of such property. For properties management considers held for sale, the Consolidated Operating Partnership ceases depreciating the properties and values the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and, as a result, the Consolidated Operating Partnership decides not to sell a property previously classified as held for sale, the Consolidated Operating Partnership 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. F-8 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED 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 placed in service, on the same basis as the related assets. Depreciation expense is computed using the straight-line method based on the following useful lives:

Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of leasing personnel) are capitalized and amortized over the terms of each specific lease. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized. The Consolidated Operating Partnership accounts for all acquisitions entered into subsequent to June 30, 2001 in accordance with Financial Accounting Standards Board's ("FASB") Statement of Financial Accounting Standards No. 141, "Business Combinations" ("FAS 141"). Upon acquisition of a property, the Consolidated Operating Partnership allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases and above market and below market leases. The Consolidated Operating Partnership allocates the purchase price to the fair value of the tangible assets of an acquired property determined by valuing the property as if it were vacant. Acquired above and below market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates over the remaining lease term. The purchase price is further allocated to in-place lease values based on management's evaluation of the specific characteristics of each tenants lease and the Consolidated Operating Partnership's overall relationship with the respective tenant. Acquired above and below market leases are amortized over the remaining non-cancelable terms of the respective leases. The value of in-place lease intangibles, which is included as a component of Other Assets, is amortized to expense over the remaining lease term and expected renewal periods of the respective lease. If a tenant terminates its lease early, the unamortized portion of leasing commissions, tenant improvements, above and below market leases and the in-place lease value is immediately charged to expense. 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 $8,930 and $7,169 at December 31, 2003 and 2002, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date. Investment in and Advances to Other Real Estate Partnerships Investment in and Advances to Other Real Estate Partnerships represents the Consolidated Operating Partnership's limited partnership interests in and advances to, through the Operating Partnership, the Other Real Estate Partnerships. As discussed in Note 1, the Operating Partnership is the limited partner in the Other Real Estate Partnerships. In accordance with Statement of Position 78-9, "Accounting for Investments in Real Estate Ventures" the general partner of the Other Real Estate Partnerships, the majority voting partner, accounts for the Other Real Estate Partnerships as a consolidated subsidiary. Accordingly, the Operating Partnership accounts for its Investment in and Advances to Other Real Estate Partnerships under the equity method of accounting. Under the equity method of accounting, the Operating Partnership's share of earnings or losses of the Other Real Estate Partnerships is reflected in income as earned and contributions or distributions increase or decrease, respectively, the Operating Partnership's Investment in and Advances to Other Real Estate Partnerships as paid or received, respectively. F-9 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED Investments in Joint Ventures Investments in Joint Ventures represents the Operating Partnership's limited partnership interests in the September 1998 Joint Venture (hereinafter defined), the September 1999 Joint Venture (hereinafter defined) and the December 2001 Joint Venture (hereinafter defined). The Operating Partnership accounts for its Investments in Joint Ventures under the equity method of accounting, as the Operating Partnership does not have operational control or a majority voting interest. Under the equity method of accounting, the Operating Partnership's share of earnings or losses of the September 1998 Joint Venture (hereinafter defined), the September 1999 Joint Venture (hereinafter defined) and the December 2001 Joint Venture (hereinafter defined) is reflected in income as earned and contributions or distributions increase or decrease, respectively, the Operating Partnership's Investments in Joint Ventures as paid or received, respectively. Differences between the Operating Partnership's carrying value of its investments in joint ventures and the Operating Partnership's underlying equity of such joint ventures are amortized over the respective lives of the underlying assets, as applicable. Employee Benefit Plans At December 31, 2003, the Company has three stock incentive employee compensation plans, which are described more fully in Note 13. Prior to January 1, 2003, the Consolidated Operating Partnership accounted for its stock incentive plans under the recognition and measurement principles of Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees" ("APB 25"). Under APB 25, compensation expense is not recognized for options issued in which the strike price is equal to the fair value of the Company's stock on the date of grant. Certain options issued in 2000 were issued with a strike price less than the fair value of the Company's stock on the date of grant. Compensation expense is being recognized for the intrinsic value of these options determined at the date of grant over the vesting period. On January 1, 2003, the Consolidated Operating Partnership adopted the fair value recognition provisions of the Financial Accounting Standards Board's ("FASB") Financial Accounting Standards No. 123, "Accounting for Stock Based Compensation" ("FAS 123"), as amended by Financial Accounting Standards No. 148, "Accounting for Stock-Based Compensation-Transition and Disclosure". The Consolidated Operating Partnership is applying the fair value recognition provisions of FAS 123 prospectively to all employee option awards granted after December 31, 2002. The Consolidated Operating Partnership has not awarded options to employees or directors of the Company during the year ended December 31, 2003, therefore no stock-based employee compensation expense, except for expense related to restricted stock, is included in net income available to common unitholders related to the fair value recognition provisions of FAS 123. F-10 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED Had compensation expense for the Company's Stock Incentive Plans been determined based upon the fair value at the grant date for awards under the stock incentive plans consistent with the methodology prescribed under Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based Compensation", as amended by FAS 148, net income and earnings per unit would have been the pro forma amounts indicated in the table below:

Expected dividend yield N/A 8.28% 8.22% Expected stock price volatility N/A 20.94% 20.75% Risk-free interest rate N/A 3.58% 4.91% Expected life of options N/A 3.00 3.03

The weighted average fair value of options granted during 2002 and 2001 is $1.97 and $ 2.49 per option, respectively. No options were granted during 2003. F-11 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED Revenue Recognition Rental income is recognized on a straight-line method under which contractual rent increases are recognized evenly over the lease term. Tenant recovery income includes payments from tenants for taxes, insurance and other property operating expenses and is recognized as revenue in the same period the related expenses are incurred by the Consolidated Operating Partnership. Revenue is recognized on payments received from tenants for early lease terminations after the Consolidated Operating Partnership determines that all the necessary criteria have been met in accordance with FASB's Statement of Financial Accounting Standards No. 13, "Accounting for Leases" ("FAS 13"). The Consolidated Operating Partnership provides an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $1,547 and $1,707 as of December 31, 2003 and 2002. For accounts receivable the Consolidated Operating Partnership deems uncollectible, the Consolidated Operating Partnership uses the direct write-off method. Gain on Sale of Real Estate Gain on sale of real estate is recognized using the full accrual method, when appropriate. Gains relating to transactions which do not meet the full accrual method of accounting are deferred and recognized when the full accrual method of accounting criteria are met or by using the installment or deposit methods of profit recognition, as appropriate in the circumstances. As the assets are sold, their costs and related accumulated depreciation are removed from the accounts with resulting gains or losses reflected in net income or loss. Estimated future costs to be incurred by the Consolidated Operating Partnership after completion of each sale are included in the determination of the gains on sales. Income Taxes In accordance with partnership taxation, each of the partners are responsible for reporting their share of taxable income or loss. The Consolidated Operating Partnership is subject to certain state and local income, excise and franchise taxes. The provision for such state and local taxes has been reflected in general and administrative expense in the statements of operations and comprehensive income and has not been separately stated due to its insignificance. Earnings Per Unit ("EPU") Net income per weighted average general partnership and limited partnership unit (the "Units") - basic is based on the weighted average Units outstanding (excluding restricted units that have not yet vested). Net income per weighted average Unit - diluted is based on the weighted average Units outstanding (excluding restricted units that have not yet vested) plus the dilutive effect of the Company's in-the-money employee stock options and restricted stock that result in the issuance of general partnership units. See Note 11 for further disclosure about earnings per unit. Fair Value of Financial Instruments The Consolidated Operating Partnership's financial instruments include short-term investments, tenant accounts receivable, mortgage notes receivable, accounts payable, other accrued expenses, mortgage loans payable, unsecured line of credit, senior unsecured debt and the Put Option (defined hereinafter) issued in conjunction with an initial offering of certain unsecured debt. The fair values of the short-term investments, tenant accounts receivable, mortgage notes receivable, accounts payable and other accrued expenses were not materially different from their carrying or contract values. See Note 6 for the fair values of the mortgage loans payable, unsecured line of credit, senior unsecured debt and the Put Option (defined hereinafter) issued in conjunction with an initial offering of certain unsecured debt. Derivative Financial Instruments Historically, the Consolidated Operating Partnership, through the Operating Partnership, has used interest rate protection agreements (the "Agreements") to fix the interest rate on anticipated offerings of senior unsecured F-12 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED debt or convert floating rate debt to fixed rate debt. Receipts or payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured debt are amortized over the life of the senior unsecured debt. 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 is recognized in other comprehensive income (partners' capital). Any agreements which no longer qualify for hedge accounting are marked-to-market and any gain or loss is recognized in net income immediately. The credit risks associated with the Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of the Agreements, the Consolidated Operating Partnership's exposure is limited to the current value of the interest rate differential, not the notional amount, and the Consolidated Operating Partnership's carrying value of the Agreements on the balance sheet. See Note 6 for more information on the Agreements. Discontinued Operations On January 1, 2002, the Consolidated Operating Partnership adopted the FASB Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long Lived Assets" ("FAS 144"). FAS 144 addresses financial accounting and reporting for the disposal of long lived assets. FAS 144 requires that the results of operations and gains or losses on the sale of property sold subsequent to December 31, 2001 that were not classified as held for sale at December 31, 2001 as well as the results of operations from properties that were classified as held for sale subsequent to December 31, 2001 be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Consolidated Operating Partnership as a result of the disposal transaction and (b) the Consolidated Operating Partnership will not have any significant continuing involvement in the operations of the property after the disposal transaction. FAS 144 also requires prior period results of operations for these properties to be restated and presented in discontinued operations in prior consolidated statements of operations. Segment Reporting Management views the Consolidated Operating Partnership as a single segment. Recent Accounting Pronouncements In January 2003, the FASB issued FIN 46, which provides guidance on how to identify a variable interest entity ("VIE") and determine when the assets, liabilities, non-controlling interests, and results of operations of a VIE are to be included in an entity's consolidated financial statements. A VIE exists when either the total equity investment at risk is not sufficient to permit the entity to finance its activities by itself, or the equity investors lack one of three characteristics associated with owning a controlling financial interest. In December 2003, the FASB reissued FIN 46 with certain modifications and clarifications. Application of this guidance was effective for interests in certain VIEs commonly referred to as special-purpose entities (SPEs) as of December 31, 2003. Application for all other types of entities is required for periods ending after March 15, 2004, unless previously applied. The Consolidated Operating Partnership does not believe that the application of FIN 46 will have an impact on its financial position, results of operations, or liquidity. F-13 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED Reclassification On January 1, 2003, the Operating Partnership adopted the FASB's Statement of Financial Accounting Standard No. 145, "Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections" ("FAS 145"). FAS 145 rescinds FAS 4, FAS 44 and FAS 64 and amends FAS 13 to modify the accounting for sales-leaseback transactions. FAS 4 required the classification of gains and losses resulting from extinguishment of debt to be classified as extraordinary items. Pursuant to the adoption of FAS 145, the Operating Partnership reclassified amounts shown as extraordinary for the years ended December 31, 2002 and 2001 to continuing operations. In July 2003, the Securities and Exchange Commission (the "SEC") issued a clarification on Emerging Issues Task Force ("EITF") Abstract, Topic No. D 42, "The Effect on the Calculation of Earnings per Share for the Redemption or Induced Conversion of Preferred Stock" ("EITF 42"). This clarification of EITF 42, states for the purpose of calculating the excess of (1) fair value of the consideration transferred to the holders of the preferred stock over (2) the carrying amount of the preferred stock in the balance sheet, the carrying amount of the preferred stock should be reduced by the issuance costs of the preferred stock. This clarification was effective in the first fiscal period ending after June 15, 2003 and requires prior periods presented to be restated. Pursuant to EITF 42, the Operating Partnership restated net income available to unitholders and net income available to unitholders per share amounts for the year ended December 31, 2002 by reducing net income available to unitholders for the initial issuance costs related to the redemption of the Operating Partnership's 8.75%, $.01 par value, Series B Cumulative Preferred Units (the "Series B Preferred Units") on May 14, 2002. The impact of the adoption of EITF 42 for the year ended December 31, 2002 was a reduction of basic and diluted EPU of $.08. Certain 2002 and 2001 items have been reclassified to conform to the 2003 presentation. 4. INVESTMENTS IN AND ADVANCES TO OTHER REAL ESTATE PARTNERSHIPS The investments in and advances to Other Real Estate Partnerships reflects the Operating Partnership's limited partnership equity interests in the entities referred to in Note 1 to these financial statements. Summarized condensed financial information as derived from the financial statements of the Other Real Estate Partnerships is presented below:
Condensed Combined Balance Sheets: December 31, December 31, 2003 2002 ------------ ------------ ASSETS Assets: Investment in Real Estate, Net .................. $332,371 $332,552 Other Assets, Net ............................... 70,524 102,784 -------- -------- Total Assets ............................. 402,895 435,336 ======== ======== LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable .......................... $ 2,529 $ 40,080 Other Liabilities ............................... 22,193 14,126 -------- -------- Total Liabilities ........................ 24,722 54,206 Partners' Capital ............................... 378,173 381,130 -------- -------- Total Liabilities and Partners' Capital .. $402,895 $435,336 ======== ========
F-14 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 4. INVESTMENTS IN AND ADVANCES TO OTHER REAL ESTATE PARTNERSHIPS, CONTINUED Condensed Combined Statements of Operations:
Year Ended Year Ended Year Ended December 31, December 31, December 31, 2003 2002 2001 ------------ ----------- ----------- Total Revenues (including Interest Income) .............. $ 61,310 $ 55,215 $ 52,236 Property Expenses ....................................... (15,106) (13,856) (14,993) Interest Expense ........................................ (256) (2,948) (3,739) Amortization of Deferred Financing Costs ................ (3) (67) (67) Depreciation and Other Amortization ..................... (12,018) (10,618) (9,908) Valuation Provision on Real Estate ...................... - - (3,010) Loss on Early Retirement of Debt ........................ (1,466) - - Gain on Sale of Real Estate ............................. 6,243 67 21,405 Income from Discontinued Operations (Including Gain on Sale of Real Estate of $4,644 and $21,218 for the years ended December 31, 2003 and 2002 ............... 4,941 25,694 7,538 -------- -------- -------- Net Income ......................................... $ 43,645 $ 53,487 $ 49,462 ======== ======== ========
5. INVESTMENTS IN JOINT VENTURES On September 28, 1998, the Consolidated Operating Partnership, through a wholly-owned limited liability company in which the Operating Partnership is its sole member, entered into a joint venture arrangement (the "September 1998 Joint Venture") with an institutional investor to invest in industrial properties. The Consolidated Operating Partnership, through wholly-owned limited liability companies in which the Operating Partnership is the sole member, owns a ten percent equity interest in the September 1998 Joint Venture and provides property and asset management services to the September 1998 Joint Venture. On or after October 2000, under certain circumstances, the Operating Partnership has the right to purchase all of the properties owned by the September 1998 Joint Venture at a price to be determined in the future. The Consolidated Operating Partnership has not exercised this right. On September 2, 1999, the Consolidated Operating Partnership, through a wholly-owned limited liability company in which the Operating Partnership is its sole member, entered into a joint venture arrangement (the "September 1999 Joint Venture") with an institutional investor to invest in industrial properties. The Consolidated Operating Partnership, through wholly-owned limited liability companies in which the Operating Partnership is the sole member, owns a ten percent equity interest in the September 1999 Joint Venture and provides property and asset management services to the September 1999 Joint Venture. During September 2003, the September 1999 Joint Venture sold its remaining property. In conjunction with this final sale, the final distribution was made to the partners. On December 28, 2001, the Consolidated Operating Partnership, through a wholly-owned limited liability company in which the Operating Partnership is the sole member, entered into a joint venture arrangement (the "December 2001 Joint Venture") with an institutional investor to invest in industrial properties. The Consolidated Operating Partnership, through wholly-owned limited liability companies of the Operating Partnership, owns a 15% equity interest in the December 2001 Joint Venture and provides property management services to the December 2001 Joint Venture accounting. As of December 31, 2003 the December 2001 Joint Venture had economic interests in 36 industrial properties. Twenty-seven of the 36 industrial properties were purchased from the Consolidated Operating Partnership. The Consolidated Operating Partnership deferred 15% of the gain resulting from these sales which is equal to the Consolidated Operating Partnership's economic interest in the December 2001 Joint Venture. The 15% gain deferral is netted against the Consolidated Operating Partnership's investment in joint ventures on the balance sheet. The 15% gain deferral reduced the Consolidated Operating Partnership's investment in joint ventures and is amortized into income over the useful life of the related building, which is typically 40 years. If the December 2001 Joint Venture sells any of the 27 properties that the Consolidated Operating Partnership sold to the December F-15 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 5. INVESTMENTS IN JOINT VENTURES, CONTINUED 2001 Joint venture to a third party, the Consolidated Operating Partnership will recognize the unamortized portion of the deferred gain as gain on sale of real estate. If the Consolidated Operating Partnership repurchases any of the 27 properties that it sold to the December 2001 Joint Venture, the 15% gain deferral will be netted against the basis of the property purchased (which reduces the basis of the property). During the years ended December 2003, 2002 and 2001, the Consolidated Operating Partnership invested the following amounts in its three joint ventures as well as received distributions and recognized fees from acquisition, disposition, property management and asset management services in the following amounts:
Year Ended Year Ended Year Ended December 31, December 31, December 31, 2003 2002 2001 ------------ ------------ ------------ Contributions............... $ 5,558 $ 8,207 $ 6,025 Distributions............... $ 3,398 $ 2,723 $ 1,524 Fees........................ $ 2,173 $ 1,863 $ 2,377
The combined summarized financial information of the investments in joint ventures is as follow:
December 31, December 31, 2003 2002 ------------ ----------- CONDENSED COMBINED BALANCE SHEETS Gross Real Estate Investment ................................ $ 348,030 $ 295,470 Less: Accumulated Depreciation .............................. (15,330) (11,482) --------- --------- Net Real Estate ........................................ 332,700 283,988 Other Assets ................................................ 16,750 19,379 --------- --------- Total Assets ............................................. $ 349,450 $ 303,367 ========= ========= Long Term Debt .............................................. $ 217,413 $ 184,010 Other Liabilities ........................................... 6,596 7,974 Equity ...................................................... 125,441 111,383 --------- --------- Total Liabilities and Equity ............................. $ 349,450 $ 303,367 ========= ========= Consolidated Operating Partnership's Share of Equity ........ $ 18,205 $ 15,113 Basis Differentials (1) ..................................... (3,599) (2,568) --------- --------- Carrying Value of the Consolidated Operating Partnership's Investments in Joint Ventures ............................... $ 14,606 $ 12,545 ========= =========
(1) This amount represents the aggregate difference between the Consolidated Operating Partnership's historical co basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of gain deferrals to properties the Consolidated Operating Partnership sold to the joint ventures and certain acquisition costs which are not reflected in the net assets at the joint venture level. F-16 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 5. INVESTMENTS IN JOINT VENTURES, CONTINUED
Year Ended December 31, 2003 2002 2001 -------- -------- -------- CONDENSED COMBINED STATEMENTS OF OPERATIONS Total Revenues .................................................. $ 35,603 $ 34,635 $ 38,983 Expenses: Operating and Other .......................................... 9,693 14,482 13,473 Interest ..................................................... 7,353 10,554 15,377 Depreciation and Amortization ................................ 8,711 6,955 6,354 -------- -------- -------- Total Expenses .................................................. 25,757 31,991 35,204 Gain (Loss) on Sale of Real Estate .............................. (2,069) 8,231 (6,024) -------- -------- -------- Net Income (Loss) ............................................... $ 7,777 $ 10,875 $ (2,245) ======== ======== ======== Consolidated Operating Partnership's Share of Net Income (Loss).. $ 539 $ 463 $ (791) ======== ======== ========
6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND UNSECURED LINES OF CREDIT Mortgage Loans Payable, Net On March 20, 1996, the Consolidated Operating Partnership, through the Operating Partnership, assumed a $6,424 mortgage loan and a $2,993 mortgage loan (together, the "Assumed Loans") that are collateralized by 12 properties in Indianapolis, Indiana and one property in Indianapolis, Indiana, respectively. The Assumed Loans bear interest at a fixed rate of 9.25% and provide for monthly principal and interest payments based on a 16.75-year amortization schedule. The Assumed Loans mature on January 1, 2013. The Assumed Loans may be prepaid only after December 1999 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium. On April 16, 1998, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the principal amount of $2,525 (the "Acquisition Mortgage Loan IV"). The Acquisition Mortgage Loan IV is collateralized by one property in Baltimore, Maryland, bears interest at a fixed rate of 8.95% and provides for monthly principal and interest payments based on a 20-year amortization schedule. The Acquisition Mortgage Loan IV matures on October 1, 2006. The Acquisition Mortgage Loan IV may be prepaid only after October 2001 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium. On April 1, 2002, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the principal amount of $5,814 (the "Acquisition Mortgage Loan VIII"). The Acquisition Mortgage Loan VIII is collateralized by one property in Rancho Dominguez, California, bears interest at a fixed rate of 8.26% and provides for monthly principal and interest payments based on a 22-year amortization schedule. The Acquisition Mortgage Loan VIII matures on December 1, 2019. The Acquisition Mortgage Loan VIII may be prepaid only after November 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium. On April 1, 2002, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the principal amount of $6,030 (the "Acquisition Mortgage Loan IX"). The Acquisition Mortgage Loan IX is collateralized by one property in Rancho Dominguez, California, bears interest at a fixed rate of 8.26% and provides for monthly principal and interest payments based on a 22-year amortization schedule. The Acquisition Mortgage Loan IX matures on December 1, 2019. The Acquisition Mortgage Loan IX may be prepaid only after November 2004 in exchange for the greater of a 1% prepayment fee or yield maintenance premium. On May 1, 2003, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the principal amount of $14,157 (the "Acquisition Mortgage Loan X"). The Acquisition Mortgage Loan X is collateralized by one property in Hagerstown, Maryland, bears interest at a fixed rate of 8.25% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan X matures on December 1, 2010. In conjunction with the assumption of the Acquisition Mortgage Loan X, the Consolidated Operating Partnership recorded a premium in the amount of $2,927 which will be amortized over the remaining life of the Acquisition Mortgage Loan X as an adjustment to interest expense. F-17 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND UNSECURED LINES OF CREDIT, CONTINUED On September 12, 2003, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the amount of $4,269 (the "Acquisition Mortgage Loan XI"). The Acquisition Mortgage Loan XI is collateralized by one property in Downers Grove, Illinois, bears interest at a fixed rate of 7.61% and provides for monthly principal and interest payments based on a 30 - year amortization schedule. The Acquisition Mortgage Loan XI matures on May 1, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XI, the Consolidated Operating Partnership recorded a premium in the amount of $621 which will be amortized over the remaining life of the Acquisition Mortgage Loan XI as an adjustment to interest expense. On September 12, 2003, the Consolidated Operating Partnership, through the Operating Partnership, assumed a mortgage loan in the amount of $2,325 (the "Acquisition Mortgage Loan XII"). The Acquisition Mortgage Loan XII is collateralized by one property in Indianapolis, Indiana, bears interest at a fixed rate of 7.54% and provides for monthly principal and interest payments based on a 30 - year amortization schedule. The Acquisition Mortgage Loan XII matures on January 1, 2012. In conjunction with the assumption of the Acquisition Mortgage Loan XII, the Consolidated Operating Partnership recorded a premium in the amount of $317 which will be amortized over the remaining life of the Acquisition Mortgage Loan XII as an adjustment to interest expense. Senior Unsecured Debt, Net On May 13, 1997, the Consolidated Operating Partnership, through the Operating Partnership, issued $150,000 of senior unsecured debt which matures on May 15, 2007 and bears a coupon interest rate