10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

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

For the fiscal year ended December 31, 2011

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 incorporation or organization)	(I.R.S. Employer Identification No.)
311 S. Wacker Drive, Suite 3900, Chicago, Illinois	60606
(Address of principal executive offices)	(Zip Code)

(312) 344-4300

(Registrant’s telephone number, including area code)

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

None

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

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ¨    No  þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  ¨    No  þ

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

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  þ    No  ¨

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

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

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

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

FIRST INDUSTRIAL, L.P.

TABLE OF CONTENTS

		Page
	PART I.
Item 1.	Business		4
Item 1A.	Risk Factors		8
Item 1B.	Unresolved SEC Comments		16
Item 2.	Properties		16
Item 3.	Legal Proceedings		20
	PART II.
Item 4.	Mine Safety Disclosures		20
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		21
Item 6.	Selected Financial Data		22
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		23
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk		40
Item 8.	Financial Statements and Supplementary Data		40
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		40
Item 9A.	Controls and Procedures		40
Item 9B.	Other Information		41
	PART III.
Item 10.	Directors, Executive Officers and Corporate Governance		42
Item 11.	Executive Compensation		42
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		42
Item 13.	Certain Relationships and Related Transactions and Director Independence		42
Item 14.	Principal Accountant Fees and Services		42
	PART IV.
Item 15.	Exhibits and Financial Statement Schedules		43
Signatures			S-22

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This report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “seek,” “target,” “potential,” “focus,” “may,” “should,” or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of real estate investment trusts) and actions of regulatory authorities (including the Internal Revenue Service); our ability to qualify and maintain our status as a real estate investment trust; the availability and attractiveness of financing (including both public and private capital) to us and to our potential counterparties; the availability and attractiveness of terms of additional debt repurchases; interest rates; our credit agency ratings; our ability to comply with applicable financial covenants; competition; changes in supply and demand for industrial properties (including land, the supply and demand for which is inherently more volatile than other types of industrial property) in the Company’s current and proposed market areas; difficulties in consummating acquisitions and dispositions; risks related to our investments in properties through joint ventures; environmental liabilities; slippages in development or lease-up schedules; tenant creditworthiness; higher-than-expected costs; changes in asset valuations and related impairment charges; changes in general accounting principles, policies and guidelines applicable to real estate investment trusts; international business risks and those additional factors described in Item 1A, “Risk Factors” and in our other filings with the Securities and Exchange Commission (the “SEC”). We caution you not to place undue reliance on forward looking statements, which reflect our analysis only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. Unless the context otherwise requires, the term “Operating Partnership” refers to First Industrial, L.P. and the terms “we,” “us,” and “our” refer to First Industrial, L.P. and its controlled subsidiaries.

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PART I

THE COMPANY

Item 1. Business

General

First Industrial, L.P. (the “Operating Partnership”) was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the “Company”) which owns common units in the Operating Partnership (“Units”) representing an approximate 94.3% ownership interest at December 31, 2011. The Company also owns a preferred general partnership interest in the Operating Partnership represented by preferred units (“Preferred Units”) with an aggregate liquidation priority of $275.0 million. The Company is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986 (the “Code”). The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership own, in the aggregate, an approximate 5.7% interest in the Operating Partnership at December 31, 2011. Operations are also conducted through other partnerships and limited liability companies (“L.L.C.s”) of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the L.L.C.s, the “Consolidated Operating Partnership”), the operating data of which is consolidated with that of the Operating Partnership as presented herein.

We also hold 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, (the “Mortgage Partnership”), L.P. 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. and wholly owned L.L.C.s (together, the “Other Real Estate Partnerships”). The Other Real Estate Partnerships’ operating data is presented herein on a combined basis, separate from that of the Consolidated Operating Partnership. 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.

We also own noncontrolling equity interests in, and provide services to, two joint ventures (the 2003 Net Lease Joint Venture” and the “2007 Europe Joint Venture”). During 2010, we provided various services to, and ultimately disposed of our equity interests in, five joint ventures (the “2005 Development/Repositioning Joint Venture,” the “2005 Core Joint Venture,” the “2006 Net Lease Co- Investment Program,” the “2006 Land/Development Joint Venture,” and the “2007 Canada Joint Venture;” together with the 2003 Net Lease Joint Venture and the 2007 Europe Joint Venture, the “Joint Ventures”). The 2007 Europe Joint Venture does not own any properties. See Note 6 to the Consolidated Financial Statements for more information on the Joint Ventures.

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

As of December 31, 2011, we owned 671 in-service industrial properties, containing an aggregate of approximately 58.6 million square feet of gross leasable area (“GLA”). On a combined basis, as of December 31, 2011, the Other Real Estate Partnerships owned 68 in-service industrial properties, containing an aggregate of approximately 7.7 million square feet of GLA. Of the 68 industrial properties owned by the Other Real Estate Partnerships at December 31, 2011, 21 are held by the Financing Partnership, 17 are held by the Pennsylvania Partnership, nine are held by the Mortgage Partnership, eight are held by the Securities Partnership, seven are held by the Harrisburg Partnership, four are held by the Indianapolis Partnership, one is held by TK-SV, LTD. and one is held by FI Development Services, L.P. Our in-service portfolio includes all properties other than

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developed, redeveloped and acquired properties that have not yet reached stabilized occupancy (generally defined as properties that are 90% leased). Properties which are at least 75% occupied at acquisition are placed in-service. Acquired properties less than 75% occupied are placed in-service upon the earlier of reaching 90% occupancy or one year from the acquisition date. Development properties are placed in-service upon the earlier of reaching 90% occupancy or one year from the date construction is completed. Redevelopments (generally projects which require capital expenditures exceeding 25% of basis) are placed in-service upon the earlier of reaching 90% occupancy or one year from the completion of renovation construction.

We utilize an operating approach which combines the effectiveness of decentralized, locally based property management, acquisition, sales and development functions with the cost efficiencies of centralized acquisition, sales and development support, capital markets expertise, asset management and fiscal control systems. At February 28, 2012, we had 176 employees.

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

First Industrial Realty Trust, Inc.

311 S. Wacker, Suite 3900

Chicago, IL 60606

Attention: Investor Relations

Business Objectives and Growth Plans

Our fundamental business objective is to maximize the total return to our partners through per unit distributions and increases in the value of our properties and operations. Our long-term business growth plans include the following elements:

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

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

Our ability to pursue our long-term growth plans is affected by market conditions and our financial condition and operating capabilities.

Business Strategies

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

• Organization Strategy. We implement our decentralized property operations strategy through the deployment of experienced regional management teams and local property managers. We provide

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acquisition, development and financing assistance, asset management oversight and financial reporting functions from our headquarters in Chicago, Illinois to support our regional operations. We believe the size of our portfolio enables us to realize operating efficiencies by spreading overhead among many properties and by negotiating purchasing discounts.

• Market Strategy. Our market strategy is to concentrate on the top industrial real estate markets in the United States. These markets have one or more of the following characteristics: (i) strong industrial real estate fundamentals, including improving industrial demand expectations; (ii) a history of industry diversity and outlook for economic growth; and (iii) sufficient size to provide opportunity for ample transaction volume.

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

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

• Financing Strategy. To finance acquisitions, developments and debt maturities, as market conditions permit, we utilize a portion of proceeds from property sales, proceeds from mortgage financings, line of credit borrowings under our new $450 million unsecured credit facility, and proceeds from the issuance, when and as warranted, of additional equity securities (see Recent Developments). We also continually evaluate joint venture arrangements as another source of capital. As of February 28, 2012, we had approximately $262.4 million available for additional borrowings under our Unsecured Credit Facility.

• Disposition Strategy. We continuously evaluate local market conditions and property-related factors in all of our markets for purposes of identifying assets suitable for disposition. During 2010, management identified a pool of real estate assets (the “Non-Strategic Assets”) that it intends to sell. At December 31, 2011, the Non-Strategic Assets consisted of 117 industrial properties comprising approximately 10.2 million square feet of GLA and land parcels comprising approximately 357 gross acres.

Recent Developments

During December 2011, we entered into a new $450 million unsecured revolving credit agreement (the “Unsecured Credit Facility”). The Unsecured Credit Facility provides for interest only payments initially at LIBOR plus 210 basis points or at a base rate plus 210 basis points, at our election, based on our leverage ratio. The Unsecured Credit Facility matures on December 12, 2014, unless extended an additional year at our election, subject to certain conditions. We may request that the maximum borrowing capacity under the Unsecured Credit Facility be increased to $500 million, subject to certain conditions. The Unsecured Credit Facility replaces our previous $400 million credit facility (the “Old Credit Facility”). Our Old Credit Facility commitment was for a $200 million term borrowing, $100 million of which was paid off earlier in 2011, and an aggregate $200 million of revolving borrowings. For the term borrowing, the Old Credit Facility required interest-only payments through March 29, 2012 at LIBOR plus 325 basis points or at a base rate plus 225 basis points, at our election. For the revolving borrowings, the Old Credit Facility provided for interest only payments at LIBOR plus 275 or at a base rate plus 175 basis points, at our election. At the time the Unsecured Credit Facility was executed, we wrote off $1.2 million of unamortized deferred financing costs during 2011 related to the replacement of the Old Credit Facility, which is reflected as loss from retirement of debt on our Consolidated Statement of Operations.

During the year ended December 31, 2011, we acquired one industrial property comprising approximately 0.7 million square feet of GLA in connection with the redemption of the 85% equity interest in one property from

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the institutional investor in the 2003 Net Lease Joint Venture at a cap rate of 8.4%. The cap rate was calculated by annualizing the contract vent in place at the time of acquisition and dividing it by the gross agreed upon fair value for the real estate. The acquisition was funded with a cash payment of $5.3 million and the assumption of a mortgage loan in the amount of $24.4 million. We also sold 34 industrial properties, at a weighted average cap rate of 6.2%, and one parcel of land for an aggregate gross sales price of $81.7 million. The cap rate is calculated by taking revenues of the property (excluding straight-line rent, lease inducement amortization and above and below market lease amortization) less operating expenses of the property for a period of twelve months prior to sale and dividing the sum by the sales price of the property. Included in the 34 industrial properties sold is one industrial property totaling approximately 0.4 million square feet of GLA that we transferred title to a lender in satisfaction of a non-recourse mortgage loan (See Note 7 to the Consolidated Financial Statements). At December 31, 2011, we owned 671 in-service industrial properties containing approximately 58.6 million square feet of GLA.

During 2011, we repurchased and retired prior to maturity $112.8 million of our senior unsecured notes and recognized a loss from retirement of debt on our Consolidated Statement of Operations of $2.0 million. Also, we paid off and retired our 2011 Exchangeable Notes, at maturity, in the amount of $128.9 million.

During 2011, we originated $199.9 million in mortgage financings at a weighted average interest rate of 4.58%, with maturities ranging between June 2018 and October 2021. Also, we paid off and retired $59.0 million in mortgage loans payable and recognized a loss on debt retirement of $2.0 million.

During the year ended December 31, 2011, the Company issued 17,300,000 shares of its common stock, generating $201.4 million in net proceeds, in underwritten public offerings. Additionally, the Company issued 115,856 shares of its common stock generating $1.4 million in net proceeds under the Company’s “at-the-market” equity offering program (“ATM”). The proceeds from the issuances were contributed to us in exchange for an equivalent number of Units and are reflected in our financial statements as a general partner contribution.

Future Property Acquisitions, Developments and Property Sales

We have acquisition and development programs through which we seek to identify portfolio and individual industrial property acquisitions and developments.

We also sell properties based on market conditions and property related factors. As a result, we are currently engaged in negotiations relating to the possible sale of certain industrial properties in our portfolio.

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

INDUSTRY

Industrial properties are typically used for the design, assembly, packaging, storage and distribution of goods and/or the provision of services. As a result, the demand for industrial space in the United States is related to the level of economic output. For the five years ended December 31, 2011, the national occupancy rate for industrial properties in the United States has ranged from 85.4%* to 90.4%*, with an occupancy rate of 86.4%* at December 31, 2011.

* Source: CBRE Econometric Advisors

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Item 1A. Risk Factors

Risk Factors

Our operations involve various risks that could adversely affect our financial condition, results of operations, cash flow, ability to pay distributions on our Units and the market value of our Units. These risks, among others contained in the Operating Partnership’s other filings with the SEC, include:

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

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

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

Real estate investments’ 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 our real estate and the revenues we derive from our properties include, among other things:

• general economic conditions;

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

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

• 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.

These factors may be amplified in light of the disruption of the global credit markets. Our investments in real estate assets are concentrated in the industrial sector, and the demand for industrial space in the United States

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is related to the level of economic output. Accordingly, reduced economic output may lead to lower occupancy rates for our properties. In addition, if any of our tenants experiences a downturn in its business that weakens its financial condition, delays lease commencement, fails to make rental payments when due, becomes insolvent or declares bankruptcy, the result could be a termination of the tenant’s lease, which could adversely affect our cash flow from operations.

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

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

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, which will tend to limit our ability to adjust our property portfolio promptly in response to changes in economic or other conditions. The inability to respond promptly to changes in the performance of our property portfolio could adversely affect our financial condition and ability to service debt and make distributions to our unitholders. In addition, like other companies qualifying as REITs under the Code, the Company must comply with the safe harbor rules relating to the number of properties disposed of in a year, their tax basis 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, our ability at any time to sell assets may be restricted.

The Consolidated Operating Partnership may be unable to sell properties on advantageous terms.

We have sold to third parties a significant number of properties in recent years and, as part of our business, we intend to continue to sell properties to third parties. Our ability to sell properties on advantageous terms depends on factors beyond our control, including competition from other sellers and the availability of attractive financing for potential buyers of our properties. If we are unable to sell properties on favorable terms or redeploy the proceeds of property sales in accordance with our business strategy, then our financial condition, results of operations, cash flow and ability to pay distributions on, and the market value of, our Units could be adversely affected.

The Consolidated Operating Partnership may be unable to complete development and re-development projects on advantageous terms.

As part of our business, we develop new and re-develop existing properties when and as conditions warrant. In addition, we have sold to third parties or sold to joint ventures development and re-development properties, and we may continue to sell such properties to third parties or to sell or contribute such properties to joint ventures as opportunities arise. The real estate development and re-development business involves significant risks that could adversely affect our financial condition, results of operations, cash flow and ability to pay distributions on, and the market value of, our Units, which include:

• we 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;

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

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• the properties may perform below anticipated levels, producing cash flow below budgeted amounts and limiting our ability to sell such properties to third parties or to sell such properties to joint ventures.

The Consolidated Operating Partnership may be unable to acquire properties on advantageous terms or acquisitions may not perform as the Consolidated Operating Partnership expects.

We acquire and intend to continue to acquire primarily industrial properties. The acquisition of properties entails various risks, including the risks that our investments may not perform as expected and that our cost estimates for bringing an acquired property up to market standards may prove inaccurate. Further, we face significant competition for attractive investment opportunities from other well-capitalized real estate investors, including both publicly-traded REITs and private investors. This competition increases as investments in real estate become attractive relative to other forms of investment. As a result of competition, we may be unable to acquire additional properties as we desire or the purchase price may be elevated. In addition, we expect to finance future acquisitions through a combination of borrowings under the Unsecured Credit Facility, proceeds from equity or debt offerings and debt originations by the Consolidated Operating Partnership and proceeds from property sales, which may not be available and which could adversely affect our cash flow. Any of the above risks could adversely affect our financial condition, results of operations, cash flow and ability to pay distributions on, and the market value of, our Units.

The Consolidated Operating Partnership may be unable to renew leases or find other lessees.

We are subject to the risks that, upon expiration, leases may not be renewed, the space subject to such leases may not be relet or the terms of renewal or reletting, including the cost of required renovations, may be less favorable than expiring lease terms. If we 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 current rates, our financial condition, results of operation, cash flow and ability to pay distributions on, and the market value of, our Units could be adversely affected. As of December 31, 2011, leases with respect to approximately 6.8 million, 9.4 million and 7.8 million square feet of our total GLA, representing 14%, 19% and 16% of our total GLA, expire in 2012, 2013 and 2014, respectively.

The Company might fail to qualify or remain qualified as a REIT.

The Company intends to operate so as to qualify as a REIT under the Code. Although the Company believes that it 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 our control.

If the Company were to fail to qualify as a REIT in any taxable year, it would be subject to federal income tax, including any applicable alternative minimum tax, on its taxable income at corporate rates. This could result in a discontinuation or substantial reduction in dividends to stockholders and in cash to pay interest and principal on debt securities that we issue. Unless entitled to relief under certain statutory provisions, the Company would be disqualified from electing treatment as a REIT for the four taxable years following the year during which it failed to qualify as a REIT.

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

As part of our business, we sell properties to third parties as opportunities arise. Under the Code, a 100% penalty tax could be assessed on the 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 (“IRS”) could contend that certain sales of properties by us are prohibited transactions. While we do not believe that the IRS would prevail in such a dispute, if the

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matter were successfully argued by the IRS, 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 limit the Company’s ability to retain capital and require the Company to turn to external financing sources.

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

Debt financing, the degree of leverage and rising interest rates could reduce the Consolidated Operating Partnership’s cash flow.

Where possible, we intend to continue to use leverage to increase the rate of return on our investments and to allow us to make more investments than we otherwise could. Our use of leverage presents an additional element of risk in the event that the cash flow from our properties is insufficient to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code. In addition, rising interest rates would reduce our cash flow by increasing the amount of interest due on our floating rate debt and on our fixed rate debt as it matures and is refinanced.

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

The terms of our agreements governing our Unsecured Credit Facility and other indebtedness require that we comply with a number of financial and other covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage. Complying with such covenants may limit our operational flexibility. Our failure to comply with these covenants could cause a default under the applicable debt agreement even if we have satisfied our payment obligations. Consistent with our prior practice, we will, in the future, continue to interpret and certify our performance under these covenants in a good faith manner that we deem reasonable and appropriate. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by the noteholders or lenders in a manner that could impose and cause us to incur material costs. We anticipate that we will be able to operate in compliance with our financial covenants in 2012. Our ability to meet our financial covenants may be adversely affected if economic and credit market conditions limit our ability to reduce our debt levels consistent with, or result in net operating income below, our current expectations. Under our Unsecured Credit Facility, an event of default can also occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement.

Upon the occurrence of an event of default, we would be subject to higher finance costs and fees, and the lenders under our Unsecured Credit Facility will not be required to lend any additional amounts to us. In addition, our outstanding senior unsecured notes as well as all outstanding borrowings under the Unsecured Credit Facility, together with accrued and unpaid interest and fees, could be accelerated and declared to be immediately due and payable. Furthermore, our Unsecured Credit Facility and the indentures governing our senior unsecured notes contain certain cross-default provisions, which are triggered in the event that our other material indebtedness is in default. These cross-default provisions may require us to repay or restructure the Unsecured Credit Facility and the senior unsecured notes or other debt that is in default, which could adversely affect our financial condition, results of operations, cash flow and ability to pay dividends on, and the market

11

price of, our stock. If repayment of any of our borrowings is accelerated, we cannot provide assurance that we will have sufficient assets to repay such indebtedness or that we would be able to borrow sufficient funds to refinance such indebtedness. Even if we are able to obtain new financing, it may not be on commercially reasonable terms, or terms that are acceptable to us.

Cross-collateralization of mortgage loans could result in foreclosure on substantially all of the Consolidated Operating Partnership’s properties if the Consolidated Operating Partnership is unable to service its indebtedness.

We may obtain additional mortgage debt financing in the future if it is available to us. These mortgages may be issued on a recourse, non-recourse or cross-collateralized basis. Cross-collateralization makes all of the subject properties available to the lender in order to satisfy our 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 us, making it difficult for us to meet both debt payment obligations and the distribution requirements of the REIT provisions of the Code. At December 31, 2011, mortgage loans payable totaling $390.2 million were cross-collateralized, inclusive of mortgage loans payable held by the Other Real Estate Partnerships.

The Consolidated Operating Partnership may have to make lump-sum payments on its existing indebtedness.

We are required to make the following lump-sum or “balloon” payments under the terms of some of our indebtedness, including:

• $35.0 million aggregate principal amount of 7.750% Notes due 2032 (the “2032 Notes”)

• $125.0 million aggregate principal amount of 7.600% Notes due 2028 (the “2028 Notes”)

• $6.1 million aggregate principal amount of 7.150% Notes due 2027 (the “2027 Notes”)

• $106.9 million aggregate principal amount of 5.950% Notes due 2017 (the “2017 II Notes”)

• $59.6 million aggregate principal amount of 7.500% Notes due 2017 (the “2017 Notes”)

• $159.7 million aggregate principal amount of 5.750% Notes due 2016 (the “2016 Notes”)

• $90.8 million aggregate principal amount of 6.420% Notes due 2014 (the “2014 Notes”);

• $61.8 million aggregate principal amount of 6.875% Notes due 2012 (the “2012 Notes”);

• $509.5 million in mortgage loans payable, in the aggregate, due between January 2014 and October 2021 on certain of our mortgage loans payable.

• a $450.0 million Unsecured Credit Facility under which we may borrow to finance the acquisition of additional properties and for other corporate purposes, including working capital.

As of December 31, 2011, $149.0 million was outstanding under the Unsecured Credit Facility at a weighted average interest rate of 2.385%, maturing December 12, 2014.

Our ability to make required payments of principal on outstanding indebtedness, whether at maturity or otherwise, may depend on our ability either to refinance the applicable indebtedness or to sell properties. We have no commitments to refinance the 2012 Notes, the 2014 Notes, the 2016 Notes, the 2017 Notes, the 2017 II Notes, the 2027 Notes, the 2028 Notes, the 2032 Notes, the Unsecured Credit Facility or the mortgage loans. Our existing mortgage loan obligations are collateralized by our properties and therefore such obligations will permit the lender to foreclose on those properties in the event of a default.

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There is no limitation on debt in the Consolidated Operating Partnership’s organizational documents.

As of December 31, 2011, our ratio of debt to our total market capitalization was 53.0%. We compute the percentage by calculating our 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 of our limited partnership units for the Company’s common stock, plus the aggregate stated value of all outstanding shares of preferred stock and total consolidated debt. Our organizational documents do not contain any limitation on the amount or percentage of indebtedness we may incur. Accordingly, we could become more highly leveraged, resulting in an increase in debt service that could adversely affect our ability to make expected distributions to unitholders and an increased risk of default on our obligations.

Rising interest rates on the Consolidated Operating Partnership’s Unsecured Credit Facility could decrease the Consolidated Operating Partnership’s available cash.

Our Unsecured Credit Facility bears interest at a floating rate. As of December 31, 2011, our Unsecured Credit Facility had an outstanding balance of $149.0 million at a weighted average interest rate of 2.385%. Our Unsecured Credit Facility presently bears interest at LIBOR plus 210 basis points or at a base rate plus 210 basis points, at our election. Based on the outstanding balance on our Unsecured Credit Facility as of December 31, 2011, a 10% increase in interest rates would increase interest expense by $0.4 million on an annual basis. Increases in the interest rate payable on balances outstanding under our Unsecured Credit Facility would decrease our cash available for distribution to unitholders.

The Consolidated Operating Partnership’s mortgages may impact its ability to sell encumbered properties on advantageous terms or at all.

As part of our plan to enhance liquidity and pay down our debt, we have originated numerous mortgage financings and from time to time engage in active discussions with various lenders regarding the origination of additional mortgage financings. Certain of our mortgages contain, and it is anticipated that some future mortgages will contain, substantial prepayment premiums which we would have to pay upon the sale of a property, thereby reducing the net proceeds to us from the sale of any such property. As a result, our willingness to sell certain properties and the price at which we may desire to sell a property may be impacted by the terms of any mortgage financing encumbering a property. If we are unable to sell properties on favorable terms or redeploy the proceeds of property sales in accordance with our business strategy, then our financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, our common stock could be adversely affected.

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

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

From time to time, adverse market and economic conditions and market volatility make it difficult to value the real estate assets owned by us as well as the value of our interests in unconsolidated joint ventures. There may be significant uncertainty in the valuation, or in the stability of the cash flows, discount rates and other factors related to such assets due to the adverse market and economic conditions that could result in a substantial decrease in their value. We may be required to recognize additional asset impairment charges in the future, which could materially and adversely affect our business, financial condition and results of operations.

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

As a REIT, 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 also based 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 the Company’s net asset value per share. To the extent that the Company retains operating cash flow for investment purposes, working capital reserves, or other purposes, these retained funds, while increasing the value of the Company’s underlying assets, may not correspondingly increase the market price of the Company’s common stock. The Company’s failure to meet the market’s expectations with regard to future earnings and cash dividends 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.

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 a property, and any related damages to natural resources. Environmental laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of hazardous or toxic materials. The presence of such materials, or the failure to address those conditions properly, may adversely affect 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 our 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 us or that a material environmental condition does not otherwise exist as to any of our properties. In addition, changes to existing environmental regulation to address, among other things, climate change, could increase the scope of our potential liabilities.

The Consolidated Operating Partnership’s insurance coverage does not include all potential losses.

We currently carry 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 our properties and their business operations are located. The insurance coverage contains policy specifications and insured limits customarily carried for similar properties and business activities. We believe our 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 our properties, we could experience a significant loss of capital invested and potential revenues from these properties, and could potentially remain obligated under any recourse debt associated with the property.

The Consolidated Operating Partnership is subject to risks and liabilities in connection with its investments in properties through Joint Ventures.

As of December 31, 2011, the 2003 Net Lease Joint Venture owned approximately 3.4 million square feet of properties (see Subsequent Events). Our net investment in this Joint Venture was $1.7 million at December 31,

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2011. Our organizational documents do not limit the amount of available funds that we may invest in joint ventures and we intend to continue to develop and acquire properties through joint ventures with other persons or entities when warranted by the circumstances. Joint venture investments, in general, involve certain risks, including:

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

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

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

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

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

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

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

The occurrence of one or more of the events described above could adversely affect the Consolidated Operating Partnership’s financial condition, results of operations, cash flow and ability to pay dividends on, and the market price of, its common stock.

In addition, joint venture investments in real estate involve all of the risks related to the ownership, acquisition, development, sale and financing of real estate discussed in the risk factors above. To the extent the Consolidated Operating Partnership’s investments in joint ventures are adversely affected by such risks, the Consolidated Operating Partnership’s financial condition, results of operations, cash flow and ability of the Company to pay dividends on, and the market price of, the Company’s common stock could be adversely affected.

We are subject to risks associated with our international operations.

As of December 31, 2011, we owned one industrial property and one land parcel located in Canada. Our international operations will be subject to risks inherent in doing business abroad, including:

• exposure to the economic fluctuations in the locations in which we invest;

• difficulties and costs associated with complying with a wide variety of complex laws, treaties and regulations;

• revisions in tax treaties or other laws and regulations, including those governing the taxation of our international revenues;

• obstacles to the repatriation of earnings and funds;

• currency exchange rate fluctuations between the United States dollar and foreign currencies;

• restrictions on the transfer of funds; and

• national, regional and local political uncertainty.

When we acquire properties located outside of the United States, we may face risks associated with a lack of market knowledge or understanding of the local economy, forging new business relationships in the area and

15

unfamiliarity with local government and permitting procedures. We work to mitigate such risks through extensive diligence and research and associations with experienced partners; however, there can be no guarantee that all such risks will be eliminated.

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

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

Item 1B. Unresolved SEC Comments

None.

Item 2. Properties

General

At December 31, 2011, the Company owned 739 in-service industrial properties (671 of which were owned by the Consolidated Operating Partnership and 68 of which were owned by the Other Real Estate Partnerships) containing an aggregate of approximately 66.3 million square feet of GLA (58.6 million square feet of which comprised the properties owned by the Consolidated Operating Partnership and 7.7 million square feet of which comprised the properties owned by the Other Real Estate Partnerships) in 25 states in the United States and one province in Canada, with a diverse base of approximately 1,800 tenants engaged in a wide variety of businesses, including manufacturing, retail, wholesale trade, distribution and professional services. The average annual rent per square foot on a portfolio basis, calculated at December 31, 2011, was $4.40. The properties are generally located in business parks that have convenient access to interstate highways and/or rail and air transportation. We maintain insurance on our properties that we believe is adequate.

We classify our properties into 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, we have used what we believe is the most dominant characteristic to categorize the property.

The following describes, generally, the different industrial categories:

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

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

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

• Regional warehouses are of less than 100,000 square feet, have a ceiling height of at least 22 feet, are comprised of 5% – 15% of office space and contain less than 25% of manufacturing space.

• Manufacturing properties are a diverse category of buildings that have various ceiling heights, are comprised of 5% – 15% of office space and contain at least 50% of manufacturing space.

The following tables summarize certain information as of December 31, 2011, with respect to the in-service properties owned by the Consolidated Operating Partnership, each of which is wholly-owned.

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Consolidated Operating Partnership

In-Service Property Summary Totals

	Light Industrial				R&D/Flex				Bulk Warehouse				Regional Warehouse				Manufacturing
Metropolitan Area	GLA		Number  of Properties		GLA		Number  of Properties		GLA		Number  of Properties		GLA		Number  of Properties		GLA		Number  of Properties
Atlanta, GA		622,944		11		137,462		3		3,397,270		12		559,518		6		364,000		1
Baltimore, MD		568,781		10		170,826		5		586,647		3		96,000		1		171,000		1
Central PA		146,990		2		—		—		2,741,350		4		—		—		—		—
Chicago, IL		710,516		12		248,090		4		1,808,838		10		593,851		6		166,954		1
Cincinnati, OH		347,220		6		100,000		2		918,250		3		683,269		4		—		—
Cleveland, OH		—		—		—		—		1,317,799		7		—		—		—		—
Columbus, OH		217,612		2		—		—		2,423,547		7		243,000		1		—		—
Dallas, TX		2,307,047		42		511,418		19		2,248,380		17		460,533		6		—		—
Denver, CO		1,148,368		26		577,054		14		290,098		2		760,277		7		—		—
Detroit, MI		2,118,905		79		322,010		10		225,542		2		615,259		15		182,382		2
Houston, TX		585,349		9		132,997		6		2,457,546		11		446,318		6		—		—
Indianapolis, IN		861,100		18		25,000		2		1,143,555		5		479,927		7		—		—
Miami, FL		88,820		1		—		—		—		—		424,430		7		—		—
Milwaukee, WI		431,508		9		—		—		1,626,409		6		90,089		1		—		—
Minneapolis/St. Paul, MN		973,459		14		80,862		1		2,817,128		13		323,165		5		—		—
Nashville, TN		163,852		2		—		—		1,664,170		6		—		—		—		—
Northern New Jersey		749,849		13		199,967		4		329,593		2		—		—		—		—
Philadelphia, PA		—		—		—		—		—		—		131,934		2		—		—
Phoenix, AZ		38,560		1		—		—		710,403		5		354,327		5		—		—
Salt Lake City, UT		574,925		33		146,937		6		279,179		1		—		—		—		—
Seattle, WA		—		—		—		—		258,126		2		132,195		2		—		—
Southern California		704,170		19		88,064		1		1,023,893		6		594,614		10		—		—
Southern New Jersey		115,626		2		45,054		1		281,100		2		191,329		2		—		—
St. Louis, MO		823,655		11		—		—		1,368,095		4		—		—		—		—
Tampa, FL		234,679		7		543,742		24		209,500		1		—		—		—		—
Toronto, ON		—		—		—		—		280,773		1		—		—		—		—
Other(a)		102,997		2		—		—		1,850,755		7		—		—		301,317		1
Total		14,636,932		331		3,329,483		102		32,257,946		139		7,180,035		93		1,185,653		6

(a) Properties are located in Grand Rapids, MI, Orlando, FL, Kansas City, MO, San Antonio, TX, Birmingham, AL, Omaha, NE, Jefferson County, KY, Greenville, KY, Horn Lake, MS, and Fort Smith, AR.

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Consolidated Operating Partnership

In-Service Property Summary Totals

	Totals
Metropolitan Area	GLA		Number  of Properties		Average Occupancy at 12/31/11			GLA as a % of Total Portfolio			Encumbrances at 12/31/11 ($ in 000s)(b)
Atlanta, GA		5,081,194		33		73	%		8.7	%	$	28,417
Baltimore, MD		1,593,254		20		83	%		2.7	%		7,745
Central PA		2,888,340		6		95	%		4.9	%		31,847
Chicago, IL		3,528,249		33		97	%		6.0	%		28,675
Cincinnati, OH		2,048,739		15		78	%		3.5	%		8,759
Cleveland, OH		1,317,799		7		97	%		2.2	%		34,409
Columbus, OH		2,884,159		10		81	%		4.9	%		—
Dallas, TX		5,527,378		84		85	%		9.5	%		45,286
Denver, CO		2,775,797		49		83	%		4.7	%		31,391
Detroit, MI		3,464,098		108		91	%		5.9	%		—
Houston, TX		3,622,210		32		96	%		6.2	%		54,224
Indianapolis, IN		2,509,582		32		92	%		4.3	%		5,185
Miami, FL		513,250		8		50	%		0.9	%		—
Milwaukee, WI		2,148,006		16		90	%		3.7	%		35,866
Minneapolis/St. Paul, MN		4,194,614		33		80	%		7.2	%		53,558
Nashville, TN		1,828,022		8		86	%		3.1	%		25,901
Northern New Jersey		1,279,409		19		89	%		2.2	%		25,185
Philadelphia, PA		131,934		2		100	%		0.2	%		3,592
Phoenix, AZ		1,103,290		11		93	%		1.9	%		14,122
Salt Lake City, UT		1,001,041		40		84	%		1.7	%		10,562
Seattle, WA		390,321		4		80	%		0.7	%		5,744
Southern California		2,410,741		36		93	%		4.1	%		61,827
Southern New Jersey		633,109		7		95	%		1.1	%		5,821
St. Louis, MO		2,191,750		15		97	%		3.7	%		37,242
Tampa, FL		987,921		32		85	%		1.7	%		9,622
Toronto, ON		280,773		1		100	%		0.5	%		—
Other(a)		2,255,069		10		100	%		3.8	%		18,947
Total or Average		58,590,049		671		88	%		100	%	$	583,927

(a) Properties are located in Grand Rapids, MI, Orlando, FL, Kansas City, MO, San Antonio, TX, Birmingham, AL, Omaha, NE, Jefferson County, KY, Greenville, KY, Horn Lake, MS, and Fort Smith, AR.

(b) Certain properties are pledged as collateral under our mortgage financings at December 31, 2011 (see Note 7 to the Consolidated Financial Statements). For purposes of this table, the total principal balance of a mortgage loan payable that is collateralized by a pool of properties is allocated among the properties in the pool based on each property’s carrying balance. In addition to the amounts included in the table, we also have $0.4 million of indebtedness which is collateralized by a letter of credit.

Property Acquisition/Development Activity

During the year ended December 31, 2011, we acquired one industrial property with a fair value of approximately $30.6 million in connection with the purchase of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The acquisition was funded with a cash payment of $5.3 million and the assumption of a mortgage loan in the amount of $24.4 million. The acquired industrial property has the following characteristics:

Metropolitan Area	Number  of Properties		GLA		Property Type		Occupancy at 12/31/11
Houston, TX		1		663,821		Bulk Warehouse		100	%

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At December 31, 2011 we have one building comprising 0.7 million square feet of GLA located in the Inland Empire market that is under development. The estimated completion cost, inclusive of impairment charges recorded prior to the fiscal year ended December 31, 2011, is approximately $34.7 million. There can be no assurance that the actual completion cost will not exceed the estimated completion cost.

Property Sales

During 2011, we sold 34 industrial properties totaling approximately 2.9 million square feet of GLA and one land parcel. Total gross sales proceeds approximated $81.7 million. The 34 industrial properties sold have the following characteristics:

Metropolitan Area	Number  of Properties		GLA		Property Type
Chicago, IL		3		397,420	Lt. Industrial/Bulk Warehouse
Dallas, TX		1		61,260	Light Industrial
Denver, CO		5		189,663	Lt. Industrial/R&D/Flex
Detroit, MI		11		430,317	Lt. Industrial/R&D/Flex/ Bulk/Regional Warehouse
Nashville, TN		1		41,353	Light Industrial
Southern California		1		384,025	Bulk Warehouse
Southern New Jersey		2		434,538	R&D Flex/Manufacturing
Toronto, ON		2		336,540	Manufacturing
Other(a)		8		589,049	R&D Flex/Bulk/Regional Warehouse/Manufacturing
Total		34		2,864,165

(a) Properties are located in Wichita, KS, Horn Lake, MS, Grand Rapids, MI, Sumner, IA, Shreveport, LA and Abilene, TX.

Property Acquisitions and Sales Subsequent to Year End

From January 1, 2012 to February 28, 2012, we acquired one industrial property comprising approximately 0.4 million square feet of GLA in connection with the purchase of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The acquisition was funded through the assumption of a mortgage loan in the amount of $12.0 million, which was subsequently paid off at closing and a cash payment of $8.3 million. We will account for this transaction as a step acquisition utilizing the purchase method of accounting. There were no industrial properties sold during this time.

Tenant and Lease Information

We have a diverse base of approximately 1,800 tenants engaged in a wide variety of businesses including manufacturing, retail, wholesale trade, distribution and professional services. At December 31, 2011, our leases, on a combined basis, have a weighted average lease length of 5.8 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, 2011, approximately 88% of the GLA of our in-service properties was leased, and no single tenant or group of related tenants accounted for more than 2.7% of the Consolidated Operating Partnerships’ and Other Real Estate Partnerships’ combined rent revenues, nor did any single tenant or group of related tenants occupy more than 2.0% of the Consolidated Operating Partnership’s and Other Real Estate Partnership’s combined total GLA of our in-service properties.

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Lease Expirations(1)

The following table shows scheduled lease expirations for all leases for our in service properties as of December 31, 2011.

Year of Expiration(1)	Number of Leases Expiring		GLA Expiring(2)		Percentage of GLA Expiring(2)			Annual Base Rent Under Expiring Leases		Percentage of Total Annual Base Rent Expiring
								(In thousands)
2012		440		6,838,296		14	%	$	32,216		15	%
2013		438		9,369,637		19	%		42,460		19	%
2014		310		7,811,881		16	%		35,436		16	%
2015		220		5,334,111		11	%		24,461		11	%
2016		189		6,194,655		12	%		24,768		11	%
2017		89		3,339,656		7	%		15,624		7	%
2018		48		3,794,929		8	%		15,061		7	%
2019		23		1,508,618		3	%		7,639		4	%
2020		16		2,115,104		4	%		7,713		4	%
2021		17		1,599,181		3	%		6,428		3	%
Thereafter		18		1,697,781		3	%		7,525		3	%
Total		1,808		49,603,849		100	%	$	219,331		100	%

(1) Includes leases that expire on or after January 1, 2012 and assumes tenants do not exercise existing renewal, termination or purchase options.

(2) Does not include existing vacancies of 8,986,200 aggregate square feet.

(3) Annualized base rent is calculated as monthly base rent (cash basis) per the terms of the lease, as of December 31, 2011, multiplied by 12. If free rent is granted, then the first positive rent value is used.

Item 3. Legal Proceedings

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

Item 4. Mine Safety Disclosures

None.

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PART II

Item 5. Market for Registrant’s Partners’ Capital, Related Partner Matters and Issuer Purchases of Equity Securities

There is no established public trading market for the general partner and limited partner Units. As of February 28, 2012, there were 168 holders of record of general partner and limited partner Units.

We did not pay or declare distributions during the years ended December 31, 2011 or 2010. Our ability to make distributions depends on a number of factors, including our 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, our general partner, after the priority distributions required under our partnership agreement have been made with respect to Preferred Units out of any funds legally available for that purpose.

During 2011, the Operating Partnership did not issue any limited partner units.

Subject to certain lock-up periods, holders of limited partner Units of the Operating Partnership can redeem their Units by providing written notification to the General Partner of the Operating Partnership. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder’s notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and we intend to continue this practice. If each Unit of the Operating Partnership were redeemed as of December 31, 2011, we could satisfy our redemption obligations by making an aggregate cash payment of approximately $53.6 million or by issuing 5,237,367 shares of the Company’s common stock.

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Item 6. Selected Financial Data

The following sets forth selected financial and operating data for the Consolidated Operating Partnership on a historical consolidated basis. The following data should be read in conjunction with the Consolidated Financial Statements and Notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Form 10-K. The historical statements of operations for the years ended December 31, 2011, 2010, 2009, 2008 and 2007 include our results of operations as derived from our audited financial statements, adjusted for discontinued operations. The results of operations of properties sold 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 our ongoing operations as a result of the disposition and (b) we 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, 2011, 2010, 2009, 2008 and 2007 include our balances as derived from our audited financial statements.

	Year Ended 12/31/11			Year Ended 12/31/10			Year Ended 12/31/09			Year Ended 12/31/08			Year Ended 12/31/07
	(In thousands, except per unit and property data)
Statement of Operations Data:
Total Revenues	$	279,694		$	283,003		$	344,836		$	443,222		$	303,499
Loss from Continuing Operations		(29,403	)		(156,579	)		(16,387	)		(107,428	)		(67,442	)
Loss from Continuing Operations Available to Unitholders and Participating Securities		(48,050	)		(175,739	)		(35,733	)		(118,577	)		(85,982	)
Net (Loss) Income Available to Unitholders and Participating Securities	$	(28,527	)	$	(241,184	)	$	(15,189	)	$	24,110		$	149,001
Basic and Diluted Earnings Per Weighted Average Units Outstanding:
Loss from Continuing Operations Available to Unitholders	$	(0.56	)	$	(2.57	)	$	(0.66	)	$	(2.40	)	$	(1.70	)
Net (Loss) Income Available to Unitholders	$	(0.33	)	$	(3.53	)	$	(0.28	)	$	0.44		$	2.89
Distributions Per Unit	$	0.00		$	0.00		$	0.00		$	2.41		$	2.85
Basic and Diluted Weighted Average Number of Units Outstanding		85,913			68,327			54,261			49,456			50,597
Balance Sheet Data (End of Period):
Real Estate, Before Accumulated Depreciation	$	2,660,974		$	2,331,596		$	2,965,091		$	3,014,530		$	2,913,267
Total Assets		2,571,113			2,711,786			3,200,410			3,240,800			3,300,998
Indebtedness (Inclusive of Indebtedness Held for Sale)		1,373,515			1,688,005			1,966,167			2,032,635			1,940,747
Partners’ Capital		1,081,992			901,303			1,083,291			999,636			1,087,981
Other Data:
Cash Flow From Operating Activities	$	70,175		$	48,342		$	139,616		$	63,424		$	106,005
Cash Flow From Investing Activities		65,067			45,531			37,554			14,556			113,844
Cash Flow From Financing Activities		(150,041	)		(252,673	)		1,257			(79,754	)		(230,277	)

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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 Consolidated Financial Statements and Notes thereto appearing elsewhere in this Form 10-K.

In addition, the following discussion contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “seek,” “target,” “potential,” “focus,” “may,” “should,” or similar expressions. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a materially adverse effect on our operations and future prospects include, but are not limited to: changes in national, international, regional and local economic conditions generally and real estate markets specifically; changes in legislation/regulation (including changes to laws governing the taxation of REITs) and actions of regulatory authorities (including the IRS); our ability to qualify and maintain our status as a REIT; the availability and attractiveness of financing (including both public and private capital) to us and to our potential counterparties; the availability and attractiveness of terms of additional debt repurchases; interest rates; our credit agency ratings; our ability to comply with applicable financial covenants; competition; changes in supply and demand for industrial properties (including land, the supply and demand for which is inherently more volatile than other types of industrial property) in the Company’s current and proposed market areas; difficulties in consummating acquisitions and dispositions; risks related to our investments in properties through joint ventures; environmental liabilities; slippages in development or lease-up schedules; tenant creditworthiness; higher-than-expected costs; changes in asset valuations and related impairment charges; changes in general accounting principles, policies and guidelines applicable to real estate investment trusts; international business risks and those additional factors described in Item 1A, “Risk Factors” and in our other filings with the SEC. We caution you not to place undue reliance on forward looking statements, which reflect our analysis only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements.

First Industrial, L.P. (the “Operating Partnership”) was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the “Company”) which owns common units in the Operating Partnership (“Units”) representing an approximate 94.3% ownership interest at December 31, 2011. The Company also owns a preferred general partnership interest in the Operating Partnership (“Preferred Units”) with an aggregate liquidation priority of $275.0 million at December 31, 2011. The Company is a real estate investment trust (“REIT”) as defined in the 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 5.7% interest in the Operating Partnership at December 31, 2011. Operations are also conducted through other partnerships and limited liability companies (“L.L.C.s”) of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the L.L.C.s, the “Consolidated Operating Partnership”), the operating data of which is consolidated with that of the Operating Partnership as presented herein.

We also hold 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. and wholly owned L.L.C.s (together, the “Other Real Estate Partnerships”). See Note 5 to the Consolidated Financial Statements for more information on the Other Real Estate Partnerships.

We also own noncontrolling equity interests in, and provide services to, two joint ventures (the 2003 Net Lease Joint Venture” and the “2007 Europe Joint Venture”). During 2010, we provided various services to, and ultimately disposed of our equity interests in, five joint ventures (the “2005 Development/Repositioning Joint

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Venture,” the “2005 Core Joint Venture,” the “2006 Net Lease Co- Investment Program,” the “2006 Land/Development Joint Venture,” and the “2007 Canada Joint Venture;” together with the 2003 Net Lease Joint Venture and the 2007 Europe Joint Venture, the “Joint Ventures”). The 2007 Europe Joint Venture does not own any properties. See Note 6 to the Consolidated Financial Statements for more information on the Joint Ventures.

The general partners of the Other Real Estate Partnerships are separate corporations, each with at least a .01% general partnership interest in the Other Real Estate 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.

Our financial statements report the L.L.C.s and the taxable REIT subsidiaries on a consolidated basis and the Other Real Estate Partnerships and the 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 in 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, 2011, we owned 671 in-service industrial properties, containing an aggregate of approximately 58.6 million square feet of GLA. On a combined basis, as of December 31, 2011, the Other Real Estate Partnerships owned 68 in-service industrial properties, containing an aggregate of approximately 7.7 million square feet of GLA. Of the 68 industrial properties owned by the Other Real Estate Partnerships at December 31, 2011, 21 are held by the Financing Partnership, 17 are held by the Pennsylvania Partnership, nine are held by the Mortgage Partnership, eight are held by the Securities Partnership, seven are held by the Harrisburg Partnership, four are held by the Indianapolis Partnership, one is held by TK-SV, LTD and one is held by FI Development Services, L.P.

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

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

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

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

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

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

CRITICAL ACCOUNTING POLICIES

Our significant accounting policies are described in more detail in Note 3 to the Consolidated Financial Statements. We believe the following critical accounting policies relate to the more significant judgments and estimates used in the preparation of our consolidated financial statements.

• We maintain an allowance for doubtful accounts which is based on estimates of potential losses which could result from the inability of our tenants to satisfy outstanding billings with us. The allowance for doubtful accounts is an estimate based on our assessment of the creditworthiness of our tenants.

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• We review our held-for-use properties on a continuous basis for possible impairment and provide a provision if impairments are determined. We utilize the guidelines established under the Financial Accounting Standards Board’s (the “FASB”) guidance for accounting for the impairment of long lived assets to determine if impairment conditions exist. We review the expected undiscounted cash flows of the property to determine if there are any indications of impairment. If the expected undiscounted cash flows of a particular property are less than the net book basis of the property, we will recognize an impairment charge equal to the amount of carrying value of the property that exceeds the fair value of the property. Fair value is determined by discounting the future expected cash flows of the property. The preparation of the undiscounted cash flows and the calculation of fair value involve subjective assumptions such as estimated occupancy, rental rates, ultimate residual value and hold period. The discount rate used to present value the cash flows for determining fair value is also subjective.

• Properties are classified as held for sale when all criteria within the FASB’s guidance relating to the disposal of long lived assets are met for such properties. When properties are classified as held for sale, we cease depreciating the properties and estimate the values of such properties and record 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, we decide not to sell a property previously classified as held for sale, we will reclassify such property as held and used. We estimate the value of such property and measure 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. Fair value of operational industrial properties is determined either by discounting the future expected cash flows of the property or by third party contract prices. The preparation of the discounted cash flows and the calculation of fair value involve subjective assumptions such as estimated occupancy, rental rates, ultimate residual value, hold period and discount rate. Fair value of land is primarily determined by members of management who are responsible for the individual markets where the land parcels are located, quotes from local brokers or by third party contract prices. The determination of the fair value of real estate assets is also highly subjective, especially in markets where there is a lack of recent comparable transactions.

• We analyze our investments in Joint Ventures to determine whether the joint ventures should be accounted for under the equity method of accounting or consolidated into our financial statements based on standards set forth under the FASB’s guidance relating to the consolidation of variable interest entities. Based on the guidance set forth in these pronouncements, we do not consolidate any of our joint venture investments because either the joint venture has been determined to be a variable interest entity but we are not the primary beneficiary or the joint venture has been determined not to be a variable interest entity and we lack control of the joint venture. Our assessment of whether we are the primary beneficiary of a variable interest entity involves the consideration of various factors including the form of our ownership interest, our representation on the entity’s governing body, the size of our investment and future cash flows of the entity.

• On a continuous basis, we assess whether there are any indicators that the value of our investments in Joint Ventures may be impaired. An investment is impaired if our estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs, the discount rate used to value the cash flows of the properties, the cap rate used to estimate the terminal value of the underlying properties and the discount rate used to value the Joint Ventures’ debt.

• We capitalize (direct and certain indirect) costs incurred in developing, renovating, acquiring and rehabilitating real estate assets as part of the investment basis. During the land development and construction periods, we capitalize interest costs, real estate taxes and certain general and administrative costs of the personnel performing development, renovations or rehabilitation up to the time the property is

26

substantially complete. The determination and calculation of certain costs requires estimates by us. Amounts included in capitalized costs are included in the investment basis of real estate assets.

• We are engaged in the acquisition of individual properties as well as multi-property portfolios. We are required to allocate purchase price between land, building, tenant improvements, leasing commissions, in-place leases, tenant relationships 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) our 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 as an adjustment to rental income. In-place lease and tenant relationship values for acquired properties are recorded based on our evaluation of the specific characteristics of each tenant’s lease and our overall relationship with the respective tenant. The value allocated to in-place lease intangible assets is amortized to depreciation and amortization expense over the remaining lease term of the respective lease. The value allocated to tenant relationships is amortized to depreciation and amortization expense over the expected term of the relationship, which includes an estimate of the probability of lease renewal and its estimated term. We also must allocate purchase price on multi-property portfolios to individual properties. The allocation of purchase price is based on our assessment of various characteristics of the markets where the property is located and the expected cash flows of the property.

• In the preparation of our consolidated financial statements, significant management judgment is required to estimate our current and deferred income tax liabilities, and the Company’s compliance with REIT qualification requirements. Our estimates are based on our interpretation of tax laws. These estimates may have an impact on the income tax expense recognized. Adjustments may be required by a change in assessment of our deferred income tax assets and liabilities, changes due to audit adjustments by federal and state tax authorities, the Company’s inability to qualify as a REIT, and changes in tax laws. Adjustments required in any given period are included within the income tax provision.

• In assessing the need for a valuation allowance against our deferred tax assets, we estimate future taxable income, considering the feasibility of ongoing tax planning strategies and the realizability of tax loss carryforwards. In the event we were to determine that we would not be able to realize all or a portion of our deferred tax assets in the future, we would reduce such amounts through a charge to income in the period in which that determination is made. Conversely, if we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net carrying amounts, we would decrease the recorded valuation allowance through an increase to income in the period in which that determination is made.

RESULTS OF OPERATIONS

Comparison of Year Ended December 31, 2011 to Year Ended December 31, 2010

Our net loss available to unitholders was $28.5 million and $241.2 million for the years ended December 31, 2011 and 2010, respectively. Basic and diluted net loss available to unitholders was $0.33 per unit for the year ended December 31, 2011 and $3.53 per unit for the year ended December 31, 2010.