of 7.60% (the "2007 Notes"). The issue price of the 2007 Notes was 99.965%. Interest is paid semi-annually in arrears on May 15 and November 15. The Consolidated Operating Partnership, through the Operating Partnership, also entered into an interest rate protection agreement which was used to fix the interest rate on the 2007 Notes prior to issuance. The Consolidated Operating Partnership, through, the Operating Partnership, settled the interest rate protection agreement for a payment of approximately $41, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2007 Notes as an adjustment to interest expense. The 2007 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage. On May 13, 1997, the Consolidated Operating Partnership, through the Operating Partnership, issued $100,000 of senior unsecured debt which matures on May 15, 2027, and bears a coupon interest rate of 7.15% (the "2027 Notes"). The issue price of the 2027 Notes was 99.854%. The 2027 Notes were redeemable, at the option of the holders thereof, on May 15, 2002. The Operating Partnership received redemption notices from holders representing $84,930 of the 2027 Notes outstanding. On May 15, 2002, the Consolidated Operating Partnership, through the Operating Partnership, paid off and retired $84,930 of the 2027 Notes. Due to the partial pay off of the 2027 Notes, the Consolidated Operating Partnership has recorded a loss from the early retirement of debt in 2002 of approximately $888 comprised of the amount paid above the carrying amount of the 2027 Notes, the write-off of the pro rata unamortized deferred financing costs and legal costs. Interest is paid semi-annually in arrears on May 15 and November 15. The Consolidated Operating Partnership, through the Operating Partnership, also entered into an interest rate protection agreement which was used to fix the interest rate on the 2027 Notes prior to issuance. The Consolidated Operating Partnership, through the Operating Partnership, settled the interest rate protection agreement for approximately $597 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2027 Notes as an adjustment to interest expense. The 2027 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage. On May 22, 1997, the Consolidated Operating Partnership, through the Operating Partnership, issued $100,000 of senior unsecured debt which matures on May 15, 2011 and bears a coupon interest rate of 7.375% (the "2011 PATS"). The issue price of the 2011 PATS was 99.348%. Interest is paid semi-annually in arrears on May 15 and November 15. The 2011 PATS are redeemable, at the option of the holder thereof, on May 15, 2004 (the "Put Option"). If the 2011 PATS are not redeemed on May 15, 2004, the 2011 PATS will be reissued and the interest rate on the 2011 PATS will be reset at a fixed rate until May 15, 2011 based upon a predetermined formula. The Consolidated Operating Partnership received approximately $1,781 of proceeds from the holder of the 2011 PATS as consideration for the Put Option. The Consolidated Operating Partnership amortizes the Put Option amount over the life of the Put Option as an adjustment to interest expense. The Consolidated Operating Partnership, through the Operating Partnership, also entered into an interest rate protection agreement which was used to fix the interest rate on the 2011 PATS prior to issuance. The Consolidated Operating Partnership, through the Operating Partnership, settled the interest rate protection agreement for a payment of approximately $90, which F-18 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND UNSECURED LINES OF CREDIT, CONTINUED is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2011 PATS as an adjustment to interest expense. The 2011 PATS contain certain covenants including limitation on incurrence of debt and debt service coverage. On November 20, 1997, the Consolidated Operating Partnership, through the Operating Partnership, issued $50,000 of senior unsecured debt which matures on November 21, 2005 and bears a coupon interest rate of 6.90% (the "2005 Notes"). The issue price of the 2005 Notes was 100%. Interest is paid semi-annually in arrears on May 21 and November 21. The 2005 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage. On December 8, 1997, the Consolidated Operating Partnership, through the Operating Partnership, issued $150,000 of senior unsecured debt which matures on December 1, 2006 and bears a coupon interest rate of 7.00% (the "2006 Notes"). The issue price of the 2006 Notes was 100%. Interest is paid semi-annually in arrears on June 1 and December 1. The Consolidated Operating Partnership, through the Operating Partnership, also entered into an interest rate protection agreement which was used to fix the interest rate on the 2006 Notes prior to issuance. The Consolidated Operating Partnership, through the Operating Partnership, settled the interest rate protection agreement for a payment of approximately $2,162, which is included in other comprehensive income. The settlement amount of the interest rate protection agreement is being amortized over the life of the 2006 Notes as an adjustment to interest expense. The 2006 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage. On December 8, 1997, the Consolidated Operating Partnership, through the Operating Partnership, issued $100,000 of senior unsecured debt which matures on December 1, 2017 and bears a coupon interest rate of 7.50% (the "2017 Notes"). The issue price of the 2017 Notes was 99.808%. Interest is paid semi-annually in arrears on June 1 and December 1. The Consolidated Operating Partnership is amortizing the debt issue discount over the life of the 2017 Notes as an adjustment to interest expense. The 2017 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage. On March 31, 1998, the Consolidated Operating Partnership, through the Operating Partnership, issued $100,000 of Dealer remarketable securities which were to mature on April 5, 2011 and bore a coupon interest rate of 6.50% (the "2011 Drs."). The issue price of the 2011 Drs. was 99.753%. The 2011 Drs. were callable at the option of J.P. Morgan, Inc., as Remarketing Dealer, on April 5, 2001. The Consolidated Operating Partnership received approximately $2,760 of proceeds from the Remarketing Dealer. The Consolidated Operating Partnership, through the Operating Partnership, entered into an interest rate protection agreement which was used to fix the interest rate on the 2011 Drs. prior to issuance. The Consolidated Operating Partnership, through the Operating Partnership, settled the interest rate protection agreement for a payment of approximately $2,565, which is included in other comprehensive income. The Remarketing Dealer exercised its call option with respect to the 2011 Drs. On April 5, 2001, the Consolidated Operating Partnership repurchased and retired the 2011 Drs. from the Remarketing Dealer for approximately $105,565. In conjunction with the forecasted retirement of the 2011 Drs., the Consolidated Operating Partnership entered into an interest rate protection agreement which fixed the retirement price of the 2011 Drs., which it designated as a cash flow hedge. On April 2, 2001, this interest rate protection agreement was settled for a payment of approximately $562. Due to the retirement of the 2011 Drs., the Operating Partnership has recorded a loss from the early retirement of debt in 2001 of approximately $9,245 comprised of the amount paid above the 2011 Drs. carrying value, the write-off of unamortized deferred financing costs, the write-off of the unamortized portion of an interest rate protection agreement which was used to fix the interest rate on the 2011 Drs. prior to issuance, the settlement of the interest rate protection agreement as discussed above, legal costs and other expenses. On July 14, 1998, the Consolidated Operating Partnership, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on July 15, 2028 and bears a coupon interest rate of 7.60% (the "2028 Notes"). The issue price of the 2028 Notes was 99.882%. Interest is paid semi-annually in arrears on January 15 and July 15. The Consolidated Operating Partnership, through the Operating Partnership, also entered into interest rate protection agreements which were used to fix the interest rate on the 2028 Notes prior to issuance. The Consolidated Operating Partnership, through the Operating Partnership, settled the interest rate protection agreements for a payment of approximately $11,504, which is included in other comprehensive income. The debt F-19 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND UNSECURED LINES OF CREDIT, CONTINUED issue discount and the settlement amount of the interest rate protection agreements are being amortized over the life of the 2028 Notes as an adjustment to interest expense. The 2028 Notes contain certain covenants including limitation on incurrence of debt and debt service coverage. Approximately $50,000 of the 2028 Notes was purchased, through a broker/dealer, by an entity in which a Director of the Company owns less than a two percent interest. On March 19, 2001, the Consolidated Operating Partnership, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on March 15, 2011 and bears a coupon interest rate of 7.375% (the "2011 Notes"). The issue price of the 2011 Notes was 99.695%. Interest is paid semi-annually in arrears on September 15 and March 15. The Consolidated Operating Partnership, through the Operating Partnership, also entered into an interest rate protection agreement which was used to fix the interest rate on the 2011 Notes prior to issuance, which it designated as a cash flow hedge. The Consolidated Operating Partnership, through the Operating Partnership, settled the interest rate protection agreement for approximately $371 of proceeds which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreement are being amortized over the life of the 2011 Notes as an adjustment to interest expense. The 2011 Notes contain certain covenants including limitations on incurrence of debt and debt service coverage. On April 15, 2002, the Consolidated Operating Partnership, through the Operating Partnership, issued $200,000 of senior unsecured debt which matures on April 15, 2012 and bears a coupon interest rate of 6.875% (the "2012 Notes"). The issue price of the 2012 Notes was 99.310%. Interest is paid semi-annually in arrears on April 15 and October 15. The Operating Partnership also entered into interest rate protection agreements which were used to fix the interest rate on the 2012 Notes prior to issuance. The Operating Partnership settled the interest rate protection agreements for approximately $1,772 of proceeds, which is included in other comprehensive income. The debt issue discount and the settlement amount of the interest rate protection agreements are being amortized over the life of the 2012 Notes as an adjustment to interest expense. The 2012 Notes contain certain covenants including limitations on incurrence of debt and debt service coverage. On April 15, 2002, the Consolidated Operating Partnership, through the Operating Partnership, issued $50,000 of senior unsecured debt which matures on April 15, 2032 and bears a coupon interest rate of 7.75% (the "2032 Notes"). The issue price of the 2032 Notes was 98.660%. Interest is paid semi-annually in arrears on April 15 and October 15. The debt issue discount is being amortized over the life of the 2032 Notes as an adjustment to interest expense. The 2032 Notes contain certain covenants including limitations on incurrence of debt and debt service coverage. Unsecured Lines of Credit In December 1997, the Operating Partnership entered into a $300,000 unsecured revolving credit facility (the "1997 Unsecured Line of Credit") which bore interest at LIBOR plus .80% or a "Corporate Base Rate", at the Operating Partnership's election, and provided for interest only payments until maturity. In June 2000, the Operating Partnership amended the 1997 Unsecured Line of Credit which extended the maturity date to June 30, 2003 and included the right, subject to certain conditions, to increase the aggregate commitment up to $400,000 (the "2000 Unsecured Line of Credit"). On September 27, 2002, the Consolidated Operating Partnership, through the Operating Partnership, amended and restated the 2000 Unsecured Line of Credit (the "2002 Unsecured Line of Credit"). The 2002 Unsecured Line of Credit matures on September 30, 2005 and bears interest at a floating rate of LIBOR plus .70%, or the Prime Rate, at the Consolidated Operating Partnership's election. The net unamortized deferred financing costs related to the 2000 Unsecured Line of Credit and any additional deferred financing costs incurred amending the 2002 Unsecured Line of Credit are being amortized over the life of the 2002 Unsecured Line of Credit in accordance with Emerging Issues Task Force Issue 98-14, "Debtor's Accounting for Changes in Line-of-Credit or Revolving-Debt Arrangements". The 2002 Unsecured Line of Credit contains certain financial covenants relating to debt service coverage, market value net worth, dividend payout ratio and total funded indebtedness. F-20 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND UNSECURED LINES OF CREDIT, CONTINUED The following table discloses certain information regarding the Consolidated Operating Partnership's mortgage loans, senior unsecured debt and unsecured line of credit:
OUTSTANDING BALANCE AT ACCRUED INTEREST PAYABLE AT INTEREST RATE AT ------------------------------ ---------------------------- ---------------- DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, MATURITY 2003 2002 2003 2002 2003 DATE ------------ ------------ ------------ ------------ ------------ -------- MORTGAGE LOANS PAYABLE, NET Assumed Loans ................... 5,442 6,015 -- -- 9.250% 01/01/13 Acquisition Mortgage Loan IV .... 2,130 2,215 16 17 8.950% 10/01/06 Acquisition Mortgage Loan VIII .. 5,603 5,733 39 39 8.260% 12/01/19 Acquisition Mortgage Loan IX .... 5,811 5,946 40 41 8.260% 12/01/19 Acquisition Mortgage Loan X ..... 16,754(1) -- 100 -- 8.250% 12/01/10 Acquisition Mortgage Loan XI .... 4,854(1) -- -- -- 7.610% 05/01/12 Acquisition Mortgage Loan XII ... 2,623(1) -- -- -- 7.540% 01/01/12 ---------- ---------- ---------- ---------- Total ........................... $ 43,217 $ 19,909 $ 195 $ 97 ========== ========== ========== ========== SENIOR UNSECURED DEBT, NET 2005 Notes ...................... $ 50,000 $ 50,000 $ 383 $ 383 6.900% 11/21/05 2006 Notes ...................... 150,000 150,000 875 875 7.000% 12/01/06 2007 Notes ...................... 149,982(2) 149,977(2) 1,457 1,457 7.600% 05/15/07 2011 PATS ....................... 99,657(2) 99,610(2) 942 942 7.375% 05/15/11(3) 2017 Notes ...................... 99,866(2) 99,857(2) 625 625 7.500% 12/01/17 2027 Notes ...................... 15,053(2) 15,052(2) 138 138 7.150% 05/15/27 2028 Notes ...................... 199,807(2) 199,799(2) 7,009 7,009 7.600% 07/15/28 2011 Notes ...................... 199,563(2) 199,502(2) 4,343 4,343 7.375% 03/15/11 2012 Notes ...................... 198,856(2) 198,717(2) 2,903 2,903 6.875% 04/15/12 2032 Notes ...................... 49,368(2) 49,346(2) 818 818 7.750% 04/15/32 ---------- ---------- ---------- ---------- Total ........................... $1,212,152 $1,211,860 $ 19,493 $ 19,493 ========== ========== ========== ========== UNSECURED LINE OF CREDIT 2002 Unsecured Line of Credit $ 195,900 $ 170,300 $ 336 $ 415 2.207% 09/30/05 ========== ========== ========== ==========
(1) At December 31, 2003, the Acquisition Mortgage Loan X, the Acquisition M ortgage Loan XI and the Acquisition Mortgage Loan XII include unamortized premiums of $2,673, $597 and $305, respectively. (2) At December 31, 2003, the 2007 Notes, 2011 PATS, 2017 Notes, 2027 Notes, 2028 Notes, the 2011 Notes, 2012 Notes and the 2032 Notes are net of unamortized discounts of $18, $343, $134, $17, $193, $437, $1,144 and $632, respectively. At December 31, 2002, the 2007 Notes, 2011 PATS, 2017 Notes, 2027 Notes, 2028 Notes and the 2011 Notes are net of unamortized discounts of $23, $390, $143, $18, $201, $498, $1,283 and $654, respectively. (3) The 2011 PATS are redeemable at the option of the holder thereof, on May 15, 2004. F-21 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 6. MORTGAGE LOANS PAYABLE, NET, SENIOR UNSECURED DEBT, NET AND UNSECURED LINES OF CREDIT, CONTINUED The following is a schedule of the stated maturities and scheduled principal payments of the mortgage loans, senior unsecured debt and unsecured line of credit, exclusive of premiums and discounts, for the next five years ending December 31, and thereafter:
Amount ------ 2004 $ 1,198 2005 247,212 2006 153,257 2007 151,442 2008 1,571 Thereafter 895,932 ----------- Total $ 1,450,612 ===========
Fair Value At December 31, 2003 and 2002, the fair value of the Consolidated Operating Partnership's mortgage loans payable, senior unsecured debt, unsecured lines of credit and Put Option were as follows:
December 31, 2003 December 31, 2002 ------------------------ ------------------------ Carrying Fair Carrying Fair Amount Value Amount Value ---------- ---------- ---------- ---------- Mortgage Loans Payable ..................... $ 43,217 $ 46,180 $ 19,909 $ 23,282 Senior Unsecured Debt ...................... 1,212,152 1,332,958 1,211,860 1,325,937 Unsecured Line of Credit (Variable Rate) ... 195,900 195,900 95,300 95,300 Unsecured Line of Credit (Fixed Rate) ...... - - 75,000 75,357 Put Option ................................. 95 16,320 350 16,480 ---------- ---------- ---------- ---------- Total ...................................... $1,451,364 $1,591,358 $1,402,419 $1,536,356 ========== ========== ========== ==========
The fair value of the senior unsecured debt was determined by quoted market prices, if available. The fair values of the Consolidated Operating Partnership, senior unsecured debt not valued by quoted market prices, mortgage loans payable, the fixed rate portion of the Unsecured Line of Credit and Put Option were determined by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. The fair value of the variable rate portion of the Unsecured Line of Credit was equal to its carrying value due to the variable interest rate nature of the loan. Other Comprehensive Income In conjunction with the prior issuances of senior unsecured debt, the Consolidated Operating Partnership, through the Operating Partnership, entered into interest rate protection agreements to fix the interest rate on anticipated offerings of senior unsecured debt (the "Interest Rate Protection Agreements"). In the next 12 months, the Consolidated Operating Partnership will amortize approximately $221 of the Interest Rate Protection Agreements into net income as an increase to interest expense. F-22 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 7. PARTNERS' CAPITAL The Operating Partnership has issued general partnership units and limited partnership units (together, the "Units") and preferred general partnership units. The general partnership units resulted from capital contributions from the Company. The limited partnership units are issued in conjunction with the acquisition of certain properties (See discussion below). Subject to lock-up periods and certain adjustments, limited partnership units are convertible into common stock, $.01 par value, of the Company on a one-for-one basis or cash at the option of the Company. The preferred general partnership units result from preferred capital contributions from the Company. The preferred general partnership units have an aggregate liquidation priority of $250,000 as of December 31, 2003 and 2002. 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 preferred general partnership 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. Unit Contributions: For the year ended December 31, 2002, the Operating Partnership issued 18,203 Units valued, in the aggregate, at $633 in exchange for interests in certain properties. These contributions are reflected in the Consolidated Operating Partnership's financial statements as limited partner contributions. For the year ended December 31, 2001, the Operating Partnership issued 44,579 Units valued, in the aggregate, at $1,491 in exchange for interests in certain properties. These contributions are reflected in the Consolidated Operating Partnership's financial statements as limited partner contributions. For the year ended December 31, 2003, certain employees of the Company exercised 531,473 non-qualified employee stock options. Gross proceeds to the Company approximated $14,799. The gross proceeds from the option exercises were contributed to the Operating Partnership in exchange for Units and are reflected in the Consolidated Operating Partnership's financial statements as a general partner contribution. For the year ended December 31, 2002, certain employees of the Company exercised 561,418 non-qualified employee stock options. Gross proceeds to the Company approximated $15,895. The gross proceeds from the option exercises were contributed to the Operating Partnership in exchange for Units and are reflected in the Consolidated Operating Partnership's financial statements as a general partner contribution. For the year ended December 31, 2001, certain employees of the Company exercised 717,836 non-qualified employee stock options. Gross proceeds to the Company approximated $18,521. The gross proceeds from the option exercises were contributed to the Operating Partnership in exchange for Units and are reflected in the Consolidated Operating Partnership's financial statements as a general partner contribution. Preferred Contributions: On May 14, 1997 the Company issued 4,000,000 Depositary Shares, each representing 1/100th of a share of the Company's 8 -3/4%, $.01 par value, Series B Cumulative Preferred Stock (the "Series B Preferred Stock"), at an initial offering price of $25 per Depositary Share. The net proceeds of approximately $96,293 received from the Series B Preferred Stock were contributed to the Operating Partnership in exchange for 8 -3/4% Series B Cumulative Preferred Units (the "Series B Preferred Units"). On or after May 14, 2002, the Series B Preferred Stock became redeemable for cash at the option of the Company, in whole or in part, at a redemption price equivalent to $25 per Depositary Share, or $100,000 in the aggregate, plus dividends accrued and unpaid to the redemption date. On April 12, 2002, the F-23 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 7. PARTNERS' CAPITAL, CONTINUED Company called for the redemption of all of its outstanding Series B Preferred Stock at the price of $25 per share, plus accrued and unpaid dividends. The Company redeemed the Series B Preferred Stock on May 14, 2002 and paid a prorated second quarter dividend of $.26736 per Depositary Share, totaling approximately $1,069. The Series B Cumulative Preferred Units were redeemed on May 14, 2002 as well. On June 6, 1997, the Company issued 2,000,000 Depositary Shares, each representing 1/100th of a share of the Company's 8 5/8%, $.01 par value, Series C Cumulative Preferred Stock (the "Series C Preferred Stock"), at an initial offering price of $25 per Depositary Share. The net proceeds of $47,997 received from the Series C Preferred Stock were contributed to the Operating Partnership in exchange for 8 5/8% Series C Cumulative Preferred Units (the "Series C Preferred Units") and are reflected in the Consolidated Operating Partnership's financial statements as a general partner preferred unit contribution. On February 4, 1998, the Company issued 5,000,000 Depositary Shares, each representing 1/100th of a share of the Company's 7.95%, $.01 par value, Series D Cumulative Preferred Stock (the "Series D Preferred Stock"), at an initial offering price of $25 per Depositary Share. The net proceeds of $120,562 received from the Series D Preferred Stock were contributed to the Operating Partnership in exchange for 7.95% Series D Cumulative Preferred Units (the "Series D Preferred Units") and are reflected in the Consolidated Operating Partnership's financial statements as a general partner preferred unit contribution. On March 18, 1998, the Company issued 3,000,000 Depositary Shares, each representing 1/100th of a share of the Company's 7.90%, $.01 par value, Series E Cumulative Preferred Stock (the "Series E Preferred Stock"), at an initial offering price of $25 per Depositary Share. The net proceeds of $72,138 received from the Series E Preferred Stock were contributed to the Operating Partnership in exchange for 7.90% Series E Cumulative Preferred Units (the "Series E Preferred Units") and are reflected in the Consolidated Operating Partnership's financial statements as a general partner preferred unit contribution. Distributions: On January 27, 2003, the Operating Partnership paid a fourth quarter 2002 distribution of $.6850 per Unit, totaling approximately $31,106. On April 21, 2003, the Operating Partnership paid a first quarter 2003 distribution of $.6850 per Unit, totaling approximately $31,542. On July 21, 2003, the Operating Partnership paid a second quarter 2003 distribution of $.6850 per Unit, totaling approximately $31,607. On October 20, 2003, the Operating Partnership paid a third quarter 2003 distribution of $.6850 per Unit, totaling approximately $31,661. On April 1, 2003, July 1, 2003, September 30, 2003 and December 31, 2003 the Operating Partnership paid second, third and fourth quarter distributions of $53.906 per Unit on its Series C Preferred Units, $49.688 per Unit on its Series D Preferred Units and $49.375 per Unit on its Series E Preferred Units. The preferred unit distributions paid on April 1, 2003, July 1, 2003, September 30, 2003 and December 31, 2003 totaled approximately $5,044, respectively. Repurchase of Units: In March 2000, the Company's Board of Directors approved the repurchase of up to $100,000 of the Company's common stock. The Company may make purchases from time to time, if price levels warrant, in the open market or in privately negotiated transactions. During the year ended December 31, 2003, the Company repurchased 37,300 shares of its common stock at a weighted average price of approximately $26.73 per share. The Operating Partnership repurchased general partnership units from the company in the same amount. During the year ended December 31, 2002, the Company repurchased 1,091,500 shares of its common stock at a weighted average price of approximately $27.02 per share. During the year ended December 31, 2001, the Company repurchased 1,003,300 shares of its common stock at a weighted average price of approximately $28.30 per share. The Operating Partnership repurchased general partnership units from the Company in the same amount. F-24 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 8. ACQUISITION AND DEVELOPMENT OF REAL ESTATE In 2003, the Consolidated Operating Partnership acquired 62 in-service industrial properties comprising, in the aggregate, approximately 6.3 million square feet (unaudited) of GLA and several land parcels for a total purchase price of approximately $219,091, excluding costs incurred in conjunction with the acquisition of the properties. The Consolidated Operating Partnership also completed the development of 11 properties comprising approximately 1.3 million square feet (unaudited) of GLA at a cost of approximately $64.9 million. In 2002, the Consolidated Operating Partnership acquired 67 in-service industrial properties comprising, in the aggregate, approximately 4.2 million square feet (unaudited) of GLA and several land parcels for a total purchase price of approximately $181,553, excluding costs incurred in conjunction with the acquisition of the properties. Twenty-one of the 67 industrial properties acquired, comprising approximately .6 million square feet (unaudited) of GLA, were acquired from the September 1998 Joint Venture for an aggregate purchase price of approximately $19,340. Eight of the 67 industrial properties acquired, comprising approximately .2 million square feet (unaudited) of GLA, were acquired from the September 1999 Joint Venture for an aggregate purchase price of approximately $13,000. The Consolidated Operating Partnership also completed the development of 17 properties comprising approximately 3.2 million square feet (unaudited) of GLA at a cost of approximately $116,806. In 2001, the Consolidated Operating Partnership acquired 70 industrial properties comprising approximately 3.8 million square feet (unaudited) of GLA and several land parcels for a total purchase price of approximately $204,609. Two of the 70 industrial properties acquired, comprising approximately .1 million square feet (unaudited) of GLA, were acquired from the September 1998 Joint Venture for an aggregate purchase price of approximately $5,845. The Consolidated Operating Partnership also completed the development of six properties comprising approximately .9 million square feet (unaudited) of GLA at a cost of approximately $39,639. 9. SALE OF REAL ESTATE In 2003, the Consolidated Operating Partnership, through the Operating Partnership, sold 121 industrial properties comprising approximately 6.3 million square feet of (unaudited) GLA and several land parcels. Eight of the 121 sold industrial properties comprising approximately .7 million square feet (unaudited) of GLA were sold to the December 2001 Joint Venture. Gross proceeds from the sales of the 121 industrial properties and several land parcels were approximately $357,503. The gain on sale of real estate was approximately $83,789, of which $74,428 is shown in discontinued operations. In accordance with FAS 144, the results of operations and gain on sale of real estate for the 113 of the 121 sold properties that were not identified as held for sale at December 31, 2001, are included in discontinued operations. In 2002, the Consolidated Operating Partnership sold 69 industrial properties comprising approximately 5.8 million square feet (unaudited) of GLA that were not classified as held for sale at December 31, 2001, 12 industrial properties comprising approximately .9 million square feet (unaudited) of GLA that were classified as held for sale at December 31, 2001, 15 industrial properties comprising approximately 2.3 million square feet (unaudited) of GLA that were sold to the December 2001 Joint Venture and several land parcels. Gross proceeds from these sales were approximately $386,101. The gain on sale of real estate was approximately $49,848, of which $33,439 is shown in discontinued operations. In accordance with FAS 144, the results of operations and gain on sale of real estate for the 69 of the 96 sold industrial properties that were not identified as held for sale at December 31, 2001, are included in discontinued operations. The following table discloses certain information regarding the industrial properties included in discontinued operations by the Consolidated Operating Partnership for the years ended December 31, 2003, 2002 and 2001.