The tables below summarize our revenues, property and construction expenses and depreciation and other amortization by various categories for the years ended December 31, 2011 and December 31, 2010. Same store properties are properties owned prior to January 1, 2010 and held as an operating property through December 31, 2011 and developments and redevelopments that were placed in service prior to January 1, 2010 or were substantially completed for the 12 months prior to January 1, 2010. Properties which are at least 75% occupied at acquisition are placed in service. All other properties are placed in service as they reach the earlier of a) stabilized occupancy (generally defined as 90% occupied), or b) one year subsequent to acquisition or development completion. Acquired properties are properties that were acquired subsequent to December 31, 2009 and held as an operating property through December 31, 2011. Sold properties are properties that were sold subsequent to December 31, 2009. (Re)Developments and land are land parcels and developments and

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redevelopments that were not: a) substantially complete 12 months prior to January 1, 2010 or b) stabilized prior to January 1, 2010. Other revenues are derived from the operations of our maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Construction revenues and expenses represent revenues earned and expenses incurred in connection with certain subsidiaries of the Company acting as development manager to construct industrial properties. Other expenses are derived from the operations of our maintenance company and other miscellaneous regional expenses.

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

For the years ended December 31, 2011 and December 31, 2010, the occupancy rates of our same store properties were 85.4% and 81.6%, respectively.

	2011			2010			$ Change			% Change
	($ in 000’s)
REVENUES
Same Store Properties	$	283,391		$	284,729		$	(1,338	)		(0.5	)%
Acquired Properties		3,435			1,133			2,302			203.2	%
Sold Properties		4,704			10,776			(6,072	)		(56.3	)%
(Re) Developments and Land, Not Included Above		853			638			215			33.7	%
Other		5,240			8,791			(3,551	)		(40.4	)%
	$	297,623		$	306,067		$	(8,444	)		(2.8	)%
Discontinued Operations		(17,929	)		(23,933	)		6,004			(25.1	)%
Subtotal Revenues	$	279,694		$	282,134		$	(2,440	)		(0.9	)%
Construction Revenues		—			869			(869	)		(100.0	)%
Total Revenues	$	279,694		$	283,003		$	(3,309	)		(1.2	)%

Revenues from same store properties decreased $1.3 million due primarily to a decrease in lease cancelation fees and rental rates, offset by an increase in occupancy. Revenues from acquired properties increased $2.3 million due to the four industrial properties acquired subsequent to December 31, 2009 totaling approximately 1.2 million square feet of GLA. Revenues from sold properties decreased $6.1 million due to the 44 industrial properties and one leased land parcel sold subsequent to December 31, 2009 totaling approximately 3.8 million square feet of GLA. Revenues from (re)developments and land increased $0.2 million primarily due to an increase in occupancy. Other revenues decreased $3.6 million due primarily to a decrease in fees earned from our Joint Ventures. Construction revenues decreased $0.9 million due to the substantial completion during 2010 of certain development projects for which we were acting in the capacity of development manager.

	2011			2010			$ Change			% Change
	($ in 000’s)
PROPERTY AND CONSTRUCTION EXPENSES
Same Store Properties	$	90,225		$	89,655		$	570			0.6	%
Acquired Properties		640			200			440			220.0	%
Sold Properties		2,366			4,749			(2,383	)		(50.2	)%
(Re) Developments and Land, Not Included Above		961			1,108			(147	)		(13.3	)%
Other		11,038			12,734			(1,696	)		(13.3	)%
	$	105,230		$	108,446		$	(3,216	)		(3.0	)%
Discontinued Operations		(7,816	)		(10,550	)		2,734			(25.9	)%
Property Expenses	$	97,414		$	97,896		$	(482	)		(0.5	)%
Construction Expenses		—			507			(507	)		(100.0	)%
Total Property and Construction Expenses	$	97,414		$	98,403		$	(989	)		(1.0	)%

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Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties remained relatively unchanged. Property expenses from acquired properties increased $0.4 million due to properties acquired subsequent to December 31, 2009. Property expenses from sold properties decreased $2.4 million due to properties sold subsequent to December 31, 2009. Property expenses from (re)developments and land decreased by $0.1 million primarily due to a decrease in real estate tax expense and a decrease in bad debt expense. The $1.7 million decrease in other expense is primarily attributable to a decrease in compensation resulting from a reduction in employee headcount. Construction expenses decreased $0.5 million due to the substantial completion during 2010 of certain development projects for which we were acting in the capacity of development manager.

General and administrative expense decreased $6.0 million, or 22.6%, due primarily to a decrease in compensation expense resulting from the reduction in employee headcount that occurred in 2010, a decrease in rent expense resulting from a reduction in office space during 2011 and 2010, a decrease in lawsuit settlement expense and a decrease in franchise tax expense primarily due to the reversal of a state franchise tax reserve relating to the 1996-2001 tax years.

We committed to a plan to reduce organizational and overhead costs in October 2008 and have subsequently modified that plan with the goal of further reducing these costs. For the year ended December 31, 2011, we recognized $1.6 million in restructuring charges to provide for costs associated with the termination of certain office leases ($1.2 million) and other costs ($0.4 million) associated with implementing our restructuring plan.

For the year ended December 31, 2010, we recognized $1.9 million in restructuring charges to provide for employee severance and benefits ($0.5 million), costs associated with the termination of certain office leases ($0.7 million) and other costs ($0.7 million) associated with implementing our restructuring plan.

On October 22, 2010, we amended our Old Credit Facility. In conjunction with the amendment, management identified a pool of real estate assets (the “Non-Strategic Assets”) that it intends to sell. At December 31, 2010, all of the Non-Strategic Assets, which consisted of 175 industrial properties comprising approximately 15.0 million square feet of GLA and land parcels comprising approximately 635 acres, were classified as held for sale (except one industrial property comprising 0.3 million square feet of GLA). An impairment charge of $177.0 million was recorded during the year ended December 31, 2010 related to certain of the Non-Strategic Assets due to a reassessment of the hold period. The impairment charge was necessary in order to adjust the carrying value of the assets to fair market value less costs to sell. At December 31, 2011, there are 79 industrial properties comprising approximately 5.9 million square feet of GLA that no longer qualify to be classified as held for sale and as such, any impairment charge or reversal recorded during 2011 and 2010 is reflected in continuing operations. Additionally, any impairment charge or reversal related to a land parcel, whether held for sale or held for use, is reflected in continuing operations. The impairment reversal included in continuing operations for the year ended December 31, 2011 of $8.1 million is primarily comprised of a reversal of impairment of $2.2 million relating to certain industrial properties and land parcels that no longer qualify for held for sale classification and $5.9 million relating to a sold land parcel.

In addition to the $177.0 million of impairment recorded related to the Non-Strategic Assets, in connection with our periodic review of the carrying values of our properties and the negotiation of a new lease, we recorded an impairment charge of $9.2 million during the first quarter of 2010 related to one property located in Grand Rapids, Michigan.

	2011			2010			$ Change			% Change
	($ in 000’s)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties	$	104,777		$	112,875		$	(8,098	)		(7.2	)%
Acquired Properties		2,194			603			1,591			263.8
Sold Properties		1,521			5,049			(3,528	)		(69.9	)%
(Re) Developments and Land, Not Included Above		741			486			255			52.5	%
Corporate Furniture, Fixtures and Equipment		1,426			1,975			(549	)		(27.8	)%
	$	110,659		$	120,988		$	(10,329	)		(8.5	)%
Discontinued Operations		(2,035	)		(9,484	)		7,449			(78.5	)%
Total Depreciation and Other Amortization	$	108,624		$	111,504		$	(2,880	)		(2.6	)%

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Depreciation and other amortization for same store properties decreased $8.1 million primarily due to the cessation of depreciation and amortization of the Non-Strategic Assets that qualified for held for sale classification during 2011 as well as accelerated depreciation and amortization taken during the twelve months ended December 31, 2010, attributable to certain tenants who terminated their lease early. Depreciation and other amortization from acquired properties increased $1.6 million due to properties acquired subsequent to December 31, 2009. Depreciation and other amortization from sold properties decreased $3.5 million due to properties sold subsequent to December 31, 2009. Depreciation and other amortization for (re)developments and land and other increased $0.3 million due primarily to an increase in the substantial completion of developments. Corporate furniture, fixtures and equipment decreased $0.5 million primarily due to assets becoming fully depreciated.

Interest income decreased $0.4 million, or 9.9%, primarily due to a decrease in the weighted average mortgage loans receivable balance outstanding for the year ended December 31, 2011 as compared to the year ended December 31, 2010.

Interest expense, inclusive of $0.1 million and $0.3 million of interest expense included in discontinued operations, for the years ended December 31, 2011 and 2010, respectively, decreased $7.8 million, or 7.6%, primarily due to a decrease in the weighted average debt balance outstanding for the year ended December 31, 2011 ($1,509.6 million), as compared to the year ended December 31, 2010 ($1,823.4 million) and by an increase in capitalized interest for the year ended December 31, 2011 due to an increase in development activities, offset by an increase in the weighted average interest rate for the year ended December 31, 2011 (6.33%), as compared to the year ended December 31, 2010 (5.65%).

Amortization of deferred financing costs increased $0.4 million, or 13.3%, due primarily to an increase in financing costs related to the amendment of our Old Credit Facility in October 2010.

In October 2008, we entered into an interest rate swap agreement (the “Series F Agreement”) to mitigate our exposure to floating interest rates related to the coupon reset of the Company’s Series F Preferred Stock. The Series F Agreement has a notional value of $50.0 million and is effective from April 1, 2009 through October 1, 2013. The Series F Agreement fixes the 30-year U.S. Treasury rate at 5.2175%. We recorded $1.7 million in mark to market loss, inclusive of $0.6 million in swap payments, which is included in Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements for the year ended December 31, 2011, as compared to $1.1 million in mark to market loss, inclusive of $0.5 million in swap payments, for the year ended December 31, 2010.

For the year ended December 31, 2011, we recognized a net loss from retirement of debt of $5.3 million due primarily to the early payoff of certain mortgage loans, the partial repurchase of certain series of our senior unsecured notes, the write-off of unamortized fees associated with the Old Credit Facility and a loss on a transfer of a property to a lender in satisfaction of a mortgage loan. For the year ended December 31, 2010, we recognized a net loss from retirement of debt of $4.3 million due primarily to the redemption of our 2011 Notes.

Foreign currency exchange loss of $0.3 million for the year ended December 31, 2011 relates to the wind-down of our operations in Canada. Foreign currency exchange loss of $0.2 million for the year ended December 31, 2010 relates to the wind-down of our operations in Europe.

Equity in income of Other Real Estate Partnerships increased $8.4 million, or 240.3%, primarily due to a decrease in impairment charges recorded on properties during the year ended December 31, 2011 as compared to the year ended December 31, 2010.

For the year ended December 31, 2011, Equity in Income of Joint Ventures was $1.0 million, as compared to Equity in Income of Joint Ventures of $0.7 million for the year ended December 31, 2010. The increase of $0.3 million is due primarily to selling our equity interest in five joint ventures (the 2005 Development/Repositioning Joint Venture, the 2005 Core Joint Venture, the 2006 Net Lease Co-Investment Program, the 2006 Land/Development Joint Venture and the 2007 Canada Joint Venture) during 2010. For the year ended

30

December 31, 2010, our pro rata share of net losses from two of the sold joint ventures of $2.3 million was offset by our pro rata share of net income from three of the sold joint ventures of $2.1 million.

The Gain on Sale of Joint Venture Interests of $11.2 million for the year ended December 31, 2010 relates to the sale of our 10% equity interests in each of the 2005 Development/Repositioning Joint Venture, the 2005 Core Joint Venture, the 2006 Land/Development Joint Venture and the 2007 Canada Joint Venture to our joint venture partner on August 5, 2010. Additionally, the gain includes approximately $2.7 million of proceeds related to the separate sales of three industrial properties by the Joint Ventures during August and October 2010 for which, in accordance with the sale agreement, we were entitled to a final distribution.

For the year ended December 31, 2011, Gain on Change in Control of Interests relates to the acquisition of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The $0.7 million gain is the difference between our carrying value and fair value of our equity interest on the acquisition date.

Income tax provision (included in continuing operations, discontinued operations and gain on sale of real estate) decreased by $1.2 million, or 35.0% for the year ended December 31, 2011 as compared to the year ended December 31, 2010 primarily due to an increase in state taxes in 2010 due to a one time unfavorable court decision on business loss carryforwards in the State of Michigan in 2010 and gain on sale of joint venture interests in 2010, partially offset by an increase in gain on sale of real estate within our taxable REIT subsidiaries for the year ended December 31, 2011 as compared to the year ended December 31, 2010.

The following table summarizes certain information regarding the industrial properties included in discontinued operations for the years ended December 31, 2011 and December 31, 2010.

	2011			2010
	($ in 000’s)
Total Revenues	$	17,929		$	23,933
Property Expenses		(7,816	)		(10,550	)
Impairment of Real Estate		(6,060	)		(79,605	)
Depreciation and Amortization		(2,035	)		(9,484	)
Interest Expense		(63	)		(268	)
Gain on Sale of Real Estate		18,814			10,529
Provision for Income Taxes		(1,246	)		—
Income (Loss) from Discontinued Operations	$	19,523		$	(65,445	)

Income from discontinued operations for the year ended December 31, 2011 reflects the results of operations and gain on sale of real estate relating to 34 industrial properties that were sold during the year ended December 31, 2011 and the results of operations of 38 industrial properties that were identified as held for sale at December 31, 2011. The impairment loss for the year ended December 31, 2011 of $6.1 million relates to an impairment charge related to certain Non-Strategic assets that were either sold during the year or classified as held for sale at December 31, 2011.

Loss from discontinued operations for the year ended December 31, 2010 reflects the results of operations and gain on sale of real estate relating to 10 industrial properties and one land parcel that generated ground rental revenue that were sold during the year ended December 31, 2010, the results of operations of 34 industrial properties that were sold during the year ended December 31, 2011 and the results of operations of the 38 industrial properties identified as held for sale at December 31, 2011. The impairment loss for the year ended December 31, 2010 of $79.6 million relates to an impairment charge related to certain Non-Strategic assets that were either sold during the year or classified as held for sale at December 31, 2011.

The $1.4 million gain on sale of real estate for the year ended December 31, 2011 resulted from the sale of one land parcel that did not meet the criteria established for inclusion in discontinued operations. The $0.9 million gain on sale of real estate for the year ended December 31, 2010 resulted from the sale of several land parcels that did not meet the criteria established for inclusion in discontinued operations.

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Comparison of Year Ended December 31, 2010 to Year Ended December 31, 2009

Our net loss available to unitholders was $241.2 million and $15.2 million for the years ended December 31, 2010 and 2009, respectively. Basic and diluted net loss available to unitholders was $3.53 per unit for the year ended December 31, 2010 and $0.28 per unit for the year ended December 31, 2009.

The tables below summarize our revenues, property and construction expenses and depreciation and other amortization by various categories for the years ended December 31, 2010 and December 31, 2009. Same store properties are properties owned prior to January 1, 2009 and held as an operating property through December 31, 2010 and developments and redevelopments that were placed in service prior to January 1, 2009 or were substantially completed for the 12 months prior to January 1, 2009. Properties which are at least 75% occupied at acquisition are placed in service. All other properties are placed in service as they reach the earlier of a) stabilized occupancy (generally defined as 90% occupied), or b) one year subsequent to acquisition or development completion. Acquired properties are properties that were acquired subsequent to December 31, 2008 and held as an operating property through December 31, 2010. Sold properties are properties that were sold subsequent to December 31, 2008. (Re)Developments and land are land parcels and developments and redevelopments that were not: a) substantially complete 12 months prior to January 1, 2009 or b) stabilized prior to January 1, 2009. Other revenues are derived from the operations of our maintenance company, fees earned from our Joint Ventures and other miscellaneous revenues. Construction revenues and expenses represent revenues earned and expenses incurred in connection with the taxable REIT subsidiaries acting as general contractor or development manager to construct industrial properties, including industrial properties for the 2006 Development/Repositioning Joint Venture and also include revenues and expenses related to the development and sale of properties built for third parties. Other expenses are derived from the operations of our maintenance company and other miscellaneous regional expenses.

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

For the years ended December 31, 2010 and December 31, 2009, the occupancy rates of our same store properties were 82.2% and 82.4%, respectively.

	2010			2009			$ Change			% Change
	($ in 000’s)
REVENUES
Same Store Properties	$	285,514		$	290,690		$	(5,176	)		(1.8	)%
Acquired Properties		1,133			—			1,133			—
Sold Properties		1,275			9,431			(8,156	)		(86.5	)%
(Re)Developments and Land, Not Included Above		9,360			4,897			4,463			91.1	%
Other		8,785			17,558			(8,773	)		(50.0	)%
	$	306,067		$	322,576		$	(16,509	)		(5.1	)%
Discontinued Operations		(23,933	)		(32,697	)		8,764			(26.8	)%
Subtotal Revenues	$	282,134		$	289,879		$	(7,745	)		(2.7	)%
Construction Revenues		869			54,957			(54,088	)		(98.4	)%
Total Revenues	$	283,003		$	344,836		$	(61,833	)		(17.9	)%

Revenues from same store properties decreased $5.2 million due primarily to a decrease in rental rates and a decrease in occupancy. Revenues from acquired properties increased $1.1 million due to the three industrial properties acquired subsequent to December 31, 2008 totaling approximately 0.5 million square feet of GLA. Revenues from sold properties decreased $8.2 million due to the 22 industrial properties and one leased land

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parcel sold subsequent to December 31, 2008 totaling approximately 2.8 million square feet of GLA. Revenues from (re)developments and land increased $4.5 million primarily due to an increase in occupancy. Other revenues decreased $8.8 million due primarily to a decrease in fees earned from our Joint Ventures. Construction revenues decreased $54.1 million primarily due to the substantial completion during 2010 and 2009 of certain development projects for which we were acting in the capacity of development manager.

	2010			2009			$ Change			% Change
	($ in 000’s)
PROPERTY AND CONSTRUCTION EXPENSES
Same Store Properties	$	92,017		$	94,328		$	(2,311	)		(2.4	)%
Acquired Properties		200			—			200			—
Sold Properties		544			2,731			(2,187	)		(80.1	)%
(Re) Developments and Land, Not Included Above		2,952			3,086			(134	)		(4.3	)%
Other		12,733			14,229			(1,496	)		(10.5	)%
	$	108,446		$	114,374		$	(5,928	)		(5.2	)%
Discontinued Operations		(10,550	)		(13,631	)		3,081			(22.6	)%
Property Expenses	$	97,896		$	100,743		$	(2,847	)		(2.8	)%
Construction Expenses		507			52,720			(52,213	)		(99.0	)%
Total Property and Construction Expenses	$	98,403		$	153,463		$	(55,060	)		(35.9	)%

Property expenses include real estate taxes, repairs and maintenance, property management, utilities, insurance and other property related expenses. Property expenses from same store properties decreased $2.3 million due primarily to a decrease in bad debt expense. Property expenses from acquired properties increased $0.2 million due to properties acquired subsequent to December 31, 2008. Property expenses from sold properties decreased $2.2 million due to properties sold subsequent to December 31, 2008. Property expenses from (re)developments and land remained relatively unchanged. The $1.5 million decrease in other expense is primarily attributable to a decrease in compensation. Construction expenses decreased $52.2 million primarily due to the substantial completion during 2010 and 2009 of certain development projects for which we were acting in the capacity of development manager.

General and administrative expense decreased $11.1 million, or 29.5%, due primarily to a decrease in compensation resulting from the reduction in employee headcount occurring during 2009 and 2010, a decrease in rent expense resulting from office closings in 2009 and 2010 and a decrease in legal and professional services, partially offset by an increase in lawsuit settlements.

We committed to a plan to reduce organizational and overhead costs in October 2008 and have subsequently modified that plan with the goal of further reducing these costs. For the year ended December 31, 2010, we recognized $1.9 million in restructuring charges to provide for employee severance and benefits ($0.5 million), costs associated with the termination of certain office leases ($0.7 million) and other costs ($0.7 million) associated with implementing our restructuring plan. For the year ended December 31, 2009, we recorded as restructuring costs a pre-tax charge of $7.8 million to provide for employee severance and benefits ($5.2 million), costs associated with the termination of certain office leases ($1.9 million) and other costs ($0.7 million) associated with implementing the restructuring plan.

On October 22, 2010, we amended our Old Credit Facility. In conjunction with the amendment, management identified a pool of real estate assets (the “Non-Strategic Assets”) that it intends to sell. At December 31, 2010, all of the Non-Strategic Assets, which consisted of 175 industrial properties comprising approximately 15.0 million square feet of GLA and land parcels comprising approximately 635 acres, were classified as held for sale (except one industrial property comprising 0.3 million square feet of GLA). An impairment charge of $177.0 was recorded during the year ended December 31, 2010 related to certain of the Non-Strategic Assets due to a reassessment of the hold period. The impairment charge was necessary in order to

33

adjust the carrying value of the assets to fair market value less costs to sell. At December 31, 2011, there are 79 industrial properties comprising approximately 5.9 million square feet of GLA that no longer qualify to be classified as held for sale and as such, any impairment charge or reversal recorded during 2011 and 2010 is reflected in continuing operations. Additionally, any impairment charge or reversal related to a land parcel, whether held for sale or held for use, is reflected in continuing operations. The impairment charge of $106.6 million included in continuing operations for the year ended December 31, 2010 is primarily comprised of $98.3 million relating to certain industrial properties and land parcels that no longer qualify for held for sale classification and $8.3 million relating to sold land parcels.

As a result of adverse conditions in the credit and real estate markets, we recorded an impairment charge of $6.9 million during the year ended December 31, 2009 related to one property in the Inland Empire market ($1.3 million of this impairment charge is included in discontinued operations for the year ended December 31, 2009 because one building of the two-building property was sold during the year ended December 31, 2011).

	2010			2009			$ Change			% Change
	($ in 000’s)
DEPRECIATION AND OTHER AMORTIZATION
Same Store Properties	$	113,298		$	123,734		$	(10,436	)		(8.4	)%
Acquired Properties		603			—			603			—
Sold Properties		559			4,199			(3,640	)		(86.7	)%
(Re) Developments and Land, Not Included Above		4,553			3,786			767			20.3	%
Corporate Furniture, Fixtures and Equipment		1,975			2,192			(217	)		(9.9	)%
	$	120,988		$	133,911		$	(12,923	)		(9.7	)%
Discontinued Operations		(9,484	)		(15,720	)		6,236			(39.7	)%
Total Depreciation and Other Amortization	$	111,504		$	118,191		$	(6,687	)		(5.7	)%

Depreciation and other amortization for same store properties decreased $10.4 million primarily due to accelerated depreciation and amortization taken during the year ended December 31, 2009, attributable to the cessation of depreciation and amortization of the Non-Strategic Assets that qualified for held for sale classification during the fourth quarter of 2010 as well as to certain tenants who terminated their leases early. Depreciation and other amortization from acquired properties increased $0.6 million due to properties acquired subsequent to December 31, 2008. Depreciation and other amortization from sold properties decreased $3.6 million due to properties sold subsequent to December 31, 2008. Depreciation and other amortization for (re)developments and land and other increased $0.8 million due primarily to an increase in the substantial completion of developments. Corporate furniture, fixtures and equipment decreased $0.2 million primarily due to accelerated depreciation on furniture, fixtures and equipment taken in 2009 related to the termination of certain office leases.

Interest income increased $1.3 million, or 42.8%, primarily due to an increase in the weighted average mortgage loans receivable balance outstanding for the year ended December 31, 2010 as compared to the year ended December 31, 2009.

Interest expense, inclusive of $0.3 million and $0.7 million of interest expense included in discontinued operations for the years ended December 31, 2010 and 2009, respectively, decreased $11.8 million, or 10.3%, primarily due to a decrease in the weighted average debt balance outstanding for the year ended December 31, 2010 ($1,823.4 million), as compared to the year ended December 31, 2009 ($2,042.0 million), offset by an increase in the weighted average interest rate for the year ended December 31, 2010 (5.65%), as compared to the year ended December 31, 2009 (5.63%) and by a decrease in capitalized interest for the year ended December 31, 2010 due to a decrease in development activities.

Amortization of deferred financing costs increased $0.3 million, or 11.2%, due primarily to an increase in costs related to the amendment of our Old Credit Facility in October 2010 and the origination of mortgage

34

financings during 2010 and 2009, partially offset by the expensing of capitalized loan fees as a result of the repurchase and retirement of certain of our senior unsecured notes. The net unamortized deferred financing fees related to the prior line of credit are amortized over the remaining amortization period, except for $0.2 million of unamortized deferred financing costs that were expensed as a result of the decrease in the capacity of the Old Credit Facility, which is included in (Loss) Gain From Retirement of Debt for the year ended December 31, 2010.

We recorded $1.1 million in mark to market loss, inclusive of $0.5 million in swap payments, related to the Series F Agreement which is included in Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements for the year ended December 31, 2010, as compared to $2.7 million in mark to market gain, inclusive of $0.5 million of swap payments, for the year ended December 31, 2009. Additionally included in Mark-to-Market Gain on Interest Rate Protection Agreements for the year ended December 31, 2009 is $1.0 million related to two forward starting swaps. In January 2008, we entered into two forward starting swaps each with a notional value of $59.8 million, which fixed the interest rate on forecasted debt offerings. We designated both swaps as cash flow hedges. The rates on the forecasted debt issuances underlying the swaps locked on March 20, 2009 (the “Forward Starting Agreement 1”) and on April 6, 2009 (the “Forward Starting Agreement 2”), and as such, the swaps ceased to qualify for hedge accounting. The change in value of Forward Starting Agreement 1 and Forward Starting Agreement 2 from the respective day the interest rate on the underlying debt locked until settlement was $1.0 million and is included in Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements for the year ended December 31, 2009.

For the year ended December 31, 2010, we recognized a net loss from retirement of debt of $4.3 million due primarily to the redemption of our 2011 Notes. For the year ended December 31, 2009, we recognized a $34.6 million gain from retirement of debt due to the partial repurchase of certain series of our senior unsecured notes.

Foreign currency exchange loss of $0.2 million for the year ended December 31, 2010 relates to our wind-down of our operations in Europe.

Equity in income of Other Real Estate Partnerships decreased $15.0 million, or 81.1%, primarily due to an increase in interest expense and a decrease in gain on sale of real estate for the Other Real Estate Partnerships for the year ended December 31, 2010.

For the year ended December 31, 2010, Equity in Income of Joint Ventures was $0.7 million, as compared to Equity in Loss of Joint Ventures of $6.5 million for the year ended December 31, 2009. The variance of $7.2 million is due primarily to impairment losses of $5.6 million we recorded during the year ended December 31, 2009 related to the 2006 Net Lease Co-Investment Program as a result of adverse conditions in the credit and real estate markets and also due to the gain on sale of our 15% interest in the 2006 Net Lease Co-Investment Program which occurred during the year ended December 31, 2010, partially offset by a decrease in our pro rata share of gain on sale of real estate and earn outs on property sales from the 2005 Development/Repositioning Joint Venture and a decrease in our pro rata share of income from the 2005 Core Joint Venture during the year ended December 31, 2010, as compared to the year ended December 31, 2009.

The Gain on Sale of Joint Venture Interests of $11.2 million for the year ended December 31, 2010 relates to the sale of our 10% equity interests in each of the 2005 Development/Repositioning Joint Venture, the 2005 Core Joint Venture, the 2006 Land/Development Joint Venture and the 2007 Canada Joint Venture to our joint venture partner on August 5, 2010. Additionally, the gain includes approximately $2.7 million of proceeds related to the separate sales of three industrial properties by the Joint Ventures during August and October 2010 for which, in accordance with the sale agreement, we were entitled to a final distribution.

For the year ended December 31, 2010, we recorded an income tax provision of $3.3 million, as compared to an income tax benefit of $23.2 million for the year ended December 31, 2009. The variance of $26.5 million is due primarily to a loss carryback generated from the tax liquidation of one of our taxable REIT subsidiaries for the year ended December 31, 2009 a gain on sale of joint venture interests in 2010 and an increase in state taxes related to an unfavorable court decision on business loss carryforwards in the State of Michigan for the year ended December 31, 2010.

35

The following table summarizes certain information regarding the industrial properties included in discontinued operations for the years ended December 31, 2010 and December 31, 2009.

	2010			2009
	($ in 000’s)
Total Revenues	$	23,933		$	32,697
Property Expenses		(10,550	)		(13,631	)
Impairment of Real Estate		(79,605	)		(1,317	)
Depreciation and Amortization		(9,484	)		(15,720	)
Interest Expense		(268	)		(653	)
Gain on Sale of Real Estate		10,529			21,014
Provision for Income Taxes		—			(1,846	)
(Loss) Income from Discontinued Operations	$	(65,445	)	$	20,544

Loss from discontinued operations for the year ended December 31, 2010 reflects the results of operations and gain on sale of real estate relating to 10 industrial properties and one land parcel that generated ground rental revenue that were sold during the year ended December 31, 2010, the results of operations of 34 industrial properties that were sold during the year ended December 31, 2011 and the results of operations of 38 industrial properties that were identified as held for sale at December 31, 2011. The impairment loss for the year ended December 31, 2010 of $79.6 million relates to an impairment charge related to certain Non-Strategic assets that were either sold during the year or classified as held for sale at December 31, 2011.

Income from discontinued operations for the year ended December 31, 2009 reflects the results of operations and gain on sale of real estate relating to 12 industrial properties that were sold during the year ended December 31, 2009, the results of operations of 10 industrial properties and one land parcel that generated ground rental revenue that were sold during the year ended December 31, 2010, the results of operations of 34 industrial properties that were sold during the year ended December 31, 2011 and the results of operations of the 38 industrial properties identified as held for sale at December 31, 2011. The impairment loss for the year ended December 31, 2009 of $1.3 million relates to an impairment charge recorded related to one sold property in the Inland Empire market. The impairment charge was a result of adverse conditions in the credit and real estate markets.

The $0.9 million and $0.3 million gain on sale of real estate for the years ended December 31, 2010 and 2009, respectively, resulted from the sale of several land parcels that do not meet the criteria established for inclusion in discontinued operations.

LIQUIDITY AND CAPITAL RESOURCES

At December 31, 2011, our cash and cash equivalents was approximately $7.6 million. We also had $300.5 million available for additional borrowings under our Unsecured Credit Facility, subject to certain restrictions.

We have considered our short-term (through December 31, 2012) liquidity needs and the adequacy of our estimated cash flow from operations and other expected liquidity sources to meet these needs. Our 2012 Notes, in the aggregate principal amount of $61.8 million, are due on April 15, 2012. We expect to satisfy the payment obligations on the 2012 Notes with borrowings on our Unsecured Credit Facility. With the exception of the 2012 Notes, we believe that our principal short-term liquidity needs are to fund normal recurring expenses, property acquisitions, developments, renovations, expansions and other nonrecurring capital improvements, debt service requirements and the minimum distributions required to maintain the Company’s REIT qualification under the Code. We anticipate that these needs will be met with cash flows provided by operating and investing activities, including the disposition of select assets.

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We expect to meet long-term (after December 31, 2012) liquidity requirements such as property acquisitions, developments, scheduled debt maturities, major renovations, expansions and other nonrecurring capital improvements through the disposition of select assets, long-term unsecured and secured indebtedness and the issuance of additional Units and preferred Units, subject to market conditions.

We also have financed the development or acquisition of additional properties through borrowings under our Unsecured Credit Facility and may finance the development or acquisition of additional properties through such borrowings, to the extent capacity is available, in the future At December 31, 2011, borrowings under our Unsecured Credit Facility bore interest at a weighted average interest rate of 2.385%. As of February 28, 2012, we had approximately $262.4 million available for additional borrowings under our Unsecured Credit Facility, subject to certain restrictions. Our Unsecured Credit Facility contains certain financial covenants including limitations on incurrence of debt and debt service coverage. Our access to borrowings may be limited if we fail to meet any of these covenants. We believe that we were in compliance with our financial covenants as of December 31, 2011, and we anticipate that we will be able to operate in compliance with our financial covenants throughout 2012.

Our senior unsecured notes have been assigned credit ratings from Standard & Poor’s, Moody’s and Fitch Ratings of BB-/Ba3/BB, respectively. In the event of a downgrade, we believe we would continue to have access to sufficient capital; however, our cost of borrowing would increase and our ability to access certain financial markets may be limited.

Year Ended December 31, 2011

Net cash provided by operating activities of approximately $70.2 million for the year ended December 31, 2011 was comprised primarily of the non-cash adjustments of approximately $100.8 million, operating distributions received in excess of equity in income of joint ventures of $0.1 million and a decrease in restricted cash of approximately $0.1 million, offset by net loss of approximately $9.0 million, payments of discounts associated with senior unsecured notes of $5.3 million, prepayment premiums associated with the retirement of debt of approximately $1.2 million and net change in operating assets and liabilities of approximately $15.3 million. The adjustments for the non-cash items of approximately $100.8 million are primarily comprised of depreciation and amortization of approximately $123.0 million, the provision for bad debt of approximately $1.1 million, the loss from retirement of debt of approximately $5.3 million and the mark to market loss related to the Series F Agreement of approximately $1.7 million, offset by the reversal of impairment of real estate of $2.1 million, the gain on sale of real estate of approximately $20.2 million, the gain on the change in control of interests in connection with the redemption of the 85% equity interest in one property from the 2003 Net Lease Joint Venture of approximately $0.7 million and the effect of the straight-lining of rental income of approximately $7.3 million.

Net cash provided by investing activities of approximately $65.1 million for the year ended December 31, 2011 was comprised primarily of distributions from the Other Real Estate Partnerships in excess of equity in income, net proceeds from the sale of real estate and the repayments on our mortgage note receivables, offset by investments in and advances to the Other Real Estate Partnerships, the acquisition of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture, development of real estate, capital expenditures related to the improvement of existing real estate and payments related to leasing activities.

We invested approximately $0.2 million in, and received total distributions of approximately $1.7 million, from our Joint Ventures. As of December 31, 2011, our Joint Ventures owned seven industrial properties comprising approximately 3.4 million square feet of GLA.

During the year ended December 31, 2011, we sold 34 industrial properties comprising approximately 2.9 million square feet of GLA and one land parcel. Proceeds from the sales of the 34 industrial properties and one land parcel, net of closing costs, were approximately $71.1 million. We are in various stages of discussions

37

with third parties for the sale of additional properties and plan to continue to selectively market other properties for sale throughout 2012. We expect to use at least a portion of sale proceeds to pay down additional debt and/or make select property acquisitions.

During the year ended December 31, 2011, we acquired one industrial property comprising approximately 0.7 million square feet of GLA in connection with the redemption of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The acquisition was funded with a cash payment of $5.3 million and the assumption of a mortgage loan in the amount of $24.4 million.

Net cash used in financing activities of approximately $150.0 million for the year ended December 31, 2011 was comprised primarily of repayments on our unsecured notes and mortgage loans payable, payments of debt and equity issuance costs, net repayments on our Unsecured Credit Facility, preferred general partnership unit distributions, the repurchase and retirement of restricted units and payments on the interest rate swap agreement, offset by the net proceeds from the issuance of units and proceeds from the new mortgage financings.

During the year ended December 31, 2011, we received proceeds from the origination of $199.9 million in mortgage loans. The mortgage loans bear interest at a fixed rate between 4.45% and 4.85% and mature between June 2018 and October 2021. We may engage various lenders, from time to time, regarding the origination of additional mortgage financings and the terms and conditions thereof. To the extent additional mortgage financing is originated, we expect to use proceeds received to pay down our other debt and/or make select property acquisitions. No assurances can be made that additional mortgage financing will be obtained.

During the year ended December 31, 2011, we redeemed or repurchased $241.7 million of our unsecured notes at an aggregate purchase price of $239.6 million. We may from time to time repay additional amounts of our outstanding debt. Any repayments would depend upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors we consider important. Future repayments may materially impact our liquidity, taxable income and results of operations.

During the year ended December 31, 2011, the Company issued 17,415,856 shares of its common stock under the Company’s ATM and underwritten public offerings, resulting in net proceeds of approximately $202.8 million. These proceeds were contributed to us in exchange for an equivalent number of Units. We may access the equity markets again, subject to contractual restrictions and market conditions. To the extent additional equity offerings occur, we expect to use at least a portion of the proceeds received to reduce our indebtedness or make property acquisitions.

Contractual Obligations and Commitments

The following table lists our contractual obligations and commitments as of December 31, 2011 (In thousands):

			Payments Due by Period
	Total		Less Than 1 Year		1-3 Years		3-5 Years		Over 5 Years
Operating and Ground Leases(1)	$	35,756	$	1,892	$	3,172	$	2,640	$	28,052
Long-term Debt		1,377,835		72,812		314,522		338,682		651,819
Interest Expense on Long Term Debt(1)(2)		531,482		75,350		141,020		104,709		210,403
Total	$	1,945,073	$	150,054	$	458,714	$	446,031	$	890,274

(1) Not on balance sheet.

(2) Does not include interest expense on our Unsecured Credit Facility.

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Off-Balance Sheet Arrangements

Letters of credit are issued in most cases as pledges to governmental entities for development purposes. At December 31, 2011, we have $0.8 million in outstanding letters of credit. Additionally, we have $6.0 million in performance bonds outstanding at December 31, 2011. The letters of credit and performance bonds are not reflected as liabilities on our balance sheet. We have no other off-balance sheet arrangements, as defined in Item 303 of Regulation S-K, other than those disclosed on the Contractual Obligations and Commitments table above, that have or are reasonably likely to have a current or future effect on our financial condition, results of operation or liquidity and capital resources.

Environmental

We paid approximately $0.6 million and $0.5 million in 2011 and 2010, respectively, related to environmental expenditures. We estimate 2012 expenditures of approximately $1.1 million. We estimate that the aggregate expenditures which need to be expended in 2012 and beyond with regard to currently identified environmental issues will not exceed approximately $2.6 million.

Inflation

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

Market Risk

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

Interest Rate Risk

This analysis presents the hypothetical gain or loss in earnings, cash flows or fair value of the financial instruments and derivative instruments which are held by us at December 31, 2011 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, we also face risks that are either non-financial or non-quantifiable. Such risks principally include credit risk and legal risk and are not represented in the following analysis.

At December 31, 2011, $1,224.5 million (89.2% of total debt at December 31, 2011) of our debt was fixed rate debt and $149.0 million (10.8% of total debt at December 31, 2011) of our debt was variable rate debt. Currently, we do not enter into financial instruments for trading or other speculative purposes.

For fixed rate debt, changes in interest rates generally affect the fair value of the debt, but not our earnings or cash flows. Conversely, for variable rate debt, changes in the base interest rate used to calculate the all-in interest rate generally do not impact the fair value of the debt, but would affect our future earnings and cash flows. The interest rate risk and changes in fair market value of fixed rate debt generally do not have a significant impact on us until we are required to refinance such debt. See Note 7 to the Consolidated Financial Statements for a discussion of the maturity dates of our various fixed rate debt.

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Based upon the amount of variable rate debt outstanding at December 31, 2010, a 10% increase or decrease in the interest rate on our variable rate debt would decrease or increase, respectively, future net income and cash flows by approximately $0.4 million per year. The foregoing calculation assumes an instantaneous increase or decrease in the rates applicable to the amount of borrowings outstanding under our Unsecured Credit Facility at December 31, 2011. Changes in LIBOR could result in a greater than 10% increase to such rates. In addition, the calculation does not account for our option to elect the lower of two different interest rates under our borrowings or other possible actions, such as prepayment, that we might take in response to any rate increase. A 10% increase in interest rates would decrease the fair value of the fixed rate debt at December 31, 2011 by approximately $34.1 million to $1,226.9 million. A 10% decrease in interest rates would increase the fair value of the fixed rate debt at December 31, 2011 by approximately $36.1 million to $1,297.1 million.

The use of derivative financial instruments allows us to manage risks of increases in interest rates with respect to the effect these fluctuations would have on our earnings and cash flows. As of December 31, 2011, we had one outstanding derivative with a notional amount of $50.0 million which mitigates our exposure to floating interest rates related to the reset rate of the Company’s Series F Preferred Stock (see Note 15 to the Consolidated Financial Statements).

Foreign Currency Exchange Rate Risk

Owning, operating and developing industrial property outside of the United States exposes the Company to the possibility of volatile movements in foreign exchange rates. Changes in foreign currencies can affect the operating results of international operations reported in U.S. dollars and the value of the foreign assets reported in U.S. dollars. The economic impact of foreign exchange rate movements is complex because such changes are often linked to variability in real growth, inflation, interest rates, governmental actions and other factors. At December 31, 2011, we owned one land parcel for which the U.S. dollar was not the functional currency. The land parcel is located in Ontario, Canada and uses the Canadian dollar as its functional currency.

Subsequent Events

From January 1, 2012 to February 28, 2012, we acquired one industrial property comprising approximately 0.4 million square feet of GLA in connection with the purchase of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The acquisition was funded through the assumption of a mortgage loan in the amount of $12.0 million, which was subsequently paid off at closing and a cash payment of $8.3 million. We will account for this transaction as a step acquisition utilizing the purchase method of accounting. There were no industrial properties sold during this time.

From January 1, 2012 to February 28, 2012, we repurchased and retired $0.4 million of our senior unsecured notes maturing in 2028 for a payment of $0.4 million.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

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

Item 8. Financial Statements and Supplementary Data

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

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

None.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our periodic reports pursuant to the Exchange Act is recorded, processed, summarized and reported

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within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required financial disclosure.

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

Management’s Report on Internal Control Over Financial Reporting

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

Our management has assessed the effectiveness of our internal control over financial reporting as of December 31, 2011. In making its assessment of internal control over financial reporting, management used the criteria described in the Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Our management has concluded that, as of December 31, 2011, our internal control over financial reporting was effective.

The effectiveness of our internal control over financial reporting as of December 31, 2011 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears herein within Item 15. See Report of Independent Registered Public Accounting Firm.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting that occurred during the fourth quarter of 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information

On February 27, 2012, the Company, in its capacity as the sole general partner of the Operating Partnership and owner of greater than 90% of all Units, amended and restated the Eleventh Amended and Restated Agreement of Limited Partnership of the Operating Partnership, effective March 17, 2012, in order to permit a merger of the Operating Partnership to be authorized by the vote of a majority of Units, make technical amendments of the agreement’s Unit issuance and general partnership interest transfer and succession provisions in the event of certain Company transactions and to expand the notice requirements under the agreement in the event of an amendment. The foregoing summary is qualified in its entirety by reference to the Twelfth Amended and Restated Agreement of Limited Partnership of the Operating Partnership, which is incorporated herein by reference to Exhibit 3.1 to this Annual Report on Form 10-K.

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PART III

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

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

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PART IV

Item 15. Exhibits and Financial Statement Schedules

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

(3) Exhibits:

Exhibit No.	Description
3.1	Twelfth Amended and Restated Partnership Agreement of First Industrial, L.P. dated February 27, 2012 (incorporated by reference to Exhibit 10.1 of the Form 10-K of the Company for the year ended December 31, 2011, File No. 1-13102)
4.1	Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)
4.2	Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)
4.3	Supplemental Indenture No. 3 dated October 28, 1997 between First Industrial, L.P. and First Trust National Association providing for the issuance of Medium-Term Notes due Nine Months or more from Date of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of the Operating Partnership, dated November 3, 1997, as filed November 3, 1997, File No. 333-21873)
4.4	7.50% Medium-Term Note due 2017 in principal amount of $100 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102)
4.5	Trust Agreement, dated as of May 16, 1997, between First Industrial, L.P. and First Bank National Association, as Trustee (incorporated by reference to Exhibit 4.5 of the Form 10-QT of the Operating Partnership for the fiscal quarter ended March 31, 1997, File No. 333-21873)
4.6	7.60% Notes due 2028 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of the Operating Partnership dated July 15, 1998, File No. 333-21873)
4.7	Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership dated July 15, 1998, File No. 333-21873)
4.8	Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and U.S. Bank National Association, relating to First Industrial, L.P.’s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Operating Partnership’s Form 8-K, dated April 4, 2002, File No. 333-21873)
4.9	Form of 6.875% Notes due in 2012 in the principal amount of $200 million issued by First Industrial, L.P. and 7.75% Notes due in 2032 in the principal amount of $50 million issued by First Industrial L.P. (incorporated by reference to Exhibit 4.2 of the Operating Partnership’s Form 8-K dated April 4, 2002, File No. 333-21873)

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Exhibit No.	Description
4.10	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)
4.11	Supplemental Indenture No. 8, dated as of May 17, relating to 6.42% Senior Notes due June 1, 2014, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership, dated May 27, 2004, File No. 333-21873)
4.12	Supplemental Indenture No. 10, dated as of January 10, 2006, relating to 5.75% Senior Notes due 2016, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed January 11, 2006, File No. 1-13102)
4.13	Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed May 5, 2007, File No. 1-13102)
10.1	Sales Agreement by and among the Company, First Industrial, L.P. and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Operating Partnership, dated September 16, 2004, File No. 333-21873)
10.2	Distribution Agreement among the Company, First Industrial, L.P. and J.P. Morgan Securities Inc. dated May 4, 2010 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed May 4, 2010, File No. 1-13102)
10.3	Unsecured Revolving Credit Agreement dated as of December 14, 2011 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed December 15, 2011, File No. 1-13102)
10.4	Distribution Agreement among the Company, First Industrial, L.P. and Wells Fargo Securities, LLC dated February 28, 2011(incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed on February 28, 2011, File No. 1-13102)
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, 2011, File No. 1-13102)
23*	Consent of PricewaterhouseCoopers LLP
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 Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.1*	The following financial statements from First Industrial, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2011, formatted in XBRL: (i) Consolidated Balance Sheets (audited), (ii) Consolidated Statements of Operations (audited), (iii) Consolidated Statements of Comprehensive Income (audited), (iv) Consolidated Statement of Changes in Stockholders’ Equity (audited), (v) Consolidated Statements of Cash Flows (audited) and (vi) Notes to Consolidated Financial Statements (audited).

* Filed herewith.

** Furnished herewith.

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EXHIBIT INDEX

Exhibit No.	Description
3.1	Twelfth Amended and Restated Partnership Agreement of First Industrial, L.P. dated February 27, 2012 (incorporated by reference to Exhibit 10.1 of the Form 10-K of the Company for the year ended December 31, 2011, File No. 1-13102)
4.1	Indenture, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association, as Trustee (incorporated by reference to Exhibit 4.1 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)
4.2	Supplemental Indenture No. 1, dated as of May 13, 1997, between First Industrial, L.P. and First Trust National Association as Trustee relating to $100 million of 7.15% Notes due 2027 (incorporated by reference to Exhibit 4.2 of the Form 10-Q of the Company for the fiscal quarter ended March 31, 1997, as amended by Form 10-Q/A No. 1 of the Company filed May 30, 1997, File No. 1-13102)
4.3	Supplemental Indenture No. 3 dated October 28, 1997 between First Industrial, L.P. and First Trust National Association providing for the issuance of Medium-Term Notes due Nine Months or more from Date of Issue (incorporated by reference to Exhibit 4.1 of Form 8-K of the Operating Partnership, dated November 3, 1997, as filed November 3, 1997, File No. 333-21873)
4.4	7.50% Medium-Term Note due 2017 in principal amount of $100 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.19 of the Company’s Annual Report on Form 10-K for the year ended December 31, 1997, File No. 1-13102)
4.5	Trust Agreement, dated as of May 16, 1997, between First Industrial, L.P. and First Bank National Association, as Trustee (incorporated by reference to Exhibit 4.5 of the Form 10-QT of the Operating Partnership for the fiscal quarter ended March 31, 1997, File No. 333-21873)
4.6	7.60% Notes due 2028 in principal amount of $200 million issued by First Industrial, L.P. (incorporated by reference to Exhibit 4.2 of the Form 8-K of the Operating Partnership dated July 15, 1998, File No. 333-21873)
4.7	Supplemental Indenture No. 5, dated as of July 14, 1998, between First Industrial, L.P. and U.S. Bank Trust National Association, relating to First Industrial, L.P.’s 7.60% Notes due July 15, 2028 (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership dated July 15, 1998, File No. 333-21873)
4.8	Supplemental Indenture No. 7 dated as of April 15, 2002, between First Industrial, L.P. and U.S. Bank National Association, relating to First Industrial, L.P.’s 6.875% Notes due 2012 and 7.75% Notes due 2032 (incorporated by reference to Exhibit 4.1 of the Operating Partnership’s Form 8-K, dated April 4, 2002, File No. 333-21873)
4.9	Form of 6.875% Notes due in 2012 in the principal amount of $200 million issued by First Industrial, L.P. and 7.75% Notes due in 2032 in the principal amount of $50 million issued by First Industrial L.P. (incorporated by reference to Exhibit 4.2 of the Operating Partnership’s Form 8-K dated April 4, 2002, File No. 333-21873)
4.10	Form of 7.75% Notes due 2032 in the principal amount of $50 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)

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Exhibit No.	Description
4.11	Supplemental Indenture No. 8, dated as of May 17, relating to 6.42% Senior Notes due June 1, 2014, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Operating Partnership, dated May 27, 2004, File No. 333-21873)
4.12	Supplemental Indenture No. 10, dated as of January 10, 2006, relating to 5.75% Senior Notes due 2016, by and between the Operating Partnership and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed January 11, 2006, File No. 1-13102)
4.13	Supplemental Indenture No. 11, dated as of May 7, 2007, relating to 5.95% Senior Notes due 2017, by and between First Industrial, L.P. and U.S. Bank National Association (incorporated by reference to Exhibit 4.1 of the Form 8-K of the Company, filed May 5, 2007, File No. 1-13102)
10.1	Sales Agreement by and among the Company, First Industrial, L.P. and Cantor Fitzgerald & Co. dated September 16, 2004 (incorporated by reference to Exhibit 1.1 of the Form 8-K of the Operating Partnership, dated September 16, 2004, File No. 333-21873)
10.2	Distribution Agreement among the Company, First Industrial, L.P. and J.P. Morgan Securities Inc. dated May 4, 2010 (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed May 4, 2010, File No. 1-13102)
10.3	Unsecured Revolving Credit Agreement dated as of December 14, 2011 among First Industrial, L.P., First Industrial Realty Trust, Inc., Wells Fargo Bank, N.A. and the other lenders thereunder (incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed December 15, 2011, File No. 1-13102)
10.4	Distribution Agreement among the Company, First Industrial, L.P. and Wells Fargo Securities, LLC dated February 28, 2011(incorporated by reference to Exhibit 10.1 of the Form 8-K of the Company filed on February 28, 2011, File No. 1-13102)
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, 2011, File No. 1-13102)
23*	Consent of PricewaterhouseCoopers LLP
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 Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.1*	The following financial statements from First Industrial, L.P.’s Annual Report on Form 10-K for the year ended December 31, 2011, formatted in XBRL: (i) Consolidated Balance Sheets (audited), (ii) Consolidated Statements of Operations (audited), (iii) Consolidated Statements of Comprehensive Income (audited), (iv) Consolidated Statement of Changes in Stockholders’ Equity (audited), (v) Consolidated Statements of Cash Flows (audited) and (vi) Notes to Consolidated Financial Statements (audited).

* Filed herewith.

** Furnished herewith.

46

FIRST INDUSTRIAL, L.P.

INDEX TO FINANCIAL STATEMENTS

	Page
FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm		48
Consolidated Balance Sheets of First Industrial, L.P. as of December 31, 2011 and 2010		49
Consolidated Statements of Operations of First Industrial, L.P. for the Years Ended December  31, 2011, 2010 and 2009		50
Consolidated Statements of Comprehensive Income of First Industrial, L.P. for the Years Ended December 31, 2011, 2010 and 2009		51
Consolidated Statements of Changes in Partners’ Capital of First Industrial, L.P. for the Years Ended December 31, 2011, 2010 and 2009		52
Consolidated Statements of Cash Flows of First Industrial, L.P. for the Years Ended December  31, 2011, 2010 and 2009		53
Notes to the Consolidated Financial Statements		54

FIRST INDUSTRIAL, L.P.