YEAR ENDED YEAR ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, DECEMBER 31, 2003 2002 2001 ------------ ------------ ------------ Total Revenues $ 18,678 $ 46,471 $ 53,613 Operating Expenses (6,334) (14,064) (14,516) Depreciation and Amortization (3,838) (9,202) (10,836) Gain on Sale of Real Estate 74,428 33,439 - -------- ---------- --------- Income from Discontinued Operations $ 82,934 $ 56,644 $ 28,261 ======== ========== =========
F-25 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 9. SALE OF REAL ESTATE, CONTINUED In conjunction with certain property sales, the Consolidated Operating Partnership provided seller financing on behalf of certain buyers. At December 31, 2003, the Consolidated Operating Partnership had mortgage notes receivable and accrued interest outstanding of approximately $29,336, which is included as a component of Prepaid Expenses and Other Assets. At December 31, 2002, the Consolidated Operating Partnership had a mortgage note receivable and accrued interest outstanding of approximately $29,103, which is included as a component of prepaid expenses and other assets. In connection with the Consolidated Operating Partnership's periodic review of the carrying values of its properties and due to the continuing softness of the economy in certain of its markets and indications of current market values for comparable properties, the Consolidated Operating Partnership determined in the fourth quarter of 2001 that an impairment valuation in the amount of approximately $6,490 should be recorded for certain properties located in the Columbus, Ohio and Des Moines, Iowa markets. 10. SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS
Year Ended Year Ended Year Ended December 31, December 31, December 31, 2003 2002 2001 ------------ ------------ ------------ Interest paid, net of capitalized interest ........................... $ 95,180 $ 84,791 $ 76,835 ========= ========= ========= Interest capitalized ................................................. $ 761 $ 7,792 $ 9,950 ========= ========= ========= Supplemental schedule of noncash investing and financing activities: Distribution payable on common stock/units ........................... $ 31,889 $ 31,106 $ 31,196 ========= ========= ========= Issuance of Units in exchange for property .............................. $ - $ 633 $ 1,491 ========= ========= ========= Exchange of Limited partnership units for General partnership units: Limited partnership units ............................................ $ (2,750) $ (4,616) $ (7,797) General partnership units ............................................ 2,750 4,616 7,797 --------- --------- --------- $ - $ - $ - ========= ========= ========= In conjunction with the property and land acquisitions, the following assets and liabilities were assumed: Purchase of real estate .............................................. $ 219,091 $ 181,553 $ 204,609 Deferred purchase price .............................................. (10,425) - - Accounts payable and accrued expenses ................................ (1,897) (2,140) (2,044) Mortgage debt ........................................................ (20,751) (11,844) - --------- --------- --------- Acquisition of real estate ........................................... $ 186,018 $ 167,569 $ 202,565 ========= ========= ========= In conjunction with certain property sales, the Company provided seller financing: Notes receivable ........................................................ $ 29,203 $ 35,462 $ - ========= ========= =========
F-26 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 11. EARNINGS PER UNIT The computation of basic and diluted EPU is presented below:
Year Ended Year Ended Year Ended December 31, December 31, December 31, 2003 2002 2001 ------------ ------------ ------------ Numerator: Income from Continuing Operations .................. $ 38,761 $ 63,365 $ 66,760 Gain on Sale of Real Estate ........................ 9,361 16,409 42,942 Less: Preferred Unit Distributions ................. (20,176) (23,432) (28,924) Less: Redemption of Series B Preferred Units ....... - (3,707) - ------------ ------------ ------------ Income from Continuing Operations Available to Unitholders - For Basic and Diluted EPU .......... 27,946 52,635 80,778 Discontinued Operations ............................ 82,934 56,644 28,261 ------------ ------------ ------------ Net Income Available to Unitholders - For Basic and Diluted EPU ...................... $ 110,880 $ 109,279 $ 109,039 ============ ============ ============ Denominator: Weighted Average Units Outstanding - Basic ......... 45,321,775 45,841,158 45,948,989 Effect of Dilutive Securities of the Company that Result in the Issuance of General Partner Units: Employee and Director Common Stock Options ......... 91,599 201,868 278,527 Employee and Director Shares of Restricted Stock ... 29,561 36,327 30,568 ------------ ------------ ------------ Weighted Average Units Outstanding - Diluted ....... 45,442,935 46,079,353 46,258,084 ============ ============ ============ Basic EPU: Income from Continuing Operations Available to Unitholders ...................................... $ 0.62 $ 1.15 $ 1.76 ============ ============ ============ Discontinued Operations ............................ $ 1.83 $ 1.24 $ 0.62 ============ ============ ============ Net Income Available to Unitholders ................ $ 2.45 $ 2.38 $ 2.37 ============ ============ ============ Diluted EPU: Income from Continuing Operations Available to Unitholders ...................................... $ 0.61 $ 1.14 $ 1.75 ============ ============ ============ Discontinued Operations ............................ $ 1.83 $ 1.23 $ 0.61 ============ ============ ============ Net Income Available to Unitholders ................ $ 2.44 $ 2.37 $ 2.36 ============ ============ ============
In accordance with FASB's Statement of Financial Accounting Standards No. 128, "Earnings Per Share", the basic weighted average units outstanding for 2002 and 2001 have been adjusted to exclude restricted stock issued that has not vested. The diluted weighted average units outstanding for 2002 and 2001 have been adjusted to exclude restricted stock issued that has not vested except that these amounts include the dilution related to restricted stock outstanding for each respective year. Due to these adjustments, basic and diluted earnings per unit available to unitholders for the years ended December 31, 2002 and 2001 do not agree with the basic and diluted earnings per unit available to unitholders reported in 2002's Form 10-K. The basic and diluted earnings per unit available to unitholders reported in the table above for the years ended December 31, 2002 and 2001 exceeds the basic and diluted earnings per unit available to unitholders reported in 2002's Form 10-K by $.01 per unit and $.02 per unit, respectively. F-27 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 12. FUTURE RENTAL REVENUES The Consolidated Operating Partnership's properties are leased to tenants under net and semi-net operating leases. Minimum lease payments receivable, excluding tenant reimbursements of expenses, under non-cancelable operating leases in effect as of December 31, 2003 are approximately as follows: 2004 $ 190,022 2005 149,832 2006 107,049 2007 76,778 2008 53,616 Thereafter 78,203 --------- Total $ 655,500 =========

13. EMPLOYEE BENEFIT PLANS The Company maintains three stock incentive plans, (the "Stock Incentive Plans"), which are administered by the Compensation Committee of the Board of Directors of the Company. There are approximately 10.0 million shares reserved under the Stock Incentive Plans. Only officers and other employees of the Company and its affiliates generally are eligible to participate in the Stock Incentive Plans. However, independent Directors of the Company have received automatic annual grants of options to purchase 10,000 shares at a per share exercise price equal to the fair market value of a share on the date of grant. The Stock Incentive Plans authorize (i) the grant of stock options that qualify as incentive stock options under Section 422 of the Code, (ii) the grant of stock options that do not so qualify, (iii) restricted stock awards, (iv) performance share awards and (v) dividend equivalent rights. The exercise price of stock options is determined by the Compensation Committee. Special provisions apply to awards granted under the Stock Incentive Plans in the event of a change in control in the Company. As of December 31, 2003, stock options and restricted stock covering 3.4 million shares were outstanding and 3.1 million shares were available under the Stock Incentive Plans. The outstanding stock options generally vest over one to three year periods and have lives of ten years. Stock option transactions are summarized as follows:
Weighted Average Exercise Price Shares Exercise Price per Share --------- -------------- --------------- Outstanding at December 31, 2000 3,023,467 $ 27.61 $18.25-$31.13 Granted 1,030,900 $ 32.98 $31.05-$33.125 Exercised (717,836) $ 25.99 $20.25-$31.125 Expired or Terminated (387,086) $ 30.13 $21.125-$33.125 --------- Outstanding at December 31, 2001 2,949,445 $ 29.55 $18.25-$31.125 Granted 945,600 $ 30.72 $30.53-$33.15 Exercised (561,418) $ 28.32 $22.75-$33.125 Expired or Terminated (190,992) $ 30.52 $25.125-$33.125 --------- Outstanding at December 31, 2002 3,142,635 $ 30.06 $18.25-$33.15 Exercised (531,473) $ 27.99 $20.25-$33.13 Expired or Terminated (107,149) $ 31.34 $25.13-$33.13 --------- Outstanding at December 31, 2003 2,504,013 $ 30.45 $18.25-$33.15
F-28 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 13. EMPLOYEE BENEFIT PLANS, CONTINUED The following table summarizes currently outstanding and exercisable options as of December 31, 2003:
Options Outstanding Options Exercisable --------------------------------------------- ------------------------- Weighted Weighted Weighted Average Average Average Number Remaining Exercise Number Exercise Range of Exercise Outstanding Contractual Life Price Exercisable Price Price - ----------------- ----------- ---------------- ---------- ----------- -------- ~~$18.25-$27.69 467,422 4.46 $ 25.47 467,422 $ 25.47 $30.00-$33.15 2,036,591 6.76 $ 31.59 1,293,302 $ 31.62~~
In September 1994, the Board of Directors approved and the Company adopted a 401(k)/Profit Sharing Plan. Under the Company's 401(k)/Profit Sharing Plan, all eligible employees may participate by making voluntary contributions. The Company may make, but is not required to make, matching contributions. For the years ended December 31, 2003, 2002 and 2001, the Company, through the Operating Partnership, made matching contributions of approximately $109, $99 and $220, respectively. During 2003, the Company awarded 692,888 shares of restricted Common Stock to certain employees and 11,956 shares of restricted Common Stock to certain Directors. These restricted shares of Common Stock had a fair value of approximately $20,640 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings in the Operating Partnership's consolidated statements of operations over the vesting period. During 2002, the Company awarded 90,260 shares of restricted Common Stock to certain employees and 3,720 shares of restricted Common Stock to certain Directors. The Operating Partnership issued Units to the Company in the same amount. These restricted shares of Common Stock had a fair value of approximately $3,232 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings in the Operating Partnership's consolidated statements of operations over the vesting period. During 2001, the Company awarded 94,450 shares of restricted Common Stock to certain employees and 3,699 shares of restricted Common Stock to certain Directors. These restricted shares of Common Stock had a fair value of approximately $3,133 on the date of grant. The restricted Common Stock vests over a period from one to ten years. Compensation expense will be charged to earnings in the Operating Partnership's consolidated statements of operations over the vesting period. 14. RELATED PARTY TRANSACTIONS The Consolidated Operating Partnership periodically engages in transactions for which CB Richard Ellis, Inc. acts as a broker. A relative of one of the Company's officers/Directors is an employee of CB Richard Ellis, Inc. For the years ended December 31, 2003, 2002 and 2001, this relative received brokerage commissions in the amount of $111, $51 and $17, respectively, from the Consolidated Operating Partnership. F-29 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 15. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Consolidated Operating Partnership is involved in legal actions arising from the ownership of its properties. In management's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on the consolidated financial position, operations or liquidity of the Consolidated Operating Partnership. Six properties have leases granting the tenants options to purchase the property. Such options are exercisable at various times and at appraised fair market value or at a fixed purchase price generally in excess of the Consolidated Operating Partnership's depreciated cost of the asset. The Consolidated Operating Partnership has no notice of any exercise of any tenant purchase option. The Consolidated Operating Partnership has committed to the construction of 26 industrial properties totaling approximately 2.6 million square feet (unaudited) of GLA. The estimated total construction costs are approximately $156.1 million (unaudited). Of this amount, approximately $33.9 million remains to be funded. These developments are expected to be funded with proceeds from the sale of select properties, cash flows from operations and borrowings under the Consolidated Operating Partnership's 2002 Unsecured Line of Credit. The Consolidated Operating Partnership expects to place in service all of the development projects during the next twelve months. There can be no assurance that the Consolidated Operating Partnership will place these projects in service during the next twelve months or that the actual completion cost will not exceed the estimated completion cost stated above. In connection with the acquisition of a property, the Consolidated Operating Partnership deferred $10,425 of the purchase price and provided a letter of credit for $10,425 which expires in January 2004. In January 2004, the Consolidated Operating Partnership paid the $10,425 of deferred purchase price and the letter of credit was returned to the Consolidated Operating Partnership. At December 31, 2003, the Consolidated Operating Partnership, through the Operating Partnership had 16 other letters of credit outstanding in the aggregate amount of $7,352. These letters of credit expire between March 2004 and December 2006. Ground and Operating Lease Agreements Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which the Consolidated Operating Partnership is the lessee, as of December 31, 2003, are as follows: 2004 $ 1,924 2005 1,594 2006 1,773 2007 1,084 2008 936 Thereafter 43,941 --------- Total $ 51,252 =========

16. SUBSEQUENT EVENTS On January 20, 2004, the Operating Partnership paid a fourth quarter 2003 distribution of $.6850 per Unit, totaling approximately $31,889. On February 25, 2004, the Operating Partnership declared a first quarter 2004 distribution of $.6850 per Unit which is payable on April 19, 2004. The Operating Partnership also declared first quarter 2004 distributions of $53.906 per Unit, $49.688 per Unit and $49.375 per Unit on its Series C Preferred Units, Series D Preferred Units and Series E Preferred Units, respectively, totaling, in the aggregate, approximately $5,044, which is payable on March 31, 2004. F-30 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 16. SUBSEQUENT EVENTS, CONTINUED From January 1, 2004 to March 5, 2004, the Company awarded 1,221 shares of restricted common stock to certain Directors. These shares of restricted common stock had a fair value of approximately $40 on the date of grant. The Consolidated Operating Partnership, through the Operating Partnership, issued Units to the Company in the same amount. The restricted common stock vests over ten years. Compensation expense will be charged to earnings in the Operating Partnership's consolidated statements of operations over the respective vesting period. From January 1, 2004 to March 5, 2004, the Consolidated Operating Partnership acquired or completed development of nine industrial properties for a total estimated investment of approximately $48,096. 17. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The following table summarizes quarterly financial information of the Consolidated Operating Partnership. The first, second and third fiscal quarters of 2003 and all fiscal quarters in 2002 have been restated in accordance with FAS 144. As a result, income from continuing operations and income from discontinued operations in this table will not agree to the income from continuing operations and income from discontinued operations presented in prior financial statements filed with the Securities and Exchange Commission.
Year Ended December 31, 2003 ----------------------------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter -------- -------- -------- -------- Total Revenues ......................................... $ 66,459 $ 68,250 $ 71,409 $ 74,663 Equity in Income (Loss) of Joint Ventures .............. 174 270 261 (166) Equity in Income of Other Real estate Partnerships ..... 17,228 8,044 6,516 11,544 Income from Continuing Operations ...................... 14,231 6,793 6,271 11,466 Income from Discontinued Operations .................... 19,689 18,462 24,162 20,621 Gain on Sale of Real Estate ............................ 1,236 1,378 4,604 2,143 Net Income ............................................. 35,156 26,633 35,037 34,230 Preferred Unit Distributions ........................... (5,044) (5,044) (5,044) (5,044) -------- -------- -------- -------- Net Income Available to Unitholders .................... $ 30,112 $ 21,589 $ 29,993 $ 29,186 ======== ======== ======== ======== Income from Continuing Operations Available to Unitholders per Weighted Unit Outstanding: Basic ............................................. $ 0.23 $ 0.07 $ 0.13 $ 0.19 ======== ======== ======== ======== Diluted ........................................... $ 0.23 $ 0.07 $ 0.13 $ 0.19 ======== ======== ======== ======== Net Income Available to Unitholders per Weighted Average Unit Outstanding: Basic ............................................. $ 0.67 $ 0.48 $ 0.66 $ 0.64 ======== ======== ======== ======== Diluted ........................................... $ 0.67 $ 0.48 $ 0.66 $ 0.64 ======== ======== ======== ========
F-31 FIRST INDUSTRIAL, L.P. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 17. QUARTERLY FINANCIAL INFORMATION (UNAUDITED), CONTINUED
Year Ended December 31, 2002 ----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter -------- -------- -------- -------- Total Revenues ...................................... $ 62,956 $ 65,631 $ 65,694 $ 66,625 Equity in Income (Loss) of Joint Ventures ........... 222 354 559 (672) Equity in Income of Other Real estate Partnerships .. 15,395 17,668 7,182 12,793 Income from Continuing Operations ................... 20,763 19,773 11,427 11,402 Income from Discontinued Operations ................. 8,644 10,581 12,598 24,821 Gain (Loss) on Sale of Real Estate .................. 5,339 4,495 8,175 (1,600) Net Income .......................................... 34,746 34,849 32,200 34,623 Preferred Unit Distributions ........................ (7,231) (6,113) (5,044) (5,044) Redemption of Series B Preferred Units............... - (3,707) - - -------- -------- -------- -------- Net Income Available to Unitholders ................. $ 27,515 $ 25,029 $ 27,156 $ 29,579 ======== ======== ======== ======== Income from Continuing Operations Available to Unitholders per Weighted Unit Outstanding: Basic .......................................... $ 0.41 $ 0.31 $ 0.32 $ 0.10 ======== ======== ======== ======== Diluted ........................................ $ 0.41 $ 0.31 $ 0.31 $ 0.10 ======== ======== ======== ======== Net Income Available to Unitholders per Weighted Average Unit Outstanding: Basic .......................................... $ 0.60 $ 0.54 $ 0.59 $ 0.65 ======== ======== ======== ======== Diluted ........................................ $ 0.60 $ 0.54 $ 0.59 $ 0.65 ======== ======== ======== ========
Due to the adjustments to basic and diluted weighted average units (See Note 11), basic and diluted earnings per unit available to unitholders presented in the above table for the quarters ended March 31, 2002, June 30, 2003 and 2002, September 30, 2003 and December 2002 may not agree with the basic and diluted earnings per unit available to unitholders reported in the 2003 and 2002 Form 10Qs. The impact of the adjustments on earnings per unit available to unitholders in such quarters ranges from $.01 per unit to $.02 per unit. REPORT OF INDEPENDENT AUDITORS ON FINANCIAL STATEMENT SCHEDULE To the Partners of First Industrial, L.P. Our audits of the consolidated financial statements referred to in our report dated March 9, 2004 of First Industrial, L.P. and its subsidiaries which report and consolidated financial statements are included in this Annual Report on Form 10-K also included an audit of the financial statement schedule listed in the Index to Financial Statements and Financial Statement Schedule on page F-1 of this Form 10-K. In our opinion, this financial statement schedule presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. As discussed in Note 3 to the consolidated financial statements, on January 1, 2002, First Industrial, L.P. and its subsidiaries adopted the provisions of Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets". PricewaterhouseCoopers LLP Chicago, Illinois March 9, 2004 S-1 FIRST INDUSTRIAL LP SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION AS OF DECEMBER 31, 2003 (DOLLARS IN THOUSANDS)