FINANCIAL STATEMENT SCHEDULE

	Page
FINANCIAL STATEMENT SCHEDULE
Schedule III: Real Estate and Accumulated Depreciation		S-1

47

Report of Independent Registered Public Accounting Firm

To the Partners of

First Industrial, L.P.:

In our opinion, the consolidated financial statements in the index appearing under Item 15(a)(1) present fairly, in all material respects, the financial position of First Industrial, L.P. and its subsidiaries (the “Consolidated Operating Partnership”) at December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2011 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the index appearing under Item 15(a)(2) presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. Also in our opinion, the Consolidated Operating Partnership maintained, in all material respects, effective internal control over financial reporting as of December 31, 2011, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Consolidated Operating Partnership’s management is responsible for these financial statements and financial statement schedule, for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on these financial statements, on the financial statement schedule, and on the Consolidated Operating Partnership’s internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

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

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

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 29, 2012

48

FIRST INDUSTRIAL, L.P.

CONSOLIDATED BALANCE SHEETS

	December 31, 2011			December 31, 2010
	(Dollars in thousands except Unit data)
ASSETS
Assets:
Investment in Real Estate:
Land	$	553,539		$	485,790
Buildings and Improvements		2,080,953			1,843,134
Construction in Progress		26,482			2,672
Less: Accumulated Depreciation		(577,591	)		(443,912	)
Net Investment in Real Estate		2,083,383			1,887,684
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $34,443 and $148,407		78,855			344,353
Investments in and Advances to Other Real Estate Partnerships		186,452			252,541
Cash and Cash Equivalents		7,624			22,484
Restricted Cash		—			105
Tenant Accounts Receivable, Net		2,685			2,602
Investments in Joint Ventures		1,674			2,451
Deferred Rent Receivable, Net		43,981			32,383
Deferred Financing Costs, Net		13,989			14,492
Deferred Leasing Intangibles, Net		33,375			33,639
Prepaid Expenses and Other Assets, Net		119,095			119,052
Total Assets	$	2,571,113		$	2,711,786
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage and Other Loans Payable, Net	$	584,288		$	431,284
Senior Unsecured Debt, Net		640,227			879,529
Unsecured Credit Facility		149,000			376,184
Mortgage Loan Payable on Real Estate Held for Sale, Net, Inclusive of $0 and $6 of Accrued Interest		—			1,014
Accounts Payable, Accrued Expenses and Other Liabilities, Net		77,379			79,949
Deferred Leasing Intangibles, Net		14,442			16,145
Rents Received in Advance and Security Deposits		23,095			24,469
Leasing Intangibles Held for Sale, Net of Accumulated Amortization of $415 and $2,642		690			1,909
Total Liabilities		1,489,121			1,810,483
Commitments and Contingencies		—			—
Partners’ Capital:
General Partner Preferred Units (1,550 units issued and outstanding) with a liquidation preference of $275,000		266,211			266,211
General Partner Units (86,807,402 and 68,841,296 units issued and outstanding)		737,914			558,496
Limited Partners’ Units (5,237,367 and 5,363,151 units issued and outstanding)		90,246			93,100
Accumulated Other Comprehensive Loss		(12,379	)		(16,504	)
Total Partners’ Capital		1,081,992			901,303
Total Liabilities and Partners’ Capital	$	2,571,113		$	2,711,786

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

49

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
	(In thousands except per unit data)
Revenues:
Rental Income	$	213,536		$	211,438		$	214,523
Tenant Recoveries and Other Income		66,158			70,696			75,356
Construction Revenues		—			869			54,957
Total Revenues		279,694			283,003			344,836
Expenses:
Property Expenses		97,414			97,896			100,743
General and Administrative		20,508			26,492			37,567
Restructuring Costs		1,553			1,858			7,806
Impairment of Real Estate		(8,139	)		106,555			5,617
Depreciation and Other Amortization		108,624			111,504			118,191
Construction Expenses		—			507			52,720
Total Expenses		219,960			344,812			322,644
Other Income (Expense):
Interest Income		3,990			4,426			3,100
Interest Expense		(95,103	)		(102,685	)		(114,133	)
Amortization of Deferred Financing Costs		(3,785	)		(3,342	)		(3,006	)
Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements		(1,718	)		(1,107	)		3,667
(Loss) Gain From Retirement of Debt		(5,299	)		(4,304	)		34,562
Foreign Currency Exchange Loss		(332	)		(190	)		—
Total Other Income (Expense)		(102,247	)		(107,202	)		(75,810	)
Loss from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income (Loss) of Joint Ventures, Gain on Sale of Joint Venture Interests, Gain on Change in Control of Interests and Income Tax (Provision) Benefit		(42,513	)		(169,011	)		(53,618	)
Equity in Income of Other Real Estate Partnerships		11,891			3,494			18,516
Equity in Income (Loss) of Joint Ventures		980			675			(6,470	)
Gain on Sale of Joint Venture Interests		—			11,226			—
Gain on Change in Control of Interests		689			—			—
Income Tax (Provision) Benefit		(450	)		(2,963	)		25,185
Loss from Continuing Operations		(29,403	)		(156,579	)		(16,387	)
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations		1,955			(75,974	)		1,376
Gain on Sale of Real Estate		18,814			10,529			21,014
Provision for Income Taxes Allocable to Discontinued Operations		(1,246	)		—			(1,846	)
Total Discontinued Operations		19,523			(65,445	)		20,544
(Loss) Income Before Gain on Sale of Real Estate		(9,880	)		(222,024	)		4,157
Gain on Sale of Real Estate		1,370			859			313
Provision for Income Taxes Allocable to Gain on Sale of Real Estate		(452	)		(342	)		(143	)
Net (Loss) Income		(8,962	)		(221,507	)		4,327
Less: Preferred Unit Distributions		(19,565	)		(19,677	)		(19,516	)
Net Loss Available to Unitholders and Participating Securities	$	(28,527	)	$	(241,184	)	$	(15,189	)
Basic and Diluted Earnings Per Unit:
Loss from Continuing Operations Available to Unitholders	$	(0.56	)	$	(2.57	)	$	(0.66	)
Income (Loss) from Discontinued Operations Available to Unitholders	$	0.23		$	(0.96	)	$	0.38
Net Loss Available to Unitholders and Participating Securities	$	(0.33	)	$	(3.53	)	$	(0.28	)
Distributions Per Unit	$	0.00		$	0.00		$	0.00
Weighted Average Units Outstanding		85,913			68,327			54,261
Net Loss Available to Unitholders Attributable to:
General Partners	$	(26,782	)	$	(222,386	)	$	(13,642	)
Limited Partners		(1,745	)		(18,798	)		(1,547	)
Net Loss Available to Unitholders and Participating Securities	$	(28,527	)	$	(241,184	)	$	(15,189	)

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

50

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
	(Dollars in thousands)
Net (Loss) Income	$	(8,962	)	$	(221,507	)	$	4,327
Mark-to-Market of Interest Rate Protection Agreements, Net of Income Tax Provision		—			990			(383	)
Amortization of Interest Rate Protection Agreements		2,166			2,108			796
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements		3,250			(182	)		523
Reclassification of Foreign Exchange Loss on Substantial Liquidation of Foreign Entities, Net of Income Tax Benefit		179			—			—
Foreign Currency Translation Adjustment, Net of Income Tax Benefit (Provision)		(1,470	)		566			1,486
Comprehensive (Loss) Income	$	(4,837	)	$	(218,025	)	$	6,749

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

51

FIRST INDUSTRIAL, L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

	General Partner Preferred Units			General Partner Units			Limited Partner Units			Accumulated Other Comprehensive Loss			Total
Balance as of December 31, 2008	$	266,211		$	634,255		$	121,578		$	(22,408	)	$	999,636
Issuance of General Partner Units, Net of Issuance Costs		—			83,795			—			—			83,795
Stock Based Compensation Activity		—			12,660			—			—			12,660
Conversion of Limited Partner Units to General Partner Units		—			7,817			(7,817	)		—			—
Repurchase of Equity Component of Exchangeable Note		—			(33	)		—			—			(33	)
Preferred Unit Distributions		(19,516	)		—			—			—			(19,516	)
Net Income (Loss)		19,516			(13,642	)		(1,547	)		—			4,327
Other Comprehensive Income		—			—			—			2,422			2,422
Balance as of December 31, 2009	$	266,211		$	724,852		$	112,214		$	(19,986	)	$	1,083,291
Issuance of General Partner Units, Net of Issuance Costs		—			49,973			—			—			49,973
Stock Based Compensation Activity		—			5,741			—			—			5,741
Conversion of Limited Partner Units to General Partner Units		—			316			(316	)		—			—
Preferred Unit Distributions		(19,677	)		—			—			—			(19,677	)
Net Income (Loss)		19,677			(222,386	)		(18,798	)		—			(221,507	)
Other Comprehensive Income		—			—			—			3,482			3,482
Balance as of December 31, 2010	$	266,211		$	558,496		$	93,100		$	(16,504	)	$	901,303
Issuance of General Partner Units, Net of Issuance Costs		—			202,332			—			—			202,332
Stock Based Compensation Activity		—			2,759			—			—			2,759
Conversion of Limited Partner Units to General Partner Units		—			1,109			(1,109	)		—			—
Preferred Unit Distributions		(19,565	)		—			—			—			(19,565	)
Net Income (Loss)		19,565			(26,782	)		(1,745	)		—			(8,962	)
Other Comprehensive Income		—			—			—			4,125			4,125
Balance as of December 31, 2011	$	266,211		$	737,914		$	90,246		$	(12,379	)	$	1,081,992

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

52

FIRST INDUSTRIAL, LP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$	(8,962	)	$	(221,507	)	$	4,327
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities:
Depreciation		85,849			92,290			100,145
Amortization of Deferred Financing Costs		3,785			3,342			3,006
Other Amortization		33,218			37,320			48,804
Impairment of Real Estate, Net		(2,079	)		186,160			6,934
Provision for Bad Debt		1,146			1,787			3,178
Equity in (Income) Loss of Joint Ventures		(980	)		(675	)		6,470
Distributions from Joint Ventures		1,033			3,032			2,319
Gain on Sale of Real Estate		(20,184	)		(11,388	)		(21,327	)
Gain on Sale of Joint Venture Interests		—			(11,226	)		—
Gain on Change in Control of Interests		(689	)		—			—
Loss (Gain) on Retirement of Debt		5,299			4,304			(34,562	)
Prepayment Premiums Associated with Retirement of Debt		(1,194	)		—			—
Mark-to-Market Loss (Gain) on Interest Rate Protection Agreements		1,718			1,107			(3,667	)
Equity in Income of Other Real Estate Partnerships		(11,891	)		(3,494	)		(18,516	)
Distributions from Investment in Other Real Estate Partnerships		11,891			3,494			18,516
Decrease in Developments for Sale Costs		—			—			812
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net		(3,154	)		(1,526	)		51,559
Increase in Deferred Rent Receivable		(7,275	)		(6,300	)		(7,104	)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits		(12,201	)		(21,523	)		(18,709	)
Decrease (Increase) in Restricted Cash		105			(15	)		7
Payments of Premiums and Discounts Associated with Senior Unsecured Notes		(5,260	)		(6,840	)		(2,576	)
Net Cash Provided by Operating Activities		70,175			48,342			139,616
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of and Additions to Investment in Real Estate and Lease Costs		(82,896	)		(85,757	)		(68,855	)
Net Proceeds from Sales of Investments in Real Estate		71,083			64,256			65,689
Investments in and Advances to Other Real Estate Partnerships		(125,089	)		(149,773	)		(105,095	)
Distributions from Other Real Estate Partnerships in Excess of Equity in Income		191,178			205,038			140,073
Contributions to and Investments in Joint Ventures		(155	)		(777	)		(3,742	)
Distributions and Sales Proceeds from Joint Venture Interests		650			11,519			6,333
Repayment of Notes Receivable		10,393			1,460			3,151
Increase in Lender Escrows		(97	)		(435	)		—
Net Cash Provided by Investing Activities		65,067			45,531			37,554
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and Equity Issuance Costs		(6,502	)		(4,228	)		(7,624	)
Unit Contributions		202,845			50,087			84,465
Unit Distributions		—			—			(12,614	)
Repurchase and Retirement of Restricted Units		(1,001	)		(298	)		(739	)
Preferred Unit Distributions		(15,254	)		(19,677	)		(20,296	)
Repayments on Mortgage and Other Loans Payable		(67,164	)		(20,393	)		(13,462	)
Proceeds from Origination of Mortgage Loans Payable		199,884			82,495			307,567
Settlement of Interest Rate Protection Agreements		—			—			(7,491	)
Payments on Interest Rate Swap Agreement		(489	)		(450	)		(320	)
Repayments on Senior Unsecured Notes		(234,307	)		(259,018	)		(336,196	)
Proceeds from Unsecured Credit Facility		390,500			69,097			180,000
Repayments on Unsecured Credit Facility		(618,553	)		(149,280	)		(172,000	)
Repurchase of Equity Component Exchangeable Notes		—			—			(33	)
Costs Associated with the Retirement of Debt		—			(1,008	)		—
Net Cash (Used in) Provided by Financing Activities		(150,041	)		(252,673	)		1,257
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents		(61	)		137			76
Net (Decrease) Increase in Cash and Cash Equivalents		(14,799	)		(158,800	)		178,427
Cash and Cash Equivalents, Beginning of Period		22,484			181,147			2,644
Cash and Cash Equivalents, End of Period	$	7,624		$	22,484		$	181,147

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

53

FIRST INDUSTRIAL, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands except per Unit and Unit data)

1. Organization and Formation of Partnership

First Industrial, L.P. (the “Operating Partnership”) was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the “Company”) which owns common units in the Operating Partnership (“Units”) representing an approximate 94.3% and 92.8% common ownership interest at December 31, 2011 and 2010, respectively. The Company also owns a preferred general partnership interest in the Operating Partnership represented by preferred Units (“Preferred Units”) with an aggregate liquidation priority of $275,000 at December 31, 2011. The Company is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986 (the “Code”). The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, approximately a 5.7% and 7.2% interest in the Operating Partnership at December 31, 2011 and 2010, respectively. Operations are also conducted through other partnerships and limited liability companies (“L.L.C.s”) of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the L.L.C.s, the “Consolidated Operating Partnership”), the operating data of which is consolidated with that of the Operating Partnership as presented herein. Unless the context otherwise requires, the term the “Operating Partnership” refers to First Industrial, L.P. and the terms “we,” “us,” and “our” refer to First Industrial, L.P. and its controlled subsidiaries.

The Operating Partnership also 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”).

We also own noncontrolling equity interests in, and provide various services to, two joint ventures (the “2003 Net Lease Joint Venture” and the “2007 Europe Joint Venture”). During 2010, we provided various services to, and ultimately disposed of our equity interests in, five joint ventures (the “2005 Development/Repositioning Joint Venture,” the “2005 Core Joint Venture,” the “2006 Net Lease Co-Investment Program,” the “2006 Land/Development Joint Venture,” and the “2007 Canada Joint Venture;” together with the 2003 Net Lease Joint Venture and the 2007 Europe Joint Venture, the “Joint Ventures”). The 2007 Europe Joint Venture does not own any properties. See Note 6 for more information on the Joint Ventures.

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

As of December 31, 2011, we owned 672 industrial properties containing an aggregate of approximately 58.6 million square feet of gross leasable area (“GLA”). On a combined basis, as of December 31, 2011, the Other Real Estate Partnerships owned 68 industrial properties, containing an aggregate of approximately 7.7 million square feet of GLA.

Profits, losses and distributions of us, 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 us, the L.L.C.s and the Other Real Estate Partnerships.

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

54

2. Basis of Presentation

Our consolidated financial statements at December 31, 2011 and 2010 and for each of the years ended December 31, 2011, 2010 and 2009 include the accounts and operating results of the Operating Partnership, the L.L.C.s, FRIP and the taxable REIT subsidiaries on a consolidated basis. Such financial statements present our limited partnership interests in each of the Other Real Estate Partnerships and our minority equity interests in our Joint Ventures 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, we are required in preparation of our financial statements 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, 2011 and 2010, and the reported amounts of revenues and expenses for each of the years ended December 31, 2011, 2010 and 2009. Actual results could differ from those estimates. Certain reclassifications within the footnotes have been made to prior period amounts in order to conform with current period presentation.

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, 2010, restricted cash primarily includes cash held in escrow in connection with mortgage debt requirements. The carrying amount approximates fair value due to the short term maturity of these investments.

Investment in Real Estate and Depreciation

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

Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building,

55

tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and ceases when the development projects are substantially completed and held available for occupancy. Depreciation expense is computed using the straight-line method based on the following useful lives:

	Years
Buildings and Improvements		8 to 50
Land Improvements		3 to 20
Furniture, Fixtures and Equipment		5 to 10

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

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

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

Deferred Leasing Intangibles, net of accumulated amortization (exclusive of Deferred Leasing Intangibles held for sale) included in our total assets and total liabilities consist of the following:

	December 31, 2011		December 31, 2010
In-Place Leases	$	17,157	$	18,427
Above Market Leases	$	4,761	$	2,665
Tenant Relationships	$	11,457	$	12,547
Total included in Total Assets	$	33,375	$	33,639
Below Market Leases	$	14,442	$	16,145
Total included in Total Liabilities	$	14,442	$	16,145

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Amortization expense related to in-place leases and tenant relationships of deferred leasing intangibles, exclusive of in-place leases and tenant relationships held for sale, was $9,688, $12,950 and $14,871 for the years ended December 31, 2011, 2010, and 2009, respectively. Rental revenues increased by $1,331, $2,631 and $3,823 related to net amortization of above/(below) market leases, exclusive of above/(below) market leases held for sale, for the years ended December 31, 2011, 2010, and 2009, respectively. We will recognize net amortization expense related to the deferred leasing intangibles over the next five years, for properties owned as of December 31, 2011 and not classified as held for sale, as follows:

	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases
2012	$	5,849	$	632
2013	$	4,912	$	423
2014	$	4,050	$	330
2015	$	3,295	$	321
2016	$	2,173	$	834

Construction Revenues and Expenses

Construction revenues and expenses represent revenues earned and expenses incurred in connection with a taxable REIT subsidiary acting as a general contractor or development manager to construct industrial properties and also include revenues and expenses related to the development of properties for third parties. We use the percentage-of-completion contract method to recognize revenue. Using this method, revenues are recorded based on estimates of the percentage of completion of individual contracts. The percentage of completion estimates are based on a comparison of the contract expenditures incurred to the estimated final costs. Changes in job performance, job conditions and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined.

Foreign Currency Transactions and Translation

At December 31, 2011, we owned a land parcel located in Toronto, Canada for which the functional currency was determined to be the Canadian dollar. The assets and liabilities related to this land parcel are translated to U.S. dollars from the Canadian dollar based on the current exchange rate prevailing at each balance sheet date. The income statement accounts related to this land parcel are translated using the average exchange rate for the period. The resulting translation adjustments are included in Accumulated Other Comprehensive Income.

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 $12,782 and $16,410 at December 31, 2011 and 2010, 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 our limited partnership interests in and advances to, through the Operating Partnership, the Other Real Estate Partnerships. We account for our Investment in and Advances to Other Real Estate Partnerships under the equity method of accounting. Under the equity method of accounting, our 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, our Investment in and Advances to Other Real Estate Partnerships as paid or received, respectively.

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On a continuous basis, we assess whether there are any indicators that the value of our Investment in and Advances to Other Real Estate Partnerships may be impaired. An investment is impaired if our estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs and the discount rate used to value the cash flows of the properties. As these factors are difficult to predict and are subject to future events that may alter our assumptions, our fair values estimated by management in the impairment analyses may not be realized.

Investments in Joint Ventures

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

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

On a continuous basis, we assess whether there are any indicators that the value of our Investments in Joint Ventures may be impaired. An investment is impaired if our estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in fair value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs, the discount rate used to value the cash flows of the properties, the cap rate used to estimate the terminal value of the underlying properties and the discount rate used to value the Joint Ventures’ debt. As these factors are difficult to predict and are subject to future events that may alter our assumptions, our fair values estimated in the impairment analyses may not be realized.

Limited Partners Units

Limited partner Units are reported within Partners’ Capital in the balance sheet as of December 31, 2011 and 2010 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares.

The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Board of Directors and

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officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2011, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company’s common shares required to be delivered upon redemption of all remaining Units.

Stock Based Compensation

We account for stock based compensation using the modified prospective application method, which requires measurement of compensation cost for all stock-based awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest.

Net income, net of preferred dividends, is allocated to Unitholders and participating securities based upon their proportionate share of weighted average Units plus weighted average participating securities. Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Certain restricted stock awards and restricted unit awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as Units. See Note 10 for further disclosure about participating securities.

Revenue Recognition

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

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

Interest income on mortgage loans receivable is recognized based on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected.

We provide an allowance for doubtful accounts against the portion of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $2,638 and $2,924 as of December 31, 2011 and 2010, respectively. Deferred rent receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $2,302 and $1,855 as of December 31, 2011 and 2010, respectively. For accounts receivable we deem uncollectible, we use the direct write-off method.

Gain on Sale of Real Estate

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

Notes Receivable

Notes receivable are primarily comprised of mortgage note receivables that we have made in connection with sales of real estate assets. The note receivables are recorded at fair value at the time of issuance. Interest

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income is accrued as earned. Notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the note receivable to the present value of expected future cash flows. Since the majority of our notes receivable are collateralized by a first mortgage, the loans have risk characteristics similar to the risks in owning commercial real estate.

Income Taxes

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

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

We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities. As of December 31, 2011, we do not have any unrecognized tax benefits.

We file income tax returns in the U.S., and various states and foreign jurisdictions. In general, the statutes of limitations for income tax returns remain open for the years 2008 through 2011. One of our taxable REIT subsidiaries which liquidated in September 2009 is currently under examination by the Internal Revenue Service (“IRS”) for 2008 and for the tax year ended September 1, 2009 during which we received refunds from the IRS of $3,767 and $40,418, respectively.

During 2005, we recorded a $745 franchise tax reserve related to a potential state franchise tax assessment for the 1996-2001 tax years. During the year ended December 31, 2011, we received a refund from the state, representing amounts paid during 2006 related to the 1996-2001 tax years. Based on the refund received and discussions with the taxing authorities, as of December 31, 2011, management believes that it is unlikely that any franchise tax amounts will be assessed by the state for such tax years. As such, during the year ended December 31, 2011, we reversed $745 of franchise taxes. Franchise taxes are recorded within general and administrative expense.

Earnings Per Unit (“EPU”)

Basic net income (loss) available to Unitholders per Unit is computed by dividing net income (loss) available to Unitholders by the weighted average number of Units outstanding for the period. Diluted net income (loss) available to Unitholders per Unit is computed by dividing net income (loss) available to Unitholders by the sum of the weighted average number of Units outstanding and any dilutive non-participating securities for the period. See Note 10 for further disclosure about EPU.

Derivative Financial Instruments

Historically, we have used interest rate protection agreements (“Agreements”) to fix the interest rate on anticipated offerings of senior unsecured notes or convert floating rate debt to fixed rate debt. Receipts or

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payments that result from the settlement of Agreements used to fix the interest rate on anticipated offerings of senior unsecured notes are amortized over the life of the derivative or the life of the debt and included in interest expense. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss that is effective is recognized in other comprehensive income (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 (loss) available to Unitholders immediately. Amounts accumulated in other comprehensive income during the hedge period are reclassified to earnings in the same period during which the forecasted transaction or hedged item affects net income (loss). The credit risks associated with Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of Agreements, our exposure is limited to the current value of the interest rate differential, not the notional amount, and our carrying value of Agreements on the balance sheet. See Note 15 for more information on Agreements.

Fair Value of Financial Instruments

Financial instruments other than our derivatives include tenant accounts receivable, net, notes receivable, accounts payable, other accrued expenses, mortgage and other loans payable, unsecured credit facility and senior unsecured notes. The fair values of the tenant accounts receivable, net, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 7 for the fair values of the mortgage and other loans payable, unsecured credit facility and senior unsecured notes and see Note 4 for the fair value of our notes receivable.

Discontinued Operations

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

Segment Reporting

Management views the Consolidated Operating Partnership as a single segment.

4. Investment in Real Estate

Acquisitions

In 2009, we acquired one land parcel. The purchase price of the land parcel was approximately $208, excluding costs incurred in conjunction with the acquisition of the land parcel. We also substantially completed the development of two industrial properties comprising approximately 1.1 million square feet of GLA at a cost of approximately $41,258. We reclassed the costs of the substantially completed developments from construction in progress to building, tenant improvements and leasing commissions.

In 2010, we acquired three industrial properties comprising approximately 0.5 million square feet of GLA, including one industrial property purchased from the 2005 Development/Repositioning Joint Venture (see Note 6). The purchase price of these acquisitions totaled approximately $22,408, excluding costs incurred in conjunction with the acquisition of the industrial properties.

In 2011, we acquired one industrial property comprising approximately 0.7 million square feet of GLA in connection with the purchase of the 85% equity interest in one property from the institutional investor in the

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2003 Net Lease Joint Venture (see Note 6). The gross agreed-upon fair value for the real estate was $30,625, excluding costs incurred in conjunction with the acquisition of the industrial property. The acquisition was funded through the assumption of a mortgage loan, whose carrying value approximated fair market value, in the amount of $24,417 and a cash payment of $5,277 (85% of the net fair value of the acquisition). We accounted for this transaction as a step acquisition utilizing the purchase method of accounting. Due to the change in control that occurred, we recorded a gain of approximately $689 related to the difference between our carrying value and fair value of our equity interest on the acquisition date.

Intangible Assets Subject To Amortization in the Period of Acquisition

The fair value at the date of acquisition of in-place leases, above market leases and tenant relationships recorded due to real estate properties acquired for the years ended December 31, 2011 and 2010, which is recorded as deferred leasing intangibles is as follows:

	Year Ended December 31, 2011		Year Ended December 31, 2010
In-Place Leases	$	2,511	$	1,782
Above Market Leases	$	2,883	$	239
Tenant Relationships	$	1,553	$	1,881

The weighted average life in months of in-place leases, above market leases and tenant relationships recorded at the time of acquisition as a result of the real estate properties acquired for the years ended December 31, 2011 and 2010 is as follows:

	Year Ended December 31, 2011		Year Ended December 31, 2010
In-Place Leases		56		100
Above Market Leases		56		88
Tenant Relationships		116		165

Sales and Discontinued Operations

In 2009, we sold 12 industrial properties comprising approximately 1.8 million square feet of GLA and several land parcels. Gross proceeds from the sales of the 12 industrial properties and several land parcels were approximately $90,334. The gain on sale of real estate was approximately $21,327, of which $21,014 is shown in discontinued operations. The 12 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 12 sold industrial properties are included in discontinued operations. The results of operations and gain on sale of real estate for the several land parcels that do not meet the criteria to be included in discontinued operations are included in continuing operations.

In 2010, we sold 10 industrial properties comprising approximately 1.0 million square feet of GLA and several land parcels. Gross proceeds from the sales of the 10 industrial properties and several land parcels were approximately $66,843. The gain on sale of real estate was approximately $11,388, of which $10,529 is shown in discontinued operations. The 10 sold industrial properties and one land parcel that received ground rental revenues meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 10 sold industrial properties and one land parcel that received ground rental revenues are included in discontinued operations. The results of operations and gain on sale of real estate for the several land parcels that do not meet the criteria to be included in discontinued operations are included in continuing operations.

In 2011, we sold 34 industrial properties comprising approximately 2.9 million square feet of GLA and one land parcel. Gross proceeds from the sales of the 34 industrial properties and one land parcel were approximately

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$81,693. Included in the 34 industrial properties sold is one industrial property totaling approximately 0.4 million square feet of GLA that we transferred title to a lender in satisfaction of a non-recourse mortgage loan (See Note 7). The gain on sale of real estate was approximately $20,184, of which $18,814 is shown in discontinued operations. The 34 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 34 sold industrial properties are included in discontinued operations. The results of operations and gain on sale of real estate for the one land parcel that does not meet the criteria to be included in discontinued operations are included in continuing operations.

At December 31, 2011, we had 38 industrial properties comprising approximately 4.3 million square feet of GLA held for sale. The results of operations of the 38 industrial properties held for sale at December 31, 2011 are included in discontinued operations. There can be no assurance that such industrial properties held for sale will be sold.

The following table discloses certain information for the years ended December 31, 2011, 2010 and 2009 regarding the industrial properties included in our discontinued operations.

	Year Ended December 31,
	2011			2010			2009
Total Revenues	$	17,929		$	23,933		$	32,697
Property Expenses		(7,816	)		(10,550	)		(13,631	)
Impairment of Real Estate		(6,060	)		(79,605	)		(1,317	)
Depreciation and Amortization		(2,035	)		(9,484	)		(15,720	)
Interest Expense		(63	)		(268	)		(653	)
Gain on Sale of Real Estate		18,814			10,529			21,014
Provision for Income Taxes		(1,246	)		—			(1,846	)
Income (Loss) from Discontinued Operations	$	19,523		$	(65,445	)	$	20,544

At December 31, 2011 and 2010, we had notes receivable outstanding of approximately $55,502 and $58,803, net of a discount of $319 and $383, respectively, which are included as a component of Prepaid Expenses and Other Assets, Net. At December 31, 2011 and 2010, the fair values of the notes receivable was $58,734 and $60,944, respectively. The fair value of our notes receivable was determined by discounting the future cash flows using the current rates at which similar loans with similar remaining maturities would be made to other borrowers. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value of our notes receivable was primarily based upon Level 3 inputs, as defined below.

Impairment Charges

On October 22, 2010, we amended our existing revolving credit facility (See Note 7). In conjunction with the amendment, management identified a pool of real estate assets (the “Non-Strategic Assets”) that it intended to sell. The Non-Strategic Assets originally consisted of 177 industrial properties comprising approximately 15.2 million square feet of GLA and land parcels comprising approximately 664 gross acres. At the time of the amendment, management reassessed the holding period for the Non-Strategic Assets and determined that certain of the industrial properties were impaired, and as such, the Company recorded an aggregate impairment charge of $177,005 for the year ended December 31, 2010.

At December 31, 2011, the Non-Strategic Assets consisted of 117 industrial properties comprising approximately 10.2 million square feet of GLA and land parcels comprising approximately 357 gross acres. Thirty-eight industrial properties comprising approximately 4.3 million square feet of GLA and land parcels comprising approximately 61 acres of the Non-Strategic Assets were classified as held for sale as of December 31, 2011.The net impairment charges for assets that qualify to be classified as held for sale at

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December 31, 2011 were calculated as the difference of the carrying value of the properties and land parcels over the fair value less costs to sell. The net impairment charges recorded during year ended December 31, 2011 are due to updated fair market values for certain of the Non-Strategic Assets whose estimated fair market values have changed since December 31, 2010. On the date an asset no longer qualifies to be classified as held for sale, the carrying value must be reestablished at the lower of the estimated fair market value of the asset or the carrying value of the asset prior to held for sale classification, adjusted for any depreciation and amortization that would have been recorded if the asset had not been classified as held for sale. Impairment has been reversed and/or catch-up depreciation and amortization has been recorded during year ended December 31, 2011, if applicable, for these assets that are no longer classified as held for sale.

In addition to the impairment recorded related to the Non-Strategic Assets, during the three months ended March 31, 2010, we recorded an impairment charge in the amount of $9,155 related to a property comprised of 0.3 million square feet of GLA located in Grand Rapids, Michigan (“Grand Rapids Property”) in connection with the negotiation of a new lease. During the year ended December 31, 2009, we recorded an impairment charge of $6,934 related to a property comprised of 0.2 million square feet of GLA located in the Inland Empire (“Inland Empire Property”) due to adverse conditions in the credit and real estate markets. The non-cash impairment charges related to the Grand Rapids Property and the Inland Empire Property were based upon the difference between the fair value of the properties and their carrying value.

During the years ended December 31, 2011, 2010 and 2009, we recorded the following net non-cash impairment charges:

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Operating Properties—Held for Sale and Sold Assets	$	(6,060	)	$	(79,605	)	$	(1,317	)
Impairment—Discontinued Operations	$	(6,060	)	$	(79,605	)	$	(1,317	)
Land Parcels—Held for Sale and Sold Assets	$	5,879		$	(8,275	)	$	—
Operating Properties—Held for Use		1,614			(85,663	)		(5,617	)
Land Parcels—Held for Use		646			(12,617	)		—
Impairment—Continuing Operations	$	8,139		$	(106,555	)	$	(5,617	)
Total Net Impairment	$	2,079		$	(186,160	)	$	(6,934	)

The guidance for the fair value measurement provisions for the impairment of long lived assets recorded at fair value establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair market values were determined using widely accepted valuation techniques including discounted cash flow analyses on expected cash flows, internal valuations of real estate and third party offers.

For operational real estate assets, the most significant assumptions used in the discounted cash flow analyses included the discount rate, projected occupancy levels, rental rates and capital expenditures, and the future exit capitalization rate. For the valuation of land parcels, we reviewed recent comparable sales transactions, to the extent available, or if not available, we considered older comparable transactions, adjusted upward or downward to reflect management’s assumptions about current market conditions. In all cases, members of our management team that were responsible for the individual markets where the land parcels were located determined the internal valuations. Valuations based on third party offers include bona fide contract prices and letter of intent amounts, that we believe are indicative of fair value.

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The following tables present information about our assets that were measured at fair value on a non-recurring basis during the years ended December 31, 2011 and 2010. The tables indicate the fair value hierarchy of the valuation techniques we utilized to determine fair value.

			Fair Value Measurements on a Non-Recurring Basis Using:
Description	Year Ended December 31, 2011		Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Other Observable  Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Impairment
Long-lived Assets Held for Sale*	$	47,817		—		—	$	47,817	$	(5,911	)
Long-lived Assets Held and Used*	$	22,090		—		—	$	22,090		(896	)
									$	(6,807	)

			Fair Value Measurements on a Non-Recurring Basis Using:
Description	Year Ended December 31, 2010		Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant  Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Impairment
Long-lived Assets Held for Sale	$	257,305		—		—	$	257,305	$	(184,834	)
Long-lived Assets Held and Used	$	3,905		—		—	$	3,905		(1,326	)
									$	(186,160	)

* Excludes industrial properties and land parcels for which an impairment reversal of $8,886 was recorded during the year ended December 31, 2011 since the related assets are recorded at carrying value, which is lower than estimated fair value at December 31, 2011.

5. Investments in and Advances to Other Real Estate Partnerships

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

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

Condensed Combined Balance Sheets:

	December 31, 2011		December 31, 2010
ASSETS
Assets:
Investment in Real Estate, Net	$	249,984	$	221,450
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,970 and $16,804		12,804		47,938
Note Receivable		131,908		239,453
Other Assets, Net		41,605		51,875
Total Assets	$	436,301	$	560,716
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	105,968	$	54,771
Other Liabilities		8,577		8,547
Leasing Intangibles Held for Sale, Net of Accumulated Amortization of $0 and $26		—		7
Partners’ Capital		321,756		497,391
Total Liabilities and Partners’ Capital	$	436,301	$	560,716

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Condensed Combined Statements of Operations:

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Total Revenues	$	38,300		$	38,781		$	39,736
Property Expenses		(11,176	)		(10,755	)		(10,537	)
Interest Income		11,697			14,939			10,006
Interest Expense		(5,024	)		(3,213	)		(635	)
Amortization of Deferred Financing Costs		(178	)		(131	)		(24	)
Impairment of Real Estate		668			(6,349	)		—
Loss on Retirement of Debt		(160	)		—			—
Depreciation and Other Amortization		(12,980	)		(13,794	)		(13,680	)
Income from Continuing Operations		21,147			19,478			24,866
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations		965			(1,555	)		546
Gain on Sale of Real Estate		1,605			563			3,192
Total Discontinued Operations		2,570			(992	)		3,738
Gain on Sale of Real Estate		—			—			61
Net Income	$	23,717		$	18,486		$	28,665

6. Investments in Joint Ventures

On May 16, 2003, we entered into the 2003 Net Lease Joint Venture with an institutional investor to invest in industrial properties. We own a 15% equity interest in and provide property management services to the 2003 Net Lease Joint Venture. As of December 31, 2011, the 2003 Net Lease Joint Venture owned seven industrial properties comprising approximately 3.4 million square feet of GLA (see Note 18 for subsequent events). The 2003 Net Lease Joint Venture is considered a variable interest entity, however, we continue to conclude that we are not the primary beneficiary of this venture. As of December 31, 2011, our investment in the 2003 Net Lease Joint Venture is $1,674. Our maximum exposure to loss is currently equal to our investment balance. On May 26, 2011, we acquired the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture (see Note 4).

During December 2007, we entered into the 2007 Europe Joint Venture with an institutional investor to invest in, own, develop, redevelop and operate industrial properties. We continue to hold our 10% equity interest in the 2007 Europe Joint Venture. As of December 31, 2011, the 2007 Europe Joint Venture did not own any properties.

On August 5, 2010, we sold our interests in the 2005 Development/Repositioning Joint Venture, the 2005 Core Joint Venture, the 2006 Land/Development Joint Venture and the 2007 Canada Joint Venture to our joint venture partner generating sale proceeds of approximately $5.0 million. In connection with the sale, we wrote off our carrying value for the 2005 Development/Repositioning Joint Venture, the 2005 Core Joint Venture, the 2006 Land/Development Joint Venture and the 2007 Canada Joint Venture as well as $1,625 of unrealized loss recorded in Other Comprehensive Income (see Note 15). We recorded an $11,226 gain related to the sale, which is included in Gain on Sale of Joint Venture Interests for the year ended December 31, 2010. As a result of this sale, we no longer serve as asset manager for these ventures. Pursuant to the sale agreement, we were entitled to proceeds related to sales of certain assets (the “Sale Assets”), if the sale of such assets was consummated by a stated timeframe. Three of the Sale Assets closed between August 6, 2010 and December 31, 2010 and we earned approximately $2,700, which is included in the Gain on Sale of Joint Venture Interests for the year ended December 31, 2010. Additionally, we were entitled to earn leasing, development and disposition fees related to certain assets identified at the time of sale within the sale agreement. On June 11, 2010, we purchased an industrial property from the 2005 Development/Repositioning Joint Venture for a purchase price of $14,627.

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On March 21, 2006, we entered into the 2006 Net Lease Co-Investment Program with an institutional investor to invest in industrial properties. We owned a 15% equity interest in and provided property management, asset management and leasing management services to the 2006 Net Lease Co-Investment Program. Pursuant to the buy/sell provision in the 2006 Net Lease Co-Investment Program’s governing agreement that our counterparty exercised on May 25, 2010, we sold our interest in the real estate property assets in the 2006 Net Lease Co-Investment Program to our counterparty and received $4,541 in net proceeds. In connection with the sale, we wrote off our carrying value for the 2006 Net Lease Co-Investment Program and recorded a $852 gain, which is included in Equity in Income (Loss) of Joint Ventures.

During July 2007, we entered into a management arrangement with an institutional investor to provide property management, leasing, acquisition, disposition and portfolio management services for three industrial properties (the “July 2007 Fund”). We do not own an equity interest in the July 2007 Fund, however we are entitled to incentive payments if certain economic thresholds related to the industrial properties are achieved. Effective September 2, 2009, we ceased to provide any services for two of the industrial properties in the July 2007 Fund. We received a one-time fee of approximately $866 in 2009 from the termination of the management agreement. Effective May 24, 2010, we ceased to provide any services to the remaining industrial property in the July 2007 Fund.

At December 31, 2011 and 2010, we have receivables from the Joint Ventures (and/or our former Joint Venture partners) in the aggregate amount of $137 and $2,857, respectively. These receivable amounts are included in Prepaid Expenses and Other Assets, Net. During the years ended December 31, 2011, 2010 and 2009, we recognized fees of $970, $4,952 and $11,174, respectively, from our Joint Ventures.

The combined summarized financial information of the investments in Joint Ventures is as follows:

	December 31, 2011			December 31, 2010
Condensed Combined Balance Sheets
Gross Real Estate Investment	$	155,555		$	210,567
Less: Accumulated Depreciation		(41,342	)		(47,286	)
Net Real Estate		114,213			163,281
Other Assets		23,364			33,351
Total Assets	$	137,577		$	196,632
Debt	$	112,261		$	157,431
Other Liabilities		5,779			10,849
Equity		19,537			28,352
Total Liabilities and Equity	$	137,577		$	196,632
Company’s share of Equity	$	3,029		$	4,344
Basis Differentials(1)		(1,564	)		(2,089	)
Carrying Value of the Company’s investments in Joint Ventures	$	1,465		$	2,255

(1) This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of impairments we recorded to reduce certain of our investments in the 2003 Net Lease Joint Venture to fair value and certain deferred fees which are not reflected at the joint venture level.

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	Year Ended December 31,
	2011		2010			2009
Condensed Combined Statements of Operations
Total Revenues	$	16,799	$	55,894		$	85,426
Expenses:
Operating and Other		3,114		23,862			41,359
Interest		7,791		28,622			39,749
Depreciation and Amortization		7,312		27,202			47,487
Impairment of Real Estate		—		3,268			150,804
Total Expenses		18,217		82,954			279,399
Income from Discontinued Operations (Including Gain on Sale of Real Estate of $3,137, $2,761 and $1,177)		2,674		1,942			1,799
Gain on Sale of Real Estate		—		808			8,603
Net Income (Loss)	$	1,256	$	(24,310	)	$	(183,571	)
Company’s Share of Net Income (Loss)		980		675			(1,276	)
Impairment on the Company’s Investments in Joint Ventures		—		—			(5,194	)
Equity in Income (Loss) of Joint Ventures	$	980	$	675		$	(6,470	)

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7. Indebtedness

The following table discloses certain information regarding our indebtedness:

	Outstanding Balance at						Interest Rate At December 31, 2011	Effective Interest Rate at Issuance
	December 31,			December 31,
	2011			2010					Maturity Date
Mortgage and Other Loans Payable, Net*	$	584,288		$	431,284		4.45% – 9.25%	4.45% – 9.25%	January 2013 – October 2021
Unamortized Premiums*		(305	)		(358	)
Mortgage and Other Loans Payable, Gross*	$	583,983		$	430,926
Senior Unsecured Notes, Net
2016 Notes	$	159,455		$	159,899		5.750%	5.91%	01/15/16
2017 Notes		59,600			87,195		7.500%	7.52%	12/01/17
2027 Notes		6,065			13,559		7.150%	7.11%	05/15/27
2028 Notes		124,894			189,869		7.600%	8.13%	07/15/28
2012 Notes		61,817			61,774		6.875%	6.85%	04/15/12
2032 Notes		34,683			34,667		7.750%	7.87%	04/15/32
2014 Notes		86,997			86,792		6.420%	6.54%	06/01/14
2011 Exchangeable Notes		—			128,137		N/A	N/A	09/15/11
2017 II Notes		106,716			117,637		5.950%	6.37%	05/15/17
Subtotal	$	640,227		$	879,529
Unamortized Discounts		4,625			6,980
Senior Unsecured Notes, Gross	$	644,852		$	886,509
Unsecured Credit Facility	$	149,000		$	376,184		2.385%	2.385%	12/12/14

* Excludes $1,008 of Mortgage Loan Payable on Real Estate Held for Sale which is net of $48 of unamortized premiums as of December 31, 2010.

Mortgage and Other Loans Payable, Net

During year ended December 31, 2011, we originated or assumed the following mortgage loans:

Mortgage Financing	Loan Principal		Interest Rate		Origination / Assumption Date	Maturity Date	Amortization Period	Number of Industrial Properties Collateralizing Mortgage		GLA		Property Carrying Value at December 31, 2011
										(In millions)
I-IV	$	132,463		4.45%	May 2, 2011	June 2018	30-year		22		4.4	$	167,644
V		24,417		5.579%	May 26, 2011	February 2016	30-year		1		0.7		28,991
VI-XIV		67,421		4.85%	September 23, 2011	October 2021	30-year		20		2.0		73,473
	$	224,301										$	270,108

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For Mortgage Financings I through IV and Mortgage Financings VI though XIV, principal prepayments are prohibited for 12 months after loan origination, after which prepayment premiums are calculated at the greater of yield maintenance or 1% of the outstanding balance. For Mortgage Financing V, principal prepayments are prohibited until three months prior to maturity, but defeasance is allowed subject to certain conditions.

During the year ended December 31, 2011, we paid off and retired prior to maturity the following mortgage loans:

Loan Principal Paid Off		Interest Rate			Payoff Date	Maturity Date	(Loss) Gain on Retirement of Debt
$	14,520		6.75	%	February 10, 2011	September 2012	$	(213	)
	14,980		7.50	%	March 9, 2011	December 2014		(653	)
	27,389		7.50	%	April 1, 2011	October 2014		(1,104	)
	2,091		7.54	%	November 30, 2011	January 2012		2
$	58,980						$	(1,968	)

On September 20, 2011, we transferred title to a property totaling approximately 0.4 million square feet of GLA and an escrow balance in the amount of $1,845 to a lender in satisfaction of a $5,040 non-recourse mortgage loan. We recognized a $147 loss related to the transaction, which is included in loss on retirement of debt for the year ended December 31, 2011.

On April 30, 2010, we prepaid and retired our secured mortgage debt maturing in September 2024 in the amount of $1,654, excluding a prepayment fee of $17, which is included in Loss from Retirement of Debt.

On December 1, 2010, we paid off and retired our secured mortgage debt maturing in December 2010 in the amount of $12,970.

As of December 31, 2011, mortgage and other loans payable are collateralized by, and in some instances cross-collateralized by, industrial properties with a net carrying value of $777,204 and one letter of credit in the amount of $537. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of December 31, 2011.

Senior Unsecured Notes, Net

During the years ended December 31, 2011 and December 31, 2010, we repurchased and retired the following senior unsecured notes prior to its maturity:

	Principal Amount Repurchased				Purchase Price
	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010		For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
2011 Notes	$	—	$	143,498	$	—	$	147,723
2011 Exchangeable Notes		—		18,000		—		17,936
2012 Notes		—		82,236		—		82,235
2014 Notes		1,144		21,062		1,143		17,964
2016 Notes		500		—		475		—
2017 Notes		27,619		—		27,506		—
2017 II Notes		10,969		—		10,182		—
2027 Notes		7,500		—		7,500		—
2028 Notes		65,025		—		63,861		—
	$	112,757	$	264,796	$	110,667	$	265,858

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In connection with these repurchases prior to maturity, we recognized $2,012 and $4,096 as loss from retirement of debt for the years ended December 31, 2011 and December 31, 2010, respectively, which is the difference between the repurchase price of $110,667 and $265,858, respectively, and the principal amount retired of $112,757 and $264,796, respectively, net of the pro rata write off of the unamortized debt issue discount, the unamortized loan fees, the unamortized settlement amount of the interest rate protection agreements and the professional services fees related to the repurchases of $135, $717, $3,250 and $0, respectively, and $1,707, $519, $(183) and $991, respectively.

On September 15, 2011, we paid off and retired our 2011 Exchangeable Notes, at maturity, in the amount of $128,900.

The indentures governing our senior unsecured notes contain certain covenants, including limitations on incurrence of debt and debt service coverage. We believe the Operating Partnership and the Company were in compliance with all covenants relating to senior unsecured notes as of December 31, 2011. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our noteholders in a manner that could impose and cause us to incur material costs.

Unsecured Credit Facility

We have maintained an unsecured credit facility since 1997. Effective October 22, 2010, we amended our existing revolving credit facility to provide for a $200,000 term loan and a $200,000 revolving line of credit (together the “Old Credit Facility”). The Old Credit Facility was to mature on September 28, 2012. In connection with the amendment of the Old Credit Facility, we wrote off $191 of unamortized deferred financing costs associated with the decreased capacity of the agreement, which is included in Loss from Retirement of Debt for the year ended December 31, 2010. During June 2011, we made a permanent repayment of $100,000 on the term loan of our Old Credit Facility.

During December 2011, we entered into a new $450,000 unsecured revolving credit agreement (the “Unsecured Credit Facility”) which replaced the Old Credit Facility. We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $500,000, subject to certain restrictions. We wrote off $1,172 of unamortized deferred financing costs reflected in Loss from Retirement of Debt for the year ended December 31, 2011 related to the Old Credit Facility. The Unsecured Credit Facility provides for interest only payments initially at LIBOR plus 210 basis points or at a base rate plus 210 basis points, at our election, based on our leverage ratio. The Unsecured Credit Facility matures on December 12, 2014, unless extended an additional one year at our election, subject to certain conditions. At December 31, 2011, borrowings under the Unsecured Credit Facility bore interest at a weighted average interest rate of 2.385%.

The Unsecured Credit Facility contains certain covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility, an event of default can also occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement. We believe that we were in compliance with all covenants relating to the Unsecured Credit Facility as of December 31, 2011. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders in a manner that could impose and cause us to incur material costs.

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

	Amount
2012	$	72,812
2013		11,362
2014		303,160
2015		51,510
2016		287,172
Thereafter		651,819
Total	$	1,377,835

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Fair Value

At December 31, 2011 and 2010, the fair value of our indebtedness was as follows:

	December 31, 2011				December 31, 2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage and Other Loans Payable, including mortgages Held for Sale	$	584,288	$	630,400	$	432,292	$	486,758
Senior Unsecured Debt		640,227		630,622		879,529		851,771
Unsecured Credit Facility		149,000		149,000		376,184		376,184
Total	$	1,373,515	$	1,410,022	$	1,688,005	$	1,714,713

The fair values of our mortgage loans payable and other loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar leverage levels and similar remaining maturities. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value for our mortgage and other loans payable was primarily based upon Level 3 inputs. The fair value of the senior unsecured notes was determined by quoted market prices (Level 1) or, for certain senior unsecured notes that are thinly traded, were based upon transactions for senior unsecured notes with comparable maturities (Level 2). The fair value of the Unsecured Credit Facility was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. The current market rate utilized for our Unsecured Credit Facility was internally estimated; therefore, we have concluded that our determination of fair value was primarily based upon Level 3 inputs.

8. Partners’ Capital

We have issued general partnership units and limited partnership 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 certain lock-up periods, holders of limited partner Units of the Operating Partnership can redeem their Units by providing written notification to the General Partner of the Operating Partnership. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder’s notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and we intend to continue this practice. If each Unit of the Operating Partnership were redeemed as of December 31, 2011, we could satisfy our redemption obligations by making an aggregate cash payment of approximately $53,578 or by issuing 5,237,367 shares of the Company’s common stock. The preferred general partnership units result from preferred capital contributions from the Company. The preferred general partnership units had an aggregate liquidation priority of $275,000 as of December 31, 2011 and 2010, respectively. We are required to make all required distributions on the preferred general partnership units prior to any distribution of cash or assets to the holders of the Units. The consent of the holder of the limited 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 Consolidated Operating Partnership, or to amend the provisions of the partnership agreement which requires such consent.

Preferred Contributions:

On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company’s 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share for gross proceeds of $50,000.

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Net of offering costs, the Company received net proceeds of $49,075 from the issuance of the Series F Preferred Stock which were contributed to us in exchange for 6.236% Series F Cumulative Preferred Units (the “Series F Preferred Units”) and are reflected in our financial statements as a general partner preferred unit contribution. Dividends on the Series F Preferred Stock are cumulative from the date of initial issuance and are payable quarterly in arrears. The coupon rate of our Series F Preferred Stock resets every quarter beginning March 31, 2009 at 2.375% plus the greater of (i) the 30 year Treasury CMT Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3-month LIBOR. For the fourth quarter of 2011, the coupon rate was 5.365%. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series F Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series G Preferred Stock (hereinafter defined), Series J Preferred Stock (hereinafter defined) and Series K Preferred Stock (hereinafter defined). In October 2008, we entered into an interest rate swap agreement to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Stock (see Note 15 for further information on the agreement).

On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.236%, $0.01 par value, Series G Flexible Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share for gross proceeds of $25,000. Net of offering costs, the Company received net proceeds of $24,512 from the issuance of the Series G Preferred Stock which were contributed to us in exchange for 7.236% Series G Cumulative Preferred Units (the “Series G Preferred Units”) and are reflected in our financial statements as a general partner preferred unit contribution. Dividends on the Series G Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance of the Series G Preferred Stock through March 31, 2014 (the “Series G Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the “Series G Initial Distribution Rate”) (equivalent to $72.36 per Depositary Share). On or after March 31, 2014, the Series G Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.500% (the initial credit spread), plus the greater of (i) the 3-month LIBOR, (ii) the 10 year Treasury CMT Rate, and (iii) the 30 year Treasury CMT Rate, reset quarterly. Dividends on the Series G Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series G Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series G Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series F Preferred Stock, Series J Preferred Stock (hereinafter defined) and Series K Preferred Stock (hereinafter defined).

On January 13, 2006, the Company issued 6,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company’s 7.25%, $.01 par value, Series J Cumulative Redeemable Preferred Stock (the “Series J Preferred Stock”), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of the Series J Preferred Stock were contributed to us in exchange for Series J Cumulative Preferred Units (the “Series J Preferred Units”) and are reflected in our financial statements as a general partner preferred unit contribution. The Series J Preferred Stock is redeemable in whole or in part, at our option, at a cash redemption price of $25.00 per depositary share. Dividends on the Series J Preferred Stock, represented by the Depositary Shares, are cumulative from the date of initial issuance and are payable quarterly in arrears. However, during any period that both (i) the depositary shares are not listed on the NYSE or AMEX, or quoted on NASDAQ, and (ii) the Company is not subject to the reporting requirements of the Exchange Act, but the preferred shares are outstanding, the Company will increase the dividend on the preferred shares to a rate of 8.25% of the liquidation preference per year. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series J Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series F Preferred Stock, Series G Preferred Stock and Series K Preferred Stock (hereinafter defined).

On August 21, 2006, the Company issued 2,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company’s 7.25%, $.01 par value, Series K Flexible Cumulative Redeemable Preferred Stock (the “Series K Preferred Stock”), at an initial offering price of $25.00 per Depositary Share. The net proceeds from

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the issuance of the Series K Preferred Stock were contributed to the Operating Partnership in exchange for Series K Cumulative Preferred Units (the “Series K Preferred Units”) and are reflected in the Consolidated Operating Partnership’s financial statements as a general partner preferred unit contribution. The Series K Preferred Stock is redeemable in whole or in part, at our option, at a cash redemption price of $25.00 per depositary share. Dividends on the Series K Preferred Stock, represented by the Depositary Shares, are cumulative from the date of initial issuance and are payable quarterly in arrears. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series K Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series F Preferred Stock, Series G Preferred Stock and Series J Preferred Stock.

All series of preferred stock have no stated maturity (although the Company may redeem all such preferred stock on or following their optional redemption dates at our option, in whole or in part).

Unit Contributions

On May 12, 2011, we filed an amendment to the Company’s articles of incorporation to increase the number of shares of the Company’s common stock authorized for issuance from 100 million to 150 million shares.

On May 31, 2011, the Company announced an underwritten public offering of 8,400,000 shares of the Company’s common stock at a price of $12.15 per share to the public. Gross offering proceeds upon settlement on June 6, 2011 were $102,060 in the aggregate. Proceeds to the Company, net of underwriter’s discount of $1,176 and total expenses of $138, were approximately $100,746.

On March 3, 2011, the Company announced an underwritten public offering of 8,900,000 shares of the Company’s common stock at a price of $11.40 per share to the public. Gross offering proceeds upon settlement on March 9, 2011 were $101,460 in the aggregate. Proceeds to the Company, net of underwriter’s discount of $890 and total expenses of $166, were approximately $100,404. The proceeds for both offerings were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution.

On October 5, 2009, the Company sold in an underwritten public offering 13,635,700 shares of its common stock at a price of $5.25 per share. Gross offering proceeds from the issuance were $71,587 in the aggregate. Proceeds to the Company, net of underwriters’ discount of $3,042 and total expenses of $765, were approximately $67,780. These proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution.

On February 28, 2011, the Company entered into distribution agreements with sales agents to sell up to 10,000,000 shares of the Company’s common stock, for up to $100,000 aggregate gross sale proceeds, from time to time in “at-the-market” offerings (the “ATM”). During the year ended December 31, 2011, the Company issued 115,856 shares of the Company’s common stock under the ATM resulting in proceeds to us of approximately $1,391, net of $28 paid to the sales agent. These proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution. Under the terms of the ATM, sales are to be made primarily in transactions that are deemed to be “at-the-market” offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.

On May 4, 2010, the Company entered into distribution agreements with sales agents to sell up to 10,000,000 shares of its common stock from time to time in “at-the-market” offerings (the “Original ATM”). During the year ended December 31, 2010, the Company issued 5,469,767 shares of its common stock under the Original ATM for approximately $44,117, net of $900 paid to the sales agent. These proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution. Under the terms of the Original ATM, sales were made primarily in transactions that were deemed to be “at-the-market” offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker

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other than on an exchange or by privately negotiated transactions. On December 31, 2010, we concluded the Original ATM as a result of the expiration of the distribution agreements with our sales agents.

On August 8, 2008, the Company’s Dividend Reinvestment and Direct Stock Purchase Plan (“DRIP”) became effective. Under the terms of the DRIP, stockholders who participate may reinvest all or part of their dividends in additional common stock of the Company at a discount from the market price, at our discretion, when the shares are issued and sold directly by us from authorized but unissued shares of the Company’s common stock. Stockholders and non-stockholders may also purchase additional shares at a discounted price, at our discretion, when the shares are issued and sold directly by us from authorized but unissued shares of the Company’s common stock, by making optional cash payments, subject to certain dollar thresholds. During the year ended December 31, 2011, we did not issue any shares of the Company’s common stock under the direct stock purchase component of the DRIP. During the year ended December 31, 2010, the Company issued 875,402 shares of the Company’s common stock under the direct stock purchase component of the DRIP for approximately $5,970. During the year ended December 31, 2009, the Company issued 3,034,120 shares under the direct stock purchase component of the DRIP for $15,920. These proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution.

During the years ended December 31, 2010 and 2009, 23,567 and 50,445 shares, respectively, of common stock were awarded to certain directors. The common stock shares had a fair value of approximately $128 and $240, respectively, upon issuance. General partner units were awarded in an equivalent amounts.

The following table is a roll-forward of the General Partnership and Limited Partnership Units outstanding, including unvested general partner restricted units (see Note 14), for the three years ended December 31, 2011:

	General Partnership  and Limited Partnership Units Outstanding
Balance at December 31, 2008		50,458,385
Issuance of General Partner Units		16,874,884
Issuance of General Partner Restricted Units		35,145
Repurchase and Retirement of Restricted Units		(132,463	)
Balance at December 31, 2009		67,235,951
Issuance of General Partner Units		6,518,736
Issuance of General Partner Restricted Units		573,198
Repurchase and Retirement of Restricted Units		(123,438	)
Balance at December 31, 2010		74,204,447
Issuance of General Partner Units		17,646,586
Issuance of General Partner Restricted Units		292,339
Repurchase and Retirement of Restricted Units		(98,603	)
Balance at December 31, 2011		92,044,769

Distributions

The coupon rate of our Series F Preferred Stock resets every quarter at 2.375% plus the greater of (i) the 30 year Treasury CMT Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3-month LIBOR. For the fourth quarter of 2011, the new coupon rate was 5.365%. See Note 15 for additional derivative information related to the Series F Preferred Stock coupon rate reset.

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The following table summarizes distributions declared for the past three years:

	Year Ended 2011				Year Ended 2010				Year Ended 2009
	Distribution per Unit		Total Distribution		Distribution per Unit		Total Distribution		Distribution per Unit		Total Distribution
General Partner/Limited Partner Units	$	0.0000	$	—	$	0.0000	$	—	$	0.0000	$	—
Series F Preferred Units	$	6,510.9028	$	3,256	$	6,736.1540	$	3,368	$	6,414.5700	$	3,207
Series G Preferred Units	$	7,236.0000	$	1,809	$	7,236.0000	$	1,809	$	7,236.0000	$	1,809
Series J Preferred Units	$	18,125.2000	$	10,875	$	18,125.2000	$	10,875	$	18,125.2000	$	10,875
Series K Preferred Units	$	18,125.2000	$	3,625	$	18,125.2000	$	3,625	$	18,125.2000	$	3,625

9. Supplemental Information to Statements of Cash Flows

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Interest paid, net of capitalized interest	$	95,527		$	102,270		$	115,451
Capitalized Interest	$	437		$	—		$	281
Income Taxes Paid (Refunded)	$	1,876		$	3,663		$	(54,173	)
Supplemental schedule of noncash investing and financing activities:
Distribution payable on preferred units	$	4,763		$	452		$	452
Industrial property distribution from Other Real Estate Partnerships:
Investment in real estate and deferred leasing intangibles, net	$	—		$	—		$	1,811
Prepaid expenses and other assets, net		—			—			289
Accounts payable, accrued expenses and other liabilities, net		—			—			(56	)
Total distribution	$	—		$	—		$	2,044
Exchange of Limited partnership units for General partnership units:
Limited partnership units	$	(1,109	)	$	(316	)	$	(7,817	)
General partnership units		1,109			316			7,817
	$	—		$	—		$	—
Property Transfer to Lender in Satisfaction of Non-Recourse Mortgage Loan:
Net Investment of Real Estate	$	(3,200	)	$	—		$	—
Prepaid Expenses and Other Assets, Net		(1,987	)		—			—
Mortgage Loan Payable, Net		5,040			—			—
Loss from Retirement of Debt	$	(147	)	$	—		$	—
Mortgage loan payable assumed in conjunction with a property acquisition	$	(24,417	)	$	—		$	—
Notes receivable issued in conjunction with certain property sales	$	7,029		$	168		$	20,645
Write off of fully depreciated assets	$	(51,434	)	$	(52,203	)	$	(50,423	)

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10. Earnings Per Unit (“EPU”)

The computation of basic and diluted EPU is presented below:

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Numerator:
Loss from Continuing Operations, Net of Income Tax	$	(29,403	)	$	(156,579	)	$	(16,387	)
Gain on Sale of Real Estate, Net of Income Tax		918			517			170
Preferred Unit Distributions		(19,565	)		(19,677	)		(19,516	)
Loss from Continuing Operations Available to Unitholders	$	(48,050	)	$	(175,739	)	$	(35,733	)
Income (Loss) from Discontinued Operations, Net of Income Tax	$	19,523		$	(65,445	)	$	20,544
Income (Loss) from Discontinued Operations Available to Unitholders	$	19,523		$	(65,445	)	$	20,544
Net Loss Available to Unitholders	$	(28,527	)	$	(241,184	)	$	(15,189	)
Denominator:
Weighted Average Units—Basic and Diluted		85,913,072			68,326,604			54,260,979
Basic and Diluted EPU:
Loss from Continuing Operations Available to Unitholders	$	(0.56	)	$	(2.57	)	$	(0.66	)
Income (Loss) from Discontinued Operations Available to Unitholders	$	0.23		$	(0.96	)	$	0.38
Net Loss Available to Unitholders	$	(0.33	)	$	(3.53	)	$	(0.28	)

Participating securities include 673,381, 662,092 and 355,645 of unvested restricted stock awards outstanding at December 31, 2011, 2010 and 2009 respectively, which participate in non-forfeitable dividends of the Operating Partnership. Participating security holders are not obligated to share in losses, therefore, none of the net loss was allocated to participating securities for the years ended December 31, 2011, 2010 and 2009.

The number of weighted average units—diluted is the same as the number of weighted average units—basic for the years ended December 31, 2011, 2010 and 2009 as the effect of stock options and restricted unit awards (that do not participate in non-forfeitable dividends of the Company) was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to Unitholders. The following awards were anti-dilutive and could be dilutive in future periods:

	Number of Awards Outstanding At December 31, 2011		Number of Awards Outstanding At December 31, 2010		Number of Awards Outstanding At December 31, 2009
Non-Participating Securities:
Restricted Unit Awards		731,900		1,012,800		1,218,800
Options		25,201		98,701		139,700

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11. Income Taxes

The components of income tax (provision) benefit for the years ended December 31, 2011, 2010 and 2009 are comprised of the following:

	2011			2010			2009
Current:
Federal.	$	(622	)	$	(893	)	$	38,682
State		(502	)		(2,372	)		1,772
Foreign		(41	)		(95	)		(835	)
Deferred:
Federal		(284	)		163			(15,816	)
State		(2	)		40			(616	)
Foreign		(697	)		(148	)		9
	$	(2,148	)	$	(3,305	)	$	23,196

On August 24, 2009, we received a private letter ruling from the IRS granting favorable loss treatment under Sections 331 and 336 of the Code on the tax liquidation of one of our old taxable REIT subsidiaries. As a result, we completed a transaction on September 1, 2009 such that approximately 75% of the assets formerly held by this taxable REIT subsidiary are now held by a limited liability company which is wholly owned by the Operating Partnership. The remaining 25% of the assets are now held by a partnership for federal income tax purposes and is 99% owned by one of our taxable REIT subsidiaries formed in 2009. On November 6, 2009, legislation was signed that allows businesses with net operating losses for 2008 or 2009 to carry back those losses for up to five years. As a result, we received a refund from the IRS of $40,418 in the fourth quarter of 2009 due to the tax liquidation of one of our old taxable REIT subsidiaries.

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2011 and 2010:

	2011			2010
Investments in Joint Ventures	$	15		$	47
Fixed assets		—			1,863
Prepaid rent		45			71
Restricted stock		43			99
Capitalized Interest		—			626
Impairment of Real Estate		5,683			10,196
Foreign net operating loss carrying forward		828			706
Valuation Allowance		(5,078	)		(9,301	)
Other		483			569
Total deferred tax assets, net of allowance	$	2,019		$	4,876
Straight-line rent		(85	)		(510	)
Fixed assets		(1,946	)		(3,397	)
Other		(108	)		(106	)
Total deferred tax liabilities	$	(2,139	)	$	(4,013	)
Total net deferred tax (liability) asset	$	(120	)	$	863

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

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As of December 31, 2011 and 2010, we had net deferred tax (liability) assets of $(120) and $863, after valuation allowances of $5,078 and $9,301, respectively. The decrease in the valuation allowance of $4,223 from December 31, 2010 to December 31, 2011 is primarily related to a decrease in net deferred tax assets and liabilities due to sales of property. As of December 31, 2010 and 2009, we had net deferred tax assets of $863 and $776, after valuation allowances of $9,301 and $1,299, respectively. The increase in the valuation allowance of $8,002 from December 31, 2009 to December 31, 2010 is primarily related to an increase in net deferred tax assets due to the impairment of real estate.

The components of income tax (provision) benefit for the years ended December 31, 2011, 2010 and 2009 are as follows:

	2011			2010			2009
Tax provision associated with income from operations on sold properties which is included in discontinued operations	$	(119	)	$	—		$	(384	)
Tax provision associated with gains and losses on the sale of real estate which is included in discontinued operations		(1,127	)		—			(1,462	)
Tax provision associated with gains and losses on the sale of real estate		(452	)		(342	)		(143	)
Income tax (provision) benefit		(450	)		(2,963	)		25,185
Income tax (provision) benefit	$	(2,148	)	$	(3,305	)	$	23,196

The income tax (provision) benefit pertaining to income from continuing operations and gain on sale of real estate differs from the amounts computed by applying the applicable federal statutory rate as follows:

	2011			2010			2009
Tax (provision) benefit at federal rate related to continuing operations	$	(2,162	)	$	5,141		$	8,574
State tax (provision) benefit, net of federal (provision) benefit		(521	)		(2,320	)		1,849
Non-deductible permanent items, net		(54	)		(58	)		(1,652	)
Change in valuation allowance		1,853			(6,108	)		16,269
Foreign taxes, net		(96	)		(211	)		342
Other		78			251			(340	)
Net income tax (provision) benefit	$	(902	)	$	(3,305	)	$	25,042

Michigan Tax Issue

As of December 31, 2008, we had paid approximately $1,400 (representing tax and interest for the years 1997-2000) to the State of Michigan regarding business loss carryforwards the appropriateness of which was the subject of litigation initiated by us. On December 11, 2007, the Michigan Court of Claims rendered a decision against us regarding the business loss carryforwards. Also, the court ruled against us on an alternative position involving Michigan’s Capital Acquisition Deduction. We filed an appeal to the Michigan Appeals Court in January 2008; however, as a result of the lower court’s decision, an additional approximately $800 (representing tax and interest for the year 2001) had been accrued through June 30, 2009 for both tax and financial statement purposes. On August 18, 2009, the Michigan Appeals Court issued a decision in our favor on the business loss carryforward issue. The Michigan Department of Treasury appealed the decision to the Michigan Supreme Court on September 29, 2009; however, we believed there was a very low probability that the Michigan Supreme Court would accept the case. Therefore, in September 2009 we reversed our accrual of $800 (related to the 2001 tax year) and set up a receivable of $1,400 for the amount paid in 2006 (related to the 1997-2000 tax years), resulting in an aggregate reversal of prior tax expense of approximately $2,200. On April 23, 2010, the Michigan Supreme Court reversed the decision of the Michigan Appeals Court and reinstated the decision of the Michigan Court of Claims. Based on the most recent ruling of the Michigan Supreme Court, we reversed the receivable of $1,400 and paid approximately $800, for a total of approximately $2,200 of tax expense for the year ended December 31, 2010, which is included in continuing operations.

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12. Restructuring Costs

We committed to a plan to reduce organizational and overhead costs in October 2008 and have subsequently modified that plan during 2011, 2010 and 2009 with the goal of further reducing these costs. The following summarizes our restructuring costs for each of the years ended December 31:

	2011		2010		2009
Pre-tax restructuring costs:
Employee severance and benefits*	$	—	$	525	$	5,186
Termination of certain office leases		1,200		647		1,867
Other		353		686		753
Total restructuring costs	$	1,553	$	1,858	$	7,806
Included in Accounts Payable, Accrued Expenses and Other Liabilities, Net related to severance obligations, remaining lease payments and other costs incurred but not yet paid	$	1,959	$	1,574	$	2,884

* Includes $0, $156, and $2,931, respectively, of non-cash costs which represents the accelerated recognition of restricted stock expense for certain employees for the years ended December 31, 2011, 2010 and 2009.

13. Future Rental Revenues

Our 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, 2011 are approximately as follows:

2012	$	210,271
2013		174,562
2014		140,532
2015		112,027
2016		84,970
Thereafter		274,525
Total	$	996,887

14. Stock Based Compensation

The Company maintains five stock incentive plans, (the “Stock Incentive Plans”) which are administered by the Company’s Compensation Committee of the Board of Directors. There are 11.5 million shares of the Company’s common stock authorized for issuance under the Stock Incentive Plans. Only officers, certain employees, the Company’s Independent Directors and our affiliates generally are eligible to participate in the Stock Incentive Plans.

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/Unit awards (including awards subject to performance conditions), and (iv) dividend equivalent rights. The exercise price of stock options is determined by the Company’s Compensation Committee. Special provisions apply to awards granted under the Stock Incentive Plans in the event of a change in control in the Consolidated Operating Partnership. As of December 31 awards covering, 1.9 million shares of common stock were available to be granted under the Stock Incentive Plans.

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At December 31, 2011, all outstanding stock options are vested. Stock option transactions as of December 31, 2011 are summarized as follows:

	Options			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at December 31, 2010		98,701		$	32.34	$	—
Expired or Terminated		(73,500	)	$	32.61
Outstanding at December 31, 2011		25,201		$	31.57	$	—

The following table summarizes currently outstanding and exercisable options as of December 31, 2011:

	Number Outstanding and Exercisable	Remaining Contractual  Life		Exercise Price
January 2002 Grants	15,201		0.04	$	30.53
May 2002 Grants	10,000		0.37	$	33.15

In September 1994, the Company’s Board of Directors approved and the Company adopted a 401(k)/Profit Sharing Plan. Under the Company’s 401(k)/Profit Sharing Plan, all eligible employees may participate by making voluntary contributions. The Company may make, but are not required to make, matching contributions. For the years ended December 31, 2011, 2010 and 2009, matching contributions of $197, $194 and $0, respectively were recorded.

For the years ended December 31, 2011, 2010 and 2009, we awarded 292,339, 573,198 and 1,473,600 restricted stock/unit awards to employees having a fair value at grant date of $3,248, $3,336 and $7,406, respectively. The Company also awarded 0, 0 and 35,145 restricted stock/unit awards to the Company’s directors having a fair value at grant date of $0, $0 and $149, respectively. Restricted stock/unit awards granted to employees generally vest over a period of three to four years and restricted stock/unit awards granted to directors generally vest over a period of five years. For the years ended December 31, 2011, 2010 and 2009, we recognized $3,759, $6,040 and $13,015 in restricted stock amortization related to restricted stock and unit awards, of which $0, $0 and $45, respectively, was capitalized in connection with development activities. At December 31, 2011, we have $5,141 in unearned compensation related to unvested restricted stock/unit awards. The weighted average period that the unrecognized compensation is expected to be incurred is 0.79 years.

Restricted stock award and restricted stock unit award transactions for the year ended December 31, 2011 are summarized as follows:

	Awards			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2010		1,674,892		$	7.26
Issued		292,339		$	11.11
Forfeited		(51,024	)	$	11.59
Vested		(510,926	)	$	9.74
Outstanding at December 31, 2011		1,405,281		$	7.00

During the year ended December 31, 2009, the Company made a grant of 1,000,000 restricted stock units to its Chief Executive Officer. These restricted stock units had a fair value of approximately $6,014 on the date of issuance. Of these restricted stock units, a total of 600,000 (the “Service Awards”) vest in four equal installments on the first, second, third and fourth year anniversary of December 31, 2008, and a total of 400,000 (the “Performance Awards I”) vest in four installments of up to 100,000 on the first, up to 200,000 on the second, up

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to 300,000 on the third and up to 400,000 on the fourth year anniversary of December 31, 2008, to the extent certain market conditions are met. The market conditions are met when certain stock price levels are achieved and maintained for certain time periods between the award issuance date and December 31, 2013. Both the Service Awards and Performance Awards I require the Chief Executive Officer to be employed by the Company at the applicable vesting dates, subject to certain clauses in the award agreement. The Service Awards are amortized over the four year service period. The Performance Awards I are amortized over the service period of each installment. As of December 31, 2011, there have been 525,000 Service and Performance Awards I issued.

During the year ended December 31, 2009, the Company made a grant of 473,600 restricted stock units to certain members of management (the “Performance Awards II”). The Performance Awards II had a fair value of approximately $1,392 on the date of issuance and will vest in four installments on the first, second, third and fourth anniversary of June 30, 2009, to the extent certain service periods and market conditions are both met. The market conditions are met when certain stock price levels are achieved and maintained for certain time periods between the award issuance date and June 30, 2014. The Performance Awards II are amortized over the service period of each installment. In conjunction with the issuance of the Performance Awards II, the members of management were also granted cash awards with a fair value of $792. The cash awards vested on June 30, 2010 and compensation expense was recognized on a straight-line basis over the service period. In order to receive the Performance Awards II, the members of management are required to be employed by the Company at the applicable vesting dates, subject to certain clauses in the award agreements. As of December 31, 2011, there have been 39,100 Performance Awards II issued.

The fair value of the Performance Awards I and the Performance Awards II at issuance was determined using a Monte Carlo simulation model with the following assumptions:

	Performance Awards I		Performance Awards II
Expected dividend yield		0.0%		0.0%
Expected stock volatility		57.18% to 119.55%		76.29% to 162.92%
Risk-free interest rate		0.40% to 1.84%		0.43% to 2.38%
Expected life (years)		1-4		1-4
Grant Date Fair value	$	4.49	$	2.94

During the years ended December 31, 2011 and December 31, 2010, certain members of management were granted cash awards with a fair value of $1,810 and $688, respectively. The cash awards vest on June 30, 2012 and June 30, 2011, respectively, and compensation expense is recognized on a straight-line basis over the service period. In order to receive the cash awards, the members of management are required to be employed by the Company at the vesting date, subject to certain clauses of the award agreements.

15. Derivatives

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

Our Series F Preferred Units are subject to a coupon rate reset. The coupon rate resets every quarter at 2.375% plus the greater of (i) the 30 year Treasury CMT Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3-month LIBOR. For the fourth quarter of 2011, the new coupon rate was 5.365% (see Note 8). In October 2008, we entered into an interest rate swap agreement with a notional value of $50,000 to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Stock (the “Series F Agreement”). This Series F Agreement fixes the 30-year U.S. Treasury rate at 5.2175%. Accounting guidance for derivatives does not permit hedge accounting treatment related to equity instruments and therefore the mark to market gains or losses related to this agreement are recorded in the statement of operations. For the

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years ended December 31, 2011 and December 31, 2010, losses of $1,718 and $1,107, respectively, is recognized as Mark-to-Market Loss on Interest Rate Protection Agreements. Quarterly payments are treated as a component of the mark to market gains or losses and for the years ended December 31, 2011 and 2010, which totaled $574 and $492, respectively.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in OCI and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we will amortize approximately $2,255 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods.

The following is a summary of the terms of our derivatives and their fair values, which are included in Accounts Payable, Accrued Expenses and Other Liabilities, Net on the accompanying consolidated balance sheets:

Hedge Product	Notional Amount		Fixed Pay Rate			Trade Date	Maturity Date	Fair Value As  of December 31, 2011			Fair Value As  of December 31, 2010
Derivatives not designated as hedging instruments:
Series F Agreement*		50,000		5.2175	%	October 2008	October 1, 2013	$	(1,667	)	$	(523	)

* Fair value excludes quarterly settlement payment due on Series F Agreement. As of December 31, 2011 and 2010, the outstanding payable was $280 and $194, respectively.

The following is a summary of the impact of the derivatives in cash flow hedging relationships on the statement of operations and the statement of OCI for the years ended December 31, 2011 and December 31, 2010:

		Year Ended
Interest Rate Products	Location on Statement	December 31, 2011			December 31, 2010
Loss Recognized in OCI (Effective Portion)	Mark-to-Market on Interest Rate Protection Agreements (OCI)	$	—		$	990
Amortization Reclassified from OCI into Earnings	Interest Expense	$	(2,166	)	$	(2,108	)

During 2010, the 2006 Land/Development Joint Venture had interest rate protection agreements outstanding which effectively converted floating rate debt to fixed rate debt on a portion of its total variable debt. The hedge relationships were considered highly effective and as such, for the year ended December 31, 2010, we recorded $1,137 in unrealized gain, representing our 10% share, offset by $414 of income tax provision, which is shown in Mark-to-Market on Interest Rate Protection Agreements, Net of Income Tax, in OCI. In connection with the sale of our equity interest of the 2006 Land/Development Joint Venture on August 5, 2010, we wrote off $1,625 that was recorded in OCI related to our 10% share of unrealized loss related to the interest rate protection agreements.

Our agreements with our derivative counterparties contain provisions where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds.

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

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The following table sets forth our financial liabilities that are accounted for at fair value on a recurring basis as of December 31, 2011 and 2010:

				Fair Value Measurements at Reporting Date Using:
Description	Fair Value			Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Other Observable  Inputs (Level 2)		Unobservable Inputs (Level 3)
Liabilities:
Series F Agreement at December 31, 2011	$	(1,667	)		—		—	$	(1,667	)
Series F Agreement at December 31, 2010	$	(523	)		—		—	$	(523	)

The valuation of the Series F Agreement is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the instrument. This analysis reflects the contractual terms of the agreements including the period to maturity. In adjusting the fair value of the interest rate protection agreements for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements. To comply with the provisions of fair value measurement, we incorporated a credit valuation adjustment (“CVA”) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. However, assessing significance of inputs is a matter of judgment that should consider a variety of factors. One factor we consider is the CVA and its materiality to the overall valuation of the derivatives on the balance sheet and to their related changes in fair value. We consider the Series F Agreement to be classified as Level 3 in the fair value hierarchy due to a significant number of unobservable inputs. The Series F Agreement swaps a fixed rate 5.2175% for floating rate payments based on 30-year Treasury. No market observable prices exist for long-dated Treasuries. Therefore, we have classified the Series F Agreement in its entirety as a Level 3.

The following table presents a reconciliation of our liabilities classified as Level 3 at December 31, 2011 and 2010:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivatives
Ending asset balance at December 31, 2009	$	93
Total unrealized losses:
Mark-to-Market on Series F Agreement		(616	)
Ending liability balance at December 31, 2010	$	(523	)
Total unrealized losses:
Mark-to-Market on Series F Agreement		(1,144	)
Ending liability balance at December 31, 2011	$	(1,667	)

16. Related Party Transactions

At December 31, 2011, we had a payable balance of $8,424 to wholly owned entities of the Company. At December 31, 2010, we have a payable balance of $15,370 to wholly owned entities of the Company.

17. Commitments and Contingencies

Eleven 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 in excess of our depreciated cost of the asset. We have no notice of any exercise of any tenant purchase option.

84

At December 31, 2011, we had letters of credit and performance bonds outstanding in the aggregate amount of $6,780. These letters of credit expire between February 2012 and July 2013.

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

Ground and Operating Lease Agreements

For the years ended December 31, 2011, 2010 and 2009, we recognized $1,955, $3,047 and $4,181, respectively, in operating and ground lease expense.

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee, offset by sub-lease rental payments under non-cancelable operating leases as of December 31, 2011, are as follows:

2012	$	1,892
2013		1,724
2014		1,448
2015		1,319
2016		1,321
Thereafter		28,052
Total	$	35,756

18. Subsequent Events

From January 1, 2012 to February 28, 2012, we acquired one industrial property comprising approximately 0.4 million square feet of GLA in connection with the purchase of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The acquisition was funded through the assumption of a mortgage loan in the amount of $12,026, which was subsequently paid off at closing and a cash payment of $8,324. We will account for this transaction as a step acquisition utilizing the purchase method of accounting. There were no industrial properties sold during this time.

From January 1, 2012 to February 28, 2012, we repurchased and retired $430 of our senior unsecured notes maturing in 2028 for a payment of $406.

19. Quarterly Financial Information (unaudited)

The following table summarizes our quarterly financial information. The first, second and third fiscal quarters of 2011 and all fiscal quarters in 2010 have been revised in accordance with guidance on accounting for discontinued operations. The results of operations for the fourth quarter of 2010 include $2,387 which should have been recorded as part of the impairment charge recorded during the third quarter in 2010. Management evaluated this impairment charge and believes it is not material to the results of operations of either quarter.

85

Net loss available to unitholders and basic and diluted EPU from net loss available to unitholders has not been affected.

	Year Ended December 31, 2011
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	70,318		$	69,754		$	68,856		$	70,766
Equity in Income of Joint Ventures		36			99			772			73
Equity in Income of Other Real Estate Partnerships		4,855			2,852			1,878			2,306
Loss from Continuing Operations, Net of Income Tax		(5,982	)		(3,541	)		(11,476	)		(8,404	)
Income from Discontinued Operations, Net of Income Tax		1,581			3,453			6,047			8,442
Gain on Sale of Real Estate, Net of Income Tax		—			—			918			—
Net (Loss) Income		(4,401	)		(88	)		(4,511	)		38
Preferred Unit Distributions		(4,927	)		(4,947	)		(4,928	)		(4,763	)
Net Loss Available to Unitholders	$	(9,328	)	$	(5,035	)	$	(9,439	)	$	(4,725	)
Basic and Diluted Earnings Per Unit:
Loss From Continuing Operations Available to Unitholders	$	(0.14	)	$	(0.10	)	$	(0.17	)	$	(0.14	)
Income From Discontinued Operations	$	0.02		$	0.04		$	0.07		$	0.09
Net Loss Available to Unitholders	$	(0.12	)	$	(0.06	)	$	(0.10	)	$	(0.05	)
Weighted Average Units Outstanding—Basic and Diluted		76,002			85,029			91,196			91,200

	Year Ended December 31, 2010
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	72,562		$	70,909		$	68,990		$	70,542
Equity in (Loss) Income of Joint Ventures		(459	)		582			(398	)		950
Equity in Income (Loss) of Other Real Estate Partnerships		2,833			3,049			(4,144	)		1,756
Loss from Continuing Operations, Net of Income Tax		(24,019	)		(19,106	)		(89,981	)		(23,473	)
Income (Loss) from Discontinued Operations, Net of Income Tax		4,485			4,006			(72,213	)		(1,723	)
Gain (Loss) on Sale of Real Estate, Net of Income Tax		731			—			(214	)		—
Net Loss		(18,803	)		(15,100	)		(162,408	)		(25,196	)
Preferred Unit Distributions		(4,960	)		(4,979	)		(4,884	)		(4,854	)
Net Loss Available to Unitholders	$	(23,763	)	$	(20,079	)	$	(167,292	)	$	(30,050	)
Basic and Diluted Earnings Per Unit:
Loss From Continuing Operations Available to Unitholders	$	(0.42	)	$	(0.35	)	$	(1.39	)	$	(0.41	)
Income (Loss) From Discontinued Operations	$	0.07		$	0.06		$	(1.05	)	$	(0.02	)
Net Loss Available to Unitholders	$	(0.35	)	$	(0.29	)	$	(2.44	)	$	(0.43	)
Weighted Average Units Outstanding—Basic and Diluted		67,187			68,214			68,466			69,413

86

FIRST INDUSTRIAL, LP.

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
Atlanta
1650 Highway 155	McDonough, GA		—		788		4,544		(1,205	)		365		3,762		4,127		2,073		1994		(l	)
1665 Dogwood Drive	Conyers, GA		—		635		3,662		587			635		4,249		4,884		1,789		1994		(l	)
1715 Dogwood	Conyers, GA		—		288		1,675		783			228		2,518		2,746		893		1994		(l	)
11235 Harland Drive	Covington, GA		—		125		739		169			125		908		1,033		377		1994		(l	)
4051 Southmeadow Parkway	Atlanta, GA		—		726		4,130		875			726		5,005		5,731		2,002		1994		(l	)
4071 Southmeadow Parkway	Atlanta, GA		—		750		4,460		1,631			828		6,013		6,841		2,435		1994		(l	)
4081 Southmeadow Parkway	Atlanta, GA		—		1,012		5,918		1,651			1,157		7,424		8,581		3,048		1994		(l	)
5570 Tulane Dr (d)	Atlanta, GA		2,281		527		2,984		990			546		3,955		4,501		1,369		1996		(l	)
955 Cobb Place	Kennesaw, GA		3,018		780		4,420		754			804		5,150		5,954		2,010		1997		(l	)
1256 Oakbrook Drive	Norcross, GA		1,243		336		1,907		210			339		2,114		2,453		523		2001		(l	)
1265 Oakbrook Drive	Norcross, GA		1,170		307		1,742		259			309		1,999		2,308		510		2001		(l	)
1280 Oakbrook Drive	Norcross, GA		1,211		281		1,592		313			283		1,903		2,186		550		2001		(l	)
1300 Oakbrook Drive	Norcross, GA		1,699		420		2,381		267			423		2,645		3,068		685		2001		(l	)
1325 Oakbrook Drive	Norcross, GA		1,349		332		1,879		224			334		2,101		2,435		526		2001		(l	)
1351 Oakbrook Drive	Norcross, GA		—		370		2,099		(992	)		146		1,331		1,477		584		2001		(l	)
1346 Oakbrook Drive	Norcross, GA		—		740		4,192		(715	)		352		3,865		4,217		1,312		2001		(l	)
1412 Oakbrook Drive	Norcross, GA		—		313		1,776		(1,053	)		101		935		1,036		438		2001		(l	)
3060 South Park Blvd	Ellenwood, GA		—		1,600		12,464		1,590			1,604		14,050		15,654		3,469		2003		(l	)
Greenwood Industrial Park	McDonough, GA		4,580		1,550		—		7,485			1,550		7,485		9,035		1,384		2004		(l	)
46 Kent Drive	Cartersville GA		1,779		794		2,252		6			798		2,254		3,052		556		2005		(l	)
100 Dorris Williams	Villa Rica GA		1,640		401		3,754		(749	)		406		3,000		3,406		548		2005		(l	)
605 Stonehill Drive	Atlanta, GA		1,571		485		1,979		(38	)		490		1,936		2,426		1,155		2005		(l	)
6514 Warren Drive	Norcross, GA		—		510		1,250		(61	)		513		1,186		1,699		271		2005		(l	)
6544 Warren Drive	Norcross, GA		—		711		2,310		284			715		2,590		3,305		570		2005		(l	)
5356 E. Ponce De Leon	Stone Mountain, GA		2,765		604		3,888		208			610		4,090		4,700		1,498		2005		(l	)
5390 E. Ponce De Leon	Stone Mountain, GA		—		397		1,791		21			402		1,807		2,209		483		2005		(l	)
195 & 197 Collins Boulevard	Athens, GA		—		1,410		5,344		(1,742	)		989		4,023		5,012		2,520		2005		(l	)
1755 Enterprise Drive	Buford, GA		1,529		712		2,118		(10	)		716		2,104		2,820		568		2006		(l	)
4555 Atwater Court	Buford, GA		2,582		881		3,550		567			885		4,113		4,998		1,191		2006		(l	)
80 Liberty Industrial Parkway	McDonough, GA		—		756		3,695		(1,333	)		467		2,651		3,118		743		2007		(l	)
596 Bonnie Valentine	Pendergrass, GA		—		2,580		21,730		2,585			2,594		24,301		26,895		3,435		2007		(l	)
11415 Old Roswell Road	Alpharetta, GA		—		2,403		1,912		491			2,428		2,378		4,806		476		2008		(l	)

S-1

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
Baltimore
1820 Portal	Baltimore, MD		—		884		4,891		1,025			899		5,901		6,800		1,839		1998		(l	)
9700 Martin Luther King Hwy	Lanham, MD		—		700		1,920		377			700		2,297		2,997		530		2003		(l	)
9730 Martin Luther King Hwy	Lanham, MD		—		500		955		418			500		1,373		1,873		452		2003		(l	)
4621 Boston Way	Lanham, MD		—		1,100		3,070		298			1,100		3,368		4,468		839		2003		(l	)
4720 Boston Way	Lanham, MD		—		1,200		2,174		497			1,200		2,671		3,871		640		2003		(l	)
22520 Randolph Drive	Dulles, VA		7,745		3,200		8,187		(150	)		3,208		8,029		11,237		1,815		2004		(l	)
22630 Dulles Summit Court	Dulles, VA		—		2,200		9,346		(20	)		2,206		9,320		11,526		2,117		2004		(l	)
4201 Forbes Boulevard	Lanham, MD		—		356		1,823		341			375		2,145		2,520		573		2005		(l	)
4370-4383 Lottsford Vista Rd.	Lanham, MD		—		279		1,358		220			296		1,561		1,857		429		2005		(l	)
4400 Lottsford Vista Rd.	Lanham, MD		—		351		1,955		229			372		2,163		2,535		525		2005		(l	)
4420 Lottsford Vista Road	Lanham, MD		—		539		2,196		241			568		2,408		2,976		643		2005		(l	)
11204 McCormick Road	Hunt Valley, MD		—		1,017		3,132		51			1,038		3,162		4,200		932		2005		(l	)
11110 Pepper Road	Hunt Valley, MD		—		918		2,529		376			938		2,885		3,823		836		2005		(l	)
11100-11120 Gilroy Road	Hunt Valley, MD		—		901		1,455		(55	)		919		1,382		2,301		334		2005		(l	)
10709 Gilroy Road	Hunt Valley, MD		—		913		2,705		(113	)		913		2,592		3,505		889		2005		(l	)
7120-7132 Ambassador Road	Baltimore, MD		—		829		1,329		406			847		1,717		2,564		361		2005		(l	)
7142 Ambassador Road	Hunt Valley, MD		—		924		2,876		2,374			942		5,232		6,174		830		2005		(l	)
7144-7162 Ambassador Road	Baltimore, MD		—		979		1,672		433			1,000		2,084		3,084		759		2005		(l	)
7200 Rutherford Road	Baltimore, MD		—		1,032		2,150		242			1,054		2,370		3,424		635		2005		(l	)
2700 Lord Baltimore Road	Baltimore, MD		—		875		1,826		1,107			897		2,911		3,808		955		2005		(l	)
1225 Bengies Road	Baltimore, MD		—		2,640		270		14,660			2,823		14,747		17,570		2,028		2008		(l	)
Central Pennsylvania
16522 Hunters Green Parkway	Hagerstown, MD		12,962		1,390		13,104		3,893			1,863		16,524		18,387		3,480		2003		(l	)
6951 Allentown Blvd	Harrisburg, PA		—		585		3,176		124			601		3,284		3,885		811		2005		(l	)
320 Museum Road	Washington, PA		—		201		1,819		(162	)		178		1,680		1,858		632		2005		(l	)
1490 Commerce Avenue	Carlisle, PA		—		1,500		—		13,845			2,341		13,004		15,345		1,579		2008		(l	)
600 First Avenue	Gouldsboro, PA		—		7,022		—		58,189			7,019		58,192		65,211		5,010		2008		(l	)
225 Cross Farm Lane	York, PA		18,885		4,718		—		23,567			4,715		23,570		28,285		2,510		2008		(l	)
Chicago
6750 South Sayre Avenue	Bedford Park, IL		—		224		1,309		555			224		1,864		2,088		754		1994		(l	)
585 Slawin Court	Mount Prospect, IL		—		611		3,505		1,644			525		5,235		5,760		2,387		1994		(l	)
2300 Windsor Court	Addison, IL		3,930		688		3,943		1,255			696		5,190		5,886		2,325		1994		(l	)
3505 Thayer Court	Aurora, IL		—		430		2,472		396			430		2,868		3,298		1,208		1994		(l	)
305-311 Era Drive	Northbrook, IL		—		200		1,154		916			205		2,065		2,270		623		1994		(l	)

S-2

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
11241 Melrose Street	Franklin Park, IL		—		332		1,931		42			208		2,097		2,305		1,163		1995		(l	)
11939 S Central Avenue	Alsip, IL		—		1,208		6,843		2,633			1,305		9,379		10,684		3,079		1997		(l	)
405 East Shawmut	LaGrange, IL		—		368		2,083		(1,046	)		81		1,324		1,405		830		1997		(l	)
1010-50 Sesame Street	Bensenville, IL		—		979		5,546		2,782			1,048		8,259		9,307		2,698		1997		(l	)
2120-24 Roberts	Broadview, IL		—		220		1,248		219			231		1,456		1,687		501		1998		(l	)
800 Business Center Drive	Mount Prospect, IL		—		631		3,493		328			666		3,786		4,452		1,034		2000		(l	)
580 Slawin Court	Mount Prospect, IL		—		233		1,292		(29	)		162		1,334		1,496		427		2000		(l	)
19W661 101st Street	Lemont, IL		—		1,200		6,643		1,957			1,220		8,580		9,800		2,899		2001		(l	)
175 Wall Street	Glendale Heights, IL		1,497		427		2,363		163			433		2,520		2,953		658		2002		(l	)
800-820 Thorndale Avenue	Bensenville, IL		—		751		4,159		2,336			761		6,485		7,246		2,126		2002		(l	)
251 Airport Road	North Aurora, IL		5,325		983		—		6,711			983		6,711		7,694		1,589		2002		(l	)
1661 Feehanville Drive	Mount Prospect, IL		—		985		5,455		2,243			1,044		7,639		8,683		2,224		2004		(l	)
1850 Touhy & 1158 McCage Ave.	Elk Grove Village, IL		—		1,500		4,842		(95	)		1,514		4,733		6,247		1,175		2004		(l	)
1088-1130 Thorndale Avenue	Bensenville, IL		—		2,103		3,674		249			2,108		3,918		6,026		1,220		2005		(l	)
855-891 Busse Rd.	Bensenville, IL		—		1,597		2,767		(72	)		1,601		2,691		4,292		821		2005		(l	)
1060-1074 W. Thorndale Ave	Bensenville, IL		—		1,704		2,108		298			1,709		2,401		4,110		779		2005		(l	)
400 Crossroads Pkwy	Bolingbrook, IL		5,658		1,178		9,453		927			1,181		10,377		11,558		2,508		2005		(l	)
7609 W. Industrial Drive	Forest Park, IL		—		1,207		2,343		210			1,213		2,547		3,760		833		2005		(l	)
7801 W. Industrial Drive	Forest Park, IL		—		1,215		3,020		240			1,220		3,255		4,475		866		2005		(l	)
725 Kimberly Drive	Carol Stream, IL		—		793		1,395		203			801		1,590		2,391		396		2005		(l	)
17001 S. Vincennes	Thornton, IL		—		497		504		24			513		512		1,025		249		2005		(l	)
1111 Davis Road	Elgin, IL		—		998		1,859		910			1,046		2,721		3,767		1,219		2006		(l	)
2900 W. 166th Street	Markham, IL		—		1,132		4,293		723			1,134		5,014		6,148		1,456		2007		(l	)
555 W. Algonquin Rd	Arlington Heights, IL		1,912		574		741		2,053			579		2,789		3,368		524		2007		(l	)
7000 W. 60th Street	Chicago, IL		—		609		932		237			667		1,111		1,778		575		2007		(l	)
9501 Nevada	Franklin Park, IL		7,568		2,721		5,630		101			2,737		5,715		8,452		930		2008		(l	)
1501 Oakton Street	Elk Grove Village, IL		—		3,369		6,121		139			3,482		6,147		9,629		1,224		2008		(l	)
16500 W. 103rd Street	Woodridge, IL		2,785		744		2,458		405			760		2,848		3,608		526		2008		(l	)
Cincinnati
9900-9970 Princeton	Cincinnati, OH		—		545		3,088		1,443			566		4,510		5,076		1,700		1996		(l	)
2940 Highland Avenue	Cincinnati, OH		—		1,717		9,730		(650	)		1,146		9,651		10,797		4,440		1996		(l	)
4700-4750 Creek Road	Blue Ash, OH		—		1,080		6,118		1,126			1,109		7,215		8,324		2,593		1996		(l	)
901 Pleasant Valley Drive	Springboro, OH		—		304		1,721		(406	)		190		1,429		1,619		609		1998		(l	)
4436 Mulhauser Road	Hamilton, OH		3,813		630		—		5,081			630		5,081		5,711		1,146		2002		(l	)

S-3

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
4438 Mulhauser Road	Hamilton, OH		4,946		779		—		6,738			779		6,738		7,517		1,840		2002		(l	)
420 Wards Corner Road	Loveland, OH		—		600		1,083		695			606		1,772		2,378		487		2003		(l	)
422 Wards Corner Road	Loveland, OH		—		600		1,811		(26	)		592		1,793		2,385		485		2003		(l	)
4663 Dues Drive	Westchester, OH		-		858		2,273		962			875		3,218		4,093		2,104		2005		(l	)
9525 Glades Drive	Westchester, OH		—		347		1,323		235			355		1,550		1,905		423		2007		(l	)
9776-9876 Windisch Road	Westchester, OH		—		392		1,744		(1	)		394		1,741		2,135		348		2007		(l	)
9810-9822 Windisch Road	Westchester, OH		—		395		2,541		27			397		2,566		2,963		399		2007		(l	)
9842-9862 Windisch Road	Westchester, OH		—		506		3,148		68			508		3,214		3,722		454		2007		(l	)
9872-9898 Windisch Road	Westchester, OH		—		546		3,039		62			548		3,099		3,647		507		2007		(l	)
9902-9922 Windisch Road	Westchester, OH		—		623		4,003		208			627		4,207		4,834		782		2007		(l	)
Cleveland
31311 Emerald Valley Pkwy.	Glenwillow, OH		9,674		681		11,838		968			691		12,796		13,487		2,583		2006		(l	)
30333 Emerald Valley Pkwy.	Glenwillow, OH		4,891		466		5,447		134			475		5,572		6,047		1,321		2006		(l	)
7800 Cochran Road	Glenwillow, OH		7,004		972		7,033		288			991		7,302		8,293		1,692		2006		(l	)
7900 Cochran Road	Glenwillow, OH		5,367		775		6,244		5			792		6,232		7,024		1,256		2006		(l	)
7905 Cochran Road	Glenwillow, OH		—		920		6,174		270			921		6,443		7,364		1,340		2006		(l	)
30600 Carter Street	Solon, OH		—		989		3,042		448			1,022		3,457		4,479		1,661		2006		(l	)
8181 Darrow Road	Twinsburg, OH		7,473		2,478		6,791		1,922			2,496		8,696		11,192		1,713		2008		(l	)
Columbus
3800 Lockbourne Industrial Pkwy	Columbus, OH		—		1,045		6,421		(1,759	)		609		5,098		5,707		2,348		1996		(l	)
3880 Groveport Road	Columbus, OH		—		1,955		12,154		(3,138	)		1,275		9,696		10,971		4,369		1996		(l	)
1819 North Walcutt Road	Columbus, OH		—		637		4,590		(1,190	)		374		3,663		4,037		1,487		1997		(l	)
4115 Leap Road (d)	Hillard, OH		—		756		4,297		1,636			756		5,933		6,689		2,069		1998		(l	)
3300 Lockbourne	Columbus, OH		—		708		3,920		(2,050	)		162		2,416		2,578		1,513		1998		(l	)
1076 Pittsburgh Drive	Delaware, OH		—		2,265		4,733		(49	)		2,184		4,765		6,949		1,220		2005		(l	)
6150 Huntly Road	Columbus, OH		—		920		4,810		(1,733	)		591		3,406		3,997		857		2005		(l	)
4600 S. Hamilton Road	Columbus, OH		—		681		5,941		(3,327	)		236		3,059		3,295		915		2006		(l	)
4311 Janitrol Road	Groveport, OH		—		662		4,332		1,419			675		5,738		6,413		1,387		2007		(l	)
Dallas/Fort Worth
2406-2416 Walnut Ridge	Dallas, TX		—		178		1,006		606			172		1,618		1,790		459		1997		(l	)
2401-2419 Walnut Ridge	Dallas, TX		—		148		839		397			142		1,242		1,384		313		1997		(l	)
900-906 Great Southwest Pkwy	Arlington, TX		—		237		1,342		600			270		1,909		2,179		597		1997		(l	)
3000 West Commerce	Dallas, TX		—		456		2,584		1,110			469		3,681		4,150		1,178		1997		(l	)
3030 Hansboro	Dallas, TX		—		266		1,510		(615	)		87		1,074		1,161		646		1997		(l	)