COSTS CAPITALIZED SUBSEQUENT TO (B) ACQUISITION OR INITIAL COST COMPLETION LOCATION (A) ---------------- AND VALUATION BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION - ---------------- ------------------ ------------ ----- --------- -------------- ATLANTA 1650 GA Highway 155 McDonough, GA 788 4,544 344 14101 Industrial Park Boulevard Covington, GA 285 1,658 549 801-804 Blacklawn Road Conyers, GA 361 2,095 767 1665 Dogwood Drive Conyers, GA 635 3,662 234 1715 Dogwood Drive Conyers, GA 288 1,675 245 11235 Harland Drive Covington, GA 125 739 70 4050 Southmeadow Parkway Atlanta, GA 401 2,813 230 4051 Southmeadow Parkway Atlanta, GA 726 4,130 1,149 4071 Southmeadow Parkway Atlanta, GA 750 4,460 981 3312 N. Berkeley Lake Road Duluth, GA 2,937 16,644 1,891 370 Great Southwest Parkway (i) Atlanta, GA 527 2,984 716 955 Cobb Place Kennesaw, GA 780 4,420 530 220 Greenwood Court McDonough, GA 2,015 - 8,819 1255 Oakbrook Drive Norcross, GA 195 1,107 71 1256 Oakbrook Drive Norcross, GA 336 1,907 235 1265 Oakbrook Drive Norcross, GA 307 1,742 160 1266 Oakbrook Drive Norcross, GA 234 1,326 39 1275 Oakbrook Drive Norcross, GA 400 2,269 85 1280 Oakbrook Drive Norcross, GA 281 1,592 188 1300 Oakbrook Drive Norcross, GA 420 2,381 43 1325 Oakbrook Drive Norcross, GA 332 1,879 137 1351 Oakbrook Drive Norcross, GA 370 2,099 105 1346 Oakbrook Drive Norcross, GA 740 4,192 84 1412 Oakbrook Drive Norcross, GA 313 1,776 65 7800 The Bluffs (s) Austell, GA 490 2,415 375 3060 South Park Blvd Ellenwood, GA 1,600 12,464 919 BALTIMORE 3431 Benson Baltimore, MD 553 3,062 111 1801 Portal Baltimore, MD 251 1,387 176 1811 Portal Baltimore, MD 327 1,811 340 1831 Portal Baltimore, MD 268 1,486 452 1821 Portal Baltimore, MD 430 2,380 1,490 1820 Portal Baltimore, MD (f) 884 4,891 455 4845 Governers Way Frederick, MD 810 4,487 304 8900 Yellow Brick Road Baltimore, MD 447 2,473 368 7476 New Ridge Hanover, MD 394 2,182 208 8779 Greenwood Place Savage, MD 704 3,896 679 1350 Blair Drive Odenton, MD 301 1,706 244 1360 Blair Drive Odenton, MD 321 1,820 85 1370 Blair Drive Odenton, MD 381 2,161 125 9020 Mendenhall Court Columbia, MD 530 3,001 227 504 Advantage Way (s) Aberdeen, MD 2,799 15,864 368 9700 Martin Luther King Hwy (s) Lanham, MD 700 1,920 281 9730 Martin Luther King Hwy (s) Lanham, MD 500 955 479 4600 Boston Way Lanham, MD 1,400 2,482 239 4621 Boston Way (s) Lanham, MD 1,100 3,070 174 4720 Boston Way (s) Lanham, MD 1,200 2,174 550 4700 Boston Way Lanham, MD 820 907 318 9800 Martin Luther King Hwy Lanham, MD 1,200 2,457 543 CENTRAL PENNSYLVANIA 16522 Hunters Green Parkway Hagerstown, MD (g) 1,390 13,104 3,881 CHICAGO 3600 West Pratt Avenue Lincolnwood, IL 1,050 5,767 1,114 6750 South Sayre Avenue Bedford Park, IL 224 1,309 431 585 Slawin Court Mount Prospect, IL 611 3,505 153 2300 Windsor Court Addison, IL 688 3,943 659 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD 12/31/03 ----------------------------- ACCUMULATED LOCATION BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE BUILDING ADDRESS (CITY/STATE) LAND IMPROVEMENTS TOTAL 12/31/03 RENOVATED LIVES (YEARS) - ---------------- ------------------ ----- -------------- ------ ------------ ----------- ------------- ATLANTA 1650 GA Highway 155 McDonough, GA 788 4,888 5,676 1,294 1991 (o) 14101 Industrial Park Boulevard Covington, GA 285 2,207 2,492 471 1984 (o) 801-804 Blacklawn Road Conyers, GA 361 2,862 3,223 749 1982 (o) 1665 Dogwood Drive Conyers, GA 635 3,895 4,530 942 1973 (o) 1715 Dogwood Drive Conyers, GA 288 1,920 2,208 525 1973 (o) 11235 Harland Drive Covington, GA 125 809 934 199 1988 (o) 4050 Southmeadow Parkway Atlanta, GA 425 3,019 3,444 724 1991 (o) 4051 Southmeadow Parkway Atlanta, GA 726 5,279 6,005 1,162 1989 (o) 4071 Southmeadow Parkway Atlanta, GA 828 5,363 6,191 1,311 1991 (o) 3312 N. Berkeley Lake Road Duluth, GA 3,052 18,420 21,472 3,703 1969 (o) 370 Great Southwest Parkway (i) Atlanta, GA 546 3,680 4,226 858 1986 (o) 955 Cobb Place Kennesaw, GA 804 4,926 5,730 745 1991 (o) 220 Greenwood Court McDonough, GA 1,700 9,134 10,834 476 2000 (o) 1255 Oakbrook Drive Norcross, GA 197 1,177 1,374 70 1984 (o) 1256 Oakbrook Drive Norcross, GA 339 2,140 2,478 134 1984 (o) 1265 Oakbrook Drive Norcross, GA 309 1,901 2,210 111 1984 (o) 1266 Oakbrook Drive Norcross, GA 235 1,363 1,599 82 1984 (o) 1275 Oakbrook Drive Norcross, GA 403 2,351 2,754 140 1986 (o) 1280 Oakbrook Drive Norcross, GA 283 1,778 2,061 102 1986 (o) 1300 Oakbrook Drive Norcross, GA 423 2,422 2,845 146 1986 (o) 1325 Oakbrook Drive Norcross, GA 334 2,014 2,348 116 1986 (o) 1351 Oakbrook Drive Norcross, GA 373 2,201 2,574 138 1984 (o) 1346 Oakbrook Drive Norcross, GA 744 4,271 5,015 257 1985 (o) 1412 Oakbrook Drive Norcross, GA 315 1,840 2,155 110 1985 (o) 7800 The Bluffs (s) Austell, GA 495 2,785 3,280 65 1995 (o) 3060 South Park Blvd Ellenwood, GA 1,603 13,380 14,983 305 1992 (o) BALTIMORE 3431 Benson Baltimore, MD 562 3,164 3,726 453 1988 (o) 1801 Portal Baltimore, MD 271 1,542 1,813 227 1987 (o) 1811 Portal Baltimore, MD 354 2,125 2,478 390 1987 (o) 1831 Portal Baltimore, MD 290 1,916 2,206 351 1990 (o) 1821 Portal Baltimore, MD 468 3,833 4,301 845 1986 (o) 1820 Portal Baltimore, MD 899 5,330 6,230 751 1982 (o) 4845 Governers Way Frederick, MD 824 4,777 5,601 667 1988 (o) 8900 Yellow Brick Road Baltimore, MD 475 2,812 3,287 404 1982 (o) 7476 New Ridge Hanover, MD 401 2,383 2,784 352 1987 (o) 8779 Greenwood Place Savage, MD 727 4,552 5,279 513 1978 (o) 1350 Blair Drive Odenton, MD 314 1,937 2,251 178 1991 (o) 1360 Blair Drive Odenton, MD 331 1,894 2,225 142 1991 (o) 1370 Blair Drive Odenton, MD 394 2,273 2,667 177 1991 (o) 9020 Mendenhall Court Columbia, MD 536 3,221 3,757 176 1981 (o) 504 Advantage Way (s) Aberdeen, MD 2,802 16,229 19,031 253 1987/1992 (o) 9700 Martin Luther King Hwy (s) Lanham, MD 700 2,201 2,901 10 1980 (o) 9730 Martin Luther King Hwy (s) Lanham, MD 500 1,434 1,934 9 1980 (o) 4600 Boston Way Lanham, MD 1,400 2,721 4,121 22 1980 (o) 4621 Boston Way (s) Lanham, MD 1,100 3,244 4,344 23 1980 (o) 4720 Boston Way (s) Lanham, MD 1,200 2,724 3,924 10 1979 (o) 4700 Boston Way Lanham, MD 820 1,225 2,045 12 1979 (o) 9800 Martin Luther King Hwy Lanham, MD 1,200 3,000 4,200 17 1978 (o) CENTRAL PENNSYLVANIA 16522 Hunters Green Parkway Hagerstown, MD 1,863 16,512 18,375 304 2000 (o) CHICAGO 3600 West Pratt Avenue Lincolnwood, IL 1,050 6,881 7,931 1,630 1953/88 (o) 6750 South Sayre Avenue Bedford Park, IL 224 1,740 1,964 386 1975 (o) 585 Slawin Court Mount Prospect, IL 611 3,658 4,269 791 1992 (o) 2300 Windsor Court Addison, IL 696 4,594 5,290 1,352 1986 (o)
S-2
COSTS CAPITALIZED SUBSEQUENT TO ACQUISITION OR (b) COMPLETION LOCATION (a) INITIAL COST AND VALUATION BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION - ---------------- -------------------- ------------ ----- --------- -------------- 3505 Thayer Court Aurora, IL 430 2,472 45 305-311 Era Drive Northbrook, IL 200 1,154 157 4330 South Racine Avenue Chicago, IL 448 1,893 520 12241 Melrose Street Franklin Park, IL 332 1,931 1,924 11939 S Central Avenue Alsip, IL 1,208 6,843 2,166 405 East Shawmut LaGrange, IL 368 2,083 160 1010-50 Sesame Street Bensenville, IL 979 5,546 1,531 5555 West 70th Place Bedford Park, IL 146 829 280 7401 South Pulaski Chicago, IL 664 3,763 1,311 7501 S. Pulaski Chicago, IL 360 2,038 1,016 385 Fenton Lane West Chicago, IL 868 4,918 567 335 Crossroad Parkway Bolingbrook, IL 1,560 8,840 1,101 905 Paramount Batavia, IL 243 1,375 383 1005 Paramount Batavia, IL 282 1,600 360 2120-24 Roberts Broadview, IL 220 1,248 429 3575 Stern Avenue St. Charles, IL 431 2,386 50 3810 Stern Avenue St. Charles, IL 589 3,262 45 700 Business Center Drive Mount Prospect, IL 270 1,492 120 555 Business Center Drive Mount Prospect, IL 241 1,336 83 800 Business Center Drive Mount Prospect, IL 631 3,493 233 580 Slawin Court Mount Prospect, IL 233 1,292 140 1150 Feehanville Drive Mount Prospect, IL 260 1,437 117 1200 Business Center Drive Mount Prospect, IL 765 4,237 386 1331 Business Center Drive Mount Prospect, IL 235 1,303 136 19W661 101st Street Lemont, IL 1,200 6,643 153 19W751 101st Street Lemont, IL 789 4,368 224 175 Wall Street Glendale Heights, IL 427 2,363 43 800-820 Thorndale Avenue Bensenville, IL 751 4,159 66 830-890 Supreme Drive Bensenville, IL 671 3,714 165 1400-1436 Brook Drive Downers Grove, IL (h) 1,900 3,787 577 1661 Feehanville Drive Mount Prospect, IL 985 5,455 565 5100 West 70th Place (s) Bedford Park, IL 2,250 5,050 3,122 CINCINNATI 9900-9970 Princeton Cincinnati, OH 545 3,088 1,584 2940 Highland Avenue Cincinnati, OH 1,717 9,730 2,148 4700-4750 Creek Road Blue Ash, OH 1,080 6,118 1,017 12072 Best Place Springboro, OH 426 - 3,411 901 Pleasant Valley Drive Springboro, OH 304 1,721 301 4440 Mulhauser Road Cincinnati, OH 1,067 39 5,368 4434 Mulhauser Road Cincinnati, OH 444 16 4,519 9449 Glades Drive Hamilton, OH - - 4,813 420 Wards Corner Road (s) Loveland, OH 600 1,083 743 422 Wards Corner Road (s) Loveland, OH 600 1,811 551 10901 Kenwood (s) Blue Ash, OH 750 1,650 (50) COLUMBUS 3800 Lockbourne Industrial Pkwy (r) Columbus, OH 1,133 6,421 127 1819 North Walcutt Road (r) Columbus, OH 810 4,590 (566) 4300 Cemetery Road (r) Hillard, OH 1,103 6,248 (1,794) 4115 Leap Road (i) Hillard, OH 758 4,297 476 3300 Lockbourne Columbus, OH 708 3,920 1,107 DALLAS/FORT WORTH 1275-1281 Roundtable Drive Dallas, TX 148 839 28 2406-2416 Walnut Ridge Dallas, TX 178 1,006 286 12750 Perimeter Drive Dallas, TX 638 3,618 245 1324-1343 Roundtable Drive Dallas, TX 178 1,006 293 2401-2419 Walnut Ridge Dallas, TX 148 839 114 4248-4252 Simonton Farmers Ranch, TX 888 5,032 435 900-906 Great Southwest Pkwy Arlington, TX 237 1,342 428 2179 Shiloh Road Garland, TX 251 1,424 127 2159 Shiloh Road Garland, TX 108 610 55 2701 Shiloh Road Garland, TX 818 4,636 1,228 12784 Perimeter Drive (j) Dallas, TX 350 1,986 576 3000 West Commerce Dallas, TX 456 2,584 530 3030 Hansboro Dallas, TX 266 1,510 476 5222 Cockrell Hill Dallas, TX 296 1,677 389 405-407 113th Arlington, TX 181 1,026 180 816 111th Street Arlington, TX 251 1,421 62 7341 Dogwood Park Richland Hills, TX 79 435 56 7427 Dogwood Park Richland Hills, TX 96 532 73 7348-54 Tower Street Richland Hills, TX 88 489 66 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD 12/31/03 ----------------------------- ACCUMULATED LOCATION BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE BUILDING ADDRESS (CITY/STATE) LAND IMPROVEMENTS TOTAL 12/31/03 RENOVATED LIVES (YEARS) - ---------------- -------------------- ----- -------------- ------ ------------ ----------- ------------- 3505 Thayer Court Aurora, IL 430 2,517 2,947 607 1989 (o) 305-311 Era Drive Northbrook, IL 205 1,307 1,511 338 1978 (o) 4330 South Racine Avenue Chicago, IL 468 2,393 2,861 1,688 1978 (o) 12241 Melrose Street Franklin Park, IL 469 3,718 4,187 817 1969 (o) 11939 S Central Avenue Alsip, IL 1,305 8,911 10,216 1,319 1972 (o) 405 East Shawmut LaGrange, IL 387 2,222 2,610 353 1965 (o) 1010-50 Sesame Street Bensenville, IL 1,048 7,007 8,056 890 1976 (o) 5555 West 70th Place Bedford Park, IL 157 1,098 1,255 163 1973 (o) 7401 South Pulaski Chicago, IL 669 5,069 5,738 837 1975/86 (o) 7501 S. Pulaski Chicago, IL 318 3,097 3,414 605 1975/86 (o) 385 Fenton Lane West Chicago, IL 884 5,468 6,353 860 1990 (o) 335 Crossroad Parkway Bolingbrook, IL 1,585 9,917 11,501 1,697 1996 (o) 905 Paramount Batavia, IL 252 1,749 2,001 259 1977 (o) 1005 Paramount Batavia, IL 293 1,950 2,243 293 1978 (o) 2120-24 Roberts Broadview, IL 231 1,666 1,897 306 1960 (o) 3575 Stern Avenue St. Charles, IL 436 2,431 2,867 187 1979/84 (o) 3810 Stern Avenue St. Charles, IL 596 3,301 3,897 254 1985 (o) 700 Business Center Drive Mount Prospect, IL 288 1,594 1,882 123 1980 (o) 555 Business Center Drive Mount Prospect, IL 252 1,409 1,661 109 1981 (o) 800 Business Center Drive Mount Prospect, IL 666 3,691 4,357 284 1988/99 (o) 580 Slawin Court Mount Prospect, IL 254 1,411 1,666 108 1985 (o) 1150 Feehanville Drive Mount Prospect, IL 273 1,541 1,814 125 1983 (o) 1200 Business Center Drive Mount Prospect, IL 814 4,575 5,388 389 1988/2000 (o) 1331 Business Center Drive Mount Prospect, IL 255 1,419 1,674 109 1985 (o) 19W661 101st Street Lemont, IL 1,200 6,795 7,995 378 1988 (o) 19W751 101st Street Lemont, IL 812 4,570 5,382 256 1991 (o) 175 Wall Street Glendale Heights, IL 433 2,400 2,833 115 1990 (o) 800-820 Thorndale Avenue Bensenville, IL 760 4,215 4,976 114 1985 (o) 830-890 Supreme Drive Bensenville, IL 679 3,871 4,550 119 1981 (o) 1400-1436 Brook Drive Downers Grove, IL 1,906 4,357 6,264 193 1972 (o) 1661 Feehanville Drive Mount Prospect, IL 1,044 5,961 7,005 452 1986 (o) 5100 West 70th Place (s) Bedford Park, IL 2,282 8,140 10,422 167 1978/1988 (o) CINCINNATI 9900-9970 Princeton Cincinnati, OH 566 4,650 5,216 1,043 1970 (o) 2940 Highland Avenue Cincinnati, OH 1,772 11,823 13,595 2,460 1969/74 (o) 4700-4750 Creek Road Blue Ash, OH 1,109 7,105 8,214 1,662 1960 (o) 12072 Best Place Springboro, OH 443 3,394 3,837 677 1984 (o) 901 Pleasant Valley Drive Springboro, OH 316 2,010 2,326 377 1984/94 (o) 4440 Mulhauser Road Cincinnati, OH 655 5,819 6,474 853 1999 (o) 4434 Mulhauser Road Cincinnati, OH 463 4,515 4,978 555 1999 (o) 9449 Glades Drive Hamilton, OH 2 4,811 4,813 570 1999 (o) 420 Wards Corner Road (s) Loveland, OH 603 1,823 2,426 62 1985 (o) 422 Wards Corner Road (s) Loveland, OH 603 2,358 2,962 89 1985 (o) 10901 Kenwood (s) Blue Ash, OH 750 1,600 2,350 14 1960 (o) COLUMBUS 3800 Lockbourne Industrial Pkwy (r) Columbus, OH 1,045 6,636 7,681 1,697 1986 (o) 1819 North Walcutt Road (r) Columbus, OH 637 4,197 4,834 842 1973 (o) 4300 Cemetery Road (r) Hillard, OH 764 4,792 5,556 892 1968/83 (o) 4115 Leap Road (i) Hillard, OH 756 4,774 5,531 646 1977 (o) 3300 Lockbourne Columbus, OH 710 5,024 5,734 722 1964 (o) DALLAS/FORT WORTH 1275-1281 Roundtable Drive Dallas, TX 117 897 1,015 158 1966 (o) 2406-2416 Walnut Ridge Dallas, TX 183 1,287 1,470 191 1978 (o) 12750 Perimeter Drive Dallas, TX 660 3,842 4,501 594 1979 (o) 1324-1343 Roundtable Drive Dallas, TX 184 1,293 1,477 247 1972 (o) 2401-2419 Walnut Ridge Dallas, TX 153 948 1,101 137 1978 (o) 4248-4252 Simonton Farmers Ranch, TX 920 5,435 6,355 874 1973 (o) 900-906 Great Southwest Pkwy Arlington, TX 270 1,737 2,007 238 1972 (o) 2179 Shiloh Road Garland, TX 256 1,545 1,802 241 1982 (o) 2159 Shiloh Road Garland, TX 110 663 773 106 1982 (o) 2701 Shiloh Road Garland, TX 923 5,759 6,682 863 1981 (o) 12784 Perimeter Drive (i) Dallas, TX 396 2,515 2,912 389 1981 (o) 3000 West Commerce Dallas, TX 469 3,101 3,570 436 1980 (o) 3030 Hansboro Dallas, TX 276 1,977 2,252 335 1971 (o) 5222 Cockrell Hill Dallas, TX 306 2,056 2,363 287 1973 (o) 405-407 113th Arlington, TX 185 1,201 1,386 245 1969 (o) 816 111th Street Arlington, TX 258 1,476 1,734 229 1972 (o) 7341 Dogwood Park Richland Hills, TX 84 486 570 61 1973 (o) 7427 Dogwood Park Richland Hills, TX 102 600 702 76 1973 (o) 7348-54 Tower Street Richland Hills, TX 94 549 643 71 1978 (o)
S-3
COSTS CAPITALIZED SUBSEQUENT TO ACQUISITION OR (B) COMPLETION LOCATION (A) INITIAL COST AND VALUATION BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION - ---------------- -------------------- ------------ ----- --------- -------------- 7370 Dogwood Park Richland Hills, TX 91 503 106 7339-41 Tower Street Richland Hills, TX 98 541 69 7437-45 Tower Street Richland Hills, TX 102 563 77 7331-59 Airport Freeway Richland Hills, TX 354 1,958 351 7338-60 Dogwood Park Richland Hills, TX 106 587 110 7450-70 Dogwood Park Richland Hills, TX 106 584 168 7423-49 Airport Freeway Richland Hills, TX 293 1,621 514 7400 Whitehall Street Richland Hills, TX 109 603 114 1602-1654 Terre Colony Dallas, TX 458 2,596 168 3330 Duncanville Road Dallas, TX 197 1,114 28 6851-6909 Snowden Road Fort Worth, TX 1,025 5,810 330 2351-2355 Merritt Drive Garland, TX 101 574 66 10575 Vista Park Dallas, TX 366 2,074 32 701-735 North Plano Road Richardson, TX 696 3,944 110 2259 Merritt Drive Garland, TX 96 544 43 2260 Merritt Drive Garland, TX 319 1,806 42 2220 Merritt Drive Garland, TX 352 1,993 255 2010 Merritt Drive Garland, TX 350 1,981 159 2363 Merritt Drive Garland, TX 73 412 7 2447 Merritt Drive Garland, TX 70 395 7 2465-2475 Merritt Drive Garland, TX 91 514 9 2485-2505 Merritt Drive Garland, TX 431 2,440 87 17919 Waterview Parkway Dallas, TX 833 4,718 94 2081 Hutton Drive - Bldg 1 (j) Carrolton, TX 448 2,540 416 2150 Hutton Drive Carrolton, TX 192 1,089 244 2110 Hutton Drive Carrolton, TX 374 2,117 188 2025 McKenzie Drive Carrolton, TX 437 2,478 417 2019 McKenzie Drive Carrolton, TX 502 2,843 200 1420 Valwood Parkway - Bldg 1 (i) Carrolton, TX 460 2,608 509 1620 Valwood Parkway (j) Carrolton, TX 1,089 6,173 1,093 1505 Luna Road - Bldg II Carrolton, TX 167 948 55 1625 West Crosby Road Carrolton, TX 617 3,498 764 2029-2035 McKenzie Drive Carrolton, TX 330 1,870 990 1840 Hutton Drive (i) Carrolton, TX 811 4,597 542 1420 Valwood Pkwy - Bldg II Carrolton, TX 373 2,116 327 2015 McKenzie Drive Carrolton, TX 510 2,891 344 2105 McDaniel Drive Carrolton, TX 502 2,844 727 2009 McKenzie Drive Carrolton, TX 476 2,699 344 1505 Luna Road - Bldg I Carrolton, TX 521 2,953 105 900-1100 Avenue S Grand Prairie, TX 623 3,528 321 15001 Trinity Blvd Ft. Worth, TX 529 2,998 36 Plano Crossing (k) Plano, TX 1,961 11,112 132 7413A-C Dogwood Park Richland Hills, TX 110 623 105 7450 Tower Street Richland Hills, TX 36 204 5 7436 Tower Street Richland Hills, TX 57 324 18 7501 Airport Freeway Richland Hills, TX 113 638 14 7426 Tower Street Richland Hills, TX 76 429 7 7427-7429 Tower Street Richland Hills, TX 75 427 14 2840-2842 Handley Ederville Rd Richland Hills, TX 112 635 14 7451-7477 Airport Freeway Richland Hills, TX 256 1,453 98 7415 Whitehall Street Richland Hills, TX 372 2,107 83 7450 Whitehall Street Richland Hills, TX 104 591 10 7430 Whitehall Street Richland Hills, TX 143 809 15 7420 Whitehall Street Richland Hills, TX 110 621 23 300 Wesley Way Richland Hills, TX 208 1,181 16 2104 Hutton Drive Carrolton, TX 246 1,393 59 Addison Tech Ctr - Bldg B Addison, TX 1,647 6,400 173 7337 Dogwood Park Richland Hills, TX 80 453 13 7334 Tower Street Richland Hills, TX 69 393 12 7451 Dogwood Park Richland Hills, TX 133 753 181 2821 Cullen Street Fort Worth, TX 71 404 5 1905 110th Street (s) Grand Prairie, TX 700 696 (171) DAYTON 6094-6104 Executive Blvd Huber Heights, OH 181 1,025 207 6202-6220 Executive Blvd Huber Heights, OH 268 1,521 187 6268-6294 Executive Blvd Huber Heights, OH 255 1,444 285 5749-5753 Executive Blvd Huber Heights, OH 50 282 104 6230-6266 Executive Blvd Huber Heights, OH 271 1,534 548 2200-2224 Sandridge Road Moriane, OH 218 1,233 147 8119-8137 Uehling Lane Dayton, OH 103 572 69 DENVER 7100 North Broadway - 1 Denver, CO 201 1,141 357 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD 12/31/03 ---------------------------- ACCUMULATED LOCATION BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE BUILDING ADDRESS (CITY/STATE) LAND IMPROVEMENTS TOTAL 12/31/03 RENOVATED LIVES (YEARS) - ---------------- -------------------- ------ ------------ ------ ------------ ----------- -------------- 7370 Dogwood Park Richland Hills, TX 96 603 700 79 1987 (o) 7339-41 Tower Street Richland Hills, TX 104 604 708 80 1980 (o) 7437-45 Tower Street Richland Hills, TX 108 633 741 81 1977 (o) 7331-59 Airport Freeway Richland Hills, TX 372 2,291 2,663 363 1987 (o) 7338-60 Dogwood Park Richland Hills, TX 112 691 803 109 1978 (o) 7450-70 Dogwood Park Richland Hills, TX 112 746 857 128 1985 (o) 7423-49 Airport Freeway Richland Hills, TX 308 2,120 2,428 391 1985 (o) 7400 Whitehall Street Richland Hills, TX 115 711 827 142 1994 (o) 1602-1654 Terre Colony Dallas, TX 468 2,755 3,223 287 1981 (o) 3330 Duncanville Road Dallas, TX 199 1,139 1,338 92 1987 (o) 6851-6909 Snowden Road Fort Worth, TX 1,038 6,127 7,165 584 1985/86 (o) 2351-2355 Merritt Drive Garland, TX 103 639 741 63 1986 (o) 10575 Vista Park Dallas, TX 371 2,102 2,472 171 1988 (o) 701-735 North Plano Road Richardson, TX 705 4,045 4,750 331 1972/94 (o) 2259 Merritt Drive Garland, TX 97 586 683 78 1986 (o) 2260 Merritt Drive Garland, TX 323 1,844 2,167 149 1986/99 (o) 2220 Merritt Drive Garland, TX 356 2,244 2,600 169 1986/2000 (o) 2010 Merritt Drive Garland, TX 354 2,136 2,489 290 1986 (o) 2363 Merritt Drive Garland, TX 74 418 492 34 1986 (o) 2447 Merritt Drive Garland, TX 71 401 472 33 1986 (o) 2465-2475 Merritt Drive Garland, TX 92 522 614 42 1986 (o) 2485-2505 Merritt Drive Garland, TX 436 2,521 2,957 212 1986 (o) 17919 Waterview Parkway Dallas, TX 843 4,801 5,644 404 1987 (o) 2081 Hutton Drive - Bldg 1 (j) Carrolton, TX 453 2,951 3,404 271 1981 (o) 2150 Hutton Drive Carrolton, TX 194 1,331 1,525 125 1980 (o) 2110 Hutton Drive Carrolton, TX 377 2,301 2,678 190 1985 (o) 2025 McKenzie Drive Carrolton, TX 442 2,890 3,332 230 1985 (o) 2019 McKenzie Drive Carrolton, TX 507 3,039 3,545 237 1985 (o) 1420 Valwood Parkway - Bldg 1 (i) Carrolton, TX 466 3,111 3,577 247 1986 (o) 1620 Valwood Parkway (j) Carrolton, TX 1,100 7,255 8,355 599 1986 (o) 1505 Luna Road - Bldg II Carrolton, TX 169 1,001 1,169 80 1988 (o) 1625 West Crosby Road Carrolton, TX 631 4,248 4,879 507 1988 (o) 2029-2035 McKenzie Drive Carrolton, TX 306 2,884 3,190 228 1985 (o) 1840 Hutton Drive (i) Carrolton, TX 819 5,132 5,951 375 1986 (o) 1420 Valwood Pkwy - Bldg II Carrolton, TX 377 2,440 2,817 185 1986 (o) 2015 McKenzie Drive Carrolton, TX 516 3,229 3,745 258 1986 (o) 2105 McDaniel Drive Carrolton, TX 507 3,566 4,073 242 1986 (o) 2009 McKenzie Drive Carrolton, TX 481 3,038 3,519 237 1987 (o) 1505 Luna Road - Bldg I Carrolton, TX 529 3,050 3,579 214 1988 (o) 900-1100 Avenue S Grand Prairie, TX 629 3,842 4,471 135 1985 (o) 15001 Trinity Blvd Ft. Worth, TX 534 3,029 3,563 101 1984 (o) Plano Crossing (k) Plano, TX 1,981 11,224 13,204 374 1998 (o) 7413A-C Dogwood Park Richland Hills, TX 111 727 838 21 1990 (o) 7450 Tower Street Richland Hills, TX 36 208 245 7 1977 (o) 7436 Tower Street Richland Hills, TX 58 342 400 13 1979 (o) 7501 Airport Freeway Richland Hills, TX 115 649 764 20 1983 (o) 7426 Tower Street Richland Hills, TX 76 435 511 14 1978 (o) 7427-7429 Tower Street Richland Hills, TX 76 440 516 14 1981 (o) 2840-2842 Handley Ederville Rd Richland Hills, TX 113 648 762 21 1977 (o) 7451-7477 Airport Freeway Richland Hills, TX 259 1,548 1,807 63 1984 (o) 7415 Whitehall Street Richland Hills, TX 375 2,186 2,561 76 1986 (o) 7450 Whitehall Street Richland Hills, TX 105 600 705 19 1978 (o) 7430 Whitehall Street Richland Hills, TX 144 822 966 26 1985 (o) 7420 Whitehall Street Richland Hills, TX 111 643 754 22 1985 (o) 300 Wesley Way Richland Hills, TX 211 1,196 1,406 38 1995 (o) 2104 Hutton Drive Carrolton, TX 249 1,449 1,698 116 1990 (o) Addison Tech Ctr - Bldg B Addison, TX 1,647 6,573 8,220 245 2001 (o) 7337 Dogwood Park Richland Hills, TX 81 466 547 15 1975 (o) 7334 Tower Street Richland Hills, TX 70 405 475 13 1975 (o) 7451 Dogwood Park Richland Hills, TX 134 932 1,066 52 1977 (o) 2821 Cullen Street Fort Worth, TX 72 409 481 13 1961 (o) 1905 110th Street (s) Grand Prairie, TX 705 520 1,225 35 1974 (o) DAYTON 6094-6104 Executive Blvd Huber Heights, OH 184 1,230 1,413 284 1975 (o) 6202-6220 Executive Blvd Huber Heights, OH 275 1,701 1,976 325 1996 (o) 6268-6294 Executive Blvd Huber Heights, OH 262 1,722 1,983 370 1989 (o) 5749-5753 Executive Blvd Huber Heights, OH 53 383 436 101 1975 (o) 6230-6266 Executive Blvd Huber Heights, OH 280 2,072 2,353 539 1979 (o) 2200-2224 Sandridge Road Moriane, OH 223 1,373 1,597 241 1983 (o) 8119-8137 Uehling Lane Dayton, OH 103 641 744 86 1978 (o) DENVER 7100 North Broadway - 1 Denver, CO 215 1,484 1,700 300 1978 (o)
S-4
COSTS CAPITALIZED SUBSEQUENT TO (b) ACQUISITION OR INITIAL COST COMPLETION LOCATION (a) ---------------- AND VALUATION BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION - ---------------- ------------------- ------------ ----- --------- -------------- 7100 North Broadway - 2 Denver, CO 203 1,150 321 7100 North Broadway - 3 Denver, CO 139 787 199 7100 North Broadway - 5 Denver, CO 180 1,018 183 7100 North Broadway - 6 Denver, CO 269 1,526 397 20100 East 32nd Avenue Parkway Aurora, CO 333 1,888 564 5454 Washington Denver, CO 154 873 244 700 West 48th Street Denver, CO 302 1,711 197 702 West 48th Street Denver, CO 135 763 190 6425 North Washington Denver, CO 374 2,118 315 3370 North Peoria Street Aurora, CO 163 924 192 3390 North Peoria Street Aurora, CO 145 822 87 3508-3538 North Peoria Street Aurora, CO 260 1,472 405 3568 North Peoria Street Aurora, CO 222 1,260 256 4785 Elati Denver, CO 173 981 249 4770 Fox Street Denver, CO 132 750 60 1550 W. Evans Denver, CO 388 2,200 401 3751-71 Revere Street Denver, CO 262 1,486 72 3871 Revere Denver, CO 361 2,047 106 4570 Ivy Street Denver, CO 219 1,239 264 5855 Stapleton Drive North Denver, CO 288 1,630 218 5885 Stapleton Drive North Denver, CO 376 2,129 248 5977-5995 North Broadway Denver, CO 268 1,518 96 2952-5978 North Broadway Denver, CO 414 2,346 596 6400 North Broadway Denver, CO 318 1,804 107 4721 Ironton Street Denver, CO 232 1,313 1,532 7100 North Broadway - 7 Denver, CO 215 1,221 268 7100 North Broadway - 8 Denver, CO 79 448 206 6804 East 48th Avenue Denver, CO 253 1,435 164 445 Bryant Street Denver, CO 1,831 10,219 1,579 East 47th Drive - A Denver, CO 474 2,689 154 9500 West 49th Street - A Wheatridge, CO 283 1,625 16 9500 West 49th Street - B Wheatridge, CO 225 1,272 31 9500 West 49th Street - C Wheatridge, CO 602 3,409 96 9500 West 49th Street - D Wheatridge, CO 271 1,537 232 8100 South Park Way - A Littleton, CO 442 2,507 350 8100 South Park Way - B Littleton, CO 103 582 281 8100 South Park Way - C Littleton, CO 568 3,219 200 451-591 East 124th Avenue Littleton, CO 383 2,145 477 608 Garrison Street Lakewood, CO 265 1,501 406 610 Garrison Street Lakewood, CO 264 1,494 377 1111 West Evans (A&C) Denver, CO 233 1,321 126 1111 West Evans (B) Denver, CO 30 169 25 15000 West 6th Avenue Golden, CO 913 5,174 700 14998 West 6th Avenue Bldg E Golden, CO 565 3,199 199 14998 West 6th Avenue Bldg F Englewood, CO 269 1,525 216 12503 East Euclid Drive Denver, CO 1,219 6,905 627 6547 South Racine Circle Denver, CO 748 4,241 303 7800 East Iliff Avenue Denver, CO 188 1,067 73 2369 South Trenton Way Denver, CO 292 1,656 232 2422 S. Trenton Way Denver, CO 241 1,364 198 2452 South Trenton Way Denver, CO 421 2,386 128 1600 South Abilene Aurora, CO 465 2,633 80 1620 South Abilene Aurora, CO 268 1,520 122 1640 South Abilene Aurora, CO 368 2,085 142 13900 East Florida Ave Aurora, CO 189 1,071 64 14401-14492 East 33rd Place Aurora, CO 445 2,519 176 11701 East 53rd Avenue Denver, CO 416 2,355 66 5401 Oswego Street Denver, CO 273 1,547 349 3811 Joliet Denver, CO 735 4,166 174 2630 West 2nd Avenue Denver, CO 51 286 5 2650 West 2nd Avenue Denver, CO 221 1,252 59 14818 West 6th Avenue Bldg A Golden, CO 494 2,799 312 14828 West 6th Avenue Bldg B Golden, CO 519 2,942 579 12055 E 49th Ave/4955 Peoria Denver, CO 298 1,688 352 4940-4950 Paris Denver, CO 152 861 123 4970 Paris Denver, CO 95 537 42 5010 Paris Denver, CO 89 505 224 7367 South Revere Parkway Englewood, CO 926 5,124 191 10311 W. Hampden Ave. Lakewood, CO 577 2,984 359 8200 East Park Meadows Drive (i) Lone Tree, CO 1,297 7,348 637 3250 Quentin (i) Aurora, CO 1,220 6,911 409 11585 E. 53rd Ave. (i) Denver, CO 1,770 10,030 305 10500 East 54th Ave. (j) Denver, CO 1,253 7,098 411 8820 W. 116th Street (s) Broomfield, CO 338 1,918 11 8835 W. 116th Street (s) Broomfield, CO 1,151 6,523 8 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD 12/31/03 --------------------------- ACCUMULATED LOCATION BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE BUILDING ADDRESS (CITY/STATE) LAND IMPROVEMENTS TOTAL 12/31/03 RENOVATED LIVES (YEARS) - ---------------- ------------------- ----- ------------ ------ ------------ ----------- ------------- 7100 North Broadway - 2 Denver, CO 204 1,470 1,673 333 1978 (o) 7100 North Broadway - 3 Denver, CO 140 985 1,125 202 1978 (o) 7100 North Broadway - 5 Denver, CO 178 1,203 1,381 297 1978 (o) 7100 North Broadway - 6 Denver, CO 271 1,921 2,192 388 1978 (o) 20100 East 32nd Avenue Parkway Aurora, CO 314 2,470 2,785 666 1997 (o) 5454 Washington Denver, CO 156 1,115 1,271 208 1985 (o) 700 West 48th Street Denver, CO 307 1,903 2,210 348 1984 (o) 702 West 48th Street Denver, CO 139 948 1,087 191 1984 (o) 6425 North Washington Denver, CO 385 2,421 2,806 426 1983 (o) 3370 North Peoria Street Aurora, CO 163 1,116 1,279 303 1978 (o) 3390 North Peoria Street Aurora, CO 147 908 1,054 158 1978 (o) 3508-3538 North Peoria Street Aurora, CO 264 1,874 2,137 300 1978 (o) 3568 North Peoria Street Aurora, CO 225 1,514 1,738 289 1978 (o) 4785 Elati Denver, CO 175 1,228 1,403 246 1972 (o) 4770 Fox Street Denver, CO 134 808 942 146 1972 (o) 1550 W. Evans Denver, CO 385 2,603 2,988 409 1975 (o) 3751-71 Revere Street Denver, CO 267 1,554 1,821 265 1980 (o) 3871 Revere Denver, CO 368 2,146 2,514 329 1980 (o) 4570 Ivy Street Denver, CO 220 1,501 1,721 326 1985 (o) 5855 Stapleton Drive North Denver, CO 290 1,846 2,136 302 1985 (o) 5885 Stapleton Drive North Denver, CO 380 2,372 2,753 395 1985 (o) 5977-5995 North Broadway Denver, CO 271 1,611 1,882 266 1978 (o) 2952-5978 North Broadway Denver, CO 422 2,935 3,357 510 1978 (o) 6400 North Broadway Denver, CO 325 1,905 2,230 303 1982 (o) 4721 Ironton Street Denver, CO 236 2,840 3,076 489 1969 (o) 7100 North Broadway - 7 Denver, CO 217 1,487 1,704 309 1985 (o) 7100 North Broadway - 8 Denver, CO 80 653 733 174 1985 (o) 6804 East 48th Avenue Denver, CO 256 1,597 1,853 248 1973 (o) 445 Bryant Street Denver, CO 1,829 11,800 13,629 1,855 1960 (o) East 47th Drive - A Denver, CO 441 2,876 3,317 642 1997 (o) 9500 West 49th Street - A Wheatridge, CO 286 1,638 1,924 292 1997 (o) 9500 West 49th Street - B Wheatridge, CO 226 1,302 1,528 208 1997 (o) 9500 West 49th Street - C Wheatridge, CO 600 3,507 4,107 571 1997 (o) 9500 West 49th Street - D Wheatridge, CO 246 1,794 2,040 458 1997 (o) 8100 South Park Way - A Littleton, CO 423 2,876 3,298 748 1997 (o) 8100 South Park Way - B Littleton, CO 104 862 966 239 1984 (o) 8100 South Park Way - C Littleton, CO 575 3,412 3,987 523 1984 (o) 451-591 East 124th Avenue Littleton, CO 383 2,622 3,005 381 1979 (o) 608 Garrison Street Lakewood, CO 267 1,905 2,172 302 1984 (o) 610 Garrison Street Lakewood, CO 266 1,869 2,135 318 1984 (o) 1111 West Evans (A&C) Denver, CO 236 1,444 1,679 223 1986 (o) 1111 West Evans (B) Denver, CO 30 194 224 31 1986 (o) 15000 West 6th Avenue Golden, CO 916 5,872 6,788 1,034 1985 (o) 14998 West 6th Avenue Bldg E Golden, CO 568 3,395 3,963 576 1995 (o) 14998 West 6th Avenue Bldg F Englewood, CO 271 1,740 2,010 378 1995 (o) 12503 East Euclid Drive Denver, CO 1,208 7,543 8,751 1,418 1986 (o) 6547 South Racine Circle Denver, CO 739 4,554 5,293 961 1996 (o) 7800 East Iliff Avenue Denver, CO 190 1,138 1,328 187 1983 (o) 2369 South Trenton Way Denver, CO 294 1,886 2,180 355 1983 (o) 2422 S. Trenton Way Denver, CO 243 1,560 1,803 245 1983 (o) 2452 South Trenton Way Denver, CO 426 2,509 2,935 414 1983 (o) 1600 South Abilene Aurora, CO 467 2,711 3,178 430 1986 (o) 1620 South Abilene Aurora, CO 270 1,640 1,911 303 1986 (o) 1640 South Abilene Aurora, CO 382 2,213 2,595 358 1986 (o) 13900 East Florida Ave Aurora, CO 190 1,134 1,324 193 1986 (o) 14401-14492 East 33rd Place Aurora, CO 440 2,699 3,139 471 1979 (o) 11701 East 53rd Avenue Denver, CO 422 2,414 2,836 381 1985 (o) 5401 Oswego Street Denver, CO 278 1,891 2,169 330 1985 (o) 3811 Joliet Denver, CO 752 4,324 5,076 535 1977 (o) 2630 West 2nd Avenue Denver, CO 51 291 342 46 1970 (o) 2650 West 2nd Avenue Denver, CO 223 1,310 1,532 221 1970 (o) 14818 West 6th Avenue Bldg A Golden, CO 468 3,136 3,605 618 1985 (o) 14828 West 6th Avenue Bldg B Golden, CO 503 3,536 4,039 672 1985 (o) 12055 E 49th Ave/4955 Peoria Denver, CO 305 2,033 2,338 410 1984 (o) 4940-4950 Paris Denver, CO 156 981 1,136 144 1984 (o) 4970 Paris Denver, CO 97 576 673 96 1984 (o) 5010 Paris Denver, CO 91 727 818 93 1984 (o) 7367 South Revere Parkway Englewood, CO 934 5,307 6,241 828 1997 (o) 10311 W. Hampden Ave. Lakewood, CO 578 3,342 3,920 491 1999 (o) 8200 East Park Meadows Drive (i) Lone Tree, CO 1,304 7,978 9,282 670 1984 (o) 3250 Quentin (i) Aurora, CO 1,230 7,309 8,539 595 1984/2000 (o) 11585 E. 53rd Ave. (i) Denver, CO 1,780 10,325 12,105 595 1984 (o) 10500 East 54th Ave. (j) Denver, CO 1,260 7,501 8,761 435 1986 (o) 8820 W. 116th Street (s) Broomfield, CO 338 1,928 2,266 - 2001 (o) 8835 W. 116th Street (s) Broomfield, CO 1,152 6,530 7,682 - 2002 (o)
S-5
COSTS CAPITALIZED SUBSEQUENT TO ACQUISITION OR (B) COMPLETION LOCATION (A) INITIAL COST AND VALUATION BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION - ---------------- ------------------- ------------ ----- --------- -------------- DETROIT 238 Executive Drive Troy, MI 52 173 562 256 Executive Drive Troy, MI 44 146 442 301 Executive Drive Troy, MI 71 293 614 449 Executive Drive Troy, MI 125 425 1,037 501 Executive Drive Troy, MI 71 236 644 451 Robbins Drive Troy, MI 96 448 1,001 1035 Crooks Road Troy, MI 114 414 626 1095 Crooks Road Troy, MI 331 1,017 1,033 1416 Meijer Drive Troy, MI 94 394 390 1624 Meijer Drive Troy, MI 236 1,406 995 1972 Meijer Drive Troy, MI 315 1,301 721 1621 Northwood Drive Troy, MI 85 351 1,039 1707 Northwood Drive Troy, MI 95 262 1,183 1788 Northwood Drive Troy, MI 50 196 574 1821 Northwood Drive Troy, MI 132 523 743 1826 Northwood Drive Troy, MI 55 208 394 1864 Northwood Drive Troy, MI 57 190 470 2277 Elliott Avenue Troy, MI 48 188 531 2451 Elliott Avenue Troy, MI 78 319 838 2730 Research Drive Rochester Hills, MI 915 4,215 747 2791 Research Drive Rochester Hills, MI 557 2,731 443 2871 Research Drive Rochester Hills, MI 324 1,487 378 2911 Research Drive Rochester Hills, MI 505 2,136 398 3011 Research Drive Rochester Hills, MI 457 2,104 349 2870 Technology Drive Rochester Hills, MI 275 1,262 237 2900 Technology Drive Rochester Hills, MI 214 977 492 2920 Technology Drive Rochester Hills, MI 159 671 144 2930 Technology Drive Rochester Hills, MI 131 594 441 2950 Technology Drive Rochester Hills, MI 178 819 303 23014 Commerce Drive Farmington Hills, MI 39 203 211 23028 Commerce Drive Farmington Hills, MI 98 507 439 23035 Commerce Drive Farmington Hills, MI 71 355 215 23042 Commerce Drive Farmintgon Hills, MI 67 277 331 23065 Commerce Drive Farmington Hills, MI 71 408 217 23070 Commerce Drive Farmington Hills, MI 112 442 690 23079 Commerce Drive Farmington Hills, MI 68 301 237 23093 Commerce Drive Farmington Hills, MI 211 1,024 788 23135 Commerce Drive Farmington Hills, MI 146 701 283 23163 Commerce Drive Farmington Hills, MI 111 513 319 23177 Commerce Drive Farmington Hills, MI 175 1,007 747 23206 Commerce Drive Farmington Hills, MI 125 531 626 23370 Commerce Drive Farmington Hills, MI 59 233 166 32450 N Avis Drive Madison Heights, MI 281 1,590 547 12050-12300 Hubbard (i) Livonia, MI 425 2,410 690 38300 Plymouth Road Livonia, MI 729 - 4,802 12707 Eckles Road Plymouth Township, MI 255 1,445 110 9300-9328 Harrison Rd Romulus, MI 147 834 376 9330-9358 Harrison Rd Romulus, MI 81 456 315 28420-28448 Highland Rd Romulus, MI 143 809 294 28450-28478 Highland Rd Romulus, MI 81 461 391 28421-28449 Highland Rd Romulus, MI 109 617 372 28451-28479 Highland Rd Romulus, MI 107 608 206 28825-28909 Highland Rd Romulus, MI 70 395 275 28933-29017 Highland Rd Romulus, MI 112 634 240 28824-28908 Highland Rd Romulus, MI 134 760 400 28932-29016 Highland Rd Romulus, MI 123 694 278 9710-9734 Harrison Rd Romulus, MI 125 706 173 9740-9772 Harrison Rd Romulus, MI 132 749 244 9840-9868 Harrison Rd Romulus, MI 144 815 201 9800-9824 Harrison Rd Romulus, MI 117 664 199 29265-29285 Airport Dr Romulus, MI 140 794 293 29185-29225 Airport Dr Romulus, MI 140 792 332 29149-29165 Airport Dr Romulus, MI 216 1,225 340 29101-29115 Airport Dr Romulus, MI 130 738 279 29031-29045 Airport Dr Romulus, MI 124 704 162 29050-29062 Airport Dr Romulus, MI 127 718 205 29120-29134 Airport Dr Romulus, MI 161 912 499 29200-29214 Airport Dr Romulus, MI 170 963 348 9301-9339 Middlebelt Rd Romulus, MI 124 703 181 26980 Trolley Industrial Drive Taylor, MI 450 2,550 1,015 32975 Capitol Avenue Livonia, MI 135 748 292 2725 S. Industrial Highway Ann Arbor, MI 660 3,654 543 32920 Capitol Avenue Livonia, MI 76 422 86 11862 Brookfield Avenue Livonia, MI 85 471 128 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD 12/31/03 --------------------------- ACCUMULATED LOCATION BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE BUILDING ADDRESS (CITY/STATE) LAND IMPROVEMENTS TOTAL 12/31/03 RENOVATED LIVES (YEARS) - ---------------- ------------------- ----- ------------ ------ ------------ ----------- ------------- DETROIT 238 Executive Drive Troy, MI 100 687 787 466 1973 (o) 256 Executive Drive Troy, MI 85 547 632 386 1974 (o) 301 Executive Drive Troy, MI 133 845 978 625 1974 (o) 449 Executive Drive Troy, MI 218 1,369 1,587 876 1975 (o) 501 Executive Drive Troy, MI 129 822 951 425 1984 (o) 451 Robbins Drive Troy, MI 192 1,353 1,545 917 1975 (o) 1035 Crooks Road Troy, MI 143 1,011 1,154 596 1980 (o) 1095 Crooks Road Troy, MI 360 2,021 2,381 1,062 1986 (o) 1416 Meijer Drive Troy, MI 121 758 878 474 1980 (o) 1624 Meijer Drive Troy, MI 373 2,264 2,637 1,255 1984 (o) 1972 Meijer Drive Troy, MI 372 1,965 2,337 1,034 1985 (o) 1621 Northwood Drive Troy, MI 215 1,261 1,475 968 1977 (o) 1707 Northwood Drive Troy, MI 239 1,301 1,540 748 1983 (o) 1788 Northwood Drive Troy, MI 103 717 820 462 1977 (o) 1821 Northwood Drive Troy, MI 220 1,178 1,398 865 1977 (o) 1826 Northwood Drive Troy, MI 103 555 657 406 1977 (o) 1864 Northwood Drive Troy, MI 107 610 717 454 1977 (o) 2277 Elliott Avenue Troy, MI 104 663 767 432 1975 (o) 2451 Elliott Avenue Troy, MI 164 1,072 1,235 790 1974 (o) 2730 Research Drive Rochester Hills, MI 903 4,974 5,877 2,601 1988 (o) 2791 Research Drive Rochester Hills, MI 560 3,171 3,731 1,450 1991 (o) 2871 Research Drive Rochester Hills, MI 327 1,862 2,189 848 1991 (o) 2911 Research Drive Rochester Hills, MI 504 2,535 3,039 1,220 1992 (o) 3011 Research Drive Rochester Hills, MI 457 2,453 2,910 1,260 1988 (o) 2870 Technology Drive Rochester Hills, MI 279 1,495 1,774 767 1988 (o) 2900 Technology Drive Rochester Hills, MI 219 1,464 1,683 771 1992 (o) 2920 Technology Drive Rochester Hills, MI 153 821 974 381 1992 (o) 2930 Technology Drive Rochester Hills, MI 138 1,027 1,166 453 1991 (o) 2950 Technology Drive Rochester Hills, MI 185 1,115 1,300 553 1991 (o) 23014 Commerce Drive Farmington Hills, MI 56 397 453 219 1983 (o) 23028 Commerce Drive Farmington Hills, MI 125 919 1,044 579 1983 (o) 23035 Commerce Drive Farmington Hills, MI 93 548 641 299 1983 (o) 23042 Commerce Drive Farmintgon Hills, MI 89 586 675 352 1983 (o) 23065 Commerce Drive Farmington Hills, MI 93 603 696 335 1983 (o) 23070 Commerce Drive Farmington Hills, MI 125 1,119 1,244 657 1983 (o) 23079 Commerce Drive Farmington Hills, MI 79 526 606 282 1983 (o) 23093 Commerce Drive Farmington Hills, MI 295 1,728 2,023 967 1983 (o) 23135 Commerce Drive Farmington Hills, MI 158 972 1,130 501 1986 (o) 23163 Commerce Drive Farmington Hills, MI 138 804 943 417 1986 (o) 23177 Commerce Drive Farmington Hills, MI 254 1,675 1,929 952 1986 (o) 23206 Commerce Drive Farmington Hills, MI 137 1,144 1,282 749 1985 (o) 23370 Commerce Drive Farmington Hills, MI 66 391 458 256 1980 (o) 32450 N Avis Drive Madison Heights, MI 286 2,132 2,419 622 1974 (o) 12050-12300 Hubbard (i) Livonia, MI 428 3,098 3,526 856 1981 (o) 38300 Plymouth Road Livonia, MI 835 4,696 5,531 684 1997 (o) 12707 Eckles Road Plymouth Township, MI 267 1,543 1,810 286 1990 (o) 9300-9328 Harrison Rd Romulus, MI 154 1,203 1,357 220 1978 (o) 9330-9358 Harrison Rd Romulus, MI 85 767 852 211 1978 (o) 28420-28448 Highland Rd Romulus, MI 149 1,097 1,246 237 1979 (o) 28450-28478 Highland Rd Romulus, MI 85 848 934 229 1979 (o) 28421-28449 Highland Rd Romulus, MI 114 984 1,099 237 1980 (o) 28451-28479 Highland Rd Romulus, MI 112 809 921 189 1980 (o) 28825-28909 Highland Rd Romulus, MI 73 667 740 144 1981 (o) 28933-29017 Highland Rd Romulus, MI 117 869 987 225 1982 (o) 28824-28908 Highland Rd Romulus, MI 140 1,154 1,294 285 1982 (o) 28932-29016 Highland Rd Romulus, MI 128 967 1,095 259 1982 (o) 9710-9734 Harrison Rd Romulus, MI 130 874 1,004 187 1987 (o) 9740-9772 Harrison Rd Romulus, MI 138 986 1,124 248 1987 (o) 9840-9868 Harrison Rd Romulus, MI 151 1,010 1,160 211 1987 (o) 9800-9824 Harrison Rd Romulus, MI 123 858 981 215 1987 (o) 29265-29285 Airport Dr Romulus, MI 147 1,080 1,227 237 1983 (o) 29185-29225 Airport Dr Romulus, MI 146 1,117 1,264 246 1983 (o) 29149-29165 Airport Dr Romulus, MI 226 1,555 1,781 344 1984 (o) 29101-29115 Airport Dr Romulus, MI 136 1,011 1,147 214 1985 (o) 29031-29045 Airport Dr Romulus, MI 130 860 990 169 1985 (o) 29050-29062 Airport Dr Romulus, MI 133 917 1,050 208 1986 (o) 29120-29134 Airport Dr Romulus, MI 169 1,404 1,573 400 1986 (o) 29200-29214 Airport Dr Romulus, MI 178 1,303 1,480 253 1985 (o) 9301-9339 Middlebelt Rd Romulus, MI 130 879 1,009 167 1983 (o) 26980 Trolley Industrial Drive Taylor, MI 463 3,552 4,015 542 1997 (o) 32975 Capitol Avenue Livonia, MI 144 1,030 1,175 132 1978 (o) 2725 S. Industrial Highway Ann Arbor, MI 704 4,153 4,857 773 1997 (o) 32920 Capitol Avenue Livonia, MI 82 502 584 77 1973 (o) 11862 Brookfield Avenue Livonia, MI 91 593 684 93 1972 (o)
S-6
COSTS CAPITALIZED SUBSEQUENT TO ACQUISITION OR (B) COMPLETION LOCATION (A) INITIAL COST AND VALUATION BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION - ---------------- --------------------- ------------ ----- --------- -------------- 11923 Brookfield Avenue Livonia, MI 120 665 459 11965 Brookfield Avenue Livonia, MI 120 665 78 13405 Stark Road Livonia, MI 46 254 38 1170 Chicago Road Troy, MI 249 1,380 160 1200 Chicago Road Troy, MI 268 1,483 142 450 Robbins Drive Troy, MI 166 920 139 1230 Chicago Road Troy, MI 271 1,498 142 12886 Westmore Avenue Livonia, MI 190 1,050 199 12898 Westmore Avenue Livonia, MI 190 1,050 213 33025 Industrial Road Livonia, MI 80 442 92 47711 Clipper Street Plymouth Township, MI 539 2,983 265 32975 Industrial Road Livonia, MI 160 887 182 32985 Industrial Road Livonia, MI 137 761 127 32995 Industrial Road Livonia, MI 160 887 180 12874 Westmore Avenue Livonia, MI 137 761 125 33067 Industrial Road Livonia, MI 160 887 113 1775 Bellingham Troy, MI 344 1,902 299 1785 East Maple Troy, MI 92 507 84 1807 East Maple Troy, MI 321 1,775 199 980 Chicago Troy, MI 206 1,141 103 1840 Enterprise Drive Rochester Hills, MI 573 3,170 278 1885 Enterprise Drive Rochester Hills, MI 209 1,158 110 1935-55 Enterprise Drive Rochester Hills, MI 1,285 7,144 823 5500 Enterprise Court Warren, MI 675 3,737 447 750 Chicago Road Troy, MI 323 1,790 278 800 Chicago Road Troy, MI 283 1,567 498 850 Chicago Road Troy, MI 183 1,016 178 2805 S. Industrial Highway Ann Arbor, MI 318 1,762 267 6833 Center Drive Sterling Heights, MI 467 2,583 220 32201 North Avis Drive Madison Heights, MI 345 1,911 443 1100 East Mandoline Road Madison Heights, MI 888 4,915 1,258 30081 Stephenson Highway Madison Heights, MI 271 1,499 349 1120 John A. Papalas Drive (j) Lincoln Park, MI 586 3,241 596 4872 S. Lapeer Road Lake Orion Twsp, MI 1,342 5,441 1,989 775 James L. Hart Parkway Ypsilanti, MI 348 1,536 864 1400 Allen Drive Troy, MI 209 1,154 120 1408 Allen Drive Troy, MI 151 834 171 1305 Stephenson Hwy Troy, MI 345 1,907 79 32505 Industrial Drive Madison Heights, MI 345 1,910 50 1799-1813 Northfield Drive (i) Rochester Hills, MI 481 2,665 122 GRAND RAPIDS 5050 Kendrick Court SE Grand Rapids, MI 1,721 11,433 4,581 5015 52nd Street SE Grand Rapids, MI 234 1,321 109 HOUSTON 2102-2314 Edwards Street Houston, TX 348 1,973 973 4545 Eastpark Drive Houston, TX 235 1,331 663 3351 Rauch St Houston, TX 272 1,541 256 3851 Yale St Houston, TX 413 2,343 675 3337-3347 Rauch Street Houston, TX 227 1,287 309 8505 N Loop East Houston, TX 439 2,489 184 4749-4799 Eastpark Dr Houston, TX 594 3,368 829 4851 Homestead Road Houston, TX 491 2,782 894 3365-3385 Rauch Street Houston, TX 284 1,611 189 5050 Campbell Road Houston, TX 461 2,610 313 4300 Pine Timbers Houston, TX 489 2,769 543 7901 Blankenship Houston, TX 136 772 396 2500-2530 Fairway Park Drive Houston, TX 766 4,342 671 6550 Longpointe Houston, TX 362 2,050 476 1815 Turning Basin Dr Houston, TX 487 2,761 497 1819 Turning Basin Dr Houston, TX 231 1,308 419 1805 Turning Basin Drive Houston, TX 564 3,197 648 7000 Empire Drive Houston, TX 450 2,552 1,122 9777 West Gulfbank Drive Houston, TX 1,217 6,899 1,734 9835A Genard Road Houston, TX 1,505 8,333 2,991 9835B Genard Road Houston, TX 245 1,357 462 10161 Harwin Drive Houston, TX 505 2,861 676 10165 Harwin Drive Houston, TX 218 1,234 454 10175 Harwin Drive Houston, TX 267 1,515 395 10325-10415 Landsbury Drive (j) Houston, TX 696 3,854 91 8705 City Park Loop Houston, TX 710 2,983 196 15340 Vantage Parkway Houston, TX 179 394 (182) 15431 Vantage Parkway Houston, TX 179 394 300 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD 12/31/03 --------------------------- ACCUMULATED LOCATION BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE BUILDING ADDRESS (CITY/STATE) LAND IMPROVEMENTS TOTAL 12/31/03 RENOVATED LIVES (YEARS) - ---------------- --------------------- ----- ------------ ------ ------------ ----------- ------------- 11923 Brookfield Avenue Livonia, MI 128 1,116 1,244 276 1973 (o) 11965 Brookfield Avenue Livonia, MI 128 734 863 112 1973 (o) 13405 Stark Road Livonia, MI 49 289 338 40 1980 (o) 1170 Chicago Road Troy, MI 266 1,523 1,789 213 1983 (o) 1200 Chicago Road Troy, MI 286 1,607 1,893 225 1984 (o) 450 Robbins Drive Troy, MI 178 1,047 1,225 159 1976 (o) 1230 Chicago Road Troy, MI 289 1,622 1,911 227 1996 (o) 12886 Westmore Avenue Livonia, MI 202 1,237 1,439 178 1981 (o) 12898 Westmore Avenue Livonia, MI 202 1,250 1,453 179 1981 (o) 33025 Industrial Road Livonia, MI 85 528 614 71 1980 (o) 47711 Clipper Street Plymouth Township, MI 575 3,212 3,787 450 1996 (o) 32975 Industrial Road Livonia, MI 171 1,058 1,229 158 1984 (o) 32985 Industrial Road Livonia, MI 147 878 1,025 119 1985 (o) 32995 Industrial Road Livonia, MI 171 1,056 1,227 147 1983 (o) 12874 Westmore Avenue Livonia, MI 147 877 1,023 120 1984 (o) 33067 Industrial Road Livonia, MI 171 989 1,160 145 1984 (o) 1775 Bellingham Troy, MI 367 2,178 2,545 364 1987 (o) 1785 East Maple Troy, MI 98 585 683 82 1985 (o) 1807 East Maple Troy, MI 342 1,953 2,295 274 1984 (o) 980 Chicago Troy, MI 220 1,230 1,450 172 1985 (o) 1840 Enterprise Drive Rochester Hills, MI 611 3,410 4,021 478 1990 (o) 1885 Enterprise Drive Rochester Hills, MI 223 1,254 1,477 176 1990 (o) 1935-55 Enterprise Drive Rochester Hills, MI 1,371 7,882 9,252 1,224 1990 (o) 5500 Enterprise Court Warren, MI 721 4,138 4,859 576 1989 (o) 750 Chicago Road Troy, MI 345 2,046 2,391 307 1986 (o) 800 Chicago Road Troy, MI 302 2,046 2,348 315 1985 (o) 850 Chicago Road Troy, MI 196 1,181 1,377 161 1984 (o) 2805 S. Industrial Highway Ann Arbor, MI 340 2,007 2,347 297 1990 (o) 6833 Center Drive Sterling Heights, MI 493 2,777 3,270 406 1998 (o) 32201 North Avis Drive Madison Heights, MI 349 2,351 2,700 374 1974 (o) 1100 East Mandoline Road Madison Heights, MI 897 6,164 7,061 908 1967 (o) 30081 Stephenson Highway Madison Heights, MI 274 1,845 2,119 263 1967 (o) 1120 John A. Papalas Drive (j) Lincoln Park, MI 593 3,830 4,423 646 1985 (o) 4872 S. Lapeer Road Lake Orion Twsp, MI 1,412 7,360 8,772 653 1999 (o) 775 James L. Hart Parkway Ypsilanti, MI 604 2,144 2,748 233 1999 (o) 1400 Allen Drive Troy, MI 212 1,270 1,483 97 1979 (o) 1408 Allen Drive Troy, MI 153 1,003 1,156 92 1979 (o) 1305 Stephenson Hwy Troy, MI 350 1,980 2,331 152 1979 (o) 32505 Industrial Drive Madison Heights, MI 351 1,954 2,305 151 1979 (o) 1799-1813 Northfield Drive (i) Rochester Hills, MI 490 2,778 3,268 218 1980 (o) GRAND RAPIDS 5050 Kendrick Court SE Grand Rapids, MI 1,721 16,014 17,735 3,810 1988 (o) 5015 52nd Street SE Grand Rapids, MI 234 1,430 1,664 332 1987 (o) HOUSTON 2102-2314 Edwards Street Houston, TX 382 2,912 3,294 611 1961 (o) 4545 Eastpark Drive Houston, TX 240 1,989 2,229 256 1972 (o) 3351 Rauch St Houston, TX 278 1,792 2,070 313 1970 (o) 3851 Yale St Houston, TX 425 3,007 3,431 415 1971 (o) 3337-3347 Rauch Street Houston, TX 233 1,591 1,823 325 1970 (o) 8505 N Loop East Houston, TX 449 2,663 3,113 394 1981 (o) 4749-4799 Eastpark Dr Houston, TX 611 4,181 4,791 616 1979 (o) 4851 Homestead Road Houston, TX 504 3,663 4,167 594 1973 (o) 3365-3385 Rauch Street Houston, TX 290 1,794 2,084 319 1970 (o) 5050 Campbell Road Houston, TX 470 2,913 3,383 453 1970 (o) 4300 Pine Timbers Houston, TX 499 3,300 3,800 513 1980 (o) 7901 Blankenship Houston, TX 140 1,164 1,304 238 1972 (o) 2500-2530 Fairway Park Drive Houston, TX 792 4,987 5,779 876 1974 (o) 6550 Longpointe Houston, TX 370 2,518 2,888 419 1980 (o) 1815 Turning Basin Dr Houston, TX 531 3,214 3,745 477 1980 (o) 1819 Turning Basin Dr Houston, TX 251 1,707 1,957 240 1980 (o) 1805 Turning Basin Drive Houston, TX 616 3,793 4,408 576 1980 (o) 7000 Empire Drive Houston, TX 452 3,672 4,124 791 1980 (o) 9777 West Gulfbank Drive Houston, TX 1,216 8,634 9,850 1,611 1980 (o) 9835A Genard Road Houston, TX 1,581 11,248 12,829 1,042 1980 (o) 9835B Genard Road Houston, TX 256 1,808 2,064 192 1980 (o) 10161 Harwin Drive Houston, TX 511 3,531 4,042 343 1979/1981 (o) 10165 Harwin Drive Houston, TX 220 1,685 1,906 233 1979/1981 (o) 10175 Harwin Drive Houston, TX 270 1,906 2,177 336 1979/1981 (o) 10325-10415 Landsbury Drive (j) Houston, TX 704 3,936 4,641 151 1982 (o) 8705 City Park Loop Houston, TX 714 3,176 3,889 101 1982 (o) 15340 Vantage Parkway Houston, TX 179 212 391 3 1984 (o) 15431 Vantage Parkway Houston, TX 179 694 873 3 1981 (o)
S-7