S-4

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
405-407 113th	Arlington, TX		—		181		1,026		581			185		1,603		1,788		494		1997		(l	)
816 111th Street	Arlington, TX		872		251		1,421		132			258		1,546		1,804		558		1997		(l	)
7427 Dogwood Park	Richland Hills, TX		—		96		532		569			102		1,095		1,197		501		1998		(l	)
7348-54 Tower Street	Richland Hills, TX		—		88		489		225			94		708		802		238		1998		(l	)
7339-41 Tower Street	Richland Hills, TX		—		98		541		172			104		707		811		216		1998		(l	)
7437-45 Tower Street	Richland Hills, TX		—		102		563		170			108		727		835		220		1998		(l	)
7331-59 Airport Freeway	Richland Hills, TX		1,758		354		1,958		321			372		2,261		2,633		761		1998		(l	)
7338-60 Dogwood Park	Richland Hills, TX		—		106		587		123			112		704		816		226		1998		(l	)
7450-70 Dogwood Park	Richland Hills, TX		—		106		584		146			112		724		836		250		1998		(l	)
7423-49 Airport Freeway	Richland Hills, TX		1,485		293		1,621		309			308		1,915		2,223		631		1998		(l	)
7400 Whitehall Street	Richland Hills, TX		—		109		603		61			115		658		773		214		1998		(l	)
1602-1654 Terre Colony	Dallas, TX		1,867		458		2,596		810			468		3,396		3,864		941		2000		(l	)
2351-2355 Merritt Drive	Garland, TX		—		101		574		87			92		670		762		212		2000		(l	)
701-735 North Plano Road	Richardson, TX		—		696		3,944		(1,339	)		268		3,033		3,301		1,186		2000		(l	)
2220 Merritt Drive	Garland, TX		—		352		1,993		852			316		2,881		3,197		981		2000		(l	)
2010 Merritt Drive	Garland, TX		—		350		1,981		354			318		2,367		2,685		786		2000		(l	)
2363 Merritt Drive	Garland, TX		—		73		412		72			47		510		557		213		2000		(l	)
2447 Merritt Drive	Garland, TX		—		70		395		(107	)		23		335		358		137		2000		(l	)
2465-2475 Merritt Drive	Garland, TX		—		91		514		35			71		569		640		176		2000		(l	)
2485-2505 Merritt Drive	Garland, TX		—		431		2,440		851			426		3,296		3,722		880		2000		(l	)
2081 Hutton Drive—Bldg 1 (e)	Carrolton, TX		—		448		2,540		(489	)		265		2,234		2,499		704		2001		(l	)
2110 Hutton Drive	Carrolton, TX		—		374		2,117		(355	)		251		1,885		2,136		721		2001		(l	)
2025 McKenzie Drive	Carrolton, TX		1,583		437		2,478		363			442		2,836		3,278		882		2001		(l	)
2019 McKenzie Drive	Carrolton, TX		1,885		502		2,843		557			507		3,395		3,902		1,020		2001		(l	)
1420 Valwood Parkway—Bldg 1 (d)	Carrolton, TX		—		460		2,608		(1,467	)		112		1,489		1,601		797		2001		(l	)
1620 Valwood Parkway (e)	Carrolton, TX		—		1,089		6,173		(1,309	)		605		5,348		5,953		1,829		2001		(l	)
1505 Luna Road—Bldg II	Carrolton, TX		—		167		948		(480	)		68		567		635		254		2001		(l	)
1625 West Crosby Road	Carrolton, TX		—		617		3,498		(732	)		381		3,002		3,383		982		2001		(l	)
2029-2035 McKenzie Drive	Carrolton, TX		1,586		306		1,870		234			306		2,104		2,410		543		2001		(l	)
1840 Hutton Drive (d)	Carrolton, TX		—		811		4,597		(560	)		567		4,281		4,848		1,362		2001		(l	)
1420 Valwood Pkwy—Bldg II	Carrolton, TX		—		373		2,116		300			366		2,423		2,789		616		2001		(l	)
2015 McKenzie Drive	Carrolton, TX		2,629		510		2,891		397			516		3,282		3,798		942		2001		(l	)
2009 McKenzie Drive	Carrolton, TX		2,460		476		2,699		379			481		3,073		3,554		890		2001		(l	)
1505 Luna Road—Bldg I	Carrolton, TX		—		521		2,953		(1,965	)		129		1,380		1,509		735		2001		(l	)

S-5

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
2104 Hutton Drive	Carrolton, TX		—		246		1,393		(422	)		130		1,087		1,217		372		2001		(l	)
900-1100 Avenue S	Grand Prairie, TX		2,679		623		3,528		1,395			629		4,917		5,546		1,267		2002		(l	)
Plano Crossing (f)	Plano, TX		9,699		1,961		11,112		940			1,981		12,032		14,013		2,989		2002		(l	)
7413A-C Dogwood Park	Richland Hills, TX		—		110		623		249			111		871		982		197		2002		(l	)
7450 Tower Street	Richland Hills, TX		—		36		204		103			36		307		343		80		2002		(l	)
7436 Tower Street	Richland Hills, TX		—		57		324		195			58		518		576		98		2002		(l	)
7426 Tower Street	Richland Hills, TX		—		76		429		240			76		669		745		152		2002		(l	)
7427-7429 Tower Street	Richland Hills, TX		—		75		427		130			76		556		632		136		2002		(l	)
2840-2842 Handley Ederville Rd	Richland Hills, TX		—		112		635		51			113		685		798		161		2002		(l	)
7451-7477 Airport Freeway	Richland Hills, TX		1,347		256		1,453		309			259		1,759		2,018		433		2002		(l	)
7450 Whitehall Street	Richland Hills, TX		—		104		591		414			105		1,004		1,109		210		2002		(l	)
3000 Wesley Way	Richland Hills, TX		892		208		1,181		18			211		1,196		1,407		277		2002		(l	)
7451 Dogwood Park	Richland Hills, TX		602		133		753		29			134		781		915		187		2002		(l	)
825-827 Avenue H (d)	Arlington, TX		—		600		3,006		33			604		3,035		3,639		906		2004		(l	)
1013-31 Avenue M	Grand Prairie, TX		—		300		1,504		227			302		1,729		2,031		402		2004		(l	)
1172-84 113th Street (d)	Grand Prairie, TX		2,077		700		3,509		(94	)		704		3,411		4,115		866		2004		(l	)
1200-16 Avenue H (d)	Arlington, TX		1,838		600		2,846		248			604		3,090		3,694		682		2004		(l	)
1322-66 N. Carrier Parkway (e)	Grand Prairie, TX		—		1,000		5,012		131			1,006		5,137		6,143		1,262		2004		(l	)
2401-2407 Centennial Dr	Arlington, TX		2,266		600		2,534		45			604		2,575		3,179		834		2004		(l	)
3111 West Commerce Street	Dallas, TX		—		1,000		3,364		101			1,011		3,454		4,465		1,225		2004		(l	)
9150 North Royal Lane	Irving, TX		—		818		3,767		(1,939	)		344		2,302		2,646		893		2005		(l	)
13800 Senlac Drive	Farmers Ranch, TX		—		823		4,042		(89	)		825		3,951		4,776		837		2005		(l	)
801-831 S Great Southwest Pkwy (g)	Grand Prairie, TX		—		2,581		16,556		(876	)		2,586		15,675		18,261		5,220		2005		(l	)
801-842 Heinz Way	Grand Prairie, TX		2,979		599		3,327		349			601		3,674		4,275		1,206		2005		(l	)
901-937 Heinz Way	Grand Prairie, TX		2,204		493		2,758		(14	)		481		2,756		3,237		1,008		2005		(l	)
3301 Century Circle	Irving, TX		2,578		760		3,856		204			771		4,049		4,820		665		2007		(l	)
First Garland Dist Ctr.	Garland, TX		—		1,912		—		14,941			1,947		14,906		16,853		1,887		2008		(l	)
Denver
4785 Elati	Denver, CO		—		173		981		169			175		1,148		1,323		365		1997		(l	)
4770 Fox Street	Denver, CO		—		132		750		201			134		949		1,083		306		1997		(l	)
3871 Revere	Denver, CO		1,300		361		2,047		282			368		2,322		2,690		786		1997		(l	)
4570 Ivy Street	Denver, CO		1,087		219		1,239		256			220		1,494		1,714		511		1997		(l	)
5855 Stapleton Drive North	Denver, CO		1,339		288		1,630		194			290		1,822		2,112		635		1997		(l	)

S-6

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
5885 Stapleton Drive North	Denver, CO		1,811		376		2,129		350			380		2,475		2,855		902		1997		(l	)
5977-5995 North Broadway	Denver, CO		1,397		268		1,518		306			271		1,821		2,092		605		1997		(l	)
5952-5978 North Broadway	Denver, CO		2,397		414		2,346		831			422		3,169		3,591		1,096		1997		(l	)
4721 Ironton Street	Denver, CO		—		232		1,313		24			236		1,333		1,569		441		1997		(l	)
East 47th Drive—A	Denver, CO		—		441		2,689		(30	)		441		2,659		3,100		953		1997		(l	)
9500 West 49th Street—A	Wheatridge, CO		—		283		1,625		71			287		1,692		1,979		620		1997		(l	)
9500 West 49th Street—B	Wheatridge, CO		—		225		1,272		192			227		1,462		1,689		535		1997		(l	)
9500 West 49th Street—C	Wheatridge, CO		—		600		3,409		114			601		3,522		4,123		1,254		1997		(l	)
9500 West 49th Street—D	Wheatridge, CO		—		246		1,537		400			247		1,936		2,183		694		1997		(l	)
451- 591 East 124th Avenue	Littleton, CO		—		383		2,145		96			383		2,241		2,624		704		1997		(l	)
608 Garrison Street	Lakewood, CO		—		265		1,501		419			269		1,916		2,185		677		1997		(l	)
610 Garrison Street	Lakewood, CO		—		264		1,494		445			265		1,938		2,203		659		1997		(l	)
15000 West 6th Avenue	Golden, CO		—		913		5,174		868			918		6,037		6,955		2,089		1997		(l	)
14998 West 6th Avenue Bldg E	Golden, CO		—		565		3,199		342			570		3,536		4,106		1,256		1997		(l	)
14998 West 6th Avenue Bldg F	Englewood, CO		—		269		1,525		104			273		1,625		1,898		561		1997		(l	)
12503 East Euclid Drive	Denver, CO		—		1,208		6,905		364			1,036		7,441		8,477		2,710		1997		(l	)
6547 South Racine Circle	Englewood, CO		2,958		739		4,241		328			739		4,569		5,308		1,657		1997		(l	)
11701 East 53rd Avenue	Denver, CO		—		416		2,355		262			422		2,611		3,033		927		1997		(l	)
5401 Oswego Street	Denver, CO		—		273		1,547		343			278		1,885		2,163		660		1997		(l	)
14818 West 6th Avenue Bldg A	Golden, CO		—		468		2,799		327			468		3,126		3,594		1,174		1997		(l	)
14828 West 6th Avenue Bldg B	Golden, CO		—		503		2,942		214			503		3,156		3,659		1,102		1997		(l	)
445 Bryant Street	Denver, CO		7,196		1,829		10,219		2,848			1,829		13,067		14,896		4,219		1998		(l	)
3811 Joliet	Denver, CO		—		735		4,166		448			752		4,597		5,349		1,566		1998		(l	)
12055 E 49th Ave/4955 Peoria	Denver, CO		—		298		1,688		524			305		2,205		2,510		721		1998		(l	)
4940- 4950 Paris	Denver, CO		—		152		861		248			156		1,105		1,261		345		1998		(l	)
4970 Paris	Denver, CO		—		95		537		144			97		679		776		228		1998		(l	)
7367 South Revere Parkway	Englewood, CO		3,327		926		5,124		836			934		5,952		6,886		2,274		1998		(l	)
8200 East Park Meadows Drive (d)	Lone Tree, CO		—		1,297		7,348		1,179			1,304		8,520		9,824		2,467		2000		(l	)
3250 Quentin (d)	Aurora, CO		—		1,220		6,911		657			1,230		7,558		8,788		2,155		2000		(l	)
Highpoint Bus Ctr B	Littleton, CO		—		739		—		3,408			781		3,366		4,147		807		2000		(l	)
1130 W. 124th Ave.	Westminster, CO		—		441		—		3,889			441		3,889		4,330		1,388		2000		(l	)
1070 W. 124th Ave.	Westminster, CO		—		374		—		2,792			374		2,792		3,166		680		2000		(l	)
1020 W. 124th Ave.	Westminster, CO		—		374		—		2,784			374		2,784		3,158		708		2000		(l	)
Jeffco Bus Ctr Phase I	Broomfield, CO		—		312		—		1,395			370		1,337		1,707		329		2001		(l	)

S-7

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
960 W. 124th Ave	Westminster, CO		—		441		—		3,477			442		3,476		3,918		1,037		2001		(l	)
8820 W. 116th Street	Broomfield, CO		—		338		1,918		330			372		2,214		2,586		490		2003		(l	)
8835 W. 116th Street	Broomfield, CO		—		1,151		6,523		1,154			1,304		7,524		8,828		1,575		2003		(l	)
18150 E. 32nd Street	Aurora, CO		1,959		563		3,188		305			572		3,484		4,056		861		2004		(l	)
7005 E. 46th Avenue Drive	Denver, CO		1,479		512		2,025		95			517		2,115		2,632		495		2005		(l	)
4001 Salazar Way	Frederick, CO		4,189		1,271		6,508		(88	)		1,276		6,415		7,691		1,364		2006		(l	)
5909- 5915 N. Broadway	Denver, CO		952		495		1,268		85			500		1,348		1,848		368		2006		(l	)
555 Corporate Circle	Golden, CO		—		499		2,673		2,156			559		4,769		5,328		684		2006		(l	)
Detroit
238 Executive Drive	Troy, MI		—		52		173		514			100		639		739		566		1994		(l	)
449 Executive Drive	Troy, MI		—		125		425		1,057			218		1,389		1,607		1,195		1994		(l	)
501 Executive Drive	Troy, MI		—		71		236		600			129		778		907		582		1994		(l	)
451 Robbins Drive	Troy, MI		—		96		448		889			192		1,241		1,433		1,105		1994		(l	)
1095 Crooks Road	Troy, MI		—		331		1,017		2,271			360		3,259		3,619		2,057		1994		(l	)
1416 Meijer Drive	Troy, MI		—		94		394		516			121		883		1,004		806		1994		(l	)
1624 Meijer Drive	Troy, MI		—		236		1,406		1,055			373		2,324		2,697		1,852		1994		(l	)
1972 Meijer Drive	Troy, MI		—		315		1,301		738			372		1,982		2,354		1,531		1994		(l	)
1621 Northwood Drive	Troy, MI		—		85		351		1,014			215		1,235		1,450		1,158		1994		(l	)
1707 Northwood Drive	Troy, MI		—		95		262		1,316			239		1,434		1,673		1,178		1994		(l	)
1788 Northwood Drive	Troy, MI		—		50		196		483			103		626		729		560		1994		(l	)
1821 Northwood Drive	Troy, MI		—		132		523		855			220		1,290		1,510		1,165		1994		(l	)
1826 Northwood Drive	Troy, MI		—		55		208		472			103		632		735		550		1994		(l	)
1864 Northwood Drive	Troy, MI		—		57		190		489			107		629		736		568		1994		(l	)
2277 Elliott Avenue	Troy, MI		—		48		188		389			29		596		625		546		1994		(l	)
2451 Elliott Avenue	Troy, MI		—		78		319		739			164		972		1,136		902		1994		(l	)
2730 Research Drive	Rochester Hills, MI		—		903		4,215		1,402			903		5,617		6,520		3,937		1994		(l	)
2791 Research Drive	Rochester Hills, MI		—		557		2,731		720			560		3,448		4,008		2,358		1994		(l	)
2871 Research Drive	Rochester Hills, MI		—		324		1,487		570			327		2,054		2,381		1,346		1994		(l	)
3011 Research Drive	Rochester Hills, MI		—		457		2,104		687			457		2,791		3,248		1,941		1994		(l	)
2870 Technology Drive	Rochester Hills, MI		—		275		1,262		292			279		1,550		1,829		1,133		1994		(l	)
2900 Technology Drive	Rochester Hills, MI		—		214		977		562			219		1,534		1,753		856		1994		(l	)
2930 Technology Drive	Rochester Hills, MI		—		131		594		379			138		966		1,104		598		1994		(l	)
2950 Technology Drive	Rochester Hills, MI		—		178		819		381			185		1,193		1,378		820		1994		(l	)
23014 Commerce Drive	Farmington Hills, MI		—		39		203		216			56		402		458		302		1994		(l	)

S-8

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision		Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings				Land		Building and Improvements		Total
								(Dollars in thousands)
23028 Commerce Drive	Farmington Hills, MI		—		98		507		285		125		765		890		611		1994		(l	)
23035 Commerce Drive	Farmington Hills, MI		—		71		355		278		93		611		704		487		1994		(l	)
23042 Commerce Drive	Farmintgon Hills, MI		—		67		277		273		89		528		617		444		1994		(l	)
23065 Commerce Drive	Farmington Hills, MI		—		71		408		285		93		671		764		477		1994		(l	)
23079 Commerce Drive	Farmington Hills, MI		—		68		301		290		79		580		659		431		1994		(l	)
23093 Commerce Drive	Farmington Hills, MI		—		211		1,024		805		295		1,745		2,040		1,423		1994		(l	)
23135 Commerce Drive	Farmington Hills, MI		—		146		701		392		158		1,081		1,239		753		1994		(l	)
23163 Commerce Drive	Farmington Hills, MI		—		111		513		341		138		827		965		605		1994		(l	)
23177 Commerce Drive	Farmington Hills, MI		—		175		1,007		566		254		1,494		1,748		1,119		1994		(l	)
23206 Commerce Drive	Farmington Hills, MI		—		125		531		367		137		886		1,023		629		1994		(l	)
23370 Commerce Drive	Farmington Hills, MI		—		59		233		175		66		401		467		372		1994		(l	)
32450 N Avis Drive	Madison Heights, MI		—		281		1,590		529		286		2,114		2,400		779		1996		(l	)
12707 Eckles Road	Plymouth Township, MI		—		255		1,445		243		267		1,676		1,943		617		1996		(l	)
9300- 9328 Harrison Rd	Romulus, MI		—		147		834		395		154		1,222		1,376		430		1996		(l	)
9330- 9358 Harrison Rd	Romulus, MI		—		81		456		271		85		723		808		259		1996		(l	)
28420-28448 Highland Rd	Romulus, MI		—		143		809		268		149		1,071		1,220		370		1996		(l	)
28450-28478 Highland Rd	Romulus, MI		—		81		461		602		85		1,059		1,144		359		1996		(l	)
28421-28449 Highland Rd	Romulus, MI		—		109		617		491		114		1,103		1,217		393		1996		(l	)
28451-28479 Highland Rd	Romulus, MI		—		107		608		380		112		983		1,095		325		1996		(l	)
28825-28909 Highland Rd	Romulus, MI		—		70		395		314		73		706		779		279		1996		(l	)
28933-29017 Highland Rd	Romulus, MI		—		112		634		255		117		884		1,001		295		1996		(l	)
28824-28908 Highland Rd	Romulus, MI		—		134		760		441		140		1,195		1,335		373		1996		(l	)
28932-29016 Highland Rd	Romulus, MI		—		123		694		453		128		1,142		1,270		343		1996		(l	)
9710-9734 Harrison Rd	Romulus, MI		—		125		706		412		130		1,113		1,243		336		1996		(l	)
9740-9772 Harrison Rd	Romulus, MI		—		132		749		311		138		1,054		1,192		354		1996		(l	)
9840-9868 Harrison Rd	Romulus, MI		—		144		815		262		151		1,070		1,221		352		1996		(l	)
9800-9824 Harrison Rd	Romulus, MI		—		117		664		343		123		1,001		1,124		325		1996		(l	)
29265- 29285 Airport Dr	Romulus, MI		—		140		794		299		147		1,086		1,233		412		1996		(l	)
29185-29225 Airport Dr	Romulus, MI		—		140		792		502		146		1,288		1,434		400		1996		(l	)
29149-29165 Airport Dr	Romulus, MI		—		216		1,225		248		226		1,463		1,689		550		1996		(l	)
29101-29115 Airport Dr	Romulus, MI		—		130		738		257		136		989		1,125		372		1996		(l	)
29031-29045 Airport Dr	Romulus, MI		—		124		704		130		130		828		958		317		1996		(l	)
29050-29062 Airport Dr	Romulus, MI		—		127		718		230		133		942		1,075		337		1996		(l	)
29120-29134 Airport Dr	Romulus, MI		—		161		912		268		169		1,172		1,341		423		1996		(l	)

S-9

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
29200-29214 Airport Dr	Romulus, MI		—		170		963		292			178		1,247		1,425		458		1996		(l	)
9301-9339 Middlebelt Rd	Romulus, MI		—		124		703		461			130		1,158		1,288		375		1996		(l	)
32975 Capitol Avenue	Livonia, MI		—		135		748		(170	)		77		636		713		273		1998		(l	)
32920 Capitol Avenue	Livonia, MI		—		76		422		(91	)		27		380		407		165		1998		(l	)
11923 Brookfield Avenue	Livonia, MI		—		120		665		(350	)		32		403		435		258		1998		(l	)
11965 Brookfield Avenue	Livonia, MI		—		120		665		(382	)		28		375		403		228		1998		(l	)
13405 Stark Road	Livonia, MI		—		46		254		(3	)		30		267		297		104		1998		(l	)
1170 Chicago Road	Troy, MI		—		249		1,380		(428	)		134		1,067		1,201		523		1998		(l	)
1200 Chicago Road	Troy, MI		—		268		1,483		271			286		1,736		2,022		579		1998		(l	)
450 Robbins Drive	Troy, MI		—		166		920		281			178		1,189		1,367		422		1998		(l	)
1230 Chicago Road	Troy, MI		—		271		1,498		162			289		1,642		1,931		555		1998		(l	)
12886 Westmore Avenue	Livonia, MI		—		190		1,050		(351	)		86		803		889		389		1998		(l	)
33025 Industrial Road	Livonia, MI		—		80		442		(324	)		6		192		198		162		1998		(l	)
47711 Clipper Street	Plymouth Township, MI		—		539		2,983		279			575		3,226		3,801		1,093		1998		(l	)
32975 Industrial Road	Livonia, MI		—		160		887		(192	)		92		763		855		328		1998		(l	)
32985 Industrial Road	Livonia, MI		—		137		761		(329	)		46		523		569		274		1998		(l	)
32995 Industrial Road	Livonia, MI		—		160		887		(388	)		53		606		659		347		1998		(l	)
12874 Westmore Avenue	Livonia, MI		—		137		761		(275	)		58		565		623		281		1998		(l	)
1775 Bellingham	Troy, MI		—		344		1,902		365			367		2,244		2,611		752		1998		(l	)
1785 East Maple	Troy, MI		—		92		507		140			98		641		739		201		1998		(l	)
1807 East Maple	Troy, MI		—		321		1,775		(428	)		191		1,477		1,668		638		1998		(l	)
980 Chicago	Troy, MI		—		206		1,141		224			220		1,351		1,571		443		1998		(l	)
1840 Enterprise Drive	Rochester Hills, MI		—		573		3,170		(2,266	)		49		1,428		1,477		1,069		1998		(l	)
1885 Enterprise Drive	Rochester Hills, MI		—		209		1,158		129			223		1,273		1,496		428		1998		(l	)
1935-55 Enterprise Drive	Rochester Hills, MI		—		1,285		7,144		1,317			1,371		8,375		9,746		2,631		1998		(l	)
5500 Enterprise Court	Warren, MI		—		675		3,737		586			721		4,277		4,998		1,410		1998		(l	)
750 Chicago Road	Troy, MI		—		323		1,790		503			345		2,271		2,616		811		1998		(l	)
800 Chicago Road	Troy, MI		—		283		1,567		366			302		1,914		2,216		636		1998		(l	)
850 Chicago Road	Troy, MI		—		183		1,016		218			196		1,221		1,417		400		1998		(l	)
6833 Center Drive	Sterling Heights, MI		—		467		2,583		204			493		2,761		3,254		954		1998		(l	)
1100 East Mandoline Road	Madison Heights, MI		—		888		4,915		(1,273	)		332		4,198		4,530		1,920		1998		(l	)
1120 John A. Papalas Drive (e)	Lincoln Park, MI		—		366		3,241		141			297		3,451		3,748		1,501		1998		(l	)
4872 S. Lapeer Road	Lake Orion Twsp, MI		—		1,342		5,441		1,307			1,412		6,678		8,090		1,841		1999		(l	)
1400 Allen Drive	Troy, MI		—		209		1,154		231			212		1,382		1,594		406		2000		(l	)

S-10

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
1408 Allen Drive	Troy, MI		—		151		834		133			153		965		1,118		302		2000		(l	)
1305 Stephenson Hwy	Troy, MI		—		345		1,907		255			350		2,157		2,507		595		2000		(l	)
32505 Industrial Drive	Madison Heights, MI		—		345		1,910		335			351		2,239		2,590		670		2000		(l	)
1799-1813 Northfield Drive (d)	Rochester Hills, MI		—		481		2,665		256			490		2,912		3,402		831		2000		(l	)
28435 Automation Blvd	Wixom, MI		—		621		—		3,742			628		3,735		4,363		711		2004		(l	)
32200 N Avis Drive	Madison Heights, MI		—		503		3,367		(1,325	)		195		2,350		2,545		684		2005		(l	)
100 Kay Industrial Drive	Rion Township, MI		—		677		2,018		273			685		2,283		2,968		633		2005		(l	)
32650 Capitol Avenue	Livonia, MI		—		282		1,128		(500	)		167		743		910		148		2005		(l	)
11800 Sears Drive	Livonia, MI		—		693		1,507		1,195			476		2,919		3,395		1,050		2005		(l	)
1099 Chicago Road	Troy, MI		—		1,277		1,332		(1,470	)		303		836		1,139		594		2005		(l	)
42555 Merrill Road	Sterling Heights, MI		—		1,080		2,300		3,487			1,090		5,777		6,867		1,294		2006		(l	)
200 Northpointe Drive	Orion Township, MI		—		723		2,063		36			734		2,088		2,822		561		2006		(l	)
Houston
2102-2314 Edwards Street	Houston, TX		—		348		1,973		1,937			382		3,876		4,258		1,141		1997		(l	)
3351 Rauch St	Houston, TX		—		272		1,541		553			278		2,088		2,366		656		1997		(l	)
3851 Yale St	Houston, TX		2,049		413		2,343		359			425		2,690		3,115		925		1997		(l	)
3337-3347 Rauch Street	Houston, TX		—		227		1,287		447			233		1,728		1,961		522		1997		(l	)
8505 N Loop East	Houston, TX		1,723		439		2,489		638			449		3,117		3,566		1,001		1997		(l	)
4749-4799 Eastpark Dr	Houston, TX		2,556		594		3,368		1,330			611		4,681		5,292		1,525		1997		(l	)
4851 Homestead Road	Houston, TX		3,212		491		2,782		1,367			504		4,136		4,640		1,280		1997		(l	)
3365-3385 Rauch Street	Houston, TX		1,707		284		1,611		699			290		2,304		2,594		781		1997		(l	)
5050 Campbell Road	Houston, TX		1,700		461		2,610		448			470		3,049		3,519		1,073		1997		(l	)
4300 Pine Timbers	Houston, TX		—		489		2,769		725			499		3,484		3,983		1,225		1997		(l	)
2500-2530 Fairway Park Drive	Houston, TX		3,427		766		4,342		1,985			792		6,301		7,093		1,859		1997		(l	)
6550 Longpointe	Houston, TX		1,407		362		2,050		501			370		2,543		2,913		881		1997		(l	)
1815 Turning Basin Dr	Houston, TX		1,911		487		2,761		708			531		3,425		3,956		1,181		1997		(l	)
1819 Turning Basin Dr	Houston, TX		—		231		1,308		478			251		1,766		2,017		552		1997		(l	)
1805 Turning Basin Drive	Houston, TX		2,246		564		3,197		888			616		4,033		4,649		1,391		1997		(l	)
9835A Genard Road	Houston, TX		—		1,505		8,333		3,170			1,581		11,427		13,008		3,182		1999		(l	)
9835B Genard Road	Houston, TX		—		245		1,357		646			256		1,992		2,248		628		1999		(l	)
11505 State Highway 225	LaPorte City, TX		4,573		940		4,675		606			940		5,281		6,221		1,281		2005		(l	)
1500 E. Main Street	Houston, TX		—		201		1,328		(26	)		204		1,299		1,503		577		2005		(l	)
700 Industrial Blvd	Sugar Land, TX		3,471		608		3,679		336			617		4,006		4,623		764		2007		(l	)
7230-7238 Wynnwood	Houston, TX		—		254		764		90			259		849		1,108		270		2007		(l	)

S-11

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
7240-7248 Wynnwood	Houston, TX		—		271		726		61			276		782		1,058		257		2007		(l	)
7250-7260 Wynnwood	Houston, TX		—		200		481		35			203		513		716		155		2007		(l	)
7967 Blankenship	Houston, TX		—		307		1,166		220			307		1,386		1,693		180		2010		(l	)
8800 City Park Look East	Houston, TX		24,242		3,717		19,237		1			3,717		19,237		22,954		646		2013		(l	)
6400 Long Point	Houston, TX		—		188		898		(6	)		188		892		1,080		266		2007		(l	)
12705 S. Kirkwood, Ste 100-150	Stafford, TX		—		154		626		81			155		706		861		146		2007		(l	)
12705 S. Kirkwood, Ste 200-220	Stafford, TX		—		404		1,698		248			393		1,957		2,350		473		2007		(l	)
8850 Jameel	Houston, TX		—		171		826		84			171		910		1,081		252		2007		(l	)
8800 Jameel	Houston, TX		—		163		798		(142	)		124		695		819		172		2007		(l	)
8700 Jameel	Houston, TX		—		170		1,020		(109	)		120		961		1,081		288		2007		(l	)
8600 Jameel	Houston, TX		—		163		818		52			163		870		1,033		186		2007		(l	)
Indianapolis
1445 Brookville Way	Indianapolis, IN		—		459		2,603		992			476		3,578		4,054		1,257		1996		(l	)
1440 Brookville Way	Indianapolis, IN		—		665		3,770		894			685		4,644		5,329		1,929		1996		(l	)
1240 Brookville Way	Indianapolis, IN		—		247		1,402		335			258		1,726		1,984		684		1996		(l	)
1345 Brookville Way	Indianapolis, IN		—		586		3,321		686			601		3,992		4,593		1,565		1996		(l	)
1350 Brookville Way	Indianapolis, IN		—		205		1,161		340			212		1,494		1,706		612		1996		(l	)
1341 Sadlier Circle E Dr	Indianapolis, IN		—		131		743		215			136		953		1,089		370		1996		(l	)
1322-1438 Sadlier Circle E Dr	Indianapolis, IN		—		145		822		293			152		1,108		1,260		409		1996		(l	)
1327-1441 Sadlier Circle E Dr	Indianapolis, IN		—		218		1,234		459			225		1,686		1,911		569		1996		(l	)
1304 Sadlier Circle E Dr	Indianapolis, IN		—		71		405		188			75		589		664		214		1996		(l	)
1402 Sadlier Circle E Dr	Indianapolis, IN		—		165		934		369			171		1,297		1,468		479		1996		(l	)
1504 Sadlier Circle E Dr	Indianapolis, IN		—		219		1,238		(128	)		115		1,214		1,329		629		1996		(l	)
1365 Sadlier Circle E Dr	Indianapolis, IN		—		121		688		36			91		754		845		311		1996		(l	)
1352-1354 Sadlier Circle E Dr	Indianapolis, IN		—		178		1,008		243			166		1,263		1,429		505		1996		(l	)
1335 Sadlier Circle E Dr	Indianapolis, IN		—		81		460		310			85		766		851		363		1996		(l	)
1327 Sadlier Circle E Dr	Indianapolis, IN		—		52		295		24			33		338		371		147		1996		(l	)
1425 Sadlier Circle E Dr	Indianapolis, IN		—		21		117		37			23		152		175		59		1996		(l	)
6951 E 30th St	Indianapolis, IN		—		256		1,449		194			265		1,634		1,899		631		1996		(l	)
6701 E 30th St	Indianapolis, IN		—		78		443		84			82		523		605		194		1996		(l	)
6737 E 30th St	Indianapolis, IN		1,839		385		2,181		189			398		2,357		2,755		927		1996		(l	)
6555 E 30th St	Indianapolis, IN		—		484		4,760		1,314			484		6,074		6,558		2,336		1996		(l	)
8402-8440 E 33rd St	Indianapolis, IN		—		222		1,260		578			230		1,830		2,060		702		1996		(l	)
8520-8630 E 33rd St	Indianapolis, IN		—		326		1,848		266			281		2,159		2,440		837		1996		(l	)

S-12

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
8710-8768 E 33rd St	Indianapolis, IN		—		175		993		473			180		1,461		1,641		558		1996		(l	)
3316-3346 N. Pagosa Court	Indianapolis, IN		—		325		1,842		438			332		2,273		2,605		827		1996		(l	)
7901 West 21st St.	Indianapolis, IN		—		1,048		6,027		164			1,048		6,191		7,239		2,270		1997		(l	)
1225 Brookville Way	Indianapolis, IN		—		60		—		465			68		457		525		193		1997		(l	)
6751 E 30th St	Indianapolis, IN		2,601		728		2,837		330			741		3,154		3,895		1,124		1997		(l	)
9210 E. 146th Street	Noblesville, IN		—		66		684		168			54		864		918		281		1998		(l	)
5705-97 Park Plaza Ct.	Indianapolis, IN		—		600		2,194		517			609		2,702		3,311		764		2003		(l	)
9319-9341 Castlegate Drive	Indianapolis, IN		—		530		1,235		1,063			544		2,284		2,828		858		2003		(l	)
1133 Northwest L Street	Richmond, IN		745		201		1,358		(51	)		208		1,300		1,508		438		2006		(l	)
14425 Bergen Blvd	Noblesville, IN		—		647		—		3,861			743		3,765		4,508		680		2007		(l	)
Miami
4700 NW 15th Ave.	Ft. Lauderdale, FL		—		908		1,883		349			912		2,228		3,140		495		2007		(l	)
4710 NW 15th Ave.	Ft. Lauderdale, FL		—		830		2,722		386			834		3,104		3,938		596		2007		(l	)
4720 NW 15th Ave.	Ft. Lauderdale, FL		—		937		2,455		450			942		2,900		3,842		504		2007		(l	)
4740 NW 15th Ave.	Ft. Lauderdale, FL		—		1,107		3,111		350			1,112		3,456		4,568		604		2007		(l	)
4750 NW 15th Ave.	Ft. Lauderdale, FL		—		947		3,079		763			951		3,838		4,789		723		2007		(l	)
4800 NW 15th Ave.	Ft. Lauderdale, FL		—		1,092		3,308		138			1,097		3,441		4,538		626		2007		(l	)
Medley Industrial Center	Medley, FL		—		857		3,428		3,092			864		6,513		7,377		648		2007		(l	)
Pan American Business Park	Medley, FL		—		2,521		—		637			828		2,330		3,158		121		2008		(l	)
Milwaukee
6523 N Sydney Place	Glendale, WI		—		172		976		(16	)		80		1,052		1,132		538		1995		(l	)
5355 South Westridge Drive	New Berlin, WI		5,482		1,630		7,058		(305	)		1,646		6,737		8,383		1,158		2004		(l	)
320-334 W. Vogel Avenue	Milwaukee, WI		—		506		3,199		(168	)		508		3,029		3,537		1,055		2005		(l	)
4950 South 6th Avenue	Milwaukee, WI		—		299		1,565		94			301		1,657		1,958		600		2005		(l	)
1711 Paramount Court	Waukesha, WI		1,316		308		1,762		37			311		1,796		2,107		481		2005		(l	)
W140 N9059 Lilly Road	Menomonee Falls, WI		—		343		1,153		156			366		1,286		1,652		413		2005		(l	)
200 W. Vogel Avenue-Bldg B	Milwaukee, WI		—		301		2,150		—			302		2,149		2,451		759		2005		(l	)
4921 S. 2nd Street	Milwaukee, WI		—		101		713		(233	)		58		523		581		214		2005		(l	)
1500 Peebles Drive	Richland Center, WI		—		1,577		1,018		(289	)		1,528		778		2,306		601		2005		(l	)
16600 West Glendale Ave	New Berlin, WI		2,338		704		1,923		677			715		2,589		3,304		873		2006		(l	)
2905 S. 160th Street	New Berlin, WI		—		261		672		340			265		1,008		1,273		398		2007		(l	)
2855 S. 160th Street	New Berlin, WI		—		221		628		223			225		847		1,072		239		2007		(l	)
2485 Commerce Drive	New Berlin, WI		1,569		483		1,516		268			491		1,776		2,267		515		2007		(l	)
14518 Whittaker Way	Menomonee Falls, WI		—		437		1,082		359			445		1,433		1,878		484		2007		(l	)

S-13

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
Rust-Oleum BTS	Kenosha, WI		14,130		4,100		—		24,034			3,212		24,922		28,134		2,187		2008		(l	)
Menomonee Falls-Barry Land	Menomonee Falls, WI		11,031		1,188		—		16,949			1,204		16,933		18,137		1,388		2008		(l	)
Minneapolis/St. Paul
6201 West 111th Street	Bloomington, MN		4,218		1,358		8,622		5,684			1,499		14,165		15,664		8,945		1994		(l	)
7251-7267 Washington Avenue	Edina, MN		—		129		382		675			182		1,004		1,186		751		1994		(l	)
7301-7325 Washington Avenue	Edina, MN		—		174		391		(34	)		193		338		531		80		1994		(l	)
7101 Winnetka Avenue North	Brooklyn Park, MN		5,887		2,195		6,084		3,908			2,228		9,959		12,187		6,311		1994		(l	)
9901 West 74th Street	Eden Prairie, MN		3,408		621		3,289		3,145			639		6,416		7,055		4,926		1994		(l	)
1030 Lone Oak Road	Eagan, MN		2,614		456		2,703		618			456		3,321		3,777		1,351		1994		(l	)
1060 Lone Oak Road	Eagan, MN		3,385		624		3,700		565			624		4,265		4,889		1,767		1994		(l	)
5400 Nathan Lane	Plymouth, MN		2,962		749		4,461		921			757		5,374		6,131		2,307		1994		(l	)
10120 W 76th Street	Eden Prairie, MN		—		315		1,804		1,488			315		3,292		3,607		1,248		1995		(l	)
12155 Nicollet Ave.	Burnsville, MN		—		286		—		1,741			288		1,739		2,027		703		1995		(l	)
4100 Peavey Road	Chaska, MN		—		277		2,261		795			277		3,056		3,333		1,156		1996		(l	)
5205 Highway 169	Plymouth, MN		—		446		2,525		658			578		3,051		3,629		1,258		1996		(l	)
7100-7198 Shady Oak Road	Eden Prairie, MN		4,664		715		4,054		1,970			736		6,003		6,739		2,056		1996		(l	)
7500-7546 Washington Square	Eden Prairie, MN		—		229		1,300		766			235		2,060		2,295		702		1996		(l	)
7550-7586 Washington Square	Eden Prairie, MN		—		153		867		275			157		1,138		1,295		414		1996		(l	)
5240-5300 Valley Industrial Blvd S	Shakopee, MN		—		362		2,049		843			371		2,883		3,254		965		1996		(l	)
500-530 Kasota Avenue SE	Minneapolis, MN		—		415		2,354		1,042			434		3,377		3,811		1,137		1998		(l	)
2530-2570 Kasota Avenue	St. Paul, MN		—		407		2,308		829			441		3,103		3,544		978		1998		(l	)
5775 12th Avenue	Shakopee, MN		—		590		—		5,676			590		5,676		6,266		1,865		1998		(l	)
1157 Valley Park Drive	Shakopee, MN		—		760		—		6,544			888		6,416		7,304		2,025		1999		(l	)
9600 West 76th Street	Eden Prairie, MN		2,275		1,000		2,450		61			1,034		2,477		3,511		643		2004		(l	)
9700 West 76th Street	Eden Prairie, MN		3,253		1,000		2,709		526			1,038		3,197		4,235		810		2004		(l	)
7600 69th Avenue	Greenfield, MN		—		1,500		8,328		1,387			1,510		9,705		11,215		2,559		2004		(l	)
5017 Boone Avenue North	New Hope, MN		2,068		1,000		1,599		(15	)		1,009		1,575		2,584		571		2005		(l	)
2300 West Highway 13	Burnsville, MN		—		2,517		6,069		(3,331	)		1,296		3,959		5,255		2,528		2005		(l	)
1087 Park Place	Shakopee, MN		—		1,195		4,891		(613	)		1,198		4,275		5,473		765		2005		(l	)
5391 12th Avenue SE	Shakopee, MN		4,742		1,392		8,149		(342	)		1,395		7,804		9,199		1,433		2005		(l	)
4701 Valley Industrial Blvd S	Shakopee, MN		—		1,296		7,157		598			1,299		7,752		9,051		2,481		2005		(l	)
316 Lake Hazeltine Drive	Chaska, MN		—		714		944		(111	)		729		818		1,547		232		2006		(l	)
1225 Highway 169 North	Plymouth, MN		—		1,190		1,979		112			1,207		2,074		3,281		581		2006		(l	)
7102 Winnetka Avene North	Brooklyn Park, MN		4,316		1,275		—		6,469			1,343		6,401		7,744		719		2007		(l	)

S-14

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
139 Eva Street	St. Paul, MN		—		2,132		3,105		90			2,175		3,152		5,327		503		2008		(l	)
21900 Dodd Boulevard	Lakeville, MN		9,766		2,289		7,952		(1	)		2,289		7,952		10,241		602		2009		(l	)
Nashville
3099 Barry Drive	Portland, TN		—		418		2,368		(689	)		248		1,849		2,097		912		1996		(l	)
3150 Barry Drive	Portland, TN		—		941		5,333		5,964			981		11,257		12,238		2,685		1996		(l	)
5599 Highway 31 West	Portland, TN		—		564		3,196		(1,577	)		187		1,996		2,183		1,183		1996		(l	)
1931 Air Lane Drive	Nashville, TN		2,452		489		2,785		269			493		3,050		3,543		1,065		1997		(l	)
4640 Cummings Park	Nashville, TN		—		360		2,040		632			365		2,667		3,032		764		1999		(l	)
1740 River Hills Drive	Nashville, TN		2,945		848		4,383		467			888		4,810		5,698		1,445		2005		(l	)
211 Ellery Court	Nashville, TN		3,115		606		3,192		433			616		3,615		4,231		798		2007		(l	)
Rockdale BTS	Gallatin, TN		17,389		1,778		—		24,267			1,778		24,267		26,045		1,992		2008		(l	)
Northern New Jersey
14 World’s Fair Drive	Franklin, NJ		—		483		2,735		602			503		3,317		3,820		1,165		1997		(l	)
12 World’s Fair Drive	Franklin, NJ		—		572		3,240		1,120			593		4,339		4,932		1,470		1997		(l	)
22 World’s Fair Drive	Franklin, NJ		—		364		2,064		639			375		2,692		3,067		1,022		1997		(l	)
26 World’s Fair Drive	Franklin, NJ		—		361		2,048		623			377		2,655		3,032		951		1997		(l	)
24 World’s Fair Drive	Franklin, NJ		—		347		1,968		486			362		2,439		2,801		940		1997		(l	)
20 World’s Fair Drive Lot 13	Sumerset, NJ		—		9		—		2,554			691		1,872		2,563		493		1999		(l	)
45 Route 46	Pine Brook, NJ		—		969		5,491		965			978		6,447		7,425		1,916		2000		(l	)
43 Route 46	Pine Brook, NJ		—		474		2,686		420			479		3,101		3,580		822		2000		(l	)
39 Route 46	Pine Brook, NJ		—		260		1,471		190			262		1,659		1,921		475		2000		(l	)
26 Chapin Road	Pine Brook, NJ		4,891		956		5,415		769			965		6,175		7,140		1,785		2000		(l	)
30 Chapin Road	Pine Brook, NJ		4,689		960		5,440		444			969		5,875		6,844		1,592		2000		(l	)
20 Hook Mountain Road	Pine Brook, NJ		—		1,507		8,542		2,920			1,534		11,435		12,969		3,479		2000		(l	)
30 Hook Mountain Road	Pine Brook, NJ		—		389		2,206		518			396		2,717		3,113		692		2000		(l	)
55 Route 46	Pine Brook, NJ		—		396		2,244		(403	)		314		1,923		2,237		560		2000		(l	)
16 Chapin Rod	Pine Brook, NJ		3,664		885		5,015		529			901		5,528		6,429		1,457		2000		(l	)
20 Chapin Road	Pine Brook, NJ		4,688		1,134		6,426		665			1,154		7,071		8,225		1,997		2000		(l	)
Sayreville Lot 4	Sayreville, NJ		3,515		944		—		4,598			944		4,598		5,542		1,108		2002		(l	)
Sayreville Lot 3	Sayreville, NJ		—		996		—		5,392			996		5,392		6,388		1,010		2003		(l	)
309-319 Pierce Street	Somerset, NJ		3,738		1,300		4,628		689			1,309		5,308		6,617		1,276		2004		(l	)
Philadelphia
3240 S. 78th Street	Philadelphia, PA		—		515		1,245		(256	)		423		1,081		1,504		375		2005		(l	)
2455 Boulevard of Generals	Norristown, PA		3,592		1,200		4,800		1,088			1,226		5,862		7,088		1,205		2008		(l	)

S-15

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
Phoenix
1045 South Edward Drive	Tempe, AZ		—		390		2,160		164			396		2,318		2,714		719		1999		(l	)
50 South 56th Street	Chandler, AZ		—		1,206		3,218		360			1,252		3,532		4,784		850		2004		(l	)
4701 W. Jefferson	Phoenix, AZ		2,650		926		2,195		443			929		2,635		3,564		978		2005		(l	)
7102 W. Roosevelt	Phoenix, AZ		—		1,613		6,451		1,136			1,620		7,580		9,200		2,063		2006		(l	)
4137 West Adams Street	Phoenix, AZ		—		990		2,661		255			1,038		2,868		3,906		626		2006		(l	)
245 W. Lodge	Tempe, AZ		—		898		3,066		(1,891	)		362		1,711		2,073		451		2007		(l	)
1590 E Riverview Dr.	Phoenix, AZ		—		1,293		5,950		396			1,292		6,347		7,639		723		2008		(l	)
14131 N. Rio Vista Dr.	Peoria, AZ		—		2,563		9,388		1,798			2,563		11,186		13,749		1,936		2008		(l	)
8716 W. Ludlow Drive	Peoria, AZ		—		2,709		10,970		1,236			2,709		12,206		14,915		1,547		2008		(l	)
3815 W. Washington St.	Phoenix, AZ		3,975		1,675		4,514		149			1,719		4,619		6,338		522		2008		(l	)
690 91st Avenue	Tolleson, AZ		7,497		1,904		6,805		2,646			1,923		9,432		11,355		1,503		2008		(l	)
Salt Lake City
512 Lawndale Drive (i)	Salt Lake City, UT		—		2,688		15,643		3,343			2,688		18,986		21,674		6,579		1997		(l	)
1270 West 2320 South	West Valley, UT		—		138		784		256			143		1,035		1,178		384		1998		(l	)
1275 West 2240 South	West Valley, UT		—		395		2,241		331			408		2,559		2,967		867		1998		(l	)
1288 West 2240 South	West Valley, UT		—		119		672		111			123		779		902		266		1998		(l	)
2235 South 1300 West	West Valley, UT		—		198		1,120		249			204		1,363		1,567		421		1998		(l	)
1293 West 2200 South	West Valley, UT		—		158		896		118			163		1,009		1,172		335		1998		(l	)
1279 West 2200 South	West Valley, UT		—		198		1,120		296			204		1,410		1,614		485		1998		(l	)
1272 West 2240 South	West Valley, UT		—		336		1,905		387			347		2,281		2,628		741		1998		(l	)
1149 West 2240 South	West Valley, UT		—		217		1,232		158			225		1,382		1,607		455		1998		(l	)
1142 West 2320 South	West Valley, UT		—		217		1,232		73			225		1,297		1,522		449		1998		(l	)
1152 West 2240 South	West Valley, UT		—		1,652		—		2,576			669		3,559		4,228		1,100		2000		(l	)
1815-1957 South 4650 West	Salt Lake City, UT		7,285		1,707		10,873		273			1,713		11,140		12,853		2,043		2006		(l	)
2100 Alexander Street	West Valley, UT		1,152		376		1,670		(21	)		376		1,649		2,025		266		2007		(l	)
2064 Alexander Street	West Valley, UT		2,125		864		2,771		129			869		2,895		3,764		580		2007		(l	)
Seattle
1901 Raymond Ave SW	Renton, WA		1,833		4,458		2,659		633			4,594		3,156		7,750		473		2008		(l	)
19014 64th Avenue South	Kent, WA		3,179		1,990		3,979		258			2,042		4,186		6,228		707		2008		(l	)
18640 68th Ave. South	Kent, WA		732		1,218		1,950		348			1,258		2,258		3,516		407		2008		(l	)
Puget Sound Terminal 7	Seattle, WA		—		9,139		5,881		1,069			9,340		6,748		16,088		393		2008		(l	)
Southern California
100 West Sinclair	Riverside, CA		—		4,894		3,481		(4,561	)		1,819		1,995		3,814		872		2007		(l	)
14050 Day Street	Moreno Valley, CA		3,582		2,538		2,538		291			2,565		2,801		5,366		445		2008		(l	)
12925 Marlay Avenue	Fontana, CA		9,869		6,072		7,891		711			6,090		8,584		14,674		1,707		2008		(l	)
1944 Vista Bella Way	Rancho Domingue, CA		—		1,746		3,148		730			1,822		3,802		5,624		1,072		2005		(l	)
2000 Vista Bella Way	Rancho Domingue, CA		1,414		817		1,673		301			853		1,938		2,791		488		2005		(l	)

S-16

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
2835 East Ana Street	Rancho Domingue, CA		3,015		1,682		2,750		(227	)		1,772		2,433		4,205		602		2005		(l	)
665 N. Baldwin Park Blvd.	City of Industry, CA		4,585		2,124		5,219		1,587			2,143		6,787		8,930		1,451		2006		(l	)
27801 Avenue Scott	Santa Clarita, CA		—		2,890		7,020		599			2,902		7,607		10,509		1,503		2006		(l	)
2610 & 2660 Columbia St	Torrance, CA		4,715		3,008		5,826		181			3,031		5,984		9,015		1,231		2006		(l	)
433 Alaska Avenue	Torrance, CA		—		681		168		13			684		178		862		66		2006		(l	)
4020 S. Compton Ave	Los Angeles, CA		—		3,800		7,330		71			3,825		7,376		11,201		1,195		2006		(l	)
21730-21748 Marilla St.	Chatsworth, CA		3,154		2,585		3,210		192			2,608		3,379		5,987		718		2007		(l	)
8015 Paramount	Pico Rivera, CA		—		3,616		3,902		61			3,657		3,922		7,579		855		2007		(l	)
3365 E. Slauson	Vernon, CA		—		2,367		3,243		40			2,396		3,254		5,650		748		2007		(l	)
3015 East Ana	Rancho Domingue, CA		—		19,678		9,321		7,490			20,144		16,345		36,489		3,110		2007		(l	)
19067 Reyes Ave	Rancho Domingue, CA		—		9,281		3,920		202			9,381		4,022		13,403		1,057		2007		(l	)
1250 Rancho Conejo Blvd.	Thousand Oaks, CA		—		1,435		779		98			1,441		871		2,312		215		2007		(l	)
1260 Rancho Conejo Blvd.	Thousand Oaks, CA		—		1,353		722		(860	)		675		540		1,215		166		2007		(l	)
1270 Rancho Conejo Blvd.	Thousand Oaks, CA		—		1,224		716		(20	)		1,229		691		1,920		164		2007		(l	)
1280 Rancho Conejo Blvd.	Thousand Oaks, CA		3,062		2,043		3,408		(266	)		2,051		3,134		5,185		399		2007		(l	)
1290 Rancho Conejo Blvd	Thousand Oaks, CA		2,639		1,754		2,949		(230	)		1,761		2,712		4,473		349		2007		(l	)
18201-18291 Santa Fe	Rancho Domingue, CA		10,461		6,720		—		8,949			6,897		8,772		15,669		892		2008		(l	)
1011 Rancho Conejo	Thousand Oaks, CA		5,784		7,717		2,518		(186	)		7,752		2,296		10,048		556		2008		(l	)
2300 Corporate Center Drive	Thousand Oaks, CA		—		6,506		4,885		(5,725	)		3,236		2,430		5,666		541		2008		(l	)
19021 S. Reyes Ave.	Rancho Domingue, CA		—		8,183		7,501		733			8,545		7,872		16,417		821		2008		(l	)
16275 Technology Drive	San Diego, CA		—		2,848		8,641		(198	)		2,859		8,432		11,291		1,660		2005		(l	)
6305 El Camino Real	Carlsbad, CA		—		1,590		6,360		7,563			1,590		13,923		15,513		2,073		2006		(l	)
2325 Camino Vida Roble	Carlsbad, CA		2,026		1,441		1,239		464			1,446		1,698		3,144		353		2006		(l	)
2335 Camino Vida Roble	Carlsbad, CA		1,126		817		762		133			821		891		1,712		232		2006		(l	)
2345 Camino Vida Roble	Carlsbad, CA		795		562		456		87			565		540		1,105		157		2006		(l	)
2355 Camino Vida Roble	Carlsbad, CA		582		481		365		57			483		420		903		120		2006		(l	)
2365 Camino Vida Roble	Carlsbad, CA		1,226		1,098		630		3			1,102		629		1,731		199		2006		(l	)
2375 Camino Vida Roble	Carlsbad, CA		1,531		1,210		874		199			1,214		1,069		2,283		317		2006		(l	)
6451 El Camino Real	Carlsbad, CA		—		2,885		1,931		507			2,895		2,428		5,323		573		2006		(l	)
8572 Spectrum Lane	San Diego, CA		2,261		806		3,225		429			807		3,653		4,460		556		2007		(l	)
13100 Gregg Street	Poway, CA		—		1,040		4,160		474			1,073		4,601		5,674		948		2007		(l	)
Southern New Jersey
8 Springdale Road	Cherry Hill, NJ		—		258		1,436		782			258		2,218		2,476		764		1998		(l	)
111 Whittendale Drive	Morrestown, NJ		1,841		522		2,916		195			522		3,111		3,633		891		2000		(l	)
7851 Airport Highway	Pennsauken, NJ		—		160		508		381			162		887		1,049		194		2003		(l	)
103 Central	Mt. Laurel, NJ		—		610		1,847		1,027			619		2,865		3,484		710		2003		(l	)
7890 Airport Hwy/7015 Central	Pennsauken, NJ		1,295		300		989		511			425		1,375		1,800		619		2006		(l	)
600 Creek Road	Delanco, NJ		—		2,125		6,504		(1,905	)		1,557		5,167		6,724		2,045		2007		(l	)
1070 Thomas Busch Mem Hwy	Pennsauken, NJ		2,685		1,054		2,278		84			1,084		2,332		3,416		502		2007		(l	)

S-17

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
St. Louis
10431-10449 Midwest Industrial Blvd	Olivette, MO		1,335		237		1,360		403			237		1,763		2,000		720		1994		(l	)
10751 Midwest Industrial Boulevard	Olivette, MO		—		193		1,119		259			194		1,377		1,571		526		1994		(l	)
6951 N Hanley (d)	Hazelwood, MO		—		405		2,295		2,001			419		4,282		4,701		1,416		1996		(l	)
1067 Warson-Bldg A	St. Louis, MO		—		246		1,359		881			251		2,235		2,486		524		2002		(l	)
1067 Warson-Bldg B	St. Louis, MO		—		380		2,103		1,889			388		3,984		4,372		993		2002		(l	)
1067 Warson-Bldg C	St. Louis, MO		—		303		1,680		1,476			310		3,149		3,459		839		2002		(l	)
1067 Warson-Bldg D	St. Louis, MO		—		353		1,952		1,024			360		2,969		3,329		916		2002		(l	)
6821-6857 Hazelwood Avenue	Berkeley, MO		4,836		985		6,205		678			985		6,883		7,868		1,755		2003		(l	)
13701 Rider Trail North	Earth City, MO		—		800		2,099		714			804		2,809		3,613		720		2003		(l	)
1908-2000 Innerbelt (d)	Overland, MO		7,980		1,590		9,026		966			1,591		9,991		11,582		2,878		2004		(l	)
9060 Latty Avenue	Berkeley, MO		—		687		1,947		(223	)		694		1,717		2,411		1,070		2006		(l	)
21-25 Gateway Commerce Center	Edwardsville, IL		23,091		1,874		31,958		191			1,928		32,095		34,023		4,883		2006		(l	)
6647 Romiss Court	St. Louis, MO		—		230		681		72			241		742		983		193		2008		(l	)
Tampa
5313 Johns Road	Tampa, FL		—		204		1,159		178			257		1,284		1,541		443		1997		(l	)
5525 Johns Road	Tampa, FL		—		192		1,086		424			200		1,502		1,702		635		1997		(l	)
5709 Johns Road	Tampa, FL		—		192		1,086		163			200		1,241		1,441		444		1997		(l	)
5711 Johns Road	Tampa, FL		—		243		1,376		176			255		1,540		1,795		560		1997		(l	)
5453 W Waters Avenue	Tampa, FL		—		71		402		134			82		525		607		182		1997		(l	)
5455 W Waters Avenue	Tampa, FL		—		307		1,742		806			326		2,529		2,855		822		1997		(l	)
5553 W Waters Avenue	Tampa, FL		—		307		1,742		447			326		2,170		2,496		784		1997		(l	)
5501 W Waters Avenue	Tampa, FL		—		215		871		301			242		1,145		1,387		397		1997		(l	)
5503 W Waters Avenue	Tampa, FL		—		98		402		289			110		679		789		241		1997		(l	)
5555 W Waters Avenue	Tampa, FL		—		213		1,206		237			221		1,435		1,656		546		1997		(l	)
5557 W Waters Avenue	Tampa, FL		—		59		335		44			62		376		438		130		1997		(l	)
5461 W Waters	Tampa, FL		—		261		—		1,567			265		1,563		1,828		585		1998		(l	)
5481 W. Waters Avenue	Tampa, FL		—		558		—		2,497			561		2,494		3,055		778		1999		(l	)
4515-4519 George Road	Tampa, FL		2,528		633		3,587		767			640		4,347		4,987		1,162		2001		(l	)
6089 Johns Road	Tampa, FL		910		180		987		122			186		1,103		1,289		306		2004		(l	)
6091 Johns Road	Tampa, FL		676		140		730		98			144		824		968		247		2004		(l	)
6103 Johns Road	Tampa, FL		1,108		220		1,160		146			226		1,300		1,526		389		2004		(l	)
6201 Johns Road	Tampa, FL		1,029		200		1,107		168			205		1,270		1,475		393		2004		(l	)
6203 Johns Road	Tampa, FL		1,286		300		1,460		116			311		1,565		1,876		569		2004		(l	)
6205 Johns Road	Tampa, FL		1,280		270		1,363		120			278		1,475		1,753		333		2004		(l	)
6101 Johns Road	Tampa, FL		805		210		833		127			216		954		1,170		348		2004		(l	)
4908 Tampa West Blvd	Tampa, FL		—		2,622		8,643		(820	)		2,635		7,810		10,445		1,821		2005		(l	)
11701 Belcher Road South	Largo, FL		—		1,657		2,768		(1,516	)		852		2,057		2,909		624		2006		(l	)

S-18

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11						Accumulated Depreciation 12/31/2011		Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land		Building and Improvements		Total
								(Dollars in thousands)
4900-4914 Creekside Drive (h)	Clearwater, FL		—		3,702		7,338		(3,046	)		2,221		5,773		7,994		1,913		2006		(l	)
12345 Starkey Road	Largo, FL		—		898		2,078		(462	)		599		1,915		2,514		594		2006		(l	)
Toronto
114 Packham Rd	Stratford, ON		—		1,000		3,526		527			1,012		4,041		5,053		1,624		2007		(l	)
Other
5050 Kendrick Court	Grand Rapids, MI		—		1,721		11,433		(2,219	)		988		9,947		10,935		6,764		1994		(l	)
6266 Hurt Road	Horn Lake, MS		—		427		—		4,013			387		4,053		4,440		614		2004		(l	)
6301 Hazeltine National Drive	Orlando, FL		3,959		909		4,613		286			920		4,888		5,808		1,327		2005		(l	)
12626 Silicon Drive	San Antonio, TX		3,132		768		3,448		158			779		3,595		4,374		1,084		2005		(l	)
3100 Pinson Valley Parkway	Birmingham, AL		—		303		742		(215	)		225		605		830		206		2005		(l	)
10330 I Street	Omaha, NE		—		1,808		8,340		(1,457	)		1,619		7,072		8,691		2,147		2006		(l	)
3200 Pond Station	Jefferson County, KY		—		2,074		—		9,681			2,120		9,635		11,755		1,136		2007		(l	)
Pure Fishing BTS	Kansas City, MO		11,856		4,152		—		13,605			4,228		13,529		17,757		1,088		2008		(l	)
3730 Wheeler Avenue	Fort Smith, AR		—		720		2,800		(561	)		589		2,370		2,959		554		2006		(l	)
600 Greene Drive	Greenville, KY		—		294		8,570		3			296		8,571		8,867		2,924		2008		(l	)

S-19

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11								Accumulated Depreciation 12/31/2011			Year Acquired/ Constructed	Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land			Building and Improvements			Total
								(Dollars in thousands)
Redevelopments / Developments / Developable Land
Redevelopments /Developments / Developable Land (j)			—		96,193		726		(262	)(m)		83,034			13,623			96,657		1,050
Total		$	583,927	$	600,922	$	1,617,872	$	521,711		$	567,921	(k)	$	2,172,581	(k)	$	2,740,502	$	609,986	(k)

NOTES:

(a) See description of encumbrances in Note 7 to Notes to Consolidated Financial Statements.

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

(c) Improvements are net of write-off of fully depreciated assets and impairment of real estate.

(d) Comprised of two properties.

(e) Comprised of three properties.

(f) Comprised of four properties.

(g) Comprised of five properties.

(h) Comprised of eight properties.

(i) Comprised of 27 properties.

(j) These properties represent developable land and redevelopments that have not been placed in service and land parcels for which we receive ground lease income.

(k)

S-20

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

	Amounts Included in Real Estate Held for Sale			Amounts Within Net Investment in Real Estate			Gross Amount Carried At Close of Period December  31, 2011
Land	$	14,382		$	553,539		$	567,921
Buildings & Improvements		91,628			2,080,953			2,172,581
Accumulated Depreciation		(32,395	)		(577,591	)		(609,986	)
Subtotal		73,615			2,056,901			2,130,516
Construction in Progress		5			26,482			26,487
Net Investment in Real Estate		73,620			2,083,383			2,157,003
Leasing Commissions, Net, Deferred Leasing Intangibles, Net and Deferred Rent Receivable, Net		5,235
Balance Sheet at December 31, 2011	$	78,855

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

Buildings and Improvements and Land Improvements	3 to 50 years
Tenant Improvements, Leasehold Improvements	Life of lease

(m) Includes foreign currency translation adjustments.

At December 31, 2011, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $2.8 billion (excluding construction in progress).

The changes in total real estate assets, including real estate held for sale, for the three years ended December 31, 2011 are as follows:

	2011			2010			2009
Balance, Beginning of Year	$	2,791,667		$	2,987,950		$	3,035,662
Acquisition of Real Estate Assets		22,953			17,595			208
Construction Costs and Improvements		66,130			47,208			51,762
Disposition of Real Estate Assets		(86,732	)		(46,458	)		(65,428	)
Impairment of Real Estate		2,079			(186,160	)		(6,934	)
Write-off of Fully Depreciated Assets		(29,108	)		(28,468	)		(27,320	)
Balance, End of Year	$	2,766,989		$	2,791,667		$	2,987,950

The changes in accumulated depreciation, including accumulated depreciation for real estate held for sale, for the three years ended December 31, 2011 are as follows:

	2011			2010			2009
Balance, Beginning of Year	$	581,851		$	522,229		$	457,059
Depreciation for Year		85,849			92,290			100,145
Disposition of Assets		(28,606	)		(4,200	)		(7,655	)
Write-off of Fully Depreciated Assets		(29,108	)		(28,468	)		(27,320	)
Balance, End of Year	$	609,986		$	581,851		$	522,229

S-21

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
By:	/s/    BRUCE W. DUNCAN
	Bruce W. Duncan
	President, Chief Executive Officer and Director (Principal Executive Officer)

Date: February 28, 2012

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

Date: February 28, 2012

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

Signature	Title	Date
/S/    W. EDWIN TYLER         W. Edwin Tyler	Chairman of the Board of Directors	February 28, 2012
/S/    BRUCE W. DUNCAN         Bruce W. Duncan	President, Chief Executive Officer and Director	February 28, 2012
/S/    MATTHEW DOMINSKI         Matthew Dominski	Director	February 28, 2012
/S/    H. PATRICK HACKETT, JR.         H. Patrick Hackett, Jr.	Director	February 28, 2012
/S/    KEVIN W. LYNCH         Kevin W. Lynch	Director	February 28, 2012
/S/    JOHN E. RAU         John E. Rau	Director	February 28, 2012
/S/    L. PETER SHARPE         L. Peter Sharpe	Director	February 28, 2012
/S/    ROBERT J. SLATER         Robert J. Slater	Director	February 28, 2012

S-22

EX-23

Exhibit 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-3, (File No. 333-157771) and on Form S-8 (File No. 333-100630) of First Industrial, L.P. of our report dated February 29, 2012 relating to the consolidated financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/PricewaterhouseCoopers LLP

Chicago, IL

February 29, 2012

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Bruce W. Duncan, certify that:

1. I have reviewed this annual report on Form 10-K of First Industrial, 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-l5(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

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

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

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

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

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

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

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

Date: February 28, 2012
	/S/ BRUCE W. DUNCAN
	Bruce W. Duncan
	President and Chief Executive Officer First Industrial Realty Trust, Inc.

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Scott A. Musil, certify that:

1. I have reviewed this annual report on Form 10-K of First Industrial, 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-l5(f)) for the registrant and have:

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

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

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

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

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

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

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

Date: February 28, 2012
	/S/ SCOTT A. MUSIL
	Scott A. Musil
	Chief Financial Officer
	First Industrial Realty Trust, Inc.

EX-32

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. §1350(a) and (b))

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chapter 63, Title 18 U.S.C. § 1350(a) and (b)), each of the undersigned hereby certifies, to his knowledge, that the Annual Report on Form 10-K for the period ended December 31, 2011 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: February 28, 2012	/S/ BRUCE W. DUNCAN
	Bruce W. Duncan
	Chief Executive Officer (Principal Executive Officer)
	First Industrial Realty Trust, Inc.
Dated: February 28, 2012	/S/ SCOTT A. MUSIL
	Scott A. Musil
	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. The information contained in this written statement shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference to such filing.

XML

Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Abstract]

Subsequent Events

18. Subsequent Events

From January 1, 2012 to February 28, 2012, we acquired one industrial property comprising approximately 0.4 million square feet of GLA in connection with the purchase of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture. The acquisition was funded through the assumption of a mortgage loan in the amount of $12,026, which was subsequently paid off at closing and a cash payment of $8,324. We will account for this transaction as a step acquisition utilizing the purchase method of accounting. There were no industrial properties sold during this time.

From January 1, 2012 to February 28, 2012, we repurchased and retired $430 of our senior unsecured notes maturing in 2028 for a payment of $406.

XML

Basis of Presentation

12 Months Ended

Dec. 31, 2011

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

2. Basis of Presentation

Our consolidated financial statements at December 31, 2011 and 2010 and for each of the years ended December 31, 2011, 2010 and 2009 include the accounts and operating results of the Operating Partnership, the L.L.C.s, FRIP and the taxable REIT subsidiaries on a consolidated basis. Such financial statements present our limited partnership interests in each of the Other Real Estate Partnerships and our minority equity interests in our Joint Ventures under the equity method of accounting. All intercompany transactions have been eliminated in consolidation.

XML

Organization and Formation of Partnership

12 Months Ended

Dec. 31, 2011

Organization and Formation of Partnership [Abstract]

Organization and Formation of Partnership

1. Organization and Formation of Partnership

First Industrial, L.P. (the “Operating Partnership”) was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the “Company”) which owns common units in the Operating Partnership (“Units”) representing an approximate 94.3% and 92.8% common ownership interest at December 31, 2011 and 2010, respectively. The Company also owns a preferred general partnership interest in the Operating Partnership represented by preferred Units (“Preferred Units”) with an aggregate liquidation priority of $275,000 at December 31, 2011. The Company is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code of 1986 (the “Code”). The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership owned, in the aggregate, approximately a 5.7% and 7.2% interest in the Operating Partnership at December 31, 2011 and 2010, respectively. Operations are also conducted through other partnerships and limited liability companies (“L.L.C.s”) of which the Operating Partnership is the sole member, and taxable REIT subsidiaries (together with the Operating Partnership, other partnerships and the L.L.C.s, the “Consolidated Operating Partnership”), the operating data of which is consolidated with that of the Operating Partnership as presented herein. Unless the context otherwise requires, the term the “Operating Partnership” refers to First Industrial, L.P. and the terms “we,” “us,” and “our” refer to First Industrial, L.P. and its controlled subsidiaries.

The Operating Partnership also 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”).

We also own noncontrolling equity interests in, and provide various services to, two joint ventures (the “2003 Net Lease Joint Venture” and the “2007 Europe Joint Venture”). During 2010, we provided various services to, and ultimately disposed of our equity interests in, five joint ventures (the “2005 Development/Repositioning Joint Venture,” the “2005 Core Joint Venture,” the “2006 Net Lease Co-Investment Program,” the “2006 Land/Development Joint Venture,” and the “2007 Canada Joint Venture;” together with the 2003 Net Lease Joint Venture and the 2007 Europe Joint Venture, the “Joint Ventures”). The 2007 Europe Joint Venture does not own any properties. See Note 6 for more information on the Joint Ventures.

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

As of December 31, 2011, we owned 672 industrial properties containing an aggregate of approximately 58.6 million square feet of gross leasable area (“GLA”). On a combined basis, as of December 31, 2011, the Other Real Estate Partnerships owned 68 industrial properties, containing an aggregate of approximately 7.7 million square feet of GLA.

Profits, losses and distributions of us, 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 us, the L.L.C.s and the Other Real Estate Partnerships.

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

XML

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Investment in Real Estate:
Land	$ 553,539	$ 485,790
Buildings and Improvements	2,080,953	1,843,134
Construction in Progress	26,482	2,672
Less: Accumulated Depreciation	(577,591)	(443,912)
Net Investment in Real Estate	2,083,383	1,887,684
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $34,443 and $148,407	78,855	344,353
Investments in and Advances to Other Real Estate Partnerships	186,452	252,541
Cash and Cash Equivalents	7,624	22,484
Restricted Cash	0	105
Tenant Accounts Receivable, Net	2,685	2,602
Investments in Joint Ventures	1,674	2,451
Deferred Rent Receivable, Net	43,981	32,383
Deferred Financing Costs, Net	13,989	14,492
Deferred Leasing Intangibles, Net	33,375	33,639
Prepaid Expenses and Other Assets, Net	119,095	119,052
Total Assets	2,571,113	2,711,786
Liabilities:
Mortgage and Other Loans Payable, Net	584,288	431,284
Senior Unsecured Debt, Net	640,227	879,529
Unsecured Credit Facility	149,000	376,184
Mortgage Loan Payable on Real Estate Held for Sale, Net, Inclusive of $0 and $6 of Accrued Interest	0	1,014
Accounts Payable, Accrued Expenses and Other Liabilities, Net	77,379	79,949
Deferred Leasing Intangibles, Net	14,442	16,145
Rents Received in Advance and Security Deposits	23,095	24,469
Leasing Intangibles Held for Sale, Net of Accumulated Amortization of $415 and $2,642	690	1,909
Total Liabilities	1,489,121	1,810,483
Commitments and Contingencies
Partners' Capital:
General Partner Preferred Units (1,550 units issued and outstanding) with a liquidation preference of $275,000	266,211	266,211
General Partner Units (86,807,402 and 68,841,296 units issued and outstanding)	737,914	558,496
Limited Partners' Units (5,237,367 and 5,363,151 units issued and outstanding)	90,246	93,100
Accumulated Other Comprehensive Loss	(12,379)	(16,504)
Total Partners' Capital	1,081,992	901,303
Total Liabilities and Partners' Capital	$ 2,571,113	$ 2,711,786

XML

Consolidated Statement of Changes in Partners Capital (USD $) In Thousands	Total	General Partner Preferred Units	General Partner Units	Limited Partner Units	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2008	$ 999,636	$ 266,211	$ 634,255	$ 121,578	$ (22,408)
Issuance of General Partner Units, Net of Issuance Costs	83,795		83,795
Stock Based Compensation Activity	12,660		12,660
Conversion of Limited Partner Units to General Partner Units			7,817	(7,817)
Repurchase of Equity Component of Exchangeable Note	(33)		(33)
Preferred Unit Distributions	(19,516)	(19,516)
Net Income (Loss)	4,327	19,516	(13,642)	(1,547)
Other Comprehensive Income	2,422				2,422
Ending balance at Dec. 31, 2009	1,083,291	266,211	724,852	112,214	(19,986)
Issuance of General Partner Units, Net of Issuance Costs	49,973		49,973
Stock Based Compensation Activity	5,741		5,741
Conversion of Limited Partner Units to General Partner Units			316	(316)
Preferred Unit Distributions	(19,677)	(19,677)
Net Income (Loss)	(221,507)	19,677	(222,386)	(18,798)
Other Comprehensive Income	3,482				3,482
Ending balance at Dec. 31, 2010	901,303	266,211	558,496	93,100	(16,504)
Issuance of General Partner Units, Net of Issuance Costs	202,332		202,332
Stock Based Compensation Activity	2,759		2,759
Conversion of Limited Partner Units to General Partner Units			1,109	(1,109)
Preferred Unit Distributions	(19,565)	(19,565)
Net Income (Loss)	(8,962)	19,565	(26,782)	(1,745)
Other Comprehensive Income	4,125				4,125
Ending balance at Dec. 31, 2011	$ 1,081,992	$ 266,211	$ 737,914	$ 90,246	$ (12,379)

XML

Derivatives

12 Months Ended

Dec. 31, 2011

Derivatives [Abstract]

Derivatives

15. Derivatives

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

Our Series F Preferred Units are subject to a coupon rate reset. The coupon rate resets every quarter at 2.375% plus the greater of (i) the 30 year Treasury CMT Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3-month LIBOR. For the fourth quarter of 2011, the new coupon rate was 5.365% (see Note 8). In October 2008, we entered into an interest rate swap agreement with a notional value of $50,000 to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Stock (the “Series F Agreement”). This Series F Agreement fixes the 30-year U.S. Treasury rate at 5.2175%. Accounting guidance for derivatives does not permit hedge accounting treatment related to equity instruments and therefore the mark to market gains or losses related to this agreement are recorded in the statement of operations. For the years ended December 31, 2011 and December 31, 2010, losses of $1,718 and $1,107, respectively, is recognized as Mark-to-Market Loss on Interest Rate Protection Agreements. Quarterly payments are treated as a component of the mark to market gains or losses and for the years ended December 31, 2011 and 2010, which totaled $574 and $492, respectively.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in OCI and is subsequently reclassified to earnings through interest expense over the life of the derivative or over the life of the debt. In the next 12 months, we will amortize approximately $2,255 into net income by increasing interest expense for interest rate protection agreements we settled in previous periods.

The following is a summary of the terms of our derivatives and their fair values, which are included in Accounts Payable, Accrued Expenses and Other Liabilities, Net on the accompanying consolidated balance sheets:

Hedge Product	Notional Amount		Fixed Pay Rate			Trade Date	Maturity Date	Fair Value As  of December 31, 2011			Fair Value As  of December 31, 2010
Derivatives not designated as hedging instruments:
Series F Agreement*		50,000		5.2175	%	October 2008	October 1, 2013	$	(1,667	)	$	(523	)

* Fair value excludes quarterly settlement payment due on Series F Agreement. As of December 31, 2011 and 2010, the outstanding payable was $280 and $194, respectively.

The following is a summary of the impact of the derivatives in cash flow hedging relationships on the statement of operations and the statement of OCI for the years ended December 31, 2011 and December 31, 2010:

		Year Ended
Interest Rate Products	Location on Statement	December 31, 2011			December 31, 2010
Loss Recognized in OCI (Effective Portion)	Mark-to-Market on Interest Rate Protection Agreements (OCI)	$	—		$	990
Amortization Reclassified from OCI into Earnings	Interest Expense	$	(2,166	)	$	(2,108	)

During 2010, the 2006 Land/Development Joint Venture had interest rate protection agreements outstanding which effectively converted floating rate debt to fixed rate debt on a portion of its total variable debt. The hedge relationships were considered highly effective and as such, for the year ended December 31, 2010, we recorded $1,137 in unrealized gain, representing our 10% share, offset by $414 of income tax provision, which is shown in Mark-to-Market on Interest Rate Protection Agreements, Net of Income Tax, in OCI. In connection with the sale of our equity interest of the 2006 Land/Development Joint Venture on August 5, 2010, we wrote off $1,625 that was recorded in OCI related to our 10% share of unrealized loss related to the interest rate protection agreements.

Our agreements with our derivative counterparties contain provisions where if we default on any of our indebtedness, then we could also be declared in default on our derivative obligations subject to certain thresholds.

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

The following table sets forth our financial liabilities that are accounted for at fair value on a recurring basis as of December 31, 2011 and 2010:

				Fair Value Measurements at Reporting Date Using:
Description	Fair Value			Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Other Observable  Inputs (Level 2)		Unobservable Inputs (Level 3)
Liabilities:
Series F Agreement at December 31, 2011	$	(1,667	)		—		—	$	(1,667	)
Series F Agreement at December 31, 2010	$	(523	)		—		—	$	(523	)

The valuation of the Series F Agreement is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the instrument. This analysis reflects the contractual terms of the agreements including the period to maturity. In adjusting the fair value of the interest rate protection agreements for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements. To comply with the provisions of fair value measurement, we incorporated a credit valuation adjustment (“CVA”) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. However, assessing significance of inputs is a matter of judgment that should consider a variety of factors. One factor we consider is the CVA and its materiality to the overall valuation of the derivatives on the balance sheet and to their related changes in fair value. We consider the Series F Agreement to be classified as Level 3 in the fair value hierarchy due to a significant number of unobservable inputs. The Series F Agreement swaps a fixed rate 5.2175% for floating rate payments based on 30-year Treasury. No market observable prices exist for long-dated Treasuries. Therefore, we have classified the Series F Agreement in its entirety as a Level 3.

The following table presents a reconciliation of our liabilities classified as Level 3 at December 31, 2011 and 2010:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivatives
Ending asset balance at December 31, 2009	$	93
Total unrealized losses:
Mark-to-Market on Series F Agreement		(616	)
Ending liability balance at December 31, 2010	$	(523	)
Total unrealized losses:
Mark-to-Market on Series F Agreement		(1,144	)
Ending liability balance at December 31, 2011	$	(1,667	)

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Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies

17. Commitments and Contingencies

Eleven 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 in excess of our depreciated cost of the asset. We have no notice of any exercise of any tenant purchase option.

At December 31, 2011, we had letters of credit and performance bonds outstanding in the aggregate amount of $6,780. These letters of credit expire between February 2012 and July 2013.

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

Ground and Operating Lease Agreements

For the years ended December 31, 2011, 2010 and 2009, we recognized $1,955, $3,047 and $4,181, respectively, in operating and ground lease expense.

Future minimum rental payments under the terms of all non-cancelable ground and operating leases under which we are the lessee, offset by sub-lease rental payments under non-cancelable operating leases as of December 31, 2011, are as follows:

2012	$	1,892
2013		1,724
2014		1,448
2015		1,319
2016		1,321
Thereafter		28,052
Total	$	35,756

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Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$ (8,962)	$ (221,507)	$ 4,327
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities:
Depreciation	85,849	92,290	100,145
Amortization of Deferred Financing Costs	3,785	3,342	3,006
Other Amortization	33,218	37,320	48,804
Impairment of Real Estate, Net	(2,079)	186,160	6,934
Provision for Bad Debt	1,146	1,787	3,178
Equity in (Income) Loss of Joint Ventures	(980)	(675)	6,470
Distributions from Joint Ventures	1,033	3,032	2,319
Gain on Sale of Real Estate	(20,184)	(11,388)	(21,327)
Gain on Sale of Joint Venture Interests		(11,226)
Gain on Change in Control of Interests	(689)
Loss (Gain) on Retirement of Debt	5,299	4,304	(34,562)
Prepayment Premiums Associated with Retirement of Debt	(1,194)
Mark-to-Market Loss (Gain) on Interest Rate Protection Agreements	1,718	1,107	(3,667)
Equity in Income of Other Real Estate Partnerships	(11,891)	(3,494)	(18,516)
Distributions from Investment in Other Real Estate Partnerships	11,891	3,494	18,516
Decrease in Developments for Sale Costs			812
(Increase) Decrease in Tenant Accounts Receivable, Prepaid Expenses and Other Assets, Net	(3,154)	(1,526)	51,559
Increase in Deferred Rent Receivable	(7,275)	(6,300)	(7,104)
Decrease in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits	(12,201)	(21,523)	(18,709)
Decrease (Increase) in Restricted Cash	105	(15)	7
Payments of Premiums and Discounts Associated with Senior Unsecured Notes	(5,260)	(6,840)	(2,576)
Net Cash Provided by Operating Activities	70,175	48,342	139,616
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of and Additions to Investment in Real Estate and Lease Costs	(82,896)	(85,757)	(68,855)
Net Proceeds from Sales of Investments in Real Estate	71,083	64,256	65,689
Investments in and Advances to Other Real Estate Partnerships	(125,089)	(149,773)	(105,095)
Distributions from Other Real Estate Partnerships in Excess of Equity in Income	191,178	205,038	140,073
Contributions to and Investments in Joint Ventures	(155)	(777)	(3,742)
Distributions and Sales Proceeds from Joint Venture Interests	650	11,519	6,333
Repayment of Notes Receivable	10,393	1,460	3,151
Increase in Lender Escrows	(97)	(435)
Net Cash Provided by Investing Activities	65,067	45,531	37,554
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt and Equity Issuance Costs	(6,502)	(4,228)	(7,624)
Unit Contributions	202,845	50,087	84,465
Unit Distributions			(12,614)
Repurchase and Retirement of Restricted Units	(1,001)	(298)	(739)
Preferred Unit Distributions	(15,254)	(19,677)	(20,296)
Repayments on Mortgage and Other Loans Payable	(67,164)	(20,393)	(13,462)
Proceeds from Origination of Mortgage Loans Payable	199,884	82,495	307,567
Settlement of Interest Rate Protection Agreements			(7,491)
Payments on Interest Rate Swap Agreement	(489)	(450)	(320)
Repayments on Senior Unsecured Notes	(234,307)	(259,018)	(336,196)
Proceeds from Unsecured Credit Facility	390,500	69,097	180,000
Repayments on Unsecured Credit Facility	(618,553)	(149,280)	(172,000)
Repurchase of Equity Component Exchangeable Notes			(33)
Costs Associated with the Retirement of Debt		(1,008)
Net Cash (Used in) Provided by Financing Activities	(150,041)	(252,673)	1,257
Net Effect of Exchange Rate Changes on Cash and Cash Equivalents	(61)	137	76
Net (Decrease) Increase in Cash and Cash Equivalents	(14,799)	(158,800)	178,427
Cash and Cash Equivalents, Beginning of Period	22,484	181,147	2,644
Cash and Cash Equivalents, End of Period	$ 7,624	$ 22,484	$ 181,147

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Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Consolidated Balance Sheets [Abstract]
Real Estate and Other Assets Held for Sale, Accumulated Depreciation and Amortization	$ 34,443	$ 148,407
Accrued Interest on Mortgage Loan Payable	0	6
Deferred Costs, Leasing, Accumulated Amortization	415	2,642
General Partner Preferred Units, Issued	1,550	1,550
General Partner Preferred Units, Outstanding	1,550	1,550
General Partner Preferred Units Liquidation Preference	$ 275,000	$ 275,000
General Partner Units, Issued	86,807,402	68,841,296
General Partner Units, Outstanding	86,807,402	68,841,296
Limited Partners' Units, Issued	5,237,367	5,363,151
Limited Partners' Units, Outstanding	5,237,367	5,363,151

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Earnings Per Unit (EPU)

12 Months Ended

Dec. 31, 2011

Earnings Per Unit (EPU) [Abstract]

Earnings Per Unit (EPU)

10. Earnings Per Unit (“EPU”)

The computation of basic and diluted EPU is presented below:

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Numerator:
Loss from Continuing Operations, Net of Income Tax	$	(29,403	)	$	(156,579	)	$	(16,387	)
Gain on Sale of Real Estate, Net of Income Tax		918			517			170
Preferred Unit Distributions		(19,565	)		(19,677	)		(19,516	)
Loss from Continuing Operations Available to Unitholders	$	(48,050	)	$	(175,739	)	$	(35,733	)
Income (Loss) from Discontinued Operations, Net of Income Tax	$	19,523		$	(65,445	)	$	20,544
Income (Loss) from Discontinued Operations Available to Unitholders	$	19,523		$	(65,445	)	$	20,544
Net Loss Available to Unitholders	$	(28,527	)	$	(241,184	)	$	(15,189	)
Denominator:
Weighted Average Units—Basic and Diluted		85,913,072			68,326,604			54,260,979
Basic and Diluted EPU:
Loss from Continuing Operations Available to Unitholders	$	(0.56	)	$	(2.57	)	$	(0.66	)
Income (Loss) from Discontinued Operations Available to Unitholders	$	0.23		$	(0.96	)	$	0.38
Net Loss Available to Unitholders	$	(0.33	)	$	(3.53	)	$	(0.28	)

Participating securities include 673,381, 662,092 and 355,645 of unvested restricted stock awards outstanding at December 31, 2011, 2010 and 2009 respectively, which participate in non-forfeitable dividends of the Operating Partnership. Participating security holders are not obligated to share in losses, therefore, none of the net loss was allocated to participating securities for the years ended December 31, 2011, 2010 and 2009.

The number of weighted average units—diluted is the same as the number of weighted average units—basic for the years ended December 31, 2011, 2010 and 2009 as the effect of stock options and restricted unit awards (that do not participate in non-forfeitable dividends of the Company) was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to Unitholders. The following awards were anti-dilutive and could be dilutive in future periods:

	Number of Awards Outstanding At December 31, 2011		Number of Awards Outstanding At December 31, 2010		Number of Awards Outstanding At December 31, 2009
Non-Participating Securities:
Restricted Unit Awards		731,900		1,012,800		1,218,800
Options		25,201		98,701		139,700

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Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2011	Jun. 30, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	FIRST INDUSTRIAL LP
Entity Central Index Key	0001033128
Document Type	10-K
Document Period End Date	Dec. 31, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float		$ 0
Entity Common Stock, Shares Outstanding	0

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Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

11. Income Taxes

The components of income tax (provision) benefit for the years ended December 31, 2011, 2010 and 2009 are comprised of the following:

	2011			2010			2009
Current:
Federal.	$	(622	)	$	(893	)	$	38,682
State		(502	)		(2,372	)		1,772
Foreign		(41	)		(95	)		(835	)
Deferred:
Federal		(284	)		163			(15,816	)
State		(2	)		40			(616	)
Foreign		(697	)		(148	)		9
	$	(2,148	)	$	(3,305	)	$	23,196

On August 24, 2009, we received a private letter ruling from the IRS granting favorable loss treatment under Sections 331 and 336 of the Code on the tax liquidation of one of our old taxable REIT subsidiaries. As a result, we completed a transaction on September 1, 2009 such that approximately 75% of the assets formerly held by this taxable REIT subsidiary are now held by a limited liability company which is wholly owned by the Operating Partnership. The remaining 25% of the assets are now held by a partnership for federal income tax purposes and is 99% owned by one of our taxable REIT subsidiaries formed in 2009. On November 6, 2009, legislation was signed that allows businesses with net operating losses for 2008 or 2009 to carry back those losses for up to five years. As a result, we received a refund from the IRS of $40,418 in the fourth quarter of 2009 due to the tax liquidation of one of our old taxable REIT subsidiaries.

Deferred income taxes represent the tax effect of the temporary differences between the book and tax basis of assets and liabilities. Deferred tax assets (liabilities) include the following as of December 31, 2011 and 2010:

	2011			2010
Investments in Joint Ventures	$	15		$	47
Fixed assets		—			1,863
Prepaid rent		45			71
Restricted stock		43			99
Capitalized Interest		—			626
Impairment of Real Estate		5,683			10,196
Foreign net operating loss carrying forward		828			706
Valuation Allowance		(5,078	)		(9,301	)
Other		483			569
Total deferred tax assets, net of allowance	$	2,019		$	4,876
Straight-line rent		(85	)		(510	)
Fixed assets		(1,946	)		(3,397	)
Other		(108	)		(106	)
Total deferred tax liabilities	$	(2,139	)	$	(4,013	)
Total net deferred tax (liability) asset	$	(120	)	$	863

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

As of December 31, 2011 and 2010, we had net deferred tax (liability) assets of $(120) and $863, after valuation allowances of $5,078 and $9,301, respectively. The decrease in the valuation allowance of $4,223 from December 31, 2010 to December 31, 2011 is primarily related to a decrease in net deferred tax assets and liabilities due to sales of property. As of December 31, 2010 and 2009, we had net deferred tax assets of $863 and $776, after valuation allowances of $9,301 and $1,299, respectively. The increase in the valuation allowance of $8,002 from December 31, 2009 to December 31, 2010 is primarily related to an increase in net deferred tax assets due to the impairment of real estate.

The components of income tax (provision) benefit for the years ended December 31, 2011, 2010 and 2009 are as follows:

	2011			2010			2009
Tax provision associated with income from operations on sold properties which is included in discontinued operations	$	(119	)	$	—		$	(384	)
Tax provision associated with gains and losses on the sale of real estate which is included in discontinued operations		(1,127	)		—			(1,462	)
Tax provision associated with gains and losses on the sale of real estate		(452	)		(342	)		(143	)
Income tax (provision) benefit		(450	)		(2,963	)		25,185
Income tax (provision) benefit	$	(2,148	)	$	(3,305	)	$	23,196

The income tax (provision) benefit pertaining to income from continuing operations and gain on sale of real estate differs from the amounts computed by applying the applicable federal statutory rate as follows:

	2011			2010			2009
Tax (provision) benefit at federal rate related to continuing operations	$	(2,162	)	$	5,141		$	8,574
State tax (provision) benefit, net of federal (provision) benefit		(521	)		(2,320	)		1,849
Non-deductible permanent items, net		(54	)		(58	)		(1,652	)
Change in valuation allowance		1,853			(6,108	)		16,269
Foreign taxes, net		(96	)		(211	)		342
Other		78			251			(340	)
Net income tax (provision) benefit	$	(902	)	$	(3,305	)	$	25,042

Michigan Tax Issue

As of December 31, 2008, we had paid approximately $1,400 (representing tax and interest for the years 1997-2000) to the State of Michigan regarding business loss carryforwards the appropriateness of which was the subject of litigation initiated by us. On December 11, 2007, the Michigan Court of Claims rendered a decision against us regarding the business loss carryforwards. Also, the court ruled against us on an alternative position involving Michigan’s Capital Acquisition Deduction. We filed an appeal to the Michigan Appeals Court in January 2008; however, as a result of the lower court’s decision, an additional approximately $800 (representing tax and interest for the year 2001) had been accrued through June 30, 2009 for both tax and financial statement purposes. On August 18, 2009, the Michigan Appeals Court issued a decision in our favor on the business loss carryforward issue. The Michigan Department of Treasury appealed the decision to the Michigan Supreme Court on September 29, 2009; however, we believed there was a very low probability that the Michigan Supreme Court would accept the case. Therefore, in September 2009 we reversed our accrual of $800 (related to the 2001 tax year) and set up a receivable of $1,400 for the amount paid in 2006 (related to the 1997-2000 tax years), resulting in an aggregate reversal of prior tax expense of approximately $2,200. On April 23, 2010, the Michigan Supreme Court reversed the decision of the Michigan Appeals Court and reinstated the decision of the Michigan Court of Claims. Based on the most recent ruling of the Michigan Supreme Court, we reversed the receivable of $1,400 and paid approximately $800, for a total of approximately $2,200 of tax expense for the year ended December 31, 2010, which is included in continuing operations.

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Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues:
Rental Income	$ 213,536	$ 211,438	$ 214,523
Tenant Recoveries and Other Income	66,158	70,696	75,356
Construction Revenues		869	54,957
Total Revenues	279,694	283,003	344,836
Expenses:
Property Expenses	97,414	97,896	100,743
General and Administrative	20,508	26,492	37,567
Restructuring Costs	1,553	1,858	7,806
Impairment of Real Estate	(8,139)	106,555	5,617
Depreciation and Other Amortization	108,624	111,504	118,191
Construction Expenses		507	52,720
Total Expenses	219,960	344,812	322,644
Other Income (Expense):
Interest Income	3,990	4,426	3,100
Interest Expense	(95,103)	(102,685)	(114,133)
Amortization of Deferred Financing Costs	(3,785)	(3,342)	(3,006)
Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements	(1,718)	(1,107)	3,667
(Loss) Gain From Retirement of Debt	(5,299)	(4,304)	34,562
Foreign Currency Exchange Loss	(332)	(190)
Total Other Income (Expense)	(102,247)	(107,202)	(75,810)
Loss from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income (Loss) of Joint Ventures, Gain on Sale of Joint Venture Interests, Gain on Change in Control of Interests and Income Tax (Provision) Benefit	(42,513)	(169,011)	(53,618)
Equity in Income of Other Real Estate Partnerships	11,891	3,494	18,516
Equity in Income (Loss) of Joint Ventures	980	675	(6,470)
Gain on Sale of Joint Venture Interests		11,226
Gain on Change in Control of Interests	689
Income Tax (Provision) Benefit	(450)	(2,963)	25,185
Loss from Continuing Operations	(29,403)	(156,579)	(16,387)
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations	1,955	(75,974)	1,376
Gain on Sale of Real Estate	18,814	10,529	21,014
Provision for Income Taxes Allocable to Discontinued Operations	(1,246)		(1,846)
Total Discontinued Operations	19,523	(65,445)	20,544
(Loss) Income Before Gain on Sale of Real Estate	(9,880)	(222,024)	4,157
Gain on Sale of Real Estate	1,370	859	313
Provision for Income Taxes Allocable to Gain on Sale of Real Estate	(452)	(342)	(143)
Net (Loss) Income	(8,962)	(221,507)	4,327
Less: Preferred Unit Distributions	(19,565)	(19,677)	(19,516)
Net Loss Available to Unitholders and Participating Securities	(28,527)	(241,184)	(15,189)
Basic and Diluted Earnings Per Unit:
Loss from Continuing Operations Available to Unitholders	$ (0.56)	$ (2.57)	$ (0.66)
Income (Loss) from Discontinued Operations Available to Unitholders	$ 0.23	$ (0.96)	$ 0.38
Net Loss Available to Unitholders and participating Securities	$ (0.33)	$ (3.53)	$ (0.28)
Distributions Per Unit	$ 0.00	$ 0.00	$ 0.00
Weighted Average Units Outstanding	85,913	68,327	54,261
Net Loss Available to Unitholders Attributable to:
General Partners	(26,782)	(222,386)	(13,642)
Limited Partners	(1,745)	(18,798)	(1,547)
Net Loss Available to Unitholders and Participating Securities	$ (28,527)	$ (241,184)	$ (15,189)

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Investments in and Advances to Other Real Estate Partnerships

12 Months Ended

Dec. 31, 2011

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

Investments in and Advances to Other Real Estate Partnerships

5. Investments in and Advances to Other Real Estate Partnerships

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

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

Condensed Combined Balance Sheets:

	December 31, 2011		December 31, 2010
ASSETS
Assets:
Investment in Real Estate, Net	$	249,984	$	221,450
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $4,970 and $16,804		12,804		47,938
Note Receivable		131,908		239,453
Other Assets, Net		41,605		51,875
Total Assets	$	436,301	$	560,716
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	105,968	$	54,771
Other Liabilities		8,577		8,547
Leasing Intangibles Held for Sale, Net of Accumulated Amortization of $0 and $26		—		7
Partners’ Capital		321,756		497,391
Total Liabilities and Partners’ Capital	$	436,301	$	560,716

Condensed Combined Statements of Operations:

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Total Revenues	$	38,300		$	38,781		$	39,736
Property Expenses		(11,176	)		(10,755	)		(10,537	)
Interest Income		11,697			14,939			10,006
Interest Expense		(5,024	)		(3,213	)		(635	)
Amortization of Deferred Financing Costs		(178	)		(131	)		(24	)
Impairment of Real Estate		668			(6,349	)		—
Loss on Retirement of Debt		(160	)		—			—
Depreciation and Other Amortization		(12,980	)		(13,794	)		(13,680	)
Income from Continuing Operations		21,147			19,478			24,866
Discontinued Operations:
Income (Loss) Attributable to Discontinued Operations		965			(1,555	)		546
Gain on Sale of Real Estate		1,605			563			3,192
Total Discontinued Operations		2,570			(992	)		3,738
Gain on Sale of Real Estate		—			—			61
Net Income	$	23,717		$	18,486		$	28,665

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Investment in Real Estate

12 Months Ended

Dec. 31, 2011

Investment in Real Estate [Abstract]

Investment in Real Estate

4. Investment in Real Estate

Acquisitions

In 2009, we acquired one land parcel. The purchase price of the land parcel was approximately $208, excluding costs incurred in conjunction with the acquisition of the land parcel. We also substantially completed the development of two industrial properties comprising approximately 1.1 million square feet of GLA at a cost of approximately $41,258. We reclassed the costs of the substantially completed developments from construction in progress to building, tenant improvements and leasing commissions.

In 2010, we acquired three industrial properties comprising approximately 0.5 million square feet of GLA, including one industrial property purchased from the 2005 Development/Repositioning Joint Venture (see Note 6). The purchase price of these acquisitions totaled approximately $22,408, excluding costs incurred in conjunction with the acquisition of the industrial properties.

In 2011, we acquired one industrial property comprising approximately 0.7 million square feet of GLA in connection with the purchase of the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture (see Note 6). The gross agreed-upon fair value for the real estate was $30,625, excluding costs incurred in conjunction with the acquisition of the industrial property. The acquisition was funded through the assumption of a mortgage loan, whose carrying value approximated fair market value, in the amount of $24,417 and a cash payment of $5,277 (85% of the net fair value of the acquisition). We accounted for this transaction as a step acquisition utilizing the purchase method of accounting. Due to the change in control that occurred, we recorded a gain of approximately $689 related to the difference between our carrying value and fair value of our equity interest on the acquisition date.

Intangible Assets Subject To Amortization in the Period of Acquisition

The fair value at the date of acquisition of in-place leases, above market leases and tenant relationships recorded due to real estate properties acquired for the years ended December 31, 2011 and 2010, which is recorded as deferred leasing intangibles is as follows:

	Year Ended December 31, 2011		Year Ended December 31, 2010
In-Place Leases	$	2,511	$	1,782
Above Market Leases	$	2,883	$	239
Tenant Relationships	$	1,553	$	1,881

The weighted average life in months of in-place leases, above market leases and tenant relationships recorded at the time of acquisition as a result of the real estate properties acquired for the years ended December 31, 2011 and 2010 is as follows:

	Year Ended December 31, 2011		Year Ended December 31, 2010
In-Place Leases		56		100
Above Market Leases		56		88
Tenant Relationships		116		165

Sales and Discontinued Operations

In 2009, we sold 12 industrial properties comprising approximately 1.8 million square feet of GLA and several land parcels. Gross proceeds from the sales of the 12 industrial properties and several land parcels were approximately $90,334. The gain on sale of real estate was approximately $21,327, of which $21,014 is shown in discontinued operations. The 12 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 12 sold industrial properties are included in discontinued operations. The results of operations and gain on sale of real estate for the several land parcels that do not meet the criteria to be included in discontinued operations are included in continuing operations.

In 2010, we sold 10 industrial properties comprising approximately 1.0 million square feet of GLA and several land parcels. Gross proceeds from the sales of the 10 industrial properties and several land parcels were approximately $66,843. The gain on sale of real estate was approximately $11,388, of which $10,529 is shown in discontinued operations. The 10 sold industrial properties and one land parcel that received ground rental revenues meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 10 sold industrial properties and one land parcel that received ground rental revenues are included in discontinued operations. The results of operations and gain on sale of real estate for the several land parcels that do not meet the criteria to be included in discontinued operations are included in continuing operations.

In 2011, we sold 34 industrial properties comprising approximately 2.9 million square feet of GLA and one land parcel. Gross proceeds from the sales of the 34 industrial properties and one land parcel were approximately $81,693. Included in the 34 industrial properties sold is one industrial property totaling approximately 0.4 million square feet of GLA that we transferred title to a lender in satisfaction of a non-recourse mortgage loan (See Note 7). The gain on sale of real estate was approximately $20,184, of which $18,814 is shown in discontinued operations. The 34 sold industrial properties meet the criteria to be included in discontinued operations. Therefore the results of operations and gain on sale of real estate for the 34 sold industrial properties are included in discontinued operations. The results of operations and gain on sale of real estate for the one land parcel that does not meet the criteria to be included in discontinued operations are included in continuing operations.

At December 31, 2011, we had 38 industrial properties comprising approximately 4.3 million square feet of GLA held for sale. The results of operations of the 38 industrial properties held for sale at December 31, 2011 are included in discontinued operations. There can be no assurance that such industrial properties held for sale will be sold.

The following table discloses certain information for the years ended December 31, 2011, 2010 and 2009 regarding the industrial properties included in our discontinued operations.

	Year Ended December 31,
	2011			2010			2009
Total Revenues	$	17,929		$	23,933		$	32,697
Property Expenses		(7,816	)		(10,550	)		(13,631	)
Impairment of Real Estate		(6,060	)		(79,605	)		(1,317	)
Depreciation and Amortization		(2,035	)		(9,484	)		(15,720	)
Interest Expense		(63	)		(268	)		(653	)
Gain on Sale of Real Estate		18,814			10,529			21,014
Provision for Income Taxes		(1,246	)		—			(1,846	)
Income (Loss) from Discontinued Operations	$	19,523		$	(65,445	)	$	20,544

At December 31, 2011 and 2010, we had notes receivable outstanding of approximately $55,502 and $58,803, net of a discount of $319 and $383, respectively, which are included as a component of Prepaid Expenses and Other Assets, Net. At December 31, 2011 and 2010, the fair values of the notes receivable was $58,734 and $60,944, respectively. The fair value of our notes receivable was determined by discounting the future cash flows using the current rates at which similar loans with similar remaining maturities would be made to other borrowers. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value of our notes receivable was primarily based upon Level 3 inputs, as defined below.

Impairment Charges

On October 22, 2010, we amended our existing revolving credit facility (See Note 7). In conjunction with the amendment, management identified a pool of real estate assets (the “Non-Strategic Assets”) that it intended to sell. The Non-Strategic Assets originally consisted of 177 industrial properties comprising approximately 15.2 million square feet of GLA and land parcels comprising approximately 664 gross acres. At the time of the amendment, management reassessed the holding period for the Non-Strategic Assets and determined that certain of the industrial properties were impaired, and as such, the Company recorded an aggregate impairment charge of $177,005 for the year ended December 31, 2010.

At December 31, 2011, the Non-Strategic Assets consisted of 117 industrial properties comprising approximately 10.2 million square feet of GLA and land parcels comprising approximately 357 gross acres. Thirty-eight industrial properties comprising approximately 4.3 million square feet of GLA and land parcels comprising approximately 61 acres of the Non-Strategic Assets were classified as held for sale as of December 31, 2011.The net impairment charges for assets that qualify to be classified as held for sale at December 31, 2011 were calculated as the difference of the carrying value of the properties and land parcels over the fair value less costs to sell. The net impairment charges recorded during year ended December 31, 2011 are due to updated fair market values for certain of the Non-Strategic Assets whose estimated fair market values have changed since December 31, 2010. On the date an asset no longer qualifies to be classified as held for sale, the carrying value must be reestablished at the lower of the estimated fair market value of the asset or the carrying value of the asset prior to held for sale classification, adjusted for any depreciation and amortization that would have been recorded if the asset had not been classified as held for sale. Impairment has been reversed and/or catch-up depreciation and amortization has been recorded during year ended December 31, 2011, if applicable, for these assets that are no longer classified as held for sale.