COSTS CAPITALIZED SUBSEQUENT TO ACQUISITION OR (b) COMPLETION LOCATION (a) INITIAL COST AND VALUATION BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION - ---------------- -------------------- ------------ ----- --------- -------------- 15402 Vantage Parkway(s) Houston, TX 358 788 203 INDIANAPOLIS 2400 North Shadeland Indianapolis, IN 142 802 138 2402 North Shadeland Indianapolis, IN 466 2,640 385 7901 West 21st St. Indianapolis, IN 1,063 6,027 401 1445 Brookville Way Indianapolis, IN 459 2,603 738 1440 Brookville Way Indianapolis, IN 665 3,770 357 1240 Brookville Way Indianapolis, IN 247 1,402 300 1220 Brookville Way Indianapolis, IN 223 40 52 1345 Brookville Way Indianapolis, IN (c) 586 3,321 750 1350 Brookville Way Indianapolis, IN 205 1,161 200 1341 Sadlier Circle E Dr Indianapolis, IN (c) 131 743 193 1322-1438 Sadlier Circle E Dr Indianapolis, IN (c) 145 822 339 1327-1441 Sadlier Circle E Dr Indianapolis, IN (c) 218 1,234 388 1304 Sadlier Circle E Dr Indianapolis, IN (c) 71 405 162 1402 Sadlier Circle E Dr Indianapolis, IN (c) 165 934 337 1504 Sadlier Circle E Dr Indianapolis, IN (c) 219 1,238 266 1311 Sadlier Circle E Dr Indianapolis, IN (c) 54 304 114 1365 Sadlier Circle E Dr Indianapolis, IN (c) 121 688 240 1352-1354 Sadlier Circle E Dr Indianapolis, IN (c) 178 1,008 386 1335 Sadlier Circle E Dr Indianapolis, IN (c) 81 460 123 1327 Sadlier Circle E Dr Indianapolis, IN (c) 52 295 72 1425 Sadlier Circle E Dr Indianapolis, IN (c) 21 117 29 1230 Brookville Way Indianapolis, IN 103 586 51 6951 E 30th St Indianapolis, IN 256 1,449 305 6701 E 30th St Indianapolis, IN 78 443 43 6737 E 30th St Indianapolis, IN 385 2,181 434 1225 Brookville Way Indianapolis, IN 60 - 417 6555 E 30th St Indianapolis, IN 840 4,760 1,645 2432-2436 Shadeland Indianapolis, IN 212 1,199 422 8402-8440 E 33rd St Indianapolis, IN 222 1,260 644 8520-8630 E 33rd St Indianapolis, IN 326 1,848 603 8710-8768 E 33rd St Indianapolis, IN 175 993 442 3316-3346 N. Pagosa Court Indianapolis, IN 325 1,842 440 3331 Raton Court Indianapolis, IN 138 802 217 6751 E 30th St Indianapolis, IN 728 2,837 271 6041 Guion Road Indianapolis, IN 123 678 5 8525 E. 33rd Street (s) Indianapolis, IN 1,300 2,091 694 5705-97 Park Plaza Ct. (s) Indianapolis, IN 600 2,194 612 9319-9341 Castlegate Drive (s) Indianapolis, IN 530 1,235 496 9332-9350 Castlegate Drive (s) Indianapolis, IN 420 646 348 9210 East 146th Street Noblesville, IN 552 684 464 6101-6119 Guion Road (s) Indianapolis, IN 400 661 176 LOS ANGELES 6407-6419 Alondra Blvd. Paramount, CA 137 774 85 6423-6431 Alondra Blvd. Paramount, CA 115 650 42 15101-15141 S. Figueroa St. (i) Los Angeles, CA 1,163 6,588 450 20816-18 Higgins Court Torrance, CA 74 419 31 21136 South Wilmington Ave Carson, CA 1,234 6,994 242 19914 Via Baron Way Rancho Dominguez, CA (d) 1,590 9,010 181 2035 E. Vista Bella Way Rancho Dominguez, CA (e) 1,382 7,829 343 14141 Alondra Blvd. Santa Fe Springs, CA 2,570 14,565 188 12616 Yukon Ave. Hawthorne, CA 685 3,884 89 3355 El Segundo Blvd (j) Hawthorne, CA 267 1,510 1,132 12621 Cerise Hawthorne, CA 413 2,344 (939) 333 Turnbull Canyon Road City of Industry, CA 2,700 1,824 314 42374 Avenida Alvarado (j) Temecula, CA 797 4,514 297 LOUISVILLE 9001 Cane Run Road Louisville, KY 524 - 5,577 7700 Trade Port Drive Louisville, KY 449 - 6,539 MILWAUKEE 6523 N Sydney Place Glendale, WI 172 976 209 8800 W Bradley Milwaukee, WI 375 2,125 151 4560 N 124th Street Wauwatosa, WI 118 667 85 4410-80 North 132nd Street Butler, WI 355 - 4,023 MINNEAPOLIS/ST. PAUL GROSS AMOUNT CARRIED AT CLOSE OF PERIOD 12/31/03 --------------------------- ACCUMULATED LOCATION BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE BUILDING ADDRESS (CITY/STATE) LAND IMPROVEMENTS TOTAL 12/31/03 RENOVATED LIVES (YEARS) - ---------------- -------------------- ----- ------------ ------ ------------ ----------- ------------- 15402 Vantage Parkway(s) Houston, TX 358 991 1,349 7 1981 (o) INDIANAPOLIS 2400 North Shadeland Indianapolis, IN 149 933 1,082 144 1970 (o) 2402 North Shadeland Indianapolis, IN 489 3,003 3,491 545 1970 (o) 7901 West 21st St. Indianapolis, IN 1,048 6,443 7,491 1,073 1985 (o) 1445 Brookville Way Indianapolis, IN 476 3,324 3,800 710 1989 (o) 1440 Brookville Way Indianapolis, IN 685 4,107 4,792 815 1990 (o) 1240 Brookville Way Indianapolis, IN 258 1,692 1,950 402 1990 (o) 1220 Brookville Way Indianapolis, IN 226 89 316 22 1990 (o) 1345 Brookville Way Indianapolis, IN 601 4,055 4,656 889 1992 (o) 1350 Brookville Way Indianapolis, IN 212 1,354 1,565 279 1994 (o) 1341 Sadlier Circle E Dr Indianapolis, IN 136 931 1,067 227 1971/1992 (o) 1322-1438 Sadlier Circle E Dr Indianapolis, IN 152 1,154 1,306 305 1971/1992 (o) 1327-1441 Sadlier Circle E Dr Indianapolis, IN 225 1,615 1,840 372 1992 (o) 1304 Sadlier Circle E Dr Indianapolis, IN 75 563 638 130 1971/1992 (o) 1402 Sadlier Circle E Dr Indianapolis, IN 171 1,265 1,436 271 1970/1992 (o) 1504 Sadlier Circle E Dr Indianapolis, IN 226 1,498 1,723 277 1971/1992 (o) 1311 Sadlier Circle E Dr Indianapolis, IN 57 414 471 128 1971/1992 (o) 1365 Sadlier Circle E Dr Indianapolis, IN 126 922 1,049 203 1971/1992 (o) 1352-1354 Sadlier Circle E Dr Indianapolis, IN 184 1,388 1,571 318 1970/1992 (o) 1335 Sadlier Circle E Dr Indianapolis, IN 85 579 664 122 1971/1992 (o) 1327 Sadlier Circle E Dr Indianapolis, IN 55 364 419 74 1971/1992 (o) 1425 Sadlier Circle E Dr Indianapolis, IN 23 144 166 28 1971/1992 (o) 1230 Brookville Way Indianapolis, IN 109 632 741 125 1995 (o) 6951 E 30th St Indianapolis, IN 265 1,745 2,010 483 1995 (o) 6701 E 30th St Indianapolis, IN 82 481 564 94 1995 (o) 6737 E 30th St Indianapolis, IN 398 2,601 3,000 568 1995 (o) 1225 Brookville Way Indianapolis, IN 68 409 477 72 1997 (o) 6555 E 30th St Indianapolis, IN 484 6,761 7,245 1,779 1969/1981 (o) 2432-2436 Shadeland Indianapolis, IN 230 1,603 1,833 340 1968 (o) 8402-8440 E 33rd St Indianapolis, IN 230 1,895 2,125 380 1977 (o) 8520-8630 E 33rd St Indianapolis, IN 336 2,442 2,777 486 1976 (o) 8710-8768 E 33rd St Indianapolis, IN 187 1,423 1,610 294 1979 (o) 3316-3346 N. Pagosa Court Indianapolis, IN 335 2,272 2,606 473 1977 (o) 3331 Raton Court Indianapolis, IN 138 1,019 1,157 196 1979 (o) 6751 E 30th St Indianapolis, IN 741 3,095 3,836 478 1997 (o) 6041 Guion Road Indianapolis, IN 124 682 806 20 1968 (o) 8525 E. 33rd Street (s) Indianapolis, IN 1,302 2,784 4,085 134 1978 (o) 5705-97 Park Plaza Ct. (s) Indianapolis, IN 607 2,799 3,406 115 1977 (o) 9319-9341 Castlegate Drive (s) Indianapolis, IN 544 1,717 2,261 10 1983 (o) 9332-9350 Castlegate Drive (s) Indianapolis, IN 429 985 1,414 8 1983 (o) 9210 East 146th Street Noblesville, IN 262 1,438 1,700 259 1978 (o) 6101-6119 Guion Road (s) Indianapolis, IN 401 836 1,237 19 1976 (o) LOS ANGELES 6407-6419 Alondra Blvd. Paramount, CA 140 855 995 66 1985 (o) 6423-6431 Alondra Blvd. Paramount, CA 118 689 807 60 1985 (o) 15101-15141 S. Figueroa St. (i) Los Angeles, CA 1,175 7,025 8,200 549 1982 (o) 20816-18 Higgins Court Torrance, CA 75 449 524 32 1981 (o) 21136 South Wilmington Ave Carson, CA 1,246 7,224 8,470 461 1989 (o) 19914 Via Baron Way Rancho Dominguez, CA 1,616 9,165 10,781 355 1973 (o) 2035 E. Vista Bella Way Rancho Dominguez, CA 1,406 8,147 9,553 354 1972 (o) 14141 Alondra Blvd. Santa Fe Springs, CA 2,598 14,725 17,323 584 1969 (o) 12616 Yukon Ave. Hawthorne, CA 696 3,962 4,658 143 1987 (o) 3355 El Segundo Blvd (j) Hawthorne, CA 418 2,491 2,910 87 1959 (o) 12621 Cerise Hawthorne, CA 265 1,553 1,819 66 1959 (o) 333 Turnbull Canyon Road City of Industry, CA 2,700 2,138 4,838 12 1968/1985 (o) 42374 Avenida Alvarado (j) Temecula, CA 812 4,796 5,607 127 1987 (o) LOUISVILLE 9001 Cane Run Road Louisville, KY 560 5,541 6,101 960 1998 (o) 7700 Trade Port Drive Louisville, KY 449 6,539 6,988 14 2001 (o) MILWAUKEE 6523 N Sydney Place Glendale, WI 176 1,182 1,358 241 1978 (o) 8800 W Bradley Milwaukee, WI 388 2,263 2,651 426 1982 (o) 4560 N 124th Street Wauwatosa, WI 129 741 870 122 1976 (o) 4410-80 North 132nd Street Butler, WI 359 4,019 4,378 320 1999 (o) MINNEAPOLIS/ST. PAUL
S-8
COSTS CAPITALIZED SUBSEQUENT TO (b) ACQUISITION OR INITIAL COST COMPLETION LOCATION (a) ---------------- AND VALUATION BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION - ---------------- -------------------- ------------ ----- --------- -------------- 6507-6545 Cecilia Circle Bloomington, MN 357 1,320 962 6201 West 111th Street Bloomington, MN 1,358 8,622 3,757 6403-6545 Cecilia Drive Bloomington, MN 366 1,363 911 6925-6943 Washington Avenue Edina, MN 117 504 900 6955-6973 Washington Avenue Edina, MN 117 486 587 7251-7267 Washington Avenue Edina, MN 129 382 517 7301-7325 Washington Avenue Edina, MN 174 391 575 7101 Winnetka Avenue North Brooklyn Park, MN 2,195 6,084 2,774 7600 Golden Triangle Drive Eden Prairie, MN 566 1,394 1,583 9901 West 74th Street Eden Prairie, MN 621 3,289 2,963 12220-12222 Nicollet Avenue Burnsville, MN 105 425 372 12250-12268 Nicollet Avenue Burnsville, MN 260 1,054 499 12224-12226 Nicollet Avenue Burnsville, MN 190 770 343 980 Lone Oak Road Eagan, MN 683 4,103 973 990 Lone Oak Road Eagan, MN 883 5,575 1,101 1030 Lone Oak Road Eagan, MN 456 2,703 613 1060 Lone Oak Road Eagan, MN 624 3,700 855 5400 Nathan Lane Plymouth, MN 749 4,461 783 10120 W 76th Street Eden Prairie, MN 315 1,804 1,474 7615 Golden Triangle Eden Prairie, MN 268 1,532 1,153 7625 Golden Triangle Eden Prairie, MN 415 2,375 1,009 2605 Fernbrook Lane North Plymouth, MN 443 2,533 526 12155 Nicollet Ave. Burnsville, MN 286 - 1,890 73rd Avenue North Brooklyn Park, MN 504 2,856 379 1905 W Country Road C Roseville, MN 402 2,278 260 2720 Arthur Street Roseville, MN 824 4,671 321 10205 51st Avenue North Plymouth, MN 180 1,020 126 4100 Peavey Road Chaska, MN 399 2,261 887 11300 Hamshire Ave South Bloomington, MN 527 2,985 1,828 375 Rivertown Drive Woodbury, MN 1,083 6,135 2,741 5205 Highway 169 Plymouth, MN 446 2,525 1,133 6451-6595 Citywest Parkway Eden Prairie, MN 525 2,975 1,440 7100-7198 Shady Oak Road Eden Prairie, MN 715 4,054 991 7500-7546 Washington Square Eden Prairie, MN 229 1,300 588 7550-7558 Washington Square Eden Prairie, MN 153 867 161 5240-5300 Valley Industrial Blvd S Shakopee, MN 362 2,049 830 7125 Northland Terrace Brooklyn Park, MN 660 3,740 887 6900 Shady Oak Road Eden Prairie, MN 310 1,756 438 6477-6525 City West Parkway Eden Prairie, MN 810 4,590 491 1157 Valley Park Drive Shakopee, MN 760 - 6,127 500-530 Kasota Avenue SE Minneapolis, MN 415 2,354 922 770-786 Kasota Avenue SE Minneapolis, MN 333 1,888 510 800 Kasota Avenue SE Minneapolis, MN 524 2,971 656 2530-2570 Kasota Avenue St. Paul, MN 407 2,308 753 NASHVILLE 3099 Barry Drive Portland, TN 418 2,368 88 3150 Barry Drive Portland, TN 941 5,333 309 5599 Highway 31 West Portland, TN 564 3,196 81 1650 Elm Hill Pike Nashville, TN 329 1,867 153 1102 Appleton Drive Nashville, TN 154 873 64 1931 Air Lane Drive Nashville, TN 489 2,785 297 470 Metroplex Drive (i) Nashville, TN 619 3,507 1,356 1150 Antiock Pike Nashville, TN 661 3,748 317 4640 Cummings Park Nashville, TN 360 2,040 225 556 Metroplex Drive Nashville, TN 227 1,285 284 7600 Eastgate Blvd. Lebanon, TN 1,375 - 10,167 NORTHERN NEW JERSEY 9 Princess Road Lawrenceville, NJ 221 1,254 140 11 Princess Road Lawrenceville, NJ 491 2,780 576 15 Princess Road Lawrenceville, NJ 234 1,328 455 17 Princess Road Lawrenceville, NJ 342 1,936 81 220 Hanover Avenue Hanover, NJ 1,361 7,715 600 25 World's Fair Drive Franklin, NJ 285 1,616 208 14 World's Fair Drive Franklin, NJ 483 2,735 481 18 World's Fair Drive Franklin, NJ 123 699 84 23 World's Fair Drive Franklin, NJ 134 758 114 12 World's Fair Drive Franklin, NJ 572 3,240 392 49 Napoleon Court Franklin, NJ 230 1,306 90 22 World's Fair Drive Franklin, NJ 364 2,064 455 26 World's Fair Drive Franklin, NJ 361 2,048 212 24 World's Fair Drive Franklin, NJ 347 1,968 377 20 World's Fair Drive Lot 13 Sumerset, NJ 9 - 2,815 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD 12/31/03 --------------------------- ACCUMULATED LOCATION BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE BUILDING ADDRESS (CITY/STATE) LAND IMPROVEMENTS TOTAL 12/31/03 RENOVATED LIVES (YEARS) - ---------------- -------------------- ----- ------------ ------ ------------ ----------- ------------- 6507-6545 Cecilia Circle Bloomington, MN 386 2,252 2,639 1,289 1980 (o) 6201 West 111th Street Bloomington, MN 1,499 12,238 13,737 4,798 1987 (o) 6403-6545 Cecilia Drive Bloomington, MN 395 2,245 2,640 1,340 1980 (o) 6925-6943 Washington Avenue Edina, MN 237 1,285 1,521 1,043 1972 (o) 6955-6973 Washington Avenue Edina, MN 207 983 1,190 879 1972 (o) 7251-7267 Washington Avenue Edina, MN 182 846 1,028 751 1972 (o) 7301-7325 Washington Avenue Edina, MN 193 947 1,140 1,047 1972 (o) 7101 Winnetka Avenue North Brooklyn Park, MN 2,228 8,826 11,053 4,241 1990 (o) 7600 Golden Triangle Drive Eden Prairie, MN 615 2,928 3,543 1,862 1989 (o) 9901 West 74th Street Eden Prairie, MN 639 6,234 6,873 2,633 1983/88 (o) 12220-12222 Nicollet Avenue Burnsville, MN 114 789 902 366 1989/90 (o) 12250-12268 Nicollet Avenue Burnsville, MN 296 1,516 1,813 637 1989/90 (o) 12224-12226 Nicollet Avenue Burnsville, MN 207 1,096 1,303 467 1989/90 (o) 980 Lone Oak Road Eagan, MN 683 5,076 5,759 1,667 1992 (o) 990 Lone Oak Road Eagan, MN 873 6,686 7,559 2,031 1989 (o) 1030 Lone Oak Road Eagan, MN 456 3,316 3,772 757 1988 (o) 1060 Lone Oak Road Eagan, MN 624 4,555 5,180 1,274 1988 (o) 5400 Nathan Lane Plymouth, MN 757 5,236 5,994 1,135 1990 (o) 10120 W 76th Street Eden Prairie, MN 315 3,277 3,593 889 1987 (o) 7615 Golden Triangle Eden Prairie, MN 268 2,685 2,953 1,069 1987 (o) 7625 Golden Triangle Eden Prairie, MN 415 3,384 3,800 884 1987 (o) 2605 Fernbrook Lane North Plymouth, MN 445 3,057 3,502 894 1987 (o) 12155 Nicollet Ave. Burnsville, MN 288 1,888 2,176 471 1995 (o) 73rd Avenue North Brooklyn Park, MN 512 3,227 3,739 596 1995 (o) 1905 W Country Road C Roseville, MN 410 2,530 2,940 456 1993 (o) 2720 Arthur Street Roseville, MN 832 4,984 5,816 936 1995 (o) 10205 51st Avenue North Plymouth, MN 193 1,133 1,326 222 1990 (o) 4100 Peavey Road Chaska, MN 415 3,133 3,547 658 1988 (o) 11300 Hamshire Ave South Bloomington, MN 541 4,799 5,340 966 1983 (o) 375 Rivertown Drive Woodbury, MN 1,503 8,456 9,959 1,387 1996 (o) 5205 Highway 169 Plymouth, MN 739 3,364 4,103 748 1960 (o) 6451-6595 Citywest Parkway Eden Prairie, MN 538 4,402 4,940 1,181 1984 (o) 7100-7198 Shady Oak Road Eden Prairie, MN 736 5,025 5,761 701 1982/2002 (o) 7500-7546 Washington Square Eden Prairie, MN 235 1,882 2,117 270 1975 (o) 7550-7558 Washington Square Eden Prairie, MN 157 1,024 1,181 169 1975 (o) 5240-5300 Valley Industrial Blvd S Shakopee, MN 371 2,869 3,240 585 1973 (o) 7125 Northland Terrace Brooklyn Park, MN 767 4,520 5,287 749 1996 (o) 6900 Shady Oak Road Eden Prairie, MN 340 2,164 2,504 346 1980 (o) 6477-6525 City West Parkway Eden Prairie, MN 819 5,071 5,891 862 1984 (o) 1157 Valley Park Drive Shakopee, MN 888 5,999 6,886 633 1997 (o) 500-530 Kasota Avenue SE Minneapolis, MN 432 3,259 3,691 498 1976 (o) 770-786 Kasota Avenue SE Minneapolis, MN 347 2,383 2,730 340 1976 (o) 800 Kasota Avenue SE Minneapolis, MN 597 3,554 4,151 541 1976 (o) 2530-2570 Kasota Avenue St. Paul, MN 465 3,003 3,468 617 1976 (o) NASHVILLE 3099 Barry Drive Portland, TN 421 2,452 2,873 448 1995 (o) 3150 Barry Drive Portland, TN 981 5,602 6,583 1,016 1993 (o) 5599 Highway 31 West Portland, TN 571 3,270 3,841 595 1995 (o) 1650 Elm Hill Pike Nashville, TN 332 2,017 2,349 364 1984 (o) 1102 Appleton Drive Nashville, TN 154 937 1,091 155 1984 (o) 1931 Air Lane Drive Nashville, TN 493 3,078 3,571 565 1984 (o) 470 Metroplex Drive (i) Nashville, TN 626 4,857 5,483 1,038 1986 (o) 1150 Antiock Pike Nashville, TN 669 4,058 4,726 635 1987 (o) 4640 Cummings Park Nashville, TN 365 2,260 2,625 288 1986 (o) 556 Metroplex Drive Nashville, TN 231 1,566 1,796 139 1983 (o) 7600 Eastgate Blvd. Lebanon, TN 1,375 10,167 11,542 197 2002 (o) NORTHERN NEW JERSEY 9 Princess Road Lawrenceville, NJ 234 1,381 1,615 241 1985 (o) 11 Princess Road Lawrenceville, NJ 516 3,330 3,846 612 1985 (o) 15 Princess Road Lawrenceville, NJ 247 1,771 2,018 437 1986 (o) 17 Princess Road Lawrenceville, NJ 345 2,013 2,358 363 1986 (o) 220 Hanover Avenue Hanover, NJ 1,420 8,257 9,677 1,393 1987 (o) 25 World's Fair Drive Franklin, NJ 297 1,813 2,109 309 1986 (o) 14 World's Fair Drive Franklin, NJ 503 3,196 3,699 597 1980 (o) 18 World's Fair Drive Franklin, NJ 129 776 905 121 1982 (o) 23 World's Fair Drive Franklin, NJ 140 865 1,005 159 1982 (o) 12 World's Fair Drive Franklin, NJ 593 3,611 4,204 580 1981 (o) 49 Napoleon Court Franklin, NJ 238 1,388 1,626 233 1982 (o) 22 World's Fair Drive Franklin, NJ 375 2,508 2,883 503 1983 (o) 26 World's Fair Drive Franklin, NJ 377 2,244 2,621 387 1984 (o) 24 World's Fair Drive Franklin, NJ 362 2,330 2,692 415 1984 (o) 20 World's Fair Drive Lot 13 Sumerset, NJ 691 2,133 2,824 375 1999 (o)
S-9
COSTS CAPITALIZED SUBSEQUENT TO ACQUISITION OR (b) COMPLETION LOCATION (a) INITIAL COST AND VALUATION BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION - ---------------- --------------------- ------------ ----- --------- -------------- 10 New Maple Road Pine Brook, NJ 2,250 12,750 196 60 Chapin Road Pine Brook, NJ 2,123 12,028 1,845 45 Route 46 Pine Brook, NJ 969 5,491 421 43 Route 46 Pine Brook, NJ 474 2,686 397 39 Route 46 Pine Brook, NJ 260 1,471 131 26 Chapin Road Pine Brook, NJ 956 5,415 213 30 Chapin Road Pine Brook, NJ 960 5,440 249 20 Hook Mountain Road Pine Brook, NJ 1,507 8,542 1,003 30 Hook Mountain Road Pine Brook, NJ 389 2,206 313 55 Route 46 Pine Brook, NJ 396 2,244 115 16 Chapin Rod Pine Brook, NJ 885 5,015 180 20 Chapin Road Pine Brook, NJ 1,134 6,426 284 Sayreville Lot 3 Sayreville, NJ - - 0 Sayreville Lot 4 Sayreville, NJ - - 4,244 400 Raritan Center Parkway Edison, NJ 829 4,722 325 300 Columbus Circle Edison, NJ 1,257 7,122 286 400 Apgar Franklin Township, NJ 780 4,420 411 500 Apgar Franklin Township, NJ 361 2,044 254 201 Circle Dr. North Piscataway, NJ 840 4,760 396 1 Pearl Ct. Allendale, NJ 623 3,528 181 2 Pearl Ct. Allendale, NJ 255 1,445 1,006 3 Pearl Ct. Allendale, NJ 440 2,491 189 4 Pearl Ct. Allendale, NJ 450 2,550 284 5 Pearl Ct. Allendale, NJ 505 2,860 369 59 Route 17 Allendale, NJ 518 2,933 145 PHILADELPHIA 90 Southland Drive Bethlehem, PA 570 2,047 619 PHOENIX 1045 South Edward Drive Tempe, AZ 390 2,160 86 46 N. 49th Ave. Phoenix, AZ 301 1,704 672 240 N. 48th Ave. Phoenix, AZ 510 1,913 (59) 220 N. 48th Ave. (s) Phoenix, AZ 530 1,726 141 54 N. 48th Ave. Phoenix, AZ 130 625 39 64 N. 48th Ave. Phoenix, AZ 180 458 54 236 N. 48th Ave. Phoenix, AZ 120 322 33 10 S. 48th Ave. Phoenix, AZ 510 1,687 187 115 E. Watkins St. (s) Phoenix, AZ 170 816 73 135 E. Watkins St. Phoenix, AZ 380 1,962 127 230 N. 48th Ave. Phoenix, AZ 160 765 45 20 S. 48th Ave. (s) Phoenix, AZ 80 827 51 21002 A N. 19th Ave. (s) Phoenix, AZ 706 663 132 21002 B N. 19th Ave. (s) Phoenix, AZ 694 597 130 SALT LAKE CITY 2255 South 300 West (m) Salt Lake City, UT 618 3,504 376 512 Lawndale Drive (n) Salt Lake City, UT 2,779 15,749 2,522 1270 West 2320 South West Valley, UT 138 784 156 1275 West 2240 South West Valley, UT 395 2,241 233 1288 West 2240 South West Valley, UT 119 672 144 2235 South 1300 West West Valley, UT 198 1,120 271 1293 West 2200 South West Valley, UT 158 896 209 1279 West 2200 South West Valley, UT 198 1,120 68 1272 West 2240 South West Valley, UT 336 1,905 382 1149 West 2240 South West Valley, UT 217 1,232 57 1142 West 2320 South West Valley, UT 217 1,232 292 1152 West 2240 South West Valley, UT 2,067 - 3,965 369 Orange Street Salt Lake City, UT 600 2,855 149 1330 W. 3300 South Avenue Ogden, UT 1,100 2,353 354 SAN DIEGO 9051 Siempre Viva Rd. (s) San Diego, CA 540 1,598 138 9163 Siempre Viva Rd. San Diego, CA 430 1,621 111 9295 Siempre Viva Rd. San Diego, CA 540 1,569 127 9255 Customhouse Plaza San Diego, CA 3,230 11,030 820 9375 Customhouse Plaza San Diego, CA 430 1,384 137 9465 Customhouse Plaza San Diego, CA 430 1,437 131 9485 Customhouse Plaza San Diego, CA 1,200 2,792 235 2675 Customhouse Court San Diego, CA 590 2,082 126 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD 12/31/03 --------------------------- ACCUMULATED BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE BUILDING ADDRESS LAND IMPROVEMENTS TOTAL 12/31/03 RENOVATED LIVES (YEARS) - ---------------- ----- ------------ ------ ------------ ----------- ------------- 10 New Maple Road 2,272 12,924 15,196 1,050 1973/1999 (o) 60 Chapin Road 2,143 13,852 15,995 1,546 1977/2000 (o) 45 Route 46 978 5,903 6,881 547 1974/1987 (o) 43 Route 46 479 3,079 3,557 257 1974/1987 (o) 39 Route 46 262 1,599 1,861 136 1970 (o) 26 Chapin Road 965 5,618 6,583 458 1983 (o) 30 Chapin Road 969 5,680 6,649 515 1983 (o) 20 Hook Mountain Road 1,534 9,519 11,053 759 1972/1984 (o) 30 Hook Mountain Road 396 2,512 2,908 213 1972/1987 (o) 55 Route 46 403 2,352 2,755 203 1978/1994 (o) 16 Chapin Rod 901 5,179 6,080 425 1987 (o) 20 Chapin Road 1,154 6,690 7,844 574 1987 (o) Sayreville Lot 3 - 0 0 0 2002 (o) Sayreville Lot 4 - 4,244 4,244 89 2001 (o) 400 Raritan Center Parkway 836 5,041 5,877 274 1983 (o) 300 Columbus Circle 1,269 7,396 8,665 400 1983 (o) 400 Apgar 796 4,815 5,611 207 1987 (o) 500 Apgar 368 2,291 2,659 126 1987 (o) 201 Circle Dr. North 857 5,139 5,996 224 1987 (o) 1 Pearl Ct. 649 3,682 4,331 115 1978 (o) 2 Pearl Ct. 403 2,303 2,706 68 1979 (o) 3 Pearl Ct. 458 2,662 3,119 89 1978 (o) 4 Pearl Ct. 469 2,815 3,284 94 1979 (o) 5 Pearl Ct. 526 3,208 3,734 112 1977 (o) 59 Route 17 539 3,056 3,595 96 1979 (o) PHILADELPHIA 90 Southland Drive 579 2,657 3,236 33 1989/1996 (o) PHOENIX 1045 South Edward Drive 394 2,242 2,636 252 1976 (o) 46 N. 49th Ave. 306 2,372 2,677 112 1986 (o) 240 N. 48th Ave. 481 1,883 2,364 60 1977 (o) 220 N. 48th Ave. (s) 530 1,867 2,397 48 1977 (o) 54 N. 48th Ave. 131 664 794 21 1977 (o) 64 N. 48th Ave. 181 511 692 15 1977 (o) 236 N. 48th Ave. 120 355 475 11 1977 (o) 10 S. 48th Ave. 512 1,872 2,384 68 1977 (o) 115 E. Watkins St. (s) 171 889 1,059 25 1979 (o) 135 E. Watkins St. 381 2,087 2,469 69 1977 (o) 230 N. 48th Ave. 161 809 970 26 1977 (o) 20 S. 48th Ave. (s) 81 877 958 20 1977 (o) 21002 A N. 19th Ave. (s) 709 791 1,500 11 1981 (o) 21002 B N. 19th Ave. (s) 697 725 1,422 10 1981 (o) SALT LAKE CITY 2255 South 300 West (m) 612 3,886 4,498 640 1980 (o) 512 Lawndale Drive (n) 2,705 18,345 21,050 3,319 1981 (o) 1270 West 2320 South 143 936 1,079 153 1986/92 (o) 1275 West 2240 South 408 2,461 2,869 353 1986/92 (o) 1288 West 2240 South 123 812 935 132 1986/92 (o) 2235 South 1300 West 204 1,385 1,589 247 1986/92 (o) 1293 West 2200 South 163 1,100 1,263 226 1986/92 (o) 1279 West 2200 South 204 1,182 1,386 179 1986/92 (o) 1272 West 2240 South 347 2,276 2,623 417 1986/92 (o) 1149 West 2240 South 225 1,282 1,507 191 1986/92 (o) 1142 West 2320 South 225 1,517 1,742 316 1997 (o) 1152 West 2240 South 2,114 3,918 6,032 816 1999 (o) 369 Orange Street 603 3,001 3,604 81 1980 (o) 1330 W. 3300 South Avenue 1,100 2,707 3,807 17 1982 (o) SAN DIEGO 9051 Siempre Viva Rd. (s) 540 1,736 2,276 62 1989 (o) 9163 Siempre Viva Rd. 431 1,731 2,162 54 1989 (o) 9295 Siempre Viva Rd. 540 1,695 2,236 55 1989 (o) 9255 Customhouse Plaza 3,234 11,847 15,080 366 1989 (o) 9375 Customhouse Plaza 430 1,520 1,951 68 1989 (o) 9465 Customhouse Plaza 430 1,568 1,998 53 1989 (o) 9485 Customhouse Plaza 1,202 3,026 4,227 74 1989 (o) 2675 Customhouse Court 591 2,207 2,798 97 1989 (o)
S-10
COSTS CAPITALIZED SUBSEQUENT TO ACQUISITION OR (b) COMPLETION LOCATION (a) INITIAL COST AND VALUATION BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION - ---------------- --------------------- ------------ ----- --------- -------------- SOUTHERN NEW JERSEY 2-5 North Olnev Ave. Cherry Hill, NJ 284 1,524 120 2 Springdale Road Cherry Hill, NJ 127 701 104 4 Springdale Road (i) Cherry Hill, NJ 335 1,853 710 8 Springdale Road Cherry Hill, NJ 259 1,436 433 2050 Springdale Road Cherry Hill, NJ 279 1,545 1,240 16 Springdale Road Cherry Hill, NJ 241 1,336 126 5 Esterbrook Lane Cherry Hill, NJ 241 1,336 244 2 Pin Oak Lane Cherry Hill, NJ 317 1,757 667 6 Esterbrook Lane Cherry Hill, NJ 165 914 38 28 Springdale Road Cherry Hill, NJ 192 1,060 202 3 Esterbrook Lane Cherry Hill, NJ 199 1,102 467 4 Esterbrook Lane Cherry Hill, NJ 234 1,294 32 26 Springdale Road Cherry Hill, NJ 227 1,257 358 1 Keystone Ave. Cherry Hill, NJ 227 1,223 984 21 Olnev Ave. Cherry Hill, NJ 69 380 63 19 Olnev Ave. Cherry Hill, NJ 202 1,119 1,154 2 Keystone Ave. Cherry Hill, NJ 216 1,194 578 18 Olnev Ave. Cherry Hill, NJ 250 1,382 86 2030 Springdale Rod Cherry Hill, NJ 526 2,914 1,490 55 Carnegie Drive Cherry Hill, NJ 550 3,047 163 111 Whittendale Drive Morrestown, NJ 515 2,916 18 9 Whittendale Morrestown, NJ 337 1,911 46 7851 Airport (s) Pennsauken, NJ 160 508 170 103 Central (s) Mt. Laurel, NJ 610 1,847 (180) 7860-7870 Airport Pennsauken, NJ 120 366 214 7100 Airport Pennsauken, NJ 50 210 106 7020-24 Kaighn Pennsauken, NJ 200 450 287 7110-7112 Airport Pennsauken, NJ 110 178 161 ST. LOUIS 2121 Chapin Industrial Drive Vinita Park, MO 606 4,384 1,356 10431-10449 Midwest Industrial Blvd Olivette, MO 237 1,360 584 10751 Midwest Industrial Boulevard Olivette, MO 193 1,119 396 6951 N Hanley (i) Hazelwood, MO 405 2,295 1,886 1037 Warson - Bldg A St. Louis, MO 246 1,359 53 1037 Warson - Bldg B St. Louis, MO 380 2,103 70 1037 Warson - Bldg C St. Louis, MO 303 1,680 45 1037 Warson - Bldg D St. Louis, MO 353 1,952 49 6821-6857 Hazelwood Ave. (s) Berkeley, MO 1,095 6,205 273 13701 Rider Trail North Earth City, MO 800 2,099 467 4774 Park 36 Boulevard St. Louis, MO 1,074 - 5,927 TAMPA 6614 Adamo Drive Tampa, FL 177 1,005 65 6202 Benjamin Road Tampa, FL 203 1,151 308 6204 Benjamin Road Tampa, FL 432 2,445 344 6206 Benjamin Road Tampa, FL 397 2,251 351 6302 Benjamin Road Tampa, FL 214 1,212 195 6304 Benjamin Road Tampa, FL 201 1,138 213 6306 Benjamin Road Tampa, FL 257 1,457 396 6308 Benjamin Road Tampa, FL 345 1,958 237 5313 Johns Road Tampa, FL 204 1,159 108 5602 Thompson Center Court Tampa, FL 115 652 138 5411 Johns Road Tampa, FL 230 1,304 235 5525 Johns Road Tampa, FL 192 1,086 76 5607 Johns Road Tampa, FL 102 579 68 5709 Johns Road Tampa, FL 192 1,086 165 5711 Johns Road Tampa, FL 243 1,376 185 5453 W Waters Avenue Tampa, FL 71 402 102 5455 W Waters Avenue Tampa, FL 307 1,742 202 5553 W Waters Avenue Tampa, FL 307 1,742 216 5501 W Waters Avenue Tampa, FL 154 871 99 5503 W Waters Avenue Tampa, FL 71 402 65 5555 W Waters Avenue Tampa, FL 213 1,206 110 5557 W Waters Avenue Tampa, FL 59 335 38 5903 Johns Road Tampa, FL 88 497 81 5461 W Waters Tampa, FL 261 - 1,186 5471 W. Waters Tampa, FL 572 798 175 5505 Johns Road #7 Tampa, FL 228 - 1,403 5481 W. Waters Avenue Tampa, FL 558 - 2,298 5483 W. Waters Avenue Tampa, FL 457 - 1,941 5905 Breckenridge Parkway Tampa, FL 189 1,070 39 5907 Breckenridge Parkway Tampa, FL 61 345 11 GROSS AMOUNT CARRIED AT CLOSE OF PERIOD 12/31/03 --------------------------- ACCUMULATED LOCATION BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE BUILDING ADDRESS (CITY/STATE) LAND IMPROVEMENTS TOTAL 12/31/03 RENOVATED LIVES (YEARS) - ---------------- --------------------- ----- ------------ ------ ------------ ----------- ------------- SOUTHERN NEW JERSEY 2-5 North Olnev Ave. Cherry Hill, NJ 282 1,646 1,928 229 1963/85 (o) 2 Springdale Road Cherry Hill, NJ 126 806 932 107 1968 (o) 4 Springdale Road (i) Cherry Hill, NJ 332 2,566 2,899 389 1963/85 (o) 8 Springdale Road Cherry Hill, NJ 258 1,871 2,128 261 1966 (o) 2050 Springdale Road Cherry Hill, NJ 277 2,787 3,063 281 1965 (o) 16 Springdale Road Cherry Hill, NJ 240 1,463 1,703 203 1967 (o) 5 Esterbrook Lane Cherry Hill, NJ 240 1,582 1,821 210 1966/88 (o) 2 Pin Oak Lane Cherry Hill, NJ 314 2,426 2,741 324 1968 (o) 6 Esterbrook Lane Cherry Hill, NJ 164 953 1,117 135 1966 (o) 28 Springdale Road Cherry Hill, NJ 190 1,264 1,454 167 1967 (o) 3 Esterbrook Lane Cherry Hill, NJ 198 1,570 1,768 218 1968 (o) 4 Esterbrook Lane Cherry Hill, NJ 232 1,328 1,560 190 1969 (o) 26 Springdale Road Cherry Hill, NJ 226 1,615 1,841 212 1968 (o) 1 Keystone Ave. Cherry Hill, NJ 218 2,215 2,434 290 1969 (o) 21 Olnev Ave. Cherry Hill, NJ 68 444 512 59 1969 (o) 19 Olnev Ave. Cherry Hill, NJ 200 2,275 2,475 321 1971 (o) 2 Keystone Ave. Cherry Hill, NJ 214 1,774 1,987 234 1970 (o) 18 Olnev Ave. Cherry Hill, NJ 247 1,471 1,718 207 1974 (o) 2030 Springdale Rod Cherry Hill, NJ 523 4,407 4,930 656 1977 (o) 55 Carnegie Drive Cherry Hill, NJ 547 3,214 3,761 454 1988 (o) 111 Whittendale Drive Morrestown, NJ 514 2,934 3,448 294 1991/96 (o) 9 Whittendale Morrestown, NJ 343 1,951 2,294 126 2000 (o) 7851 Airport (s) Pennsauken, NJ 160 678 838 3 1966 (o) 103 Central (s) Mt. Laurel, NJ 610 1,667 2,277 9 1970 (o) 7860-7870 Airport Pennsauken, NJ 120 580 700 3 1968 (o) 7100 Airport Pennsauken, NJ 50 317 366 2 1963 (o) 7020-24 Kaighn Pennsauken, NJ 200 737 937 4 1962 (o) 7110-7112 Airport Pennsauken, NJ 110 339 449 2 1963 (o) ST. LOUIS 2121 Chapin Industrial Drive Vinita Park, MO 614 5,733 6,346 5,662 1969/94 (o) 10431-10449 Midwest Industrial Blvd Olivette, MO 237 1,944 2,181 506 1967 (o) 10751 Midwest Industrial Boulevard Olivette, MO 194 1,515 1,708 329 1965 (o) 6951 N Hanley (i) Hazelwood, MO 419 4,167 4,586 1,229 1965 (o) 1037 Warson - Bldg A St. Louis, MO 250 1,408 1,658 61 1968 (o) 1037 Warson - Bldg B St. Louis, MO 387 2,165 2,552 94 1968 (o) 1037 Warson - Bldg C St. Louis, MO 309 1,719 2,028 75 1968 (o) 1037 Warson - Bldg D St. Louis, MO 359 1,994 2,353 87 1968 (o) 6821-6857 Hazelwood Ave. (s) Berkeley, MO 1,096 6,478 7,573 1 2001 (o) 13701 Rider Trail North Earth City, MO 802 2,564 3,366 104 1985 (o) 4774 Park 36 Boulevard St. Louis, MO 1,075 5,926 7,000 13 2001 (o) TAMPA 6614 Adamo Drive Tampa, FL 181 1,067 1,247 170 1967 (o) 6202 Benjamin Road Tampa, FL 211 1,450 1,662 115 1981 (o) 6204 Benjamin Road Tampa, FL 454 2,766 3,220 452 1982 (o) 6206 Benjamin Road Tampa, FL 416 2,583 2,999 416 1983 (o) 6302 Benjamin Road Tampa, FL 224 1,397 1,621 254 1983 (o) 6304 Benjamin Road Tampa, FL 209 1,343 1,552 263 1984 (o) 6306 Benjamin Road Tampa, FL 269 1,841 2,110 385 1984 (o) 6308 Benjamin Road Tampa, FL 362 2,179 2,540 352 1984 (o) 5313 Johns Road Tampa, FL 213 1,258 1,471 200 1991 (o) 5602 Thompson Center Court Tampa, FL 120 785 905 155 1972 (o) 5411 Johns Road Tampa, FL 241 1,528 1,768 295 1997 (o) 5525 Johns Road Tampa, FL 200 1,154 1,354 177 1993 (o) 5607 Johns Road Tampa, FL 110 640 750 98 1991 (o) 5709 Johns Road Tampa, FL 200 1,243 1,443 200 1990 (o) 5711 Johns Road Tampa, FL 255 1,548 1,804 287 1990 (o) 5453 W Waters Avenue Tampa, FL 82 494 575 79 1987 (o) 5455 W Waters Avenue Tampa, FL 326 1,925 2,251 318 1987 (o) 5553 W Waters Avenue Tampa, FL 326 1,939 2,265 322 1987 (o) 5501 W Waters Avenue Tampa, FL 162 961 1,123 151 1990 (o) 5503 W Waters Avenue Tampa, FL 75 463 538 82 1990 (o) 5555 W Waters Avenue Tampa, FL 221 1,308 1,529 204 1990 (o) 5557 W Waters Avenue Tampa, FL 62 370 432 58 1990 (o) 5903 Johns Road Tampa, FL 93 573 666 101 1987 (o) 5461 W Waters Tampa, FL 265 1,182 1,447 145 1998 (o) 5471 W. Waters Tampa, FL 574 971 1,545 77 1999 (o) 5505 Johns Road #7 Tampa, FL 228 1,402 1,630 188 1999 (o) 5481 W. Waters Avenue Tampa, FL 561 2,296 2,856 248 1999 (o) 5483 W. Waters Avenue Tampa, FL 459 1,939 2,397 235 1999 (o) 5905 Breckenridge Parkway Tampa, FL 191 1,107 1,298 85 1982 (o) 5907 Breckenridge Parkway Tampa, FL 61 356 417 27 1982 (o)