In addition to the impairment recorded related to the Non-Strategic Assets, during the three months ended March 31, 2010, we recorded an impairment charge in the amount of $9,155 related to a property comprised of 0.3 million square feet of GLA located in Grand Rapids, Michigan (“Grand Rapids Property”) in connection with the negotiation of a new lease. During the year ended December 31, 2009, we recorded an impairment charge of $6,934 related to a property comprised of 0.2 million square feet of GLA located in the Inland Empire (“Inland Empire Property”) due to adverse conditions in the credit and real estate markets. The non-cash impairment charges related to the Grand Rapids Property and the Inland Empire Property were based upon the difference between the fair value of the properties and their carrying value.

During the years ended December 31, 2011, 2010 and 2009, we recorded the following net non-cash impairment charges:

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Operating Properties—Held for Sale and Sold Assets	$	(6,060	)	$	(79,605	)	$	(1,317	)
Impairment—Discontinued Operations	$	(6,060	)	$	(79,605	)	$	(1,317	)
Land Parcels—Held for Sale and Sold Assets	$	5,879		$	(8,275	)	$	—
Operating Properties—Held for Use		1,614			(85,663	)		(5,617	)
Land Parcels—Held for Use		646			(12,617	)		—
Impairment—Continuing Operations	$	8,139		$	(106,555	)	$	(5,617	)
Total Net Impairment	$	2,079		$	(186,160	)	$	(6,934	)

The guidance for the fair value measurement provisions for the impairment of long lived assets recorded at fair value establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets for identical assets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair market values were determined using widely accepted valuation techniques including discounted cash flow analyses on expected cash flows, internal valuations of real estate and third party offers.

For operational real estate assets, the most significant assumptions used in the discounted cash flow analyses included the discount rate, projected occupancy levels, rental rates and capital expenditures, and the future exit capitalization rate. For the valuation of land parcels, we reviewed recent comparable sales transactions, to the extent available, or if not available, we considered older comparable transactions, adjusted upward or downward to reflect management’s assumptions about current market conditions. In all cases, members of our management team that were responsible for the individual markets where the land parcels were located determined the internal valuations. Valuations based on third party offers include bona fide contract prices and letter of intent amounts, that we believe are indicative of fair value.

The following tables present information about our assets that were measured at fair value on a non-recurring basis during the years ended December 31, 2011 and 2010. The tables indicate the fair value hierarchy of the valuation techniques we utilized to determine fair value.

			Fair Value Measurements on a Non-Recurring Basis Using:
Description	Year Ended December 31, 2011		Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant Other Observable  Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Impairment
Long-lived Assets Held for Sale*	$	47,817		—		—	$	47,817	$	(5,911	)
Long-lived Assets Held and Used*	$	22,090		—		—	$	22,090		(896	)
									$	(6,807	)

			Fair Value Measurements on a Non-Recurring Basis Using:
Description	Year Ended December 31, 2010		Quoted Prices in Active  Markets for Identical Assets (Level 1)		Significant  Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total Impairment
Long-lived Assets Held for Sale	$	257,305		—		—	$	257,305	$	(184,834	)
Long-lived Assets Held and Used	$	3,905		—		—	$	3,905		(1,326	)
									$	(186,160	)

* Excludes industrial properties and land parcels for which an impairment reversal of $8,886 was recorded during the year ended December 31, 2011 since the related assets are recorded at carrying value, which is lower than estimated fair value at December 31, 2011.

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Related Party Transactions

12 Months Ended

Dec. 31, 2011

Related Party Transactions [Abstract]

Related Party Transactions

16. Related Party Transactions

At December 31, 2011, we had a payable balance of $8,424 to wholly owned entities of the Company. At December 31, 2010, we have a payable balance of $15,370 to wholly owned entities of the Company.

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Restructuring Costs

12 Months Ended

Dec. 31, 2011

Restructuring Costs [Abstract]

Restructuring Costs

12. Restructuring Costs

We committed to a plan to reduce organizational and overhead costs in October 2008 and have subsequently modified that plan during 2011, 2010 and 2009 with the goal of further reducing these costs. The following summarizes our restructuring costs for each of the years ended December 31:

	2011		2010		2009
Pre-tax restructuring costs:
Employee severance and benefits*	$	—	$	525	$	5,186
Termination of certain office leases		1,200		647		1,867
Other		353		686		753
Total restructuring costs	$	1,553	$	1,858	$	7,806
Included in Accounts Payable, Accrued Expenses and Other Liabilities, Net related to severance obligations, remaining lease payments and other costs incurred but not yet paid	$	1,959	$	1,574	$	2,884

* Includes $0, $156, and $2,931, respectively, of non-cash costs which represents the accelerated recognition of restricted stock expense for certain employees for the years ended December 31, 2011, 2010 and 2009.

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Partners Capital

12 Months Ended

Dec. 31, 2011

Partners' Capital [Abstract]

Partners' Capital

8. Partners’ Capital

We have issued general partnership units and limited partnership 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 certain lock-up periods, holders of limited partner Units of the Operating Partnership can redeem their Units by providing written notification to the General Partner of the Operating Partnership. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder’s notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and we intend to continue this practice. If each Unit of the Operating Partnership were redeemed as of December 31, 2011, we could satisfy our redemption obligations by making an aggregate cash payment of approximately $53,578 or by issuing 5,237,367 shares of the Company’s common stock. The preferred general partnership units result from preferred capital contributions from the Company. The preferred general partnership units had an aggregate liquidation priority of $275,000 as of December 31, 2011 and 2010, respectively. We are required to make all required distributions on the preferred general partnership units prior to any distribution of cash or assets to the holders of the Units. The consent of the holder of the limited 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 Consolidated Operating Partnership, or to amend the provisions of the partnership agreement which requires such consent.

Preferred Contributions:

On May 27, 2004, the Company issued 50,000 Depositary Shares, each representing 1/100th of a share of the Company’s 6.236%, $.01 par value, Series F Flexible Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share for gross proceeds of $50,000. Net of offering costs, the Company received net proceeds of $49,075 from the issuance of the Series F Preferred Stock which were contributed to us in exchange for 6.236% Series F Cumulative Preferred Units (the “Series F Preferred Units”) and are reflected in our financial statements as a general partner preferred unit contribution. Dividends on the Series F Preferred Stock are cumulative from the date of initial issuance and are payable quarterly in arrears. The coupon rate of our Series F Preferred Stock resets every quarter beginning March 31, 2009 at 2.375% plus the greater of (i) the 30 year Treasury CMT Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3-month LIBOR. For the fourth quarter of 2011, the coupon rate was 5.365%. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series F Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series G Preferred Stock (hereinafter defined), Series J Preferred Stock (hereinafter defined) and Series K Preferred Stock (hereinafter defined). In October 2008, we entered into an interest rate swap agreement to mitigate our exposure to floating interest rates related to the forecasted reset rate of the coupon rate of our Series F Preferred Stock (see Note 15 for further information on the agreement).

On May 27, 2004, the Company issued 25,000 Depositary Shares, each representing 1/100th of a share of the Company’s 7.236%, $0.01 par value, Series G Flexible Cumulative Redeemable Preferred Stock (the “Series G Preferred Stock”), at an initial offering price of $1,000.00 per Depositary Share for gross proceeds of $25,000. Net of offering costs, the Company received net proceeds of $24,512 from the issuance of the Series G Preferred Stock which were contributed to us in exchange for 7.236% Series G Cumulative Preferred Units (the “Series G Preferred Units”) and are reflected in our financial statements as a general partner preferred unit contribution. Dividends on the Series G Preferred Stock are cumulative from the date of initial issuance and are payable semi-annually in arrears for the period from the date of original issuance of the Series G Preferred Stock through March 31, 2014 (the “Series G Initial Fixed Rate Period”), commencing on September 30, 2004, at a rate of 7.236% per annum of the liquidation preference (the “Series G Initial Distribution Rate”) (equivalent to $72.36 per Depositary Share). On or after March 31, 2014, the Series G Initial Distribution Rate is subject to reset, at the Company’s option, subject to certain conditions and parameters, at fixed or floating rates and periods. Fixed rates and periods will be determined through a remarketing procedure. Floating rates during floating rate periods will equal 2.500% (the initial credit spread), plus the greater of (i) the 3-month LIBOR, (ii) the 10 year Treasury CMT Rate, and (iii) the 30 year Treasury CMT Rate, reset quarterly. Dividends on the Series G Preferred Stock are payable semi-annually in arrears for fixed rate periods subsequent to the Series G Initial Fixed Rate Period and quarterly in arrears for floating rate periods. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series G Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series F Preferred Stock, Series J Preferred Stock (hereinafter defined) and Series K Preferred Stock (hereinafter defined).

On January 13, 2006, the Company issued 6,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company’s 7.25%, $.01 par value, Series J Cumulative Redeemable Preferred Stock (the “Series J Preferred Stock”), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of the Series J Preferred Stock were contributed to us in exchange for Series J Cumulative Preferred Units (the “Series J Preferred Units”) and are reflected in our financial statements as a general partner preferred unit contribution. The Series J Preferred Stock is redeemable in whole or in part, at our option, at a cash redemption price of $25.00 per depositary share. Dividends on the Series J Preferred Stock, represented by the Depositary Shares, are cumulative from the date of initial issuance and are payable quarterly in arrears. However, during any period that both (i) the depositary shares are not listed on the NYSE or AMEX, or quoted on NASDAQ, and (ii) the Company is not subject to the reporting requirements of the Exchange Act, but the preferred shares are outstanding, the Company will increase the dividend on the preferred shares to a rate of 8.25% of the liquidation preference per year. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series J Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series F Preferred Stock, Series G Preferred Stock and Series K Preferred Stock (hereinafter defined).

On August 21, 2006, the Company issued 2,000,000 Depositary Shares, each representing 1/10,000th of a share of the Company’s 7.25%, $.01 par value, Series K Flexible Cumulative Redeemable Preferred Stock (the “Series K Preferred Stock”), at an initial offering price of $25.00 per Depositary Share. The net proceeds from the issuance of the Series K Preferred Stock were contributed to the Operating Partnership in exchange for Series K Cumulative Preferred Units (the “Series K Preferred Units”) and are reflected in the Consolidated Operating Partnership’s financial statements as a general partner preferred unit contribution. The Series K Preferred Stock is redeemable in whole or in part, at our option, at a cash redemption price of $25.00 per depositary share. Dividends on the Series K Preferred Stock, represented by the Depositary Shares, are cumulative from the date of initial issuance and are payable quarterly in arrears. With respect to the payment of dividends and amounts upon liquidation, dissolution or winding up, the Series K Preferred Stock ranks senior to payments on the Company’s Common Stock and pari passu with the Company’s Series F Preferred Stock, Series G Preferred Stock and Series J Preferred Stock.

All series of preferred stock have no stated maturity (although the Company may redeem all such preferred stock on or following their optional redemption dates at our option, in whole or in part).

Unit Contributions

On May 12, 2011, we filed an amendment to the Company’s articles of incorporation to increase the number of shares of the Company’s common stock authorized for issuance from 100 million to 150 million shares.

On May 31, 2011, the Company announced an underwritten public offering of 8,400,000 shares of the Company’s common stock at a price of $12.15 per share to the public. Gross offering proceeds upon settlement on June 6, 2011 were $102,060 in the aggregate. Proceeds to the Company, net of underwriter’s discount of $1,176 and total expenses of $138, were approximately $100,746.

On March 3, 2011, the Company announced an underwritten public offering of 8,900,000 shares of the Company’s common stock at a price of $11.40 per share to the public. Gross offering proceeds upon settlement on March 9, 2011 were $101,460 in the aggregate. Proceeds to the Company, net of underwriter’s discount of $890 and total expenses of $166, were approximately $100,404. The proceeds for both offerings were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution.

On October 5, 2009, the Company sold in an underwritten public offering 13,635,700 shares of its common stock at a price of $5.25 per share. Gross offering proceeds from the issuance were $71,587 in the aggregate. Proceeds to the Company, net of underwriters’ discount of $3,042 and total expenses of $765, were approximately $67,780. These proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution.

On February 28, 2011, the Company entered into distribution agreements with sales agents to sell up to 10,000,000 shares of the Company’s common stock, for up to $100,000 aggregate gross sale proceeds, from time to time in “at-the-market” offerings (the “ATM”). During the year ended December 31, 2011, the Company issued 115,856 shares of the Company’s common stock under the ATM resulting in proceeds to us of approximately $1,391, net of $28 paid to the sales agent. These proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution. Under the terms of the ATM, sales are to be made primarily in transactions that are deemed to be “at-the-market” offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions.

On May 4, 2010, the Company entered into distribution agreements with sales agents to sell up to 10,000,000 shares of its common stock from time to time in “at-the-market” offerings (the “Original ATM”). During the year ended December 31, 2010, the Company issued 5,469,767 shares of its common stock under the Original ATM for approximately $44,117, net of $900 paid to the sales agent. These proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution. Under the terms of the Original ATM, sales were made primarily in transactions that were deemed to be “at-the-market” offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions. On December 31, 2010, we concluded the Original ATM as a result of the expiration of the distribution agreements with our sales agents.

On August 8, 2008, the Company’s Dividend Reinvestment and Direct Stock Purchase Plan (“DRIP”) became effective. Under the terms of the DRIP, stockholders who participate may reinvest all or part of their dividends in additional common stock of the Company at a discount from the market price, at our discretion, when the shares are issued and sold directly by us from authorized but unissued shares of the Company’s common stock. Stockholders and non-stockholders may also purchase additional shares at a discounted price, at our discretion, when the shares are issued and sold directly by us from authorized but unissued shares of the Company’s common stock, by making optional cash payments, subject to certain dollar thresholds. During the year ended December 31, 2011, we did not issue any shares of the Company’s common stock under the direct stock purchase component of the DRIP. During the year ended December 31, 2010, the Company issued 875,402 shares of the Company’s common stock under the direct stock purchase component of the DRIP for approximately $5,970. During the year ended December 31, 2009, the Company issued 3,034,120 shares under the direct stock purchase component of the DRIP for $15,920. These proceeds were contributed to us in exchange for Units and are reflected in our financial statements as a general partner contribution.

During the years ended December 31, 2010 and 2009, 23,567 and 50,445 shares, respectively, of common stock were awarded to certain directors. The common stock shares had a fair value of approximately $128 and $240, respectively, upon issuance. General partner units were awarded in an equivalent amounts.

The following table is a roll-forward of the General Partnership and Limited Partnership Units outstanding, including unvested general partner restricted units (see Note 14), for the three years ended December 31, 2011:

	General Partnership  and Limited Partnership Units Outstanding
Balance at December 31, 2008		50,458,385
Issuance of General Partner Units		16,874,884
Issuance of General Partner Restricted Units		35,145
Repurchase and Retirement of Restricted Units		(132,463	)
Balance at December 31, 2009		67,235,951
Issuance of General Partner Units		6,518,736
Issuance of General Partner Restricted Units		573,198
Repurchase and Retirement of Restricted Units		(123,438	)
Balance at December 31, 2010		74,204,447
Issuance of General Partner Units		17,646,586
Issuance of General Partner Restricted Units		292,339
Repurchase and Retirement of Restricted Units		(98,603	)
Balance at December 31, 2011		92,044,769

Distributions

The coupon rate of our Series F Preferred Stock resets every quarter at 2.375% plus the greater of (i) the 30 year Treasury CMT Rate, (ii) the 10 year Treasury CMT Rate or (iii) 3-month LIBOR. For the fourth quarter of 2011, the new coupon rate was 5.365%. See Note 15 for additional derivative information related to the Series F Preferred Stock coupon rate reset.

The following table summarizes distributions declared for the past three years:

	Year Ended 2011				Year Ended 2010				Year Ended 2009
	Distribution per Unit		Total Distribution		Distribution per Unit		Total Distribution		Distribution per Unit		Total Distribution
General Partner/Limited Partner Units	$	0.0000	$	—	$	0.0000	$	—	$	0.0000	$	—
Series F Preferred Units	$	6,510.9028	$	3,256	$	6,736.1540	$	3,368	$	6,414.5700	$	3,207
Series G Preferred Units	$	7,236.0000	$	1,809	$	7,236.0000	$	1,809	$	7,236.0000	$	1,809
Series J Preferred Units	$	18,125.2000	$	10,875	$	18,125.2000	$	10,875	$	18,125.2000	$	10,875
Series K Preferred Units	$	18,125.2000	$	3,625	$	18,125.2000	$	3,625	$	18,125.2000	$	3,625

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Investments in Joint Ventures

12 Months Ended

Dec. 31, 2011

Investments in Joint Ventures [Abstract]

Investments in Joint Ventures

6. Investments in Joint Ventures

On May 16, 2003, we entered into the 2003 Net Lease Joint Venture with an institutional investor to invest in industrial properties. We own a 15% equity interest in and provide property management services to the 2003 Net Lease Joint Venture. As of December 31, 2011, the 2003 Net Lease Joint Venture owned seven industrial properties comprising approximately 3.4 million square feet of GLA (see Note 18 for subsequent events). The 2003 Net Lease Joint Venture is considered a variable interest entity, however, we continue to conclude that we are not the primary beneficiary of this venture. As of December 31, 2011, our investment in the 2003 Net Lease Joint Venture is $1,674. Our maximum exposure to loss is currently equal to our investment balance. On May 26, 2011, we acquired the 85% equity interest in one property from the institutional investor in the 2003 Net Lease Joint Venture (see Note 4).

During December 2007, we entered into the 2007 Europe Joint Venture with an institutional investor to invest in, own, develop, redevelop and operate industrial properties. We continue to hold our 10% equity interest in the 2007 Europe Joint Venture. As of December 31, 2011, the 2007 Europe Joint Venture did not own any properties.

On August 5, 2010, we sold our interests in the 2005 Development/Repositioning Joint Venture, the 2005 Core Joint Venture, the 2006 Land/Development Joint Venture and the 2007 Canada Joint Venture to our joint venture partner generating sale proceeds of approximately $5.0 million. In connection with the sale, we wrote off our carrying value for the 2005 Development/Repositioning Joint Venture, the 2005 Core Joint Venture, the 2006 Land/Development Joint Venture and the 2007 Canada Joint Venture as well as $1,625 of unrealized loss recorded in Other Comprehensive Income (see Note 15). We recorded an $11,226 gain related to the sale, which is included in Gain on Sale of Joint Venture Interests for the year ended December 31, 2010. As a result of this sale, we no longer serve as asset manager for these ventures. Pursuant to the sale agreement, we were entitled to proceeds related to sales of certain assets (the “Sale Assets”), if the sale of such assets was consummated by a stated timeframe. Three of the Sale Assets closed between August 6, 2010 and December 31, 2010 and we earned approximately $2,700, which is included in the Gain on Sale of Joint Venture Interests for the year ended December 31, 2010. Additionally, we were entitled to earn leasing, development and disposition fees related to certain assets identified at the time of sale within the sale agreement. On June 11, 2010, we purchased an industrial property from the 2005 Development/Repositioning Joint Venture for a purchase price of $14,627.

On March 21, 2006, we entered into the 2006 Net Lease Co-Investment Program with an institutional investor to invest in industrial properties. We owned a 15% equity interest in and provided property management, asset management and leasing management services to the 2006 Net Lease Co-Investment Program. Pursuant to the buy/sell provision in the 2006 Net Lease Co-Investment Program’s governing agreement that our counterparty exercised on May 25, 2010, we sold our interest in the real estate property assets in the 2006 Net Lease Co-Investment Program to our counterparty and received $4,541 in net proceeds. In connection with the sale, we wrote off our carrying value for the 2006 Net Lease Co-Investment Program and recorded a $852 gain, which is included in Equity in Income (Loss) of Joint Ventures.

During July 2007, we entered into a management arrangement with an institutional investor to provide property management, leasing, acquisition, disposition and portfolio management services for three industrial properties (the “July 2007 Fund”). We do not own an equity interest in the July 2007 Fund, however we are entitled to incentive payments if certain economic thresholds related to the industrial properties are achieved. Effective September 2, 2009, we ceased to provide any services for two of the industrial properties in the July 2007 Fund. We received a one-time fee of approximately $866 in 2009 from the termination of the management agreement. Effective May 24, 2010, we ceased to provide any services to the remaining industrial property in the July 2007 Fund.

At December 31, 2011 and 2010, we have receivables from the Joint Ventures (and/or our former Joint Venture partners) in the aggregate amount of $137 and $2,857, respectively. These receivable amounts are included in Prepaid Expenses and Other Assets, Net. During the years ended December 31, 2011, 2010 and 2009, we recognized fees of $970, $4,952 and $11,174, respectively, from our Joint Ventures.

The combined summarized financial information of the investments in Joint Ventures is as follows:

	December 31, 2011			December 31, 2010
Condensed Combined Balance Sheets
Gross Real Estate Investment	$	155,555		$	210,567
Less: Accumulated Depreciation		(41,342	)		(47,286	)
Net Real Estate		114,213			163,281
Other Assets		23,364			33,351
Total Assets	$	137,577		$	196,632
Debt	$	112,261		$	157,431
Other Liabilities		5,779			10,849
Equity		19,537			28,352
Total Liabilities and Equity	$	137,577		$	196,632
Company’s share of Equity	$	3,029		$	4,344
Basis Differentials(1)		(1,564	)		(2,089	)
Carrying Value of the Company’s investments in Joint Ventures	$	1,465		$	2,255

(1) This amount represents the aggregate difference between our historical cost basis and the basis reflected at the joint venture level. Basis differentials are primarily comprised of impairments we recorded to reduce certain of our investments in the 2003 Net Lease Joint Venture to fair value and certain deferred fees which are not reflected at the joint venture level.

	Year Ended December 31,
	2011		2010			2009
Condensed Combined Statements of Operations
Total Revenues	$	16,799	$	55,894		$	85,426
Expenses:
Operating and Other		3,114		23,862			41,359
Interest		7,791		28,622			39,749
Depreciation and Amortization		7,312		27,202			47,487
Impairment of Real Estate		—		3,268			150,804
Total Expenses		18,217		82,954			279,399
Income from Discontinued Operations (Including Gain on Sale of Real Estate of $3,137, $2,761 and $1,177)		2,674		1,942			1,799
Gain on Sale of Real Estate		—		808			8,603
Net Income (Loss)	$	1,256	$	(24,310	)	$	(183,571	)
Company’s Share of Net Income (Loss)		980		675			(1,276	)
Impairment on the Company’s Investments in Joint Ventures		—		—			(5,194	)
Equity in Income (Loss) of Joint Ventures	$	980	$	675		$	(6,470	)

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Indebtedness

12 Months Ended

Dec. 31, 2011

Indebtedness [Abstract]

Indebtedness

7. Indebtedness

The following table discloses certain information regarding our indebtedness:

	Outstanding Balance at						Interest Rate At December 31, 2011	Effective Interest Rate at Issuance
	December 31,			December 31,
	2011			2010					Maturity Date
Mortgage and Other Loans Payable, Net*	$	584,288		$	431,284		4.45% – 9.25%	4.45% – 9.25%	January 2013 – October 2021
Unamortized Premiums*		(305	)		(358	)
Mortgage and Other Loans Payable, Gross*	$	583,983		$	430,926
Senior Unsecured Notes, Net
2016 Notes	$	159,455		$	159,899		5.750%	5.91%	01/15/16
2017 Notes		59,600			87,195		7.500%	7.52%	12/01/17
2027 Notes		6,065			13,559		7.150%	7.11%	05/15/27
2028 Notes		124,894			189,869		7.600%	8.13%	07/15/28
2012 Notes		61,817			61,774		6.875%	6.85%	04/15/12
2032 Notes		34,683			34,667		7.750%	7.87%	04/15/32
2014 Notes		86,997			86,792		6.420%	6.54%	06/01/14
2011 Exchangeable Notes		—			128,137		N/A	N/A	09/15/11
2017 II Notes		106,716			117,637		5.950%	6.37%	05/15/17
Subtotal	$	640,227		$	879,529
Unamortized Discounts		4,625			6,980
Senior Unsecured Notes, Gross	$	644,852		$	886,509
Unsecured Credit Facility	$	149,000		$	376,184		2.385%	2.385%	12/12/14

* Excludes $1,008 of Mortgage Loan Payable on Real Estate Held for Sale which is net of $48 of unamortized premiums as of December 31, 2010.

Mortgage and Other Loans Payable, Net

During year ended December 31, 2011, we originated or assumed the following mortgage loans:

Mortgage Financing	Loan Principal		Interest Rate		Origination / Assumption Date	Maturity Date	Amortization Period	Number of Industrial Properties Collateralizing Mortgage		GLA		Property Carrying Value at December 31, 2011
										(In millions)
I-IV	$	132,463		4.45%	May 2, 2011	June 2018	30-year		22		4.4	$	167,644
V		24,417		5.579%	May 26, 2011	February 2016	30-year		1		0.7		28,991
VI-XIV		67,421		4.85%	September 23, 2011	October 2021	30-year		20		2.0		73,473
	$	224,301										$	270,108

For Mortgage Financings I through IV and Mortgage Financings VI though XIV, principal prepayments are prohibited for 12 months after loan origination, after which prepayment premiums are calculated at the greater of yield maintenance or 1% of the outstanding balance. For Mortgage Financing V, principal prepayments are prohibited until three months prior to maturity, but defeasance is allowed subject to certain conditions.

During the year ended December 31, 2011, we paid off and retired prior to maturity the following mortgage loans:

Loan Principal Paid Off		Interest Rate			Payoff Date	Maturity Date	(Loss) Gain on Retirement of Debt
$	14,520		6.75	%	February 10, 2011	September 2012	$	(213	)
	14,980		7.50	%	March 9, 2011	December 2014		(653	)
	27,389		7.50	%	April 1, 2011	October 2014		(1,104	)
	2,091		7.54	%	November 30, 2011	January 2012		2
$	58,980						$	(1,968	)

On September 20, 2011, we transferred title to a property totaling approximately 0.4 million square feet of GLA and an escrow balance in the amount of $1,845 to a lender in satisfaction of a $5,040 non-recourse mortgage loan. We recognized a $147 loss related to the transaction, which is included in loss on retirement of debt for the year ended December 31, 2011.

On April 30, 2010, we prepaid and retired our secured mortgage debt maturing in September 2024 in the amount of $1,654, excluding a prepayment fee of $17, which is included in Loss from Retirement of Debt.

On December 1, 2010, we paid off and retired our secured mortgage debt maturing in December 2010 in the amount of $12,970.

As of December 31, 2011, mortgage and other loans payable are collateralized by, and in some instances cross-collateralized by, industrial properties with a net carrying value of $777,204 and one letter of credit in the amount of $537. We believe the Operating Partnership and the Company were in compliance with all covenants relating to mortgage loans payable as of December 31, 2011.

Senior Unsecured Notes, Net

During the years ended December 31, 2011 and December 31, 2010, we repurchased and retired the following senior unsecured notes prior to its maturity:

	Principal Amount Repurchased				Purchase Price
	For the Year Ended December 31, 2011		For the Year Ended December 31, 2010		For the Year Ended December 31, 2011		For the Year Ended December 31, 2010
2011 Notes	$	—	$	143,498	$	—	$	147,723
2011 Exchangeable Notes		—		18,000		—		17,936
2012 Notes		—		82,236		—		82,235
2014 Notes		1,144		21,062		1,143		17,964
2016 Notes		500		—		475		—
2017 Notes		27,619		—		27,506		—
2017 II Notes		10,969		—		10,182		—
2027 Notes		7,500		—		7,500		—
2028 Notes		65,025		—		63,861		—
	$	112,757	$	264,796	$	110,667	$	265,858

In connection with these repurchases prior to maturity, we recognized $2,012 and $4,096 as loss from retirement of debt for the years ended December 31, 2011 and December 31, 2010, respectively, which is the difference between the repurchase price of $110,667 and $265,858, respectively, and the principal amount retired of $112,757 and $264,796, respectively, net of the pro rata write off of the unamortized debt issue discount, the unamortized loan fees, the unamortized settlement amount of the interest rate protection agreements and the professional services fees related to the repurchases of $135, $717, $3,250 and $0, respectively, and $1,707, $519, $(183) and $991, respectively.

On September 15, 2011, we paid off and retired our 2011 Exchangeable Notes, at maturity, in the amount of $128,900.

The indentures governing our senior unsecured notes contain certain covenants, including limitations on incurrence of debt and debt service coverage. We believe the Operating Partnership and the Company were in compliance with all covenants relating to senior unsecured notes as of December 31, 2011. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our noteholders in a manner that could impose and cause us to incur material costs.

Unsecured Credit Facility

We have maintained an unsecured credit facility since 1997. Effective October 22, 2010, we amended our existing revolving credit facility to provide for a $200,000 term loan and a $200,000 revolving line of credit (together the “Old Credit Facility”). The Old Credit Facility was to mature on September 28, 2012. In connection with the amendment of the Old Credit Facility, we wrote off $191 of unamortized deferred financing costs associated with the decreased capacity of the agreement, which is included in Loss from Retirement of Debt for the year ended December 31, 2010. During June 2011, we made a permanent repayment of $100,000 on the term loan of our Old Credit Facility.

During December 2011, we entered into a new $450,000 unsecured revolving credit agreement (the “Unsecured Credit Facility”) which replaced the Old Credit Facility. We may request that the borrowing capacity under the Unsecured Credit Facility be increased to $500,000, subject to certain restrictions. We wrote off $1,172 of unamortized deferred financing costs reflected in Loss from Retirement of Debt for the year ended December 31, 2011 related to the Old Credit Facility. The Unsecured Credit Facility provides for interest only payments initially at LIBOR plus 210 basis points or at a base rate plus 210 basis points, at our election, based on our leverage ratio. The Unsecured Credit Facility matures on December 12, 2014, unless extended an additional one year at our election, subject to certain conditions. At December 31, 2011, borrowings under the Unsecured Credit Facility bore interest at a weighted average interest rate of 2.385%.

The Unsecured Credit Facility contains certain covenants, including limitations on incurrence of debt and debt service coverage. Under the Unsecured Credit Facility, an event of default can also occur if the lenders, in their good faith judgment, determine that a material adverse change has occurred which could prevent timely repayment or materially impair our ability to perform our obligations under the loan agreement. We believe that we were in compliance with all covenants relating to the Unsecured Credit Facility as of December 31, 2011. However, these financial covenants are complex and there can be no assurance that these provisions would not be interpreted by our lenders in a manner that could impose and cause us to incur material costs.

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

	Amount
2012	$	72,812
2013		11,362
2014		303,160
2015		51,510
2016		287,172
Thereafter		651,819
Total	$	1,377,835

Fair Value

At December 31, 2011 and 2010, the fair value of our indebtedness was as follows:

	December 31, 2011				December 31, 2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage and Other Loans Payable, including mortgages Held for Sale	$	584,288	$	630,400	$	432,292	$	486,758
Senior Unsecured Debt		640,227		630,622		879,529		851,771
Unsecured Credit Facility		149,000		149,000		376,184		376,184
Total	$	1,373,515	$	1,410,022	$	1,688,005	$	1,714,713

The fair values of our mortgage loans payable and other loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar leverage levels and similar remaining maturities. The current market rates we utilized were internally estimated; therefore, we have concluded that our determination of fair value for our mortgage and other loans payable was primarily based upon Level 3 inputs. The fair value of the senior unsecured notes was determined by quoted market prices (Level 1) or, for certain senior unsecured notes that are thinly traded, were based upon transactions for senior unsecured notes with comparable maturities (Level 2). The fair value of the Unsecured Credit Facility was determined by discounting the future cash flows using current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining term, assuming no repayment until maturity. The current market rate utilized for our Unsecured Credit Facility was internally estimated; therefore, we have concluded that our determination of fair value was primarily based upon Level 3 inputs.

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Supplemental Information to Statements of Cash Flows

12 Months Ended

Dec. 31, 2011

Supplemental Information to Statements of Cash Flows [Abstract]

Supplemental Information to Statements of Cash Flows

9. Supplemental Information to Statements of Cash Flows

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Interest paid, net of capitalized interest	$	95,527		$	102,270		$	115,451
Capitalized Interest	$	437		$	—		$	281
Income Taxes Paid (Refunded)	$	1,876		$	3,663		$	(54,173	)
Supplemental schedule of noncash investing and financing activities:
Distribution payable on preferred units	$	4,763		$	452		$	452
Industrial property distribution from Other Real Estate Partnerships:
Investment in real estate and deferred leasing intangibles, net	$	—		$	—		$	1,811
Prepaid expenses and other assets, net		—			—			289
Accounts payable, accrued expenses and other liabilities, net		—			—			(56	)
Total distribution	$	—		$	—		$	2,044
Exchange of Limited partnership units for General partnership units:
Limited partnership units	$	(1,109	)	$	(316	)	$	(7,817	)
General partnership units		1,109			316			7,817
	$	—		$	—		$	—
Property Transfer to Lender in Satisfaction of Non-Recourse Mortgage Loan:
Net Investment of Real Estate	$	(3,200	)	$	—		$	—
Prepaid Expenses and Other Assets, Net		(1,987	)		—			—
Mortgage Loan Payable, Net		5,040			—			—
Loss from Retirement of Debt	$	(147	)	$	—		$	—
Mortgage loan payable assumed in conjunction with a property acquisition	$	(24,417	)	$	—		$	—
Notes receivable issued in conjunction with certain property sales	$	7,029		$	168		$	20,645
Write off of fully depreciated assets	$	(51,434	)	$	(52,203	)	$	(50,423	)

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Stock Based Compensation

12 Months Ended

Dec. 31, 2011

Stock Based Compensation [Abstract]

Stock Based Compensation

14. Stock Based Compensation

The Company maintains five stock incentive plans, (the “Stock Incentive Plans”) which are administered by the Company’s Compensation Committee of the Board of Directors. There are 11.5 million shares of the Company’s common stock authorized for issuance under the Stock Incentive Plans. Only officers, certain employees, the Company’s Independent Directors and our affiliates generally are eligible to participate in the Stock Incentive Plans.

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/Unit awards (including awards subject to performance conditions), and (iv) dividend equivalent rights. The exercise price of stock options is determined by the Company’s Compensation Committee. Special provisions apply to awards granted under the Stock Incentive Plans in the event of a change in control in the Consolidated Operating Partnership. As of December 31 awards covering, 1.9 million shares of common stock were available to be granted under the Stock Incentive Plans.

At December 31, 2011, all outstanding stock options are vested. Stock option transactions as of December 31, 2011 are summarized as follows:

	Options			Weighted Average Exercise Price		Aggregate Intrinsic Value
Outstanding at December 31, 2010		98,701		$	32.34	$	—
Expired or Terminated		(73,500	)	$	32.61
Outstanding at December 31, 2011		25,201		$	31.57	$	—

The following table summarizes currently outstanding and exercisable options as of December 31, 2011:

	Number Outstanding and Exercisable	Remaining Contractual  Life		Exercise Price
January 2002 Grants	15,201		0.04	$	30.53
May 2002 Grants	10,000		0.37	$	33.15

In September 1994, the Company’s Board of Directors approved and the Company adopted a 401(k)/Profit Sharing Plan. Under the Company’s 401(k)/Profit Sharing Plan, all eligible employees may participate by making voluntary contributions. The Company may make, but are not required to make, matching contributions. For the years ended December 31, 2011, 2010 and 2009, matching contributions of $197, $194 and $0, respectively were recorded.

For the years ended December 31, 2011, 2010 and 2009, we awarded 292,339, 573,198 and 1,473,600 restricted stock/unit awards to employees having a fair value at grant date of $3,248, $3,336 and $7,406, respectively. The Company also awarded 0, 0 and 35,145 restricted stock/unit awards to the Company’s directors having a fair value at grant date of $0, $0 and $149, respectively. Restricted stock/unit awards granted to employees generally vest over a period of three to four years and restricted stock/unit awards granted to directors generally vest over a period of five years. For the years ended December 31, 2011, 2010 and 2009, we recognized $3,759, $6,040 and $13,015 in restricted stock amortization related to restricted stock and unit awards, of which $0, $0 and $45, respectively, was capitalized in connection with development activities. At December 31, 2011, we have $5,141 in unearned compensation related to unvested restricted stock/unit awards. The weighted average period that the unrecognized compensation is expected to be incurred is 0.79 years.

Restricted stock award and restricted stock unit award transactions for the year ended December 31, 2011 are summarized as follows:

	Awards			Weighted Average Grant Date Fair Value
Outstanding at December 31, 2010		1,674,892		$	7.26
Issued		292,339		$	11.11
Forfeited		(51,024	)	$	11.59
Vested		(510,926	)	$	9.74
Outstanding at December 31, 2011		1,405,281		$	7.00

During the year ended December 31, 2009, the Company made a grant of 1,000,000 restricted stock units to its Chief Executive Officer. These restricted stock units had a fair value of approximately $6,014 on the date of issuance. Of these restricted stock units, a total of 600,000 (the “Service Awards”) vest in four equal installments on the first, second, third and fourth year anniversary of December 31, 2008, and a total of 400,000 (the “Performance Awards I”) vest in four installments of up to 100,000 on the first, up to 200,000 on the second, up to 300,000 on the third and up to 400,000 on the fourth year anniversary of December 31, 2008, to the extent certain market conditions are met. The market conditions are met when certain stock price levels are achieved and maintained for certain time periods between the award issuance date and December 31, 2013. Both the Service Awards and Performance Awards I require the Chief Executive Officer to be employed by the Company at the applicable vesting dates, subject to certain clauses in the award agreement. The Service Awards are amortized over the four year service period. The Performance Awards I are amortized over the service period of each installment. As of December 31, 2011, there have been 525,000 Service and Performance Awards I issued.

During the year ended December 31, 2009, the Company made a grant of 473,600 restricted stock units to certain members of management (the “Performance Awards II”). The Performance Awards II had a fair value of approximately $1,392 on the date of issuance and will vest in four installments on the first, second, third and fourth anniversary of June 30, 2009, to the extent certain service periods and market conditions are both met. The market conditions are met when certain stock price levels are achieved and maintained for certain time periods between the award issuance date and June 30, 2014. The Performance Awards II are amortized over the service period of each installment. In conjunction with the issuance of the Performance Awards II, the members of management were also granted cash awards with a fair value of $792. The cash awards vested on June 30, 2010 and compensation expense was recognized on a straight-line basis over the service period. In order to receive the Performance Awards II, the members of management are required to be employed by the Company at the applicable vesting dates, subject to certain clauses in the award agreements. As of December 31, 2011, there have been 39,100 Performance Awards II issued.

The fair value of the Performance Awards I and the Performance Awards II at issuance was determined using a Monte Carlo simulation model with the following assumptions:

	Performance Awards I		Performance Awards II
Expected dividend yield		0.0%		0.0%
Expected stock volatility		57.18% to 119.55%		76.29% to 162.92%
Risk-free interest rate		0.40% to 1.84%		0.43% to 2.38%
Expected life (years)		1-4		1-4
Grant Date Fair value	$	4.49	$	2.94

During the years ended December 31, 2011 and December 31, 2010, certain members of management were granted cash awards with a fair value of $1,810 and $688, respectively. The cash awards vest on June 30, 2012 and June 30, 2011, respectively, and compensation expense is recognized on a straight-line basis over the service period. In order to receive the cash awards, the members of management are required to be employed by the Company at the vesting date, subject to certain clauses of the award agreements.

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Quarterly Financial Information (unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information (unaudited) [Abstract]

Quarterly Financial Information (unaudited)

19. Quarterly Financial Information (unaudited)

The following table summarizes our quarterly financial information. The first, second and third fiscal quarters of 2011 and all fiscal quarters in 2010 have been revised in accordance with guidance on accounting for discontinued operations. The results of operations for the fourth quarter of 2010 include $2,387 which should have been recorded as part of the impairment charge recorded during the third quarter in 2010. Management evaluated this impairment charge and believes it is not material to the results of operations of either quarter.

Net loss available to unitholders and basic and diluted EPU from net loss available to unitholders has not been affected.

	Year Ended December 31, 2011
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	70,318		$	69,754		$	68,856		$	70,766
Equity in Income of Joint Ventures		36			99			772			73
Equity in Income of Other Real Estate Partnerships		4,855			2,852			1,878			2,306
Loss from Continuing Operations, Net of Income Tax		(5,982	)		(3,541	)		(11,476	)		(8,404	)
Income from Discontinued Operations, Net of Income Tax		1,581			3,453			6,047			8,442
Gain on Sale of Real Estate, Net of Income Tax		—			—			918			—
Net (Loss) Income		(4,401	)		(88	)		(4,511	)		38
Preferred Unit Distributions		(4,927	)		(4,947	)		(4,928	)		(4,763	)
Net Loss Available to Unitholders	$	(9,328	)	$	(5,035	)	$	(9,439	)	$	(4,725	)
Basic and Diluted Earnings Per Unit:
Loss From Continuing Operations Available to Unitholders	$	(0.14	)	$	(0.10	)	$	(0.17	)	$	(0.14	)
Income From Discontinued Operations	$	0.02		$	0.04		$	0.07		$	0.09
Net Loss Available to Unitholders	$	(0.12	)	$	(0.06	)	$	(0.10	)	$	(0.05	)
Weighted Average Units Outstanding—Basic and Diluted		76,002			85,029			91,196			91,200

	Year Ended December 31, 2010
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Total Revenues	$	72,562		$	70,909		$	68,990		$	70,542
Equity in (Loss) Income of Joint Ventures		(459	)		582			(398	)		950
Equity in Income (Loss) of Other Real Estate Partnerships		2,833			3,049			(4,144	)		1,756
Loss from Continuing Operations, Net of Income Tax		(24,019	)		(19,106	)		(89,981	)		(23,473	)
Income (Loss) from Discontinued Operations, Net of Income Tax		4,485			4,006			(72,213	)		(1,723	)
Gain (Loss) on Sale of Real Estate, Net of Income Tax		731			—			(214	)		—
Net Loss		(18,803	)		(15,100	)		(162,408	)		(25,196	)
Preferred Unit Distributions		(4,960	)		(4,979	)		(4,884	)		(4,854	)
Net Loss Available to Unitholders	$	(23,763	)	$	(20,079	)	$	(167,292	)	$	(30,050	)
Basic and Diluted Earnings Per Unit:
Loss From Continuing Operations Available to Unitholders	$	(0.42	)	$	(0.35	)	$	(1.39	)	$	(0.41	)
Income (Loss) From Discontinued Operations	$	0.07		$	0.06		$	(1.05	)	$	(0.02	)
Net Loss Available to Unitholders	$	(0.35	)	$	(0.29	)	$	(2.44	)	$	(0.43	)
Weighted Average Units Outstanding—Basic and Diluted		67,187			68,214			68,466			69,413

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Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements of Comprehensive Income [Abstract]
Net (Loss) Income	$ (8,962)	$ (221,507)	$ 4,327
Mark-to-Market of Interest Rate Protection Agreements, Net of Income Tax Provision		990	(383)
Amortization of Interest Rate Protection Agreements	2,166	2,108	796
Write-off of Unamortized Settlement Amounts of Interest Rate Protection Agreements	3,250	(182)	523
Reclassification of Foreign Exchange Loss on Substantial Liquidation of Foreign Entities, Net of Income Tax Benefit	179
Foreign Currency Translation Adjustment, Net of Income Tax Benefit (Provision)	(1,470)	566	1,486
Comprehensive (Loss) Income	$ (4,837)	$ (218,025)	$ 6,749

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Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Basis of Presentation and Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

In order to conform with generally accepted accounting principles, we are required in preparation of our financial statements 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, 2011 and 2010, and the reported amounts of revenues and expenses for each of the years ended December 31, 2011, 2010 and 2009. Actual results could differ from those estimates. Certain reclassifications within the footnotes have been made to prior period amounts in order to conform with current period presentation.

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, 2010, restricted cash primarily includes cash held in escrow in connection with mortgage debt requirements. The carrying amount approximates fair value due to the short term maturity of these investments.

Investment in Real Estate and Depreciation

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

Interest costs, real estate taxes, compensation costs of development personnel and other directly related costs incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, we reclassify construction in progress to building, tenant improvements and leasing commissions. Such costs begin to be capitalized to the development projects from the point we are undergoing necessary activities to get the development ready for its intended use and ceases when the development projects are substantially completed and held available for occupancy. Depreciation expense is computed using the straight-line method based on the following useful lives:

	Years
Buildings and Improvements		8 to 50
Land Improvements		3 to 20
Furniture, Fixtures and Equipment		5 to 10

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

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

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

Deferred Leasing Intangibles, net of accumulated amortization (exclusive of Deferred Leasing Intangibles held for sale) included in our total assets and total liabilities consist of the following:

	December 31, 2011		December 31, 2010
In-Place Leases	$	17,157	$	18,427
Above Market Leases	$	4,761	$	2,665
Tenant Relationships	$	11,457	$	12,547
Total included in Total Assets	$	33,375	$	33,639
Below Market Leases	$	14,442	$	16,145
Total included in Total Liabilities	$	14,442	$	16,145

Amortization expense related to in-place leases and tenant relationships of deferred leasing intangibles, exclusive of in-place leases and tenant relationships held for sale, was $9,688, $12,950 and $14,871 for the years ended December 31, 2011, 2010, and 2009, respectively. Rental revenues increased by $1,331, $2,631 and $3,823 related to net amortization of above/(below) market leases, exclusive of above/(below) market leases held for sale, for the years ended December 31, 2011, 2010, and 2009, respectively. We will recognize net amortization expense related to the deferred leasing intangibles over the next five years, for properties owned as of December 31, 2011 and not classified as held for sale, as follows:

	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases
2012	$	5,849	$	632
2013	$	4,912	$	423
2014	$	4,050	$	330
2015	$	3,295	$	321
2016	$	2,173	$	834

Construction Revenues and Expenses

Construction revenues and expenses represent revenues earned and expenses incurred in connection with a taxable REIT subsidiary acting as a general contractor or development manager to construct industrial properties and also include revenues and expenses related to the development of properties for third parties. We use the percentage-of-completion contract method to recognize revenue. Using this method, revenues are recorded based on estimates of the percentage of completion of individual contracts. The percentage of completion estimates are based on a comparison of the contract expenditures incurred to the estimated final costs. Changes in job performance, job conditions and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined.

Foreign Currency Transactions and Translation

At December 31, 2011, we owned a land parcel located in Toronto, Canada for which the functional currency was determined to be the Canadian dollar. The assets and liabilities related to this land parcel are translated to U.S. dollars from the Canadian dollar based on the current exchange rate prevailing at each balance sheet date. The income statement accounts related to this land parcel are translated using the average exchange rate for the period. The resulting translation adjustments are included in Accumulated Other Comprehensive Income.

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 $12,782 and $16,410 at December 31, 2011 and 2010, 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 our limited partnership interests in and advances to, through the Operating Partnership, the Other Real Estate Partnerships. We account for our Investment in and Advances to Other Real Estate Partnerships under the equity method of accounting. Under the equity method of accounting, our 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, our Investment in and Advances to Other Real Estate Partnerships as paid or received, respectively.

On a continuous basis, we assess whether there are any indicators that the value of our Investment in and Advances to Other Real Estate Partnerships may be impaired. An investment is impaired if our estimate of the value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs and the discount rate used to value the cash flows of the properties. As these factors are difficult to predict and are subject to future events that may alter our assumptions, our fair values estimated by management in the impairment analyses may not be realized.

Investments in Joint Ventures

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

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

On a continuous basis, we assess whether there are any indicators that the value of our Investments in Joint Ventures may be impaired. An investment is impaired if our estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in fair value is deemed to be other than temporary. To the extent impairment has occurred, the loss shall be measured as the excess of the carrying amount of the investment over the fair value of the investment. Our estimates of fair value for each investment are based on a number of subjective assumptions that are subject to economic and market uncertainties including, among others, demand for space, market rental rates and operating costs, the discount rate used to value the cash flows of the properties, the cap rate used to estimate the terminal value of the underlying properties and the discount rate used to value the Joint Ventures’ debt. As these factors are difficult to predict and are subject to future events that may alter our assumptions, our fair values estimated in the impairment analyses may not be realized.

Limited Partners Units

Limited partner Units are reported within Partners’ Capital in the balance sheet as of December 31, 2011 and 2010 because they are not redeemable for cash or other assets (a) at a fixed or determinable date, (b) at the option of the Unitholder or (c) upon the occurrence of an event that is not solely within the control of the Operating Partnership. Redemption can be effectuated, as determined by the General Partner, either by exchanging the Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares.

The Operating Partnership is the only significant asset of the Company and economic, fiduciary and contractual means align the interests of the Company and the Operating Partnership. The Board of Directors and officers of the Company direct the Company to act when acting in its capacity as sole general partner of the Operating Partnership. Because of this, the Operating Partnership is deemed to have effective control of the form of redemption consideration. As of December 31, 2011, all criteria were met for the Operating Partnership to control the actions or events necessary to issue the maximum number of the Company’s common shares required to be delivered upon redemption of all remaining Units.

Stock Based Compensation

We account for stock based compensation using the modified prospective application method, which requires measurement of compensation cost for all stock-based awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest.

Net income, net of preferred dividends, is allocated to Unitholders and participating securities based upon their proportionate share of weighted average Units plus weighted average participating securities. Participating securities are unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. Certain restricted stock awards and restricted unit awards granted to employees and directors are considered participating securities as they receive non-forfeitable dividend or dividend equivalents at the same rate as Units. See Note 10 for further disclosure about participating securities.

Revenue Recognition

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

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

Interest income on mortgage loans receivable is recognized based on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected.

We provide an allowance for doubtful accounts against the portion of tenant accounts receivable including deferred rent receivable, which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $2,638 and $2,924 as of December 31, 2011 and 2010, respectively. Deferred rent receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $2,302 and $1,855 as of December 31, 2011 and 2010, respectively. For accounts receivable we deem uncollectible, we use the direct write-off method.

Gain on Sale of Real Estate

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

Notes Receivable

Notes receivable are primarily comprised of mortgage note receivables that we have made in connection with sales of real estate assets. The note receivables are recorded at fair value at the time of issuance. Interest income is accrued as earned. Notes receivable are considered past due based on the contractual terms of the note agreement. On a quarterly basis, we evaluate the collectability of each mortgage note receivable based on various factors which may include payment history, expected fair value of the collateral securing the loan, internal and external credit information and/or economic trends. A loan is considered impaired when, based upon current information and events, it is probable that we will be unable to collect all amounts due under the existing contractual terms. When a loan is considered impaired, the amount of the loss accrual is calculated by comparing the carrying amount of the note receivable to the present value of expected future cash flows. Since the majority of our notes receivable are collateralized by a first mortgage, the loans have risk characteristics similar to the risks in owning commercial real estate.

Income Taxes

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

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

We evaluate tax positions taken in the financial statements on a quarterly basis under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we may recognize a tax benefit from an uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities. As of December 31, 2011, we do not have any unrecognized tax benefits.

We file income tax returns in the U.S., and various states and foreign jurisdictions. In general, the statutes of limitations for income tax returns remain open for the years 2008 through 2011. One of our taxable REIT subsidiaries which liquidated in September 2009 is currently under examination by the Internal Revenue Service (“IRS”) for 2008 and for the tax year ended September 1, 2009 during which we received refunds from the IRS of $3,767 and $40,418, respectively.

During 2005, we recorded a $745 franchise tax reserve related to a potential state franchise tax assessment for the 1996-2001 tax years. During the year ended December 31, 2011, we received a refund from the state, representing amounts paid during 2006 related to the 1996-2001 tax years. Based on the refund received and discussions with the taxing authorities, as of December 31, 2011, management believes that it is unlikely that any franchise tax amounts will be assessed by the state for such tax years. As such, during the year ended December 31, 2011, we reversed $745 of franchise taxes. Franchise taxes are recorded within general and administrative expense.