S-11
COSTS CAPITALIZED SUBSEQUENT TO ACQUISITION OR (b) COMPLETION LOCATION (a) INITIAL COST AND VALUATION BUILDING ADDRESS (CITY/STATE) ENCUMBRANCES LAND BUILDINGS PROVISION - ---------------- --------------------- ------------ -------- ---------- -------------- 5909 Breckenridge Parkway Tampa, FL 173 980 43 5911 Breckenridge Parkway Tampa, FL 308 1,747 61 5910 Breckenridge Parkway Tampa, FL 436 2,472 75 5912 Breckenridge Parkway Tampa, FL 460 2,607 45 4515-4519 George Road Tampa, FL 633 3,587 105 6301 Benjamin Road Tampa, FL 292 1,657 105 5723 Benjamin Road Tampa, FL 406 2,301 44 6313 Benjamin Road Tampa, FL 229 1,296 128 5801 Benjamin Road Tampa, FL 564 3,197 54 5802 Benjamin Road Tampa, FL 686 3,889 235 5925 Benjamin Road Tampa, FL 328 1,859 68 OTHER 2800 Airport Road (l) Denton, TX 369 1,935 1,572 3501 Maple Street Abilene, TX 67 1,057 1,051 4200 West Harry Street (j) Wichita, KS 193 2,224 1,776 6601 S. 33rd Street McAllen, TX 231 1,276 49 REDEVELOPMENTS / DEVELOPMENTS / DEVELOPABLE LAND 82,124 22,011 7,905 -------- ---------- -------- $383,884 $1,514,061 $363,188 ======== ========== ======== GROSS AMOUNT CARRIED AT CLOSE OF PERIOD 12/31/03 ----------------------------------- ACCUMULATED LOCATION BUILDING AND DEPRECIATION YEAR BUILT/ DEPRECIABLE BUILDING ADDRESS (CITY/STATE) LAND IMPROVEMENTS TOTAL 12/31/03 RENOVATED LIVES (YEARS) - ---------------- ------------------ -------- ------------ ---------- ------------ ----------- ------------- 5909 Breckenridge Parkway Tampa, FL 174 1,022 1,196 84 1982 (o) 5911 Breckenridge Parkway Tampa, FL 311 1,806 2,117 141 1982 (o) 5910 Breckenridge Parkway Tampa, FL 440 2,544 2,984 216 1982 (o) 5912 Breckenridge Parkway Tampa, FL 464 2,648 3,112 205 1982 (o) 4515-4519 George Road Tampa, FL 640 3,686 4,326 244 1985 (o) 6301 Benjamin Road Tampa, FL 295 1,759 2,053 122 1986 (o) 5723 Benjamin Road Tampa, FL 409 2,341 2,750 146 1986 (o) 6313 Benjamin Road Tampa, FL 231 1,423 1,653 96 1986 (o) 5801 Benjamin Road Tampa, FL 569 3,247 3,815 204 1986 (o) 5802 Benjamin Road Tampa, FL 692 4,119 4,811 258 1986 (o) 5925 Benjamin Road Tampa, FL 331 1,925 2,255 122 1986 (o) OTHER 2800 Airport Road (l) Denton, TX 490 3,386 3,876 1,783 1968 (o) 3501 Maple Street Abilene, TX 266 1,909 2,175 946 1980 (o) 4200 West Harry Street (j) Wichita, KS 532 3,662 4,193 1,907 1972 (o) 6601 S. 33rd Street McAllen, TX 233 1,323 1,556 148 1975 (o) REDEVELOPMENTS / DEVELOPMENTS / DEVELOPABLE LAND 82,329 6,631 88,962 6,502 (p) -------- ---------- ---------- -------- $392,916 $1,845,139 $2,238,056 (q) $295,688 ======== ========== ========== ========
S-12 NOTES: (a) See description of encumbrances in Note 5 to Notes to Consolidated Financial Statements. (b) Initial cost for each respective property is total purchase price associated with its purchase. (c) These properties collateralize the Assumed Loans. (d) This property collateralizes the Acquisition Mortgage Loan VIII. (e) This property collateralizes the Acquisition Mortgage Loan IX. (f) This property collateralizes the Acquisition Mortgage Loan IV. (g) This property collateralizes the Acquisition Mortgage Loan X. (h) This property collateralizes the Acquisition Mortgage Loan XI. (i) Comprised of two properties. (j) Comprised of three properties. (k) Comprised of four properties. (l) Comprised of five properties. (m) Comprised of seven properties. (n) Comprised of 28 properties. (o) Depreciation is computed based upon the following estimated lives: Buildings, Improvements 31.5 to 40 years Tenant Improvements, Leasehold Improvements Life of lease Furniture, Fixtures and Equipment 5 to 10 years (p) These properties represent developable land and redevelopments that have not been placed in service. (q) Excludes $115,935 of Construction in Progress and $801 of Furniture, Fixtures and Equipment. (r) During 2001, the Company recognized a valuation provision of $6,490 on these properties. (s) Property is not in-service as of 12/31/03. At December 31, 2003, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $2.1 billion (excluding construction in progress.) S-13 FIRST INDUSTRIAL LP SCHEDULE III: REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED) AS OF DECEMBER 31, 2003 (DOLLARS IN THOUSANDS) The changes in total real estate assets for the three years ended December 31, 2003 are as follows:
2003 2002 2001 ------------ ------------ ------------ Balance, Beginning of Year ............................. $ 2,325,826 $ 2,343,698 $ 2,228,494 Acquisition, Construction Costs and Improvements ....... 305,485 308,763 397,143 Disposition of Assets .................................. (276,520) (326,635) (275,449) Valuation Provision .................................... - - (6,490) ----------- ----------- ----------- Balance, End of Year ................................... $ 2,354,791 $ 2,325,826 $ 2,343,698 =========== =========== ===========
The changes in accumulated depreciation for the three years ended December 31, 2003 are as follows:
2003 2002 2001 ---------- ---------- ---------- Balance, Beginning of Year ............................. $ 263,404 $ 232,889 $ 202,786 Depreciation for Year .................................. 63,281 56,762 54,623 Disposition of Assets .................................. (30,997) (26,247) (24,520) --------- --------- --------- Balance, End of Year ................................... $ 295,688 $ 263,404 $ 232,889 ========= ========= =========
S-14 OTHER REAL ESTATE PARTNERSHIPS INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE
PAGE ---- FINANCIAL STATEMENTS Report of Independent Auditors ................................................. F-32 Combined Balance Sheets of the Other Real Estate Partnerships as of December 31, 2003 and 2002 .................................................................. F-33 Combined Statements of Operations of the Other Real Estate Partnerships for the Years Ended December 31, 2003, 2002 and 2001 ................................... F-34 Combined Statements of Changes in Partners' Capital of the Other Real Estate Partnerships for the Years Ended December 31, 2003, 2002 and 2001 .............. F-35 Combined Statements of Cash Flows of the Other Real Estate Partnerships for the Years Ended December 31, 2003, 2002 and 2001 ................................... F-36 Notes to Combined Financial Statements ......................................... F-37
F-31 REPORT OF INDEPENDENT AUDITORS To the Partners of the Other Real Estate Partnerships In our opinion, the accompanying combined balance sheets and the related combined statements of operations, of changes in partners' capital and of cash flows present fairly, in all material respects, the financial position of the Other Real Estate Partnerships at December 31, 2003 and 2002, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2003 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Other Real Estate Partnerships' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 3 to the combined financial statements, on January 1, 2002, the Other Real Estate Partnerships adopted the provisions of Statement of Financial Accounting Standards No. 144 "Accounting for the Impairment or Disposal of Long Lived Assets." PricewaterhouseCoopers LLP Chicago, Illinois March 9, 2004 F-32 OTHER REAL ESTATE PARTNERSHIPS COMBINED BALANCE SHEETS (DOLLARS IN THOUSANDS)
December 31, December 31, 2003 2002 ------------ ------------ ASSETS Assets: Investment in Real Estate: Land ..................................................................... $ 51,026 $ 52,055 Buildings and Improvements ............................................... 334,825 327,526 Furniture, Fixtures and Equipment ........................................ 84 84 Construction in Progress ................................................. -- -- Less: Accumulated Depreciation ........................................... (53,564) (47,113) ------------ ------------ Net Investment in Real Estate .................................... 332,371 332,552 Cash and Cash Equivalents ................................................... 1,143 2,316 Restricted Cash ............................................................. 21,132 2,768 Tenant Accounts Receivable, Net ............................................. 1,224 1,055 Deferred Rent Receivable .................................................... 1,009 1,512 Deferred Financing Costs, Net ............................................... 9 1,478 Prepaid Expenses and Other Assets, Net ...................................... 46,007 93,655 ------------ ------------ Total Assets ..................................................... $ 402,895 $ 435,336 ============ ============ LIABILITIES AND PARTNERS' CAPITAL Liabilities: Mortgage Loans Payable, Net ................................................. $ 2,529 $ 40,080 Accounts Payable and Accrued Expenses ....................................... 17,959 10,140 Rents Received in Advance and Security Deposits ............................. 4,234 3,986 ------------ ------------ Total Liabilities ................................................ 24,722 54,206 ------------ ------------ Commitments and Contingencies .................................................. -- -- Partners' Capital .............................................................. 378,173 381,130 ------------ ------------ Total Liabilities and Partners' Capital ........................ $ 402,895 $ 435,336 ============ ============
The accompanying notes are an integral part of the financial statements. F-33 OTHER REAL ESTATE PARTNERSHIPS COMBINED STATEMENTS OF OPERATIONS (DOLLARS IN THOUSANDS)
Year Ended Year Ended Year Ended December 31, December 31, December 31, 2003 2002 2001 ------------ ------------ ------------ Revenues: Rental Income ............................................ $ 49,168 $ 42,397 $ 40,524 Tenant Recoveries and Other Income ....................... 11,430 10,572 9,238 -------- -------- -------- Total Revenues ................................. 60,598 52,969 49,762 -------- -------- -------- Expenses: Real Estate Taxes ........................................ 6,773 6,486 6,469 Repairs and Maintenance .................................. 3,153 2,108 1,835 Property Management ...................................... 1,682 1,742 1,676 Utilities ................................................ 1,938 1,644 1,190 Insurance ................................................ 422 423 285 Other .................................................... 1,138 1,453 3,538 Amortization of Deferred Financing Costs ................. 3 67 67 Depreciation and Other Amortization ...................... 12,018 10,618 9,908 Valuation Provision on Real Estate ....................... -- -- 3,010 -------- -------- -------- Total Expenses ................................ 27,127 24,541 27,978 -------- -------- -------- Other Income/Expense: Interest Income .......................................... 712 2,246 2,474 Interest Expense ......................................... (256) (2,948) (3,739) Loss from Early Retirement of Debt ....................... (1,466) -- -- -------- -------- -------- Total Other Income/Expense .................... (1,010) (702) (1,265) -------- -------- -------- Income from Continuing Operations ........................... 32,461 27,726 20,519 Income from Discontinued Operations (Including Gain on Sale of Real Estate of $4,644 and $21,218 for the Years Ended December 31, 2003 and 2002) ............................. 4,941 25,694 7,538 -------- -------- -------- Income Before Gain on Sale of Real Estate ................... 37,402 53,420 28,057 Gain on Sale of Real Estate ................................. 6,243 67 21,405 -------- -------- -------- Net Income .................................................. $ 43,645 $ 53,487 $ 49,462 ======== ======== ========
The accompanying notes are an integral part of the financial statements. F-34 OTHER REAL ESTATE PARTNERSHIPS COMBINED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DOLLARS IN THOUSANDS)
Total Balance at December 31, 2000 .......... $ 387,235 Contributions ..................... 164,960 Distributions ..................... (178,706) Redemption of Preferred Partnership Interest ........................ (41,295) Net Income ........................ 49,462 --------- Balance at December 31, 2001 .......... $ 381,656 Contributions ..................... 104,473 Distributions ..................... (158,486) Net Income ........................ 53,487 --------- Balance at December 31, 2002 .......... $ 381,130 Contributions ..................... 59,857 Distributions ..................... (106,459) Net Income ........................ 43,645 --------- Balance at December 31, 2003 .......... $ 378,173 =========
The accompanying notes are an integral part of the financial statements. F-35 OTHER REAL ESTATE PARTNERSHIPS COMBINED STATEMENTS OF CASH FLOWS (DOLLARS IN THOUSANDS)
Year Ended Year Ended Year Ended December 31, 2003 December 31, 2002 December 31, 2001 ----------------- ----------------- ----------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income ..................................................... $ 43,645 $ 53,487 $ 49,462 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Depreciation ............................................... 10,621 10,763 11,321 Amortization of Deferred Financing Costs ................... 3 67 67 Loss from Early Retirement of Debt ......................... 1,466 -- -- Valuation Provision on Real Estate ......................... -- -- 3,010 Other Amortization ......................................... 1,672 1,309 1,236 Gain on Sale of Real Estate ................................ (10,887) (21,285) (21,405) Increase in Tenant Accounts Receivable and Prepaid Expenses and Other Assets, Net ................ (3,054) (4,926) (13,802) Change in Deferred Rent Receivable ........................ 32 628 (231) Change in Accounts Payable and Accrued Expenses and Rents Received in Advance and Security Deposits........ 8,185 5,373 (16,954) Change in Restricted Cash .................................. 2,742 (102) (1,452) --------- --------- --------- Net Cash Provided by Operating Activities ............ 54,425 45,314 11,252 --------- --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of and Additions to Investment in Real Estate...... (33,415) (47,269) (769) Net Proceeds from Sales of Investment in Real Estate ....... 18,818 43,608 51,943 Repayment of Mortgage Loans Receivable ..................... 48,386 13,599 6,865 Change in Restricted Cash .................................. (21,106) 13,704 (13,730) --------- --------- --------- Net Cash Provided by Investing Activities ............. 12,683 23,642 44,309 --------- --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES: Contributions ............................................... 59,857 104,473 185,514 Distributions ............................................... (106,459) (158,486) (199,260) Repayments on Mortgage Loans Payable ........................ (37,511) (608) (566) Redemption of Preferred Units ............................... -- -- (41,295) Proceeds from (Purchase of) U.S. Government Securities ...... 15,832 (13,669) (1,123) --------- --------- --------- Net Cash Used in Financing Activities ................ (68,281) (68,290) (56,730) --------- --------- --------- Net Increase (Decrease) in Cash and Cash Equivalents ........ (1,173) 666 (1,169) Cash and Cash Equivalents, Beginning of Period .............. 2,316 1,650 2,819 --------- --------- --------- Cash and Cash Equivalents, End of Period .................... $ 1,143 $ 2,316 $ 1,650 ========= ========= =========
The accompanying notes are an integral part of the financial statements. F-36 OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 1. ORGANIZATION AND FORMATION OF PARTNERSHIPS First Industrial, L.P. (the "Operating Partnership") was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the "Company") with an approximate 85.6% partnership interest at December 31, 2003. The Company is a real estate investment trust ("REIT") as defined in the Internal Revenue Code. The Company's operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership own, in the aggregate, approximately a 14.4% and 15.0% interest in the Operating Partnership at December 31, 2003 and 2002 respectively. The Operating Partnership owns at least a 99% limited partnership interest in First Industrial Financing Partnership, L.P. (the "Financing Partnership"), First Industrial Securities, L.P. (the "Securities Partnership"), First Industrial Mortgage Partnership, L.P (the "Mortgage Partnership"), First Industrial Pennsylvania, L.P. (the "Pennsylvania Partnership"), First Industrial Harrisburg, L.P. (the "Harrisburg Partnership"), First Industrial Indianapolis, L.P. (the "Indianapolis Partnership"), TK-SV, LTD. and FI Development Services, L.P. (together, the "Other Real Estate Partnerships"). The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate Partnerships for which it acts as a general partner. Each general partner of the Other Real Estate Partnerships is a wholly-owned subsidiary of the Company. On a combined basis, as of December 31, 2003, the Other Real Estate Partnerships owned 105 in-service industrial properties, containing an aggregate of approximately 9.4 million square feet (unaudited) of GLA. Of the 105 industrial properties owned by the Other Real Estate Partnerships at December 31, 2003, 15 are held by the Mortgage Partnership, 41 are held by the Pennsylvania Partnership, 15 are held by the Securities Partnership, 19 are held by the Financing Partnership, 10 are held by the Harrisburg Partnership, four are held by the Indianapolis Partnership and one is held by TK-SV, LTD. Profits, losses and distributions of the Other Real Estate Partnerships are allocated to the general partner and the limited partners in accordance with the provisions contained within its restated and amended partnership agreement. F-37 OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 2. BASIS OF PRESENTATION The combined financial statements of the Other Real Estate Partnerships at December 31, 2003 and 2002 and for each of the years ended December 31, 2003, 2002 and 2001 include the accounts and operating results of the Other Real Estate Partnerships on a combined basis. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES In order to conform with generally accepted accounting principles, management, in preparation of the Other Real Estate Partnerships' financial statements, is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 2003 and 2002, and the reported amounts of revenues and expenses for each of the years ended December 31, 2003, 2002 and 2001. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short maturity of these investments. Restricted Cash At December 31, 2003 and 2002, restricted cash includes gross proceeds from the sales of certain properties. These sales proceeds will be disbursed as the Other Real Estate Partnerships exchanges into properties under Section 1031 of the Internal Revenue Code. At December 31, 2002 restricted cash also included cash reserves required to be set aside under the 1995 Mortgage Loan (hereinafter defined) for payment of real estate taxes, capital expenditures, interest, security deposit refunds, insurance and re-leasing costs. The carrying amount approximates fair value due to the short term maturity of these investments. Investment in Real Estate and Depreciation Purchase accounting has been applied when ownership interests in properties were acquired for cash. The historical cost basis of properties has been carried over when certain ownership interests were exchanged for Operating Partnership units on July 1, 1994, and purchase accounting has been used for all other properties that were subsequently acquired for Operating Partnership units. Investment in Real Estate is carried at cost. The Other Real Estate Partnerships reviews its properties on a quarterly basis for impairment and provides a provision if impairments are found. To determine if an impairment may exist, the Other Real Estate Partnerships reviews its properties and identifies those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy). If further assessment of recoverability is needed, the Other Real Estate Partnerships estimates the future net cash flows expected to result from the use of the property and its eventual disposition, on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property, on an individual property basis, the Other Real Estate Partnerships will recognize an impairment loss based upon the estimated fair value of such property. For properties management considers held for sale, the Other Real Estate Partnerships ceases depreciating the properties and values the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and as a result, the Other Real Estate Partnerships decides not to sell a property previously classified as held for sale, the Other Real Estate Partnerships 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. F-38 OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED Interest costs, real estate taxes, compensation costs of development personnel and other directly related expenses incurred during construction periods are capitalized and depreciated commencing with the date placed in service, on the same basis as the related assets. Depreciation expense is computed using the straight-line method based on the following useful lives:
Years ---------- ~~Buildings and Improvements.............. 31.5 to 40 Land Improvements....................... 15 Furniture, Fixtures and Equipment....... 5 to 10~~
Construction expenditures for tenant improvements, leasehold improvements and leasing commissions (inclusive of compensation costs of leasing personnel) are capitalized and amortized over the terms of each specific lease. Repairs and maintenance are charged to expense when incurred. Expenditures for improvements are capitalized. The Other Real Estate Partnerships account for all acquisitions entered into subsequent to June 30, 2001 in accordance with FAS 141. Upon acquisition of a property, the Other Real Estate Partnerships allocate the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, buildings, tenant improvements, leasing commissions and intangible assets including in-place leases and above market and below market leases. The Other Real Estate Partnerships allocate the purchase price to the fair value of the tangible assets of an acquired property determined by valuing the property as if it were vacant. Acquired above and below market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates over the remaining lease term. The purchase price is further allocated to in-place lease values based on management's evaluation of the specific characteristics of each tenant's lease and the Other Real Estate Partnership's overall relationship with the respective tenant. Acquired above and below market leases are amortized over the remaining non-cancelable terms of the respective leases. The value of in-place lease intangibles is amortized to expense over the remaining lease term and expected renewal periods in the respective lease and is included in other assets. If a tenant terminates its lease early, the unamortized portion of leasing commissions, tenant improvements, above and below market leases and the in-place lease value is immediately charged to expense. 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 $18 and $449 at December 31, 2003 and 2002, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date. 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 taxes, insurance and other property operating expenses and is recognized as revenues in the same period the related expenses are incurred by the Other Real Estate Partnerships. Revenue is recognized on payments received from tenants for early lease terminations after the Other Real Estate Partnerships determine that all the necessary criteria have been met in accordance with FAS 13 "Accounting for Leases". The Other Real Estate Partnerships provide an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. Accounts receivable in the combined balance sheets are shown net of an allowance for doubtful accounts of $343 as of December 31, 2003 and 2002, F-39 respectively. For accounts receivable the Other Real Estate Partnerships deem uncollectible, the Other Real Estate Partnerships uses the direct write-off method. F-40 OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED Gain on Sale of Real Estate Gain on sale of real estate is recognized using the full accrual method. 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 removed from the accounts with resulting gains or losses reflected in net income or loss. Estimated future costs to be incurred by the Other Real Estate Partnerships after completion of each sale are included in the determination of the gains on sales. Income Taxes In accordance with partnership taxation, each of the partners are responsible for reporting their share of taxable income or loss. The Other Real Estate Partnerships are subject to certain state and local income, excise and franchise taxes. The provision for such state and local taxes has been reflected in general and administrative expense in the statement of operations and has not been separately stated due to its insignificance. Fair Value of Financial Instruments The Other Real Estate Partnerships' financial instruments include short-term investments, tenant accounts receivable, net, mortgage notes receivable, accounts payable, other accrued expenses and mortgage loans payable. The fair values of the short-term investments, tenant accounts receivable, net, mortgage notes receivable, accounts payable and other accrued expenses were not materially different from their carrying or contract values. See Note 4 for the fair values of the mortgage loan payable. Discontinued Operations On January 1, 2002, the Other Real Estate Partnerships adopted the FAS 144. FAS 144 addresses financial accounting and reporting for the disposal of long lived assets. FAS 144 requires that the results of operations and gains or losses on the sale of property sold subsequent to December 31, 2001 that were not classified as held for sale at December 31, 2001 as well as the results of operations from properties that were classified as held for sale subsequent to December 31, 2001 be presented in discontinued operations if both of the following criteria are met: (a) the operations and cash flows of the property have been (or will be) eliminated from the ongoing operations of the Other Real Estate Partnerships as a result of the disposal transaction and (b) the Other Real Estate Partnerships will not have any significant continuing involvement in the operations of the property after the disposal transaction. FAS 144 also requires prior period results of operations for these properties to be restated and presented in discontinued operations in prior consolidated statements of operations. Segment Reporting Management views the Other Real Estate Partnerships as a single segment. Recent Accounting Pronouncements In January 2003, the FASB issued FIN 46, which provides guidance on how to identify a variable interest entity ("VIE") and determine when the assets, liabilities, non-controlling interests, and results of operations of a VIE are to be included in an entity's consolidated financial statements. A VIE exists when either the total equity investment at risk is not sufficient to permit the entity to finance its activities by itself, or the equity investors lack one of three characteristics associated with owing a controlling financial interest. In December 2003, the FASB reissued FIN 46 with certain modifications and clarifications. Application of this guidance was effective for interests in certain VIEs commonly referred to as special-purpose entities (SPEs) as of December 31, 2003. Application for all other types of entities is required for periods ending after March 15, 2004, unless previously applied. The Other Real Estate Partnerships do not believe that the application of FIN 46 will have an impact on its financial position, results of operations, or liquidity. FIN 46 has not had an effect on the Other Real Estate Partnership's combined financial position, liquidity, and results of operations. F-41 OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED Certain 2002 and 2001 items have been reclassified to conform to the 2003 presentation. 4. MORTGAGE LOANS PAYABLE, NET On December 29, 1995 the Other Real Estate Partnerships, through the Mortgage Partnership, borrowed $40,200 under a mortgage loan (the "1995 Mortgage Loan"). The 1995 Mortgage Loan provided for monthly principal and interest payments based on a 28-year amortization schedule and was to mature on January 11, 2026. The interest rate under the 1995 Mortgage Loan was fixed at 7.22% per annum through January 11, 2003. After January 11, 2003, the interest rate was to adjust through a predetermined formula based on the applicable Treasury rate. At December 31, 2002, the 1995 Mortgage Loan was collateralized by 16 properties held by the Mortgage Partnership. On January 13, 2003, the Other Real Estate Partnerships, through the Mortgage Partnership, paid off and retired the 1995 Mortgage Loan. Under the terms of the 1995 Mortgage Loan, certain cash reserves were required to be and were set aside for payments of tenant security deposit refunds, payments of capital expenditures, interest, real estate taxes, insurance and re-leasing costs. The amount of cash reserves segregated for security deposits was adjusted as tenants turn over. The amounts included in the cash reserves relating to payments of capital expenditures, interest, real estate taxes and insurance was determined by the lender and approximated the next periodic payment of such items. The amount included in the cash reserves relating to re-leasing costs resulted from a deposit of a lease termination fee that was to be used to cover costs of re-leasing that space. At December 31, 2002, these reserves totaled $2,742, and were included in restricted cash. Such cash reserves were invested in a money market fund at December 31, 2002. The maturity of these investments is one day; accordingly, cost approximates fair value. On January 13, 2003, the Other Real Estate Partnerships, through the Mortgage Partnership, paid off and retired the 1995 Mortgage Loan at which time such cash reserves were released to the Other Real Estate Partnerships. On July 16, 1998, the Other Real Estate Partnerships, through TK-SV, LTD., assumed a mortgage loan in the principal amount of $2,566 (the "Acquisition Mortgage Loan V"). The Acquisition Mortgage Loan V is collateralized by one property in Tampa, Florida, bears interest at a fixed rate of 9.01% and provides for monthly principal and interest payments based on a 30-year amortization schedule. The Acquisition Mortgage Loan V matures on September 1, 2006. The Acquisition Mortgage Loan V may be prepaid only after August 2002 in exchange for the greater of a 1% prepayment fee or a yield maintenance premium. F-42 OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 4. MORTGAGE LOANS PAYABLE, NET, CONTINUED The following table discloses certain information regarding the Other Real Estate Partnerships' mortgage loans:
OUTSTANDING BALANCE AT ACCRUED INTEREST PAYABLE AT INTEREST RATE AT ------------------------------ --------------------------- --------------------- DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, MATURITY 2003 2002 2003 2002 2003 DATE ------------ ------------ ------------ ------------ ------------ -------- MORTGAGE LOANS PAYABLE 1995 Mortgage Loan ........... $ -- (1) $ 37,482 (1) $ -- $ 158 (1) (1) Acquisition Mortgage Loan V... 2,529 (2) 2,598 (2) 18 -- 9.010% 09/01/06 ------------ ------------ ------------ ------------ Total ........................ $ 2,529 $ 40,080 $ 18 $ 158 ============ ============ ============ ============
(1) The entire loan was paid off and retired on January 2003. (2) At December 31, 2003 and 2002, the Acquisition Mortgage Loan V is net of an unamortized premium of $102 and $143, respectively. The following is a schedule of maturities of the mortgage loan, exclusive of the related premium for the next three years ending December 31,:
Amount ------ ~~2004................... $ 34 2005................... 37 2006 .................. 2,356 ------ Total.................. $2,427 ======~~
Fair Value: At December 31, 2003 and 2002, the fair value of the Other Real Estate Partnerships' mortgage loans payable were as follows:
December 31, 2003 December 31, 2002 ----------------- ----------------- Carrying Fair Carrying Fair Amount Value Amount Value -------- ------- -------- -------- Mortgage Loans Payable...... $ 2,598 $ 2,759 $ 40,080 $ 40,069 -------- ------- -------- -------- Total....................... $ 2,598 $ 2,759 $ 40,080 $ 40,069 ======== ======= ======== ========
The fair value of the Other Real Estate Partnerships' mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. F-43 OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 5. PARTNERS' CAPITAL Preferred Stock In 1995, the Company issued 1,650,000 shares of 9.5%, $ .01 par value, Series A Cumulative Preferred Stock (the "Series A Preferred Stock") at an initial offering price of $25 per share. The Other Real Estate Partnerships issued a preferred limited partnership interest to the Company in the same amount. On or after November 17, 2000, the Series A Preferred Stock became redeemable for cash at the option of the Company, in whole or in part, at $25 per share, or $41,250 in the aggregate, plus dividends accrued and unpaid to the redemption date. On March 9, 2001, the Company called for the redemption of all of the outstanding Series A Preferred Stock at the price of $25 per share, plus accrued and unpaid dividends. The Other Real Estate Partnerships redeemed their preferred limited partnership interest with the Company on April 9, 2001 and paid a prorated second quarter dividend of $.05872 per share, totaling approximately $97. F-44 OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 6. ACQUISITION AND DEVELOPMENT OF REAL ESTATE In 2003, the Other Real Estate Partnerships acquired two in-service industrial property comprising approximately .3 million square feet (unaudited) of GLA and several land parcels for a total purchase price of approximately $11,300, excluding costs incurred in conjunction with the acquisition of the properties. In 2002, the Other Real Estate Partnerships acquired 23 in-service industrial properties comprising, in the aggregate, approximately 1.4 million square feet (unaudited) of GLA and several land parcels for a total purchase price of approximately $57,855, excluding costs incurred in conjunction with the acquisition of the properties. In 2001, the Other Real Estate Partnerships acquired nine in-service industrial properties comprising approximately .6 million square feet (unaudited) of GLA for a total purchase price of approximately $22,905 and completed the development of one property comprising approximately .2 million square feet (unaudited) of GLA at a cost of approximately $8,352. 7. SALE OF REAL ESTATE AND REAL ESTATE HELD FOR SALE In 2003, the Other Real Estate Partnerships sold nine industrial properties comprising approximately 1.1 million square feet (unaudited) of GLA and several parcels of land. Two of the nine sold industrial properties comprising approximately .7 million square feet of GLA were sold to the December 2001 Joint Venture. Gross proceeds from the sales of the nine industrial properties and several land parcels totaled approximately $36,879. The gain on sale of real estate was approximately $10,887, of which $4,644 is shown in discontinued operations. In accordance with FAS 144, the results of operations and gain on sale of real estate for the seven of the nine sold industrial properties that were not identified as held for sale at December 31, 2001, are included in discontinued operations. In 2002, the Other Real Estate Partnerships sold 17 industrial properties comprising approximately 2.8 million square feet (unaudited) of GLA that were not classified as held for sale at December 31, 2001, one industrial property comprising approximately .1 million square feet (unaudited) of GLA that was sold to the December 2001 Joint Venture, one land parcel and assigned to third parties the right to purchase certain properties. Gross proceeds from these sales were approximately $87,410. The gain on sale of real estate was approximately $21,285, of which $21,218 is shown in discontinued operations. In accordance with FAS 144, the results of operations and gain on sale of real estate for the 17 of the 18 sold industrial properties that were not identified as held for sale at December 31, 2001 and the gain associated with the assignment to third parties of the right to purchase certain properties are included in discontinued operations. In 2001, the Other Real Estate Partnerships sold eight in-service industrial properties and several parcels of land. Gross proceeds from these sales totaled approximately $69,321. The gain on sales totaled approximately $21,405. The following table discloses certain information regarding the industrial properties included in discontinued operations by the Other Real Estate Partnerships for the years ended December 31, 2003, 2002 and 2001.
YEAR ENDED YEAR ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, DECEMBER 31, 2003 2002 2001 ------------ ------------ ------------ Total Revenues $ 1,500 $ 8,795 $ 14,050 Operating Expenses (956) (2,826) (3,825) Depreciation and Amortization (247) (1,493) (2,687) Gain on Sale of Real Estate 4,644 21,218 - ------------ ------------ ------------ Income from Discontinued Operations $ 4,941 $ 25,694 $ 7,538 ============ ============ ============
In conjunction with certain property sales, the Other Real Estate Partnerships provides seller financing on behalf of certain buyers. At December 31, 2003 and 2002, the Other Real Estate Partnerships had mortgage notes receivable outstanding of approximately $23,585 and $55,572, respectively which is included as a component of prepaid expenses and other assets. F-45 OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 7. SALE OF REAL ESTATE AND REAL ESTATE HELD FOR SALE, CONTINUED In connection with the Other Real Estate Partnerships' periodic review of the carrying values of its properties and due to the continuing softness of the economy in certain of its markets and indications of current market values for comparable properties, the Other Real Estate Partnerships determined in 2001 that an impairment valuation in the amount of approximately $3,010 should be recorded for certain properties located in the Des Moines, Iowa and Indianapolis, Indiana markets. 8. SUPPLEMENTAL INFORMATION TO STATEMENTS OF CASH FLOWS Supplemental disclosure of cash flow information:
Year Ended Year Ended Year Ended December 31, December 31, December 31, 2003 2002 2001 ------------ ------------ ------------ ~~Interest paid .............. $ 415 $ 2,932 $ 3,742 ============ ============ ============~~
In conjunction with the property and land acquisitions, the following liabilities were assumed: Purchase of real estate .... $ 11,300 $ 57,855 $ 22,905 Accounts payable and accrued Expenses ................ (296) (364) (109) ------------ ------------ ------------ $ 11,004 $ 57,491 $ 22,796 ============ ============ ============

In conjunction with certain property sales, the Other Real Estate Partnerships provided seller financing on behalf of certain buyers: ~~Notes Receivable ........... $ 17,170 $ 42,765 $ -- ============ ============ ============~~

9. FUTURE RENTAL REVENUES The Other Real Estate Partnerships' properties are leased to tenants under net and semi-net operating leases. Minimum lease payments receivable, excluding tenant reimbursements of expenses, under noncancelable operating leases in effect as of December 31, 2003 are approximately as follows: 2004 $ 31,605 2005 22,696 2006 16,178 2007 10,810 2008 7,976 Thereafter 14,425 -------- Total $103,690 ========

10. RELATED PARTY TRANSACTIONS Periodically, the Other Real Estate Partnerships utilizes real estate brokerage services from CB Richard Ellis, Inc., for which a relative of one of the Company's officers/Directors is an employee. For the years ended December 31, 2003 and 2002, this relative received brokerage commissions in the amount of $5 and $23, respectively from the Other Real Estate Partnerships. F-46 OTHER REAL ESTATE PARTNERSHIPS NOTES TO COMBINED FINANCIAL STATEMENTS (DOLLARS IN THOUSANDS) 11. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Other Real Estate Partnerships are involved in legal actions arising from the ownership of its properties. In management's opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on the combined financial position, operations or liquidity of the Other Real Estate Partnerships. One property has a lease granting the tenant an option to purchase the property. Such options are exercisable at various times and at appraised fair market value or at a fixed purchase price generally in excess of the Other Real Estate Partnerships' depreciated cost of the asset. The Other Real Estate Partnerships have no notice of any exercise of this tenant purchase option. 12. SUBSEQUENT EVENTS During the period January 1, 2004 through March 5, 2004, the Other Real Estate Partnerships sold one land parcel for approximately $173 of gross proceeds. F-47 EX-12.1 3 c83723exv12w1.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES . . . EXHIBIT 12.1 FIRST INDUSTRIAL, L.P. COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (DOLLARS IN THOUSANDS)
YEAR ENDED DECEMBER 31, ------------------------------ 2003 2002 2001 -------- -------- -------- Income from Continuing Operations..................................... $ 48,122 $ 79,774 $109,702 Plus: Interest Expense and Amortization of Deferred Financing Costs................................................................. 96,959 89,297 80,583 -------- -------- -------- Earnings Before Fixed Charges ........................................ $145,081 $169,071 $190,285 ======== ======== ======== Fixed Charges ........................................................ $ 97,720 $ 97,089 $ 90,533 ======== ======== ======== Ratio of Earnings to Fixed Charges (a) ............................... 1.48x 1.74x 2.10x ======== ======== ========
(a) For purposes of computing the ratios of earnings to fixed charges, earnings have been calculated by adding fixed charges (excluding capitalized interest) to income from continuing operations. Fixed charges consist of interest costs, whether expensed or capitalized and amortization of deferred financing costs. EX-23 4 c83723exv23.txt CONSENT OF PRICEWATERHOUSECOOPERS LLP Exhibit 23 CONSENT OF INDEPENDENT AUDITORS We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (File No. 333-57992), Form S-8 (File No. 333-100630) and Form S-4 (File No. 333-63052) of First Industrial, L.P. of our report dated March 9, 2004 relating to the consolidated financial statements and of our report dated March 9, 2004 relating to the combined financial statements of the Other Real Estate Partnerships, which appears in this Annual Report on Form 10-K. We also consent to the incorporation by reference of our report dated March 9, 2004 relating to the financial statement schedule of First Industrial, L.P., which appears in this Form 10-K. PricewaterhouseCoopers LLP Chicago, Illinois March 15, 2004 EX-31.1 5 c83723exv31w1.txt CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER EXHIBIT 31.1 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Michael W. Brennan, 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 the 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)) 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) 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 c) 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 on Form 10-K) 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 fulfilling the equivalent function): 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: March 12, 2004 /s/ Michael W. Brennan --------------------------------------- Michael W. Brennan President and Chief Executive Officer First Industrial Realty Trust, Inc. EX-31.2 6 c83723exv31w2.txt CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER EXHIBIT 31.2 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Michael J. Havala, 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 the 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)) 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) 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 c) 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 on Form 10-K) 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 fulfilling the equivalent function): 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: March 12, 2004 /s/ Michael J. Havala ------------------------------------ Michael J. Havala Chief Financial Officer First Industrial Realty Trust, Inc. EX-32 7 c83723exv32.txt SECTION 906 CERTIFICATION Exhibit 32 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. Section 1350(a) and (b)) Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chapter 63, Title 18 U.S.C. Section 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, 2003 of First Industrial, L.P. (the "Company") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in such Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Dated: March 12, 2004 /s/ Michael W. Brennan ---------------------------------- Michael W. Brennan Chief Executive Officer (Principal Executive Officer) First Industrial Realty Trust, Inc. Dated: March 12, 2004 /s/ Michael J. Havala ---------------------------------- Michael J. Havala Chief Financial Officer (Principal Financial Officer) First Industrial Realty Trust, Inc. 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. 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