Earnings Per Unit (“EPU”)

Basic net income (loss) available to Unitholders per Unit is computed by dividing net income (loss) available to Unitholders by the weighted average number of Units outstanding for the period. Diluted net income (loss) available to Unitholders per Unit is computed by dividing net income (loss) available to Unitholders by the sum of the weighted average number of Units outstanding and any dilutive non-participating securities for the period. See Note 10 for further disclosure about EPU.

Derivative Financial Instruments

Historically, we have used interest rate protection agreements (“Agreements”) to fix the interest rate on anticipated offerings of senior unsecured notes 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 notes are amortized over the life of the derivative or the life of the debt and included in interest expense. Receipts or payments resulting from Agreements used to convert floating rate debt to fixed rate debt are recognized as a component of interest expense. Agreements which qualify for hedge accounting are marked-to-market and any gain or loss that is effective is recognized in other comprehensive income (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 (loss) available to Unitholders immediately. Amounts accumulated in other comprehensive income during the hedge period are reclassified to earnings in the same period during which the forecasted transaction or hedged item affects net income (loss). The credit risks associated with Agreements are controlled through the evaluation and monitoring of the creditworthiness of the counterparty. In the event that the counterparty fails to meet the terms of Agreements, our exposure is limited to the current value of the interest rate differential, not the notional amount, and our carrying value of Agreements on the balance sheet. See Note 15 for more information on Agreements.

Fair Value of Financial Instruments

Financial instruments other than our derivatives include tenant accounts receivable, net, notes receivable, accounts payable, other accrued expenses, mortgage and other loans payable, unsecured credit facility and senior unsecured notes. The fair values of the tenant accounts receivable, net, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 7 for the fair values of the mortgage and other loans payable, unsecured credit facility and senior unsecured notes and see Note 4 for the fair value of our notes receivable.

Discontinued Operations

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

Segment Reporting

Management views the Consolidated Operating Partnership as a single segment.

XML

Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2011

Real Estate and Accumulated Depreciation [Abstract]

REAL ESTATE AND ACCUMULTED DEPRECIATION

SCHEDULE III:

REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2011

(Dollars in thousands)

				(b) Initial Cost				(c) Costs Capitalized Subsequent to Acquisition or Completion and Valuation Provision			Gross Amount Carried At  Close of Period 12/31/11								Accumulated Depreciation 12/31/2011			Year Acquired/ Constructed		Depreciable Lives (Years)
Building Address	Location (City/State)	(a) Encumbrances		Land		Buildings					Land			Building and Improvements			Total
								(Dollars in thousands)
Atlanta
1650 Highway 155	McDonough, GA		—		788		4,544		(1,205	)		365			3,762			4,127		2,073			1994		(l	)
1665 Dogwood Drive	Conyers, GA		—		635		3,662		587			635			4,249			4,884		1,789			1994		(l	)
1715 Dogwood	Conyers, GA		—		288		1,675		783			228			2,518			2,746		893			1994		(l	)
11235 Harland Drive	Covington, GA		—		125		739		169			125			908			1,033		377			1994		(l	)
4051 Southmeadow Parkway	Atlanta, GA		—		726		4,130		875			726			5,005			5,731		2,002			1994		(l	)
4071 Southmeadow Parkway	Atlanta, GA		—		750		4,460		1,631			828			6,013			6,841		2,435			1994		(l	)
4081 Southmeadow Parkway	Atlanta, GA		—		1,012		5,918		1,651			1,157			7,424			8,581		3,048			1994		(l	)
5570 Tulane Dr (d)	Atlanta, GA		2,281		527		2,984		990			546			3,955			4,501		1,369			1996		(l	)
955 Cobb Place	Kennesaw, GA		3,018		780		4,420		754			804			5,150			5,954		2,010			1997		(l	)
1256 Oakbrook Drive	Norcross, GA		1,243		336		1,907		210			339			2,114			2,453		523			2001		(l	)
1265 Oakbrook Drive	Norcross, GA		1,170		307		1,742		259			309			1,999			2,308		510			2001		(l	)
1280 Oakbrook Drive	Norcross, GA		1,211		281		1,592		313			283			1,903			2,186		550			2001		(l	)
1300 Oakbrook Drive	Norcross, GA		1,699		420		2,381		267			423			2,645			3,068		685			2001		(l	)
1325 Oakbrook Drive	Norcross, GA		1,349		332		1,879		224			334			2,101			2,435		526			2001		(l	)
1351 Oakbrook Drive	Norcross, GA		—		370		2,099		(992	)		146			1,331			1,477		584			2001		(l	)
1346 Oakbrook Drive	Norcross, GA		—		740		4,192		(715	)		352			3,865			4,217		1,312			2001		(l	)
1412 Oakbrook Drive	Norcross, GA		—		313		1,776		(1,053	)		101			935			1,036		438			2001		(l	)
3060 South Park Blvd	Ellenwood, GA		—		1,600		12,464		1,590			1,604			14,050			15,654		3,469			2003		(l	)
Greenwood Industrial Park	McDonough, GA		4,580		1,550		—		7,485			1,550			7,485			9,035		1,384			2004		(l	)
46 Kent Drive	Cartersville GA		1,779		794		2,252		6			798			2,254			3,052		556			2005		(l	)
100 Dorris Williams	Villa Rica GA		1,640		401		3,754		(749	)		406			3,000			3,406		548			2005		(l	)
605 Stonehill Drive	Atlanta, GA		1,571		485		1,979		(38	)		490			1,936			2,426		1,155			2005		(l	)
6514 Warren Drive	Norcross, GA		—		510		1,250		(61	)		513			1,186			1,699		271			2005		(l	)
6544 Warren Drive	Norcross, GA		—		711		2,310		284			715			2,590			3,305		570			2005		(l	)
5356 E. Ponce De Leon	Stone Mountain, GA		2,765		604		3,888		208			610			4,090			4,700		1,498			2005		(l	)
5390 E. Ponce De Leon	Stone Mountain, GA		—		397		1,791		21			402			1,807			2,209		483			2005		(l	)
195 & 197 Collins Boulevard	Athens, GA		—		1,410		5,344		(1,742	)		989			4,023			5,012		2,520			2005		(l	)
1755 Enterprise Drive	Buford, GA		1,529		712		2,118		(10	)		716			2,104			2,820		568			2006		(l	)
4555 Atwater Court	Buford, GA		2,582		881		3,550		567			885			4,113			4,998		1,191			2006		(l	)
80 Liberty Industrial Parkway	McDonough, GA		—		756		3,695		(1,333	)		467			2,651			3,118		743			2007		(l	)
596 Bonnie Valentine	Pendergrass, GA		—		2,580		21,730		2,585			2,594			24,301			26,895		3,435			2007		(l	)
11415 Old Roswell Road	Alpharetta, GA		—		2,403		1,912		491			2,428			2,378			4,806		476			2008		(l	)
Baltimore
1820 Portal	Baltimore, MD		—		884		4,891		1,025			899			5,901			6,800		1,839			1998		(l	)
9700 Martin Luther King Hwy	Lanham, MD		—		700		1,920		377			700			2,297			2,997		530			2003		(l	)
9730 Martin Luther King Hwy	Lanham, MD		—		500		955		418			500			1,373			1,873		452			2003		(l	)
4621 Boston Way	Lanham, MD		—		1,100		3,070		298			1,100			3,368			4,468		839			2003		(l	)
4720 Boston Way	Lanham, MD		—		1,200		2,174		497			1,200			2,671			3,871		640			2003		(l	)
22520 Randolph Drive	Dulles, VA		7,745		3,200		8,187		(150	)		3,208			8,029			11,237		1,815			2004		(l	)
22630 Dulles Summit Court	Dulles, VA		—		2,200		9,346		(20	)		2,206			9,320			11,526		2,117			2004		(l	)
4201 Forbes Boulevard	Lanham, MD		—		356		1,823		341			375			2,145			2,520		573			2005		(l	)
4370-4383 Lottsford Vista Rd.	Lanham, MD		—		279		1,358		220			296			1,561			1,857		429			2005		(l	)
4400 Lottsford Vista Rd.	Lanham, MD		—		351		1,955		229			372			2,163			2,535		525			2005		(l	)
4420 Lottsford Vista Road	Lanham, MD		—		539		2,196		241			568			2,408			2,976		643			2005		(l	)
11204 McCormick Road	Hunt Valley, MD		—		1,017		3,132		51			1,038			3,162			4,200		932			2005		(l	)
11110 Pepper Road	Hunt Valley, MD		—		918		2,529		376			938			2,885			3,823		836			2005		(l	)
11100-11120 Gilroy Road	Hunt Valley, MD		—		901		1,455		(55	)		919			1,382			2,301		334			2005		(l	)
10709 Gilroy Road	Hunt Valley, MD		—		913		2,705		(113	)		913			2,592			3,505		889			2005		(l	)
7120-7132 Ambassador Road	Baltimore, MD		—		829		1,329		406			847			1,717			2,564		361			2005		(l	)
7142 Ambassador Road	Hunt Valley, MD		—		924		2,876		2,374			942			5,232			6,174		830			2005		(l	)
7144-7162 Ambassador Road	Baltimore, MD		—		979		1,672		433			1,000			2,084			3,084		759			2005		(l	)
7200 Rutherford Road	Baltimore, MD		—		1,032		2,150		242			1,054			2,370			3,424		635			2005		(l	)
2700 Lord Baltimore Road	Baltimore, MD		—		875		1,826		1,107			897			2,911			3,808		955			2005		(l	)
1225 Bengies Road	Baltimore, MD		—		2,640		270		14,660			2,823			14,747			17,570		2,028			2008		(l	)
Central Pennsylvania
16522 Hunters Green Parkway	Hagerstown, MD		12,962		1,390		13,104		3,893			1,863			16,524			18,387		3,480			2003		(l	)
6951 Allentown Blvd	Harrisburg, PA		—		585		3,176		124			601			3,284			3,885		811			2005		(l	)
320 Museum Road	Washington, PA		—		201		1,819		(162	)		178			1,680			1,858		632			2005		(l	)
1490 Commerce Avenue	Carlisle, PA		—		1,500		—		13,845			2,341			13,004			15,345		1,579			2008		(l	)
600 First Avenue	Gouldsboro, PA		—		7,022		—		58,189			7,019			58,192			65,211		5,010			2008		(l	)
225 Cross Farm Lane	York, PA		18,885		4,718		—		23,567			4,715			23,570			28,285		2,510			2008		(l	)
Chicago
6750 South Sayre Avenue	Bedford Park, IL		—		224		1,309		555			224			1,864			2,088		754			1994		(l	)
585 Slawin Court	Mount Prospect, IL		—		611		3,505		1,644			525			5,235			5,760		2,387			1994		(l	)
2300 Windsor Court	Addison, IL		3,930		688		3,943		1,255			696			5,190			5,886		2,325			1994		(l	)
3505 Thayer Court	Aurora, IL		—		430		2,472		396			430			2,868			3,298		1,208			1994		(l	)
305-311 Era Drive	Northbrook, IL		—		200		1,154		916			205			2,065			2,270		623			1994		(l	)
11241 Melrose Street	Franklin Park, IL		—		332		1,931		42			208			2,097			2,305		1,163			1995		(l	)
11939 S Central Avenue	Alsip, IL		—		1,208		6,843		2,633			1,305			9,379			10,684		3,079			1997		(l	)
405 East Shawmut	LaGrange, IL		—		368		2,083		(1,046	)		81			1,324			1,405		830			1997		(l	)
1010-50 Sesame Street	Bensenville, IL		—		979		5,546		2,782			1,048			8,259			9,307		2,698			1997		(l	)
2120-24 Roberts	Broadview, IL		—		220		1,248		219			231			1,456			1,687		501			1998		(l	)
800 Business Center Drive	Mount Prospect, IL		—		631		3,493		328			666			3,786			4,452		1,034			2000		(l	)
580 Slawin Court	Mount Prospect, IL		—		233		1,292		(29	)		162			1,334			1,496		427			2000		(l	)
19W661 101st Street	Lemont, IL		—		1,200		6,643		1,957			1,220			8,580			9,800		2,899			2001		(l	)
175 Wall Street	Glendale Heights, IL		1,497		427		2,363		163			433			2,520			2,953		658			2002		(l	)
800-820 Thorndale Avenue	Bensenville, IL		—		751		4,159		2,336			761			6,485			7,246		2,126			2002		(l	)
251 Airport Road	North Aurora, IL		5,325		983		—		6,711			983			6,711			7,694		1,589			2002		(l	)
1661 Feehanville Drive	Mount Prospect, IL		—		985		5,455		2,243			1,044			7,639			8,683		2,224			2004		(l	)
1850 Touhy & 1158 McCage Ave.	Elk Grove Village, IL		—		1,500		4,842		(95	)		1,514			4,733			6,247		1,175			2004		(l	)
1088-1130 Thorndale Avenue	Bensenville, IL		—		2,103		3,674		249			2,108			3,918			6,026		1,220			2005		(l	)
855-891 Busse Rd.	Bensenville, IL		—		1,597		2,767		(72	)		1,601			2,691			4,292		821			2005		(l	)
1060-1074 W. Thorndale Ave	Bensenville, IL		—		1,704		2,108		298			1,709			2,401			4,110		779			2005		(l	)
400 Crossroads Pkwy	Bolingbrook, IL		5,658		1,178		9,453		927			1,181			10,377			11,558		2,508			2005		(l	)
7609 W. Industrial Drive	Forest Park, IL		—		1,207		2,343		210			1,213			2,547			3,760		833			2005		(l	)
7801 W. Industrial Drive	Forest Park, IL		—		1,215		3,020		240			1,220			3,255			4,475		866			2005		(l	)
725 Kimberly Drive	Carol Stream, IL		—		793		1,395		203			801			1,590			2,391		396			2005		(l	)
17001 S. Vincennes	Thornton, IL		—		497		504		24			513			512			1,025		249			2005		(l	)
1111 Davis Road	Elgin, IL		—		998		1,859		910			1,046			2,721			3,767		1,219			2006		(l	)
2900 W. 166th Street	Markham, IL		—		1,132		4,293		723			1,134			5,014			6,148		1,456			2007		(l	)
555 W. Algonquin Rd	Arlington Heights, IL		1,912		574		741		2,053			579			2,789			3,368		524			2007		(l	)
7000 W. 60th Street	Chicago, IL		—		609		932		237			667			1,111			1,778		575			2007		(l	)
9501 Nevada	Franklin Park, IL		7,568		2,721		5,630		101			2,737			5,715			8,452		930			2008		(l	)
1501 Oakton Street	Elk Grove Village, IL		—		3,369		6,121		139			3,482			6,147			9,629		1,224			2008		(l	)
16500 W. 103rd Street	Woodridge, IL		2,785		744		2,458		405			760			2,848			3,608		526			2008		(l	)
Cincinnati
9900-9970 Princeton	Cincinnati, OH		—		545		3,088		1,443			566			4,510			5,076		1,700			1996		(l	)
2940 Highland Avenue	Cincinnati, OH		—		1,717		9,730		(650	)		1,146			9,651			10,797		4,440			1996		(l	)
4700-4750 Creek Road	Blue Ash, OH		—		1,080		6,118		1,126			1,109			7,215			8,324		2,593			1996		(l	)
901 Pleasant Valley Drive	Springboro, OH		—		304		1,721		(406	)		190			1,429			1,619		609			1998		(l	)
4436 Mulhauser Road	Hamilton, OH		3,813		630		—		5,081			630			5,081			5,711		1,146			2002		(l	)
4438 Mulhauser Road	Hamilton, OH		4,946		779		—		6,738			779			6,738			7,517		1,840			2002		(l	)
420 Wards Corner Road	Loveland, OH		—		600		1,083		695			606			1,772			2,378		487			2003		(l	)
422 Wards Corner Road	Loveland, OH		—		600		1,811		(26	)		592			1,793			2,385		485			2003		(l	)
4663 Dues Drive	Westchester, OH		-		858		2,273		962			875			3,218			4,093		2,104			2005		(l	)
9525 Glades Drive	Westchester, OH		—		347		1,323		235			355			1,550			1,905		423			2007		(l	)
9776-9876 Windisch Road	Westchester, OH		—		392		1,744		(1	)		394			1,741			2,135		348			2007		(l	)
9810-9822 Windisch Road	Westchester, OH		—		395		2,541		27			397			2,566			2,963		399			2007		(l	)
9842-9862 Windisch Road	Westchester, OH		—		506		3,148		68			508			3,214			3,722		454			2007		(l	)
9872-9898 Windisch Road	Westchester, OH		—		546		3,039		62			548			3,099			3,647		507			2007		(l	)
9902-9922 Windisch Road	Westchester, OH		—		623		4,003		208			627			4,207			4,834		782			2007		(l	)
Cleveland
31311 Emerald Valley Pkwy.	Glenwillow, OH		9,674		681		11,838		968			691			12,796			13,487		2,583			2006		(l	)
30333 Emerald Valley Pkwy.	Glenwillow, OH		4,891		466		5,447		134			475			5,572			6,047		1,321			2006		(l	)
7800 Cochran Road	Glenwillow, OH		7,004		972		7,033		288			991			7,302			8,293		1,692			2006		(l	)
7900 Cochran Road	Glenwillow, OH		5,367		775		6,244		5			792			6,232			7,024		1,256			2006		(l	)
7905 Cochran Road	Glenwillow, OH		—		920		6,174		270			921			6,443			7,364		1,340			2006		(l	)
30600 Carter Street	Solon, OH		—		989		3,042		448			1,022			3,457			4,479		1,661			2006		(l	)
8181 Darrow Road	Twinsburg, OH		7,473		2,478		6,791		1,922			2,496			8,696			11,192		1,713			2008		(l	)
Columbus
3800 Lockbourne Industrial Pkwy	Columbus, OH		—		1,045		6,421		(1,759	)		609			5,098			5,707		2,348			1996		(l	)
3880 Groveport Road	Columbus, OH		—		1,955		12,154		(3,138	)		1,275			9,696			10,971		4,369			1996		(l	)
1819 North Walcutt Road	Columbus, OH		—		637		4,590		(1,190	)		374			3,663			4,037		1,487			1997		(l	)
4115 Leap Road (d)	Hillard, OH		—		756		4,297		1,636			756			5,933			6,689		2,069			1998		(l	)
3300 Lockbourne	Columbus, OH		—		708		3,920		(2,050	)		162			2,416			2,578		1,513			1998		(l	)
1076 Pittsburgh Drive	Delaware, OH		—		2,265		4,733		(49	)		2,184			4,765			6,949		1,220			2005		(l	)
6150 Huntly Road	Columbus, OH		—		920		4,810		(1,733	)		591			3,406			3,997		857			2005		(l	)
4600 S. Hamilton Road	Columbus, OH		—		681		5,941		(3,327	)		236			3,059			3,295		915			2006		(l	)
4311 Janitrol Road	Groveport, OH		—		662		4,332		1,419			675			5,738			6,413		1,387			2007		(l	)
Dallas/Fort Worth
2406-2416 Walnut Ridge	Dallas, TX		—		178		1,006		606			172			1,618			1,790		459			1997		(l	)
2401-2419 Walnut Ridge	Dallas, TX		—		148		839		397			142			1,242			1,384		313			1997		(l	)
900-906 Great Southwest Pkwy	Arlington, TX		—		237		1,342		600			270			1,909			2,179		597			1997		(l	)
3000 West Commerce	Dallas, TX		—		456		2,584		1,110			469			3,681			4,150		1,178			1997		(l	)
3030 Hansboro	Dallas, TX		—		266		1,510		(615	)		87			1,074			1,161		646			1997		(l	)
405-407 113th	Arlington, TX		—		181		1,026		581			185			1,603			1,788		494			1997		(l	)
816 111th Street	Arlington, TX		872		251		1,421		132			258			1,546			1,804		558			1997		(l	)
7427 Dogwood Park	Richland Hills, TX		—		96		532		569			102			1,095			1,197		501			1998		(l	)
7348-54 Tower Street	Richland Hills, TX		—		88		489		225			94			708			802		238			1998		(l	)
7339-41 Tower Street	Richland Hills, TX		—		98		541		172			104			707			811		216			1998		(l	)
7437-45 Tower Street	Richland Hills, TX		—		102		563		170			108			727			835		220			1998		(l	)
7331-59 Airport Freeway	Richland Hills, TX		1,758		354		1,958		321			372			2,261			2,633		761			1998		(l	)
7338-60 Dogwood Park	Richland Hills, TX		—		106		587		123			112			704			816		226			1998		(l	)
7450-70 Dogwood Park	Richland Hills, TX		—		106		584		146			112			724			836		250			1998		(l	)
7423-49 Airport Freeway	Richland Hills, TX		1,485		293		1,621		309			308			1,915			2,223		631			1998		(l	)
7400 Whitehall Street	Richland Hills, TX		—		109		603		61			115			658			773		214			1998		(l	)
1602-1654 Terre Colony	Dallas, TX		1,867		458		2,596		810			468			3,396			3,864		941			2000		(l	)
2351-2355 Merritt Drive	Garland, TX		—		101		574		87			92			670			762		212			2000		(l	)
701-735 North Plano Road	Richardson, TX		—		696		3,944		(1,339	)		268			3,033			3,301		1,186			2000		(l	)
2220 Merritt Drive	Garland, TX		—		352		1,993		852			316			2,881			3,197		981			2000		(l	)
2010 Merritt Drive	Garland, TX		—		350		1,981		354			318			2,367			2,685		786			2000		(l	)
2363 Merritt Drive	Garland, TX		—		73		412		72			47			510			557		213			2000		(l	)
2447 Merritt Drive	Garland, TX		—		70		395		(107	)		23			335			358		137			2000		(l	)
2465-2475 Merritt Drive	Garland, TX		—		91		514		35			71			569			640		176			2000		(l	)
2485-2505 Merritt Drive	Garland, TX		—		431		2,440		851			426			3,296			3,722		880			2000		(l	)
2081 Hutton Drive—Bldg 1 (e)	Carrolton, TX		—		448		2,540		(489	)		265			2,234			2,499		704			2001		(l	)
2110 Hutton Drive	Carrolton, TX		—		374		2,117		(355	)		251			1,885			2,136		721			2001		(l	)
2025 McKenzie Drive	Carrolton, TX		1,583		437		2,478		363			442			2,836			3,278		882			2001		(l	)
2019 McKenzie Drive	Carrolton, TX		1,885		502		2,843		557			507			3,395			3,902		1,020			2001		(l	)
1420 Valwood Parkway—Bldg 1 (d)	Carrolton, TX		—		460		2,608		(1,467	)		112			1,489			1,601		797			2001		(l	)
1620 Valwood Parkway (e)	Carrolton, TX		—		1,089		6,173		(1,309	)		605			5,348			5,953		1,829			2001		(l	)
1505 Luna Road—Bldg II	Carrolton, TX		—		167		948		(480	)		68			567			635		254			2001		(l	)
1625 West Crosby Road	Carrolton, TX		—		617		3,498		(732	)		381			3,002			3,383		982			2001		(l	)
2029-2035 McKenzie Drive	Carrolton, TX		1,586		306		1,870		234			306			2,104			2,410		543			2001		(l	)
1840 Hutton Drive (d)	Carrolton, TX		—		811		4,597		(560	)		567			4,281			4,848		1,362			2001		(l	)
1420 Valwood Pkwy—Bldg II	Carrolton, TX		—		373		2,116		300			366			2,423			2,789		616			2001		(l	)
2015 McKenzie Drive	Carrolton, TX		2,629		510		2,891		397			516			3,282			3,798		942			2001		(l	)
2009 McKenzie Drive	Carrolton, TX		2,460		476		2,699		379			481			3,073			3,554		890			2001		(l	)
1505 Luna Road—Bldg I	Carrolton, TX		—		521		2,953		(1,965	)		129			1,380			1,509		735			2001		(l	)
2104 Hutton Drive	Carrolton, TX		—		246		1,393		(422	)		130			1,087			1,217		372			2001		(l	)
900-1100 Avenue S	Grand Prairie, TX		2,679		623		3,528		1,395			629			4,917			5,546		1,267			2002		(l	)
Plano Crossing (f)	Plano, TX		9,699		1,961		11,112		940			1,981			12,032			14,013		2,989			2002		(l	)
7413A-C Dogwood Park	Richland Hills, TX		—		110		623		249			111			871			982		197			2002		(l	)
7450 Tower Street	Richland Hills, TX		—		36		204		103			36			307			343		80			2002		(l	)
7436 Tower Street	Richland Hills, TX		—		57		324		195			58			518			576		98			2002		(l	)
7426 Tower Street	Richland Hills, TX		—		76		429		240			76			669			745		152			2002		(l	)
7427-7429 Tower Street	Richland Hills, TX		—		75		427		130			76			556			632		136			2002		(l	)
2840-2842 Handley Ederville Rd	Richland Hills, TX		—		112		635		51			113			685			798		161			2002		(l	)
7451-7477 Airport Freeway	Richland Hills, TX		1,347		256		1,453		309			259			1,759			2,018		433			2002		(l	)
7450 Whitehall Street	Richland Hills, TX		—		104		591		414			105			1,004			1,109		210			2002		(l	)
3000 Wesley Way	Richland Hills, TX		892		208		1,181		18			211			1,196			1,407		277			2002		(l	)
7451 Dogwood Park	Richland Hills, TX		602		133		753		29			134			781			915		187			2002		(l	)
825-827 Avenue H (d)	Arlington, TX		—		600		3,006		33			604			3,035			3,639		906			2004		(l	)
1013-31 Avenue M	Grand Prairie, TX		—		300		1,504		227			302			1,729			2,031		402			2004		(l	)
1172-84 113th Street (d)	Grand Prairie, TX		2,077		700		3,509		(94	)		704			3,411			4,115		866			2004		(l	)
1200-16 Avenue H (d)	Arlington, TX		1,838		600		2,846		248			604			3,090			3,694		682			2004		(l	)
1322-66 N. Carrier Parkway (e)	Grand Prairie, TX		—		1,000		5,012		131			1,006			5,137			6,143		1,262			2004		(l	)
2401-2407 Centennial Dr	Arlington, TX		2,266		600		2,534		45			604			2,575			3,179		834			2004		(l	)
3111 West Commerce Street	Dallas, TX		—		1,000		3,364		101			1,011			3,454			4,465		1,225			2004		(l	)
9150 North Royal Lane	Irving, TX		—		818		3,767		(1,939	)		344			2,302			2,646		893			2005		(l	)
13800 Senlac Drive	Farmers Ranch, TX		—		823		4,042		(89	)		825			3,951			4,776		837			2005		(l	)
801-831 S Great Southwest Pkwy (g)	Grand Prairie, TX		—		2,581		16,556		(876	)		2,586			15,675			18,261		5,220			2005		(l	)
801-842 Heinz Way	Grand Prairie, TX		2,979		599		3,327		349			601			3,674			4,275		1,206			2005		(l	)
901-937 Heinz Way	Grand Prairie, TX		2,204		493		2,758		(14	)		481			2,756			3,237		1,008			2005		(l	)
3301 Century Circle	Irving, TX		2,578		760		3,856		204			771			4,049			4,820		665			2007		(l	)
First Garland Dist Ctr.	Garland, TX		—		1,912		—		14,941			1,947			14,906			16,853		1,887			2008		(l	)
Denver
4785 Elati	Denver, CO		—		173		981		169			175			1,148			1,323		365			1997		(l	)
4770 Fox Street	Denver, CO		—		132		750		201			134			949			1,083		306			1997		(l	)
3871 Revere	Denver, CO		1,300		361		2,047		282			368			2,322			2,690		786			1997		(l	)
4570 Ivy Street	Denver, CO		1,087		219		1,239		256			220			1,494			1,714		511			1997		(l	)
5855 Stapleton Drive North	Denver, CO		1,339		288		1,630		194			290			1,822			2,112		635			1997		(l	)
5885 Stapleton Drive North	Denver, CO		1,811		376		2,129		350			380			2,475			2,855		902			1997		(l	)
5977-5995 North Broadway	Denver, CO		1,397		268		1,518		306			271			1,821			2,092		605			1997		(l	)
5952-5978 North Broadway	Denver, CO		2,397		414		2,346		831			422			3,169			3,591		1,096			1997		(l	)
4721 Ironton Street	Denver, CO		—		232		1,313		24			236			1,333			1,569		441			1997		(l	)
East 47th Drive—A	Denver, CO		—		441		2,689		(30	)		441			2,659			3,100		953			1997		(l	)
9500 West 49th Street—A	Wheatridge, CO		—		283		1,625		71			287			1,692			1,979		620			1997		(l	)
9500 West 49th Street—B	Wheatridge, CO		—		225		1,272		192			227			1,462			1,689		535			1997		(l	)
9500 West 49th Street—C	Wheatridge, CO		—		600		3,409		114			601			3,522			4,123		1,254			1997		(l	)
9500 West 49th Street—D	Wheatridge, CO		—		246		1,537		400			247			1,936			2,183		694			1997		(l	)
451- 591 East 124th Avenue	Littleton, CO		—		383		2,145		96			383			2,241			2,624		704			1997		(l	)
608 Garrison Street	Lakewood, CO		—		265		1,501		419			269			1,916			2,185		677			1997		(l	)
610 Garrison Street	Lakewood, CO		—		264		1,494		445			265			1,938			2,203		659			1997		(l	)
15000 West 6th Avenue	Golden, CO		—		913		5,174		868			918			6,037			6,955		2,089			1997		(l	)
14998 West 6th Avenue Bldg E	Golden, CO		—		565		3,199		342			570			3,536			4,106		1,256			1997		(l	)
14998 West 6th Avenue Bldg F	Englewood, CO		—		269		1,525		104			273			1,625			1,898		561			1997		(l	)
12503 East Euclid Drive	Denver, CO		—		1,208		6,905		364			1,036			7,441			8,477		2,710			1997		(l	)
6547 South Racine Circle	Englewood, CO		2,958		739		4,241		328			739			4,569			5,308		1,657			1997		(l	)
11701 East 53rd Avenue	Denver, CO		—		416		2,355		262			422			2,611			3,033		927			1997		(l	)
5401 Oswego Street	Denver, CO		—		273		1,547		343			278			1,885			2,163		660			1997		(l	)
14818 West 6th Avenue Bldg A	Golden, CO		—		468		2,799		327			468			3,126			3,594		1,174			1997		(l	)
14828 West 6th Avenue Bldg B	Golden, CO		—		503		2,942		214			503			3,156			3,659		1,102			1997		(l	)
445 Bryant Street	Denver, CO		7,196		1,829		10,219		2,848			1,829			13,067			14,896		4,219			1998		(l	)
3811 Joliet	Denver, CO		—		735		4,166		448			752			4,597			5,349		1,566			1998		(l	)
12055 E 49th Ave/4955 Peoria	Denver, CO		—		298		1,688		524			305			2,205			2,510		721			1998		(l	)
4940- 4950 Paris	Denver, CO		—		152		861		248			156			1,105			1,261		345			1998		(l	)
4970 Paris	Denver, CO		—		95		537		144			97			679			776		228			1998		(l	)
7367 South Revere Parkway	Englewood, CO		3,327		926		5,124		836			934			5,952			6,886		2,274			1998		(l	)
8200 East Park Meadows Drive (d)	Lone Tree, CO		—		1,297		7,348		1,179			1,304			8,520			9,824		2,467			2000		(l	)
3250 Quentin (d)	Aurora, CO		—		1,220		6,911		657			1,230			7,558			8,788		2,155			2000		(l	)
Highpoint Bus Ctr B	Littleton, CO		—		739		—		3,408			781			3,366			4,147		807			2000		(l	)
1130 W. 124th Ave.	Westminster, CO		—		441		—		3,889			441			3,889			4,330		1,388			2000		(l	)
1070 W. 124th Ave.	Westminster, CO		—		374		—		2,792			374			2,792			3,166		680			2000		(l	)
1020 W. 124th Ave.	Westminster, CO		—		374		—		2,784			374			2,784			3,158		708			2000		(l	)
Jeffco Bus Ctr Phase I	Broomfield, CO		—		312		—		1,395			370			1,337			1,707		329			2001		(l	)
960 W. 124th Ave	Westminster, CO		—		441		—		3,477			442			3,476			3,918		1,037			2001		(l	)
8820 W. 116th Street	Broomfield, CO		—		338		1,918		330			372			2,214			2,586		490			2003		(l	)
8835 W. 116th Street	Broomfield, CO		—		1,151		6,523		1,154			1,304			7,524			8,828		1,575			2003		(l	)
18150 E. 32nd Street	Aurora, CO		1,959		563		3,188		305			572			3,484			4,056		861			2004		(l	)
7005 E. 46th Avenue Drive	Denver, CO		1,479		512		2,025		95			517			2,115			2,632		495			2005		(l	)
4001 Salazar Way	Frederick, CO		4,189		1,271		6,508		(88	)		1,276			6,415			7,691		1,364			2006		(l	)
5909- 5915 N. Broadway	Denver, CO		952		495		1,268		85			500			1,348			1,848		368			2006		(l	)
555 Corporate Circle	Golden, CO		—		499		2,673		2,156			559			4,769			5,328		684			2006		(l	)
Detroit
238 Executive Drive	Troy, MI		—		52		173		514			100			639			739		566			1994		(l	)
449 Executive Drive	Troy, MI		—		125		425		1,057			218			1,389			1,607		1,195			1994		(l	)
501 Executive Drive	Troy, MI		—		71		236		600			129			778			907		582			1994		(l	)
451 Robbins Drive	Troy, MI		—		96		448		889			192			1,241			1,433		1,105			1994		(l	)
1095 Crooks Road	Troy, MI		—		331		1,017		2,271			360			3,259			3,619		2,057			1994		(l	)
1416 Meijer Drive	Troy, MI		—		94		394		516			121			883			1,004		806			1994		(l	)
1624 Meijer Drive	Troy, MI		—		236		1,406		1,055			373			2,324			2,697		1,852			1994		(l	)
1972 Meijer Drive	Troy, MI		—		315		1,301		738			372			1,982			2,354		1,531			1994		(l	)
1621 Northwood Drive	Troy, MI		—		85		351		1,014			215			1,235			1,450		1,158			1994		(l	)
1707 Northwood Drive	Troy, MI		—		95		262		1,316			239			1,434			1,673		1,178			1994		(l	)
1788 Northwood Drive	Troy, MI		—		50		196		483			103			626			729		560			1994		(l	)
1821 Northwood Drive	Troy, MI		—		132		523		855			220			1,290			1,510		1,165			1994		(l	)
1826 Northwood Drive	Troy, MI		—		55		208		472			103			632			735		550			1994		(l	)
1864 Northwood Drive	Troy, MI		—		57		190		489			107			629			736		568			1994		(l	)
2277 Elliott Avenue	Troy, MI		—		48		188		389			29			596			625		546			1994		(l	)
2451 Elliott Avenue	Troy, MI		—		78		319		739			164			972			1,136		902			1994		(l	)
2730 Research Drive	Rochester Hills, MI		—		903		4,215		1,402			903			5,617			6,520		3,937			1994		(l	)
2791 Research Drive	Rochester Hills, MI		—		557		2,731		720			560			3,448			4,008		2,358			1994		(l	)
2871 Research Drive	Rochester Hills, MI		—		324		1,487		570			327			2,054			2,381		1,346			1994		(l	)
3011 Research Drive	Rochester Hills, MI		—		457		2,104		687			457			2,791			3,248		1,941			1994		(l	)
2870 Technology Drive	Rochester Hills, MI		—		275		1,262		292			279			1,550			1,829		1,133			1994		(l	)
2900 Technology Drive	Rochester Hills, MI		—		214		977		562			219			1,534			1,753		856			1994		(l	)
2930 Technology Drive	Rochester Hills, MI		—		131		594		379			138			966			1,104		598			1994		(l	)
2950 Technology Drive	Rochester Hills, MI		—		178		819		381			185			1,193			1,378		820			1994		(l	)
23014 Commerce Drive	Farmington Hills, MI		—		39		203		216			56			402			458		302			1994		(l	)
23028 Commerce Drive	Farmington Hills, MI		—		98		507		285			125			765			890		611			1994		(l	)
23035 Commerce Drive	Farmington Hills, MI		—		71		355		278			93			611			704		487			1994		(l	)
23042 Commerce Drive	Farmintgon Hills, MI		—		67		277		273			89			528			617		444			1994		(l	)
23065 Commerce Drive	Farmington Hills, MI		—		71		408		285			93			671			764		477			1994		(l	)
23079 Commerce Drive	Farmington Hills, MI		—		68		301		290			79			580			659		431			1994		(l	)
23093 Commerce Drive	Farmington Hills, MI		—		211		1,024		805			295			1,745			2,040		1,423			1994		(l	)
23135 Commerce Drive	Farmington Hills, MI		—		146		701		392			158			1,081			1,239		753			1994		(l	)
23163 Commerce Drive	Farmington Hills, MI		—		111		513		341			138			827			965		605			1994		(l	)
23177 Commerce Drive	Farmington Hills, MI		—		175		1,007		566			254			1,494			1,748		1,119			1994		(l	)
23206 Commerce Drive	Farmington Hills, MI		—		125		531		367			137			886			1,023		629			1994		(l	)
23370 Commerce Drive	Farmington Hills, MI		—		59		233		175			66			401			467		372			1994		(l	)
32450 N Avis Drive	Madison Heights, MI		—		281		1,590		529			286			2,114			2,400		779			1996		(l	)
12707 Eckles Road	Plymouth Township, MI		—		255		1,445		243			267			1,676			1,943		617			1996		(l	)
9300- 9328 Harrison Rd	Romulus, MI		—		147		834		395			154			1,222			1,376		430			1996		(l	)
9330- 9358 Harrison Rd	Romulus, MI		—		81		456		271			85			723			808		259			1996		(l	)
28420-28448 Highland Rd	Romulus, MI		—		143		809		268			149			1,071			1,220		370			1996		(l	)
28450-28478 Highland Rd	Romulus, MI		—		81		461		602			85			1,059			1,144		359			1996		(l	)
28421-28449 Highland Rd	Romulus, MI		—		109		617		491			114			1,103			1,217		393			1996		(l	)
28451-28479 Highland Rd	Romulus, MI		—		107		608		380			112			983			1,095		325			1996		(l	)
28825-28909 Highland Rd	Romulus, MI		—		70		395		314			73			706			779		279			1996		(l	)
28933-29017 Highland Rd	Romulus, MI		—		112		634		255			117			884			1,001		295			1996		(l	)
28824-28908 Highland Rd	Romulus, MI		—		134		760		441			140			1,195			1,335		373			1996		(l	)
28932-29016 Highland Rd	Romulus, MI		—		123		694		453			128			1,142			1,270		343			1996		(l	)
9710-9734 Harrison Rd	Romulus, MI		—		125		706		412			130			1,113			1,243		336			1996		(l	)
9740-9772 Harrison Rd	Romulus, MI		—		132		749		311			138			1,054			1,192		354			1996		(l	)
9840-9868 Harrison Rd	Romulus, MI		—		144		815		262			151			1,070			1,221		352			1996		(l	)
9800-9824 Harrison Rd	Romulus, MI		—		117		664		343			123			1,001			1,124		325			1996		(l	)
29265- 29285 Airport Dr	Romulus, MI		—		140		794		299			147			1,086			1,233		412			1996		(l	)
29185-29225 Airport Dr	Romulus, MI		—		140		792		502			146			1,288			1,434		400			1996		(l	)
29149-29165 Airport Dr	Romulus, MI		—		216		1,225		248			226			1,463			1,689		550			1996		(l	)
29101-29115 Airport Dr	Romulus, MI		—		130		738		257			136			989			1,125		372			1996		(l	)
29031-29045 Airport Dr	Romulus, MI		—		124		704		130			130			828			958		317			1996		(l	)
29050-29062 Airport Dr	Romulus, MI		—		127		718		230			133			942			1,075		337			1996		(l	)
29120-29134 Airport Dr	Romulus, MI		—		161		912		268			169			1,172			1,341		423			1996		(l	)
29200-29214 Airport Dr	Romulus, MI		—		170		963		292			178			1,247			1,425		458			1996		(l	)
9301-9339 Middlebelt Rd	Romulus, MI		—		124		703		461			130			1,158			1,288		375			1996		(l	)
32975 Capitol Avenue	Livonia, MI		—		135		748		(170	)		77			636			713		273			1998		(l	)
32920 Capitol Avenue	Livonia, MI		—		76		422		(91	)		27			380			407		165			1998		(l	)
11923 Brookfield Avenue	Livonia, MI		—		120		665		(350	)		32			403			435		258			1998		(l	)
11965 Brookfield Avenue	Livonia, MI		—		120		665		(382	)		28			375			403		228			1998		(l	)
13405 Stark Road	Livonia, MI		—		46		254		(3	)		30			267			297		104			1998		(l	)
1170 Chicago Road	Troy, MI		—		249		1,380		(428	)		134			1,067			1,201		523			1998		(l	)
1200 Chicago Road	Troy, MI		—		268		1,483		271			286			1,736			2,022		579			1998		(l	)
450 Robbins Drive	Troy, MI		—		166		920		281			178			1,189			1,367		422			1998		(l	)
1230 Chicago Road	Troy, MI		—		271		1,498		162			289			1,642			1,931		555			1998		(l	)
12886 Westmore Avenue	Livonia, MI		—		190		1,050		(351	)		86			803			889		389			1998		(l	)
33025 Industrial Road	Livonia, MI		—		80		442		(324	)		6			192			198		162			1998		(l	)
47711 Clipper Street	Plymouth Township, MI		—		539		2,983		279			575			3,226			3,801		1,093			1998		(l	)
32975 Industrial Road	Livonia, MI		—		160		887		(192	)		92			763			855		328			1998		(l	)
32985 Industrial Road	Livonia, MI		—		137		761		(329	)		46			523			569		274			1998		(l	)
32995 Industrial Road	Livonia, MI		—		160		887		(388	)		53			606			659		347			1998		(l	)
12874 Westmore Avenue	Livonia, MI		—		137		761		(275	)		58			565			623		281			1998		(l	)
1775 Bellingham	Troy, MI		—		344		1,902		365			367			2,244			2,611		752			1998		(l	)
1785 East Maple	Troy, MI		—		92		507		140			98			641			739		201			1998		(l	)
1807 East Maple	Troy, MI		—		321		1,775		(428	)		191			1,477			1,668		638			1998		(l	)
980 Chicago	Troy, MI		—		206		1,141		224			220			1,351			1,571		443			1998		(l	)
1840 Enterprise Drive	Rochester Hills, MI		—		573		3,170		(2,266	)		49			1,428			1,477		1,069			1998		(l	)
1885 Enterprise Drive	Rochester Hills, MI		—		209		1,158		129			223			1,273			1,496		428			1998		(l	)
1935-55 Enterprise Drive	Rochester Hills, MI		—		1,285		7,144		1,317			1,371			8,375			9,746		2,631			1998		(l	)
5500 Enterprise Court	Warren, MI		—		675		3,737		586			721			4,277			4,998		1,410			1998		(l	)
750 Chicago Road	Troy, MI		—		323		1,790		503			345			2,271			2,616		811			1998		(l	)
800 Chicago Road	Troy, MI		—		283		1,567		366			302			1,914			2,216		636			1998		(l	)
850 Chicago Road	Troy, MI		—		183		1,016		218			196			1,221			1,417		400			1998		(l	)
6833 Center Drive	Sterling Heights, MI		—		467		2,583		204			493			2,761			3,254		954			1998		(l	)
1100 East Mandoline Road	Madison Heights, MI		—		888		4,915		(1,273	)		332			4,198			4,530		1,920			1998		(l	)
1120 John A. Papalas Drive (e)	Lincoln Park, MI		—		366		3,241		141			297			3,451			3,748		1,501			1998		(l	)
4872 S. Lapeer Road	Lake Orion Twsp, MI		—		1,342		5,441		1,307			1,412			6,678			8,090		1,841			1999		(l	)
1400 Allen Drive	Troy, MI		—		209		1,154		231			212			1,382			1,594		406			2000		(l	)
1408 Allen Drive	Troy, MI		—		151		834		133			153			965			1,118		302			2000		(l	)
1305 Stephenson Hwy	Troy, MI		—		345		1,907		255			350			2,157			2,507		595			2000		(l	)
32505 Industrial Drive	Madison Heights, MI		—		345		1,910		335			351			2,239			2,590		670			2000		(l	)
1799-1813 Northfield Drive (d)	Rochester Hills, MI		—		481		2,665		256			490			2,912			3,402		831			2000		(l	)
28435 Automation Blvd	Wixom, MI		—		621		—		3,742			628			3,735			4,363		711			2004		(l	)
32200 N Avis Drive	Madison Heights, MI		—		503		3,367		(1,325	)		195			2,350			2,545		684			2005		(l	)
100 Kay Industrial Drive	Rion Township, MI		—		677		2,018		273			685			2,283			2,968		633			2005		(l	)
32650 Capitol Avenue	Livonia, MI		—		282		1,128		(500	)		167			743			910		148			2005		(l	)
11800 Sears Drive	Livonia, MI		—		693		1,507		1,195			476			2,919			3,395		1,050			2005		(l	)
1099 Chicago Road	Troy, MI		—		1,277		1,332		(1,470	)		303			836			1,139		594			2005		(l	)
42555 Merrill Road	Sterling Heights, MI		—		1,080		2,300		3,487			1,090			5,777			6,867		1,294			2006		(l	)
200 Northpointe Drive	Orion Township, MI		—		723		2,063		36			734			2,088			2,822		561			2006		(l	)
Houston
2102-2314 Edwards Street	Houston, TX		—		348		1,973		1,937			382			3,876			4,258		1,141			1997		(l	)
3351 Rauch St	Houston, TX		—		272		1,541		553			278			2,088			2,366		656			1997		(l	)
3851 Yale St	Houston, TX		2,049		413		2,343		359			425			2,690			3,115		925			1997		(l	)
3337-3347 Rauch Street	Houston, TX		—		227		1,287		447			233			1,728			1,961		522			1997		(l	)
8505 N Loop East	Houston, TX		1,723		439		2,489		638			449			3,117			3,566		1,001			1997		(l	)
4749-4799 Eastpark Dr	Houston, TX		2,556		594		3,368		1,330			611			4,681			5,292		1,525			1997		(l	)
4851 Homestead Road	Houston, TX		3,212		491		2,782		1,367			504			4,136			4,640		1,280			1997		(l	)
3365-3385 Rauch Street	Houston, TX		1,707		284		1,611		699			290			2,304			2,594		781			1997		(l	)
5050 Campbell Road	Houston, TX		1,700		461		2,610		448			470			3,049			3,519		1,073			1997		(l	)
4300 Pine Timbers	Houston, TX		—		489		2,769		725			499			3,484			3,983		1,225			1997		(l	)
2500-2530 Fairway Park Drive	Houston, TX		3,427		766		4,342		1,985			792			6,301			7,093		1,859			1997		(l	)
6550 Longpointe	Houston, TX		1,407		362		2,050		501			370			2,543			2,913		881			1997		(l	)
1815 Turning Basin Dr	Houston, TX		1,911		487		2,761		708			531			3,425			3,956		1,181			1997		(l	)
1819 Turning Basin Dr	Houston, TX		—		231		1,308		478			251			1,766			2,017		552			1997		(l	)
1805 Turning Basin Drive	Houston, TX		2,246		564		3,197		888			616			4,033			4,649		1,391			1997		(l	)
9835A Genard Road	Houston, TX		—		1,505		8,333		3,170			1,581			11,427			13,008		3,182			1999		(l	)
9835B Genard Road	Houston, TX		—		245		1,357		646			256			1,992			2,248		628			1999		(l	)
11505 State Highway 225	LaPorte City, TX		4,573		940		4,675		606			940			5,281			6,221		1,281			2005		(l	)
1500 E. Main Street	Houston, TX		—		201		1,328		(26	)		204			1,299			1,503		577			2005		(l	)
700 Industrial Blvd	Sugar Land, TX		3,471		608		3,679		336			617			4,006			4,623		764			2007		(l	)
7230-7238 Wynnwood	Houston, TX		—		254		764		90			259			849			1,108		270			2007		(l	)
7240-7248 Wynnwood	Houston, TX		—		271		726		61			276			782			1,058		257			2007		(l	)
7250-7260 Wynnwood	Houston, TX		—		200		481		35			203			513			716		155			2007		(l	)
7967 Blankenship	Houston, TX		—		307		1,166		220			307			1,386			1,693		180			2010		(l	)
8800 City Park Look East	Houston, TX		24,242		3,717		19,237		1			3,717			19,237			22,954		646			2013		(l	)
6400 Long Point	Houston, TX		—		188		898		(6	)		188			892			1,080		266			2007		(l	)
12705 S. Kirkwood, Ste 100-150	Stafford, TX		—		154		626		81			155			706			861		146			2007		(l	)
12705 S. Kirkwood, Ste 200-220	Stafford, TX		—		404		1,698		248			393			1,957			2,350		473			2007		(l	)
8850 Jameel	Houston, TX		—		171		826		84			171			910			1,081		252			2007		(l	)
8800 Jameel	Houston, TX		—		163		798		(142	)		124			695			819		172			2007		(l	)
8700 Jameel	Houston, TX		—		170		1,020		(109	)		120			961			1,081		288			2007		(l	)
8600 Jameel	Houston, TX		—		163		818		52			163			870			1,033		186			2007		(l	)
Indianapolis
1445 Brookville Way	Indianapolis, IN		—		459		2,603		992			476			3,578			4,054		1,257			1996		(l	)
1440 Brookville Way	Indianapolis, IN		—		665		3,770		894			685			4,644			5,329		1,929			1996		(l	)
1240 Brookville Way	Indianapolis, IN		—		247		1,402		335			258			1,726			1,984		684			1996		(l	)
1345 Brookville Way	Indianapolis, IN		—		586		3,321		686			601			3,992			4,593		1,565			1996		(l	)
1350 Brookville Way	Indianapolis, IN		—		205		1,161		340			212			1,494			1,706		612			1996		(l	)
1341 Sadlier Circle E Dr	Indianapolis, IN		—		131		743		215			136			953			1,089		370			1996		(l	)
1322-1438 Sadlier Circle E Dr	Indianapolis, IN		—		145		822		293			152			1,108			1,260		409			1996		(l	)
1327-1441 Sadlier Circle E Dr	Indianapolis, IN		—		218		1,234		459			225			1,686			1,911		569			1996		(l	)
1304 Sadlier Circle E Dr	Indianapolis, IN		—		71		405		188			75			589			664		214			1996		(l	)
1402 Sadlier Circle E Dr	Indianapolis, IN		—		165		934		369			171			1,297			1,468		479			1996		(l	)
1504 Sadlier Circle E Dr	Indianapolis, IN		—		219		1,238		(128	)		115			1,214			1,329		629			1996		(l	)
1365 Sadlier Circle E Dr	Indianapolis, IN		—		121		688		36			91			754			845		311			1996		(l	)
1352-1354 Sadlier Circle E Dr	Indianapolis, IN		—		178		1,008		243			166			1,263			1,429		505			1996		(l	)
1335 Sadlier Circle E Dr	Indianapolis, IN		—		81		460		310			85			766			851		363			1996		(l	)
1327 Sadlier Circle E Dr	Indianapolis, IN		—		52		295		24			33			338			371		147			1996		(l	)
1425 Sadlier Circle E Dr	Indianapolis, IN		—		21		117		37			23			152			175		59			1996		(l	)
6951 E 30th St	Indianapolis, IN		—		256		1,449		194			265			1,634			1,899		631			1996		(l	)
6701 E 30th St	Indianapolis, IN		—		78		443		84			82			523			605		194			1996		(l	)
6737 E 30th St	Indianapolis, IN		1,839		385		2,181		189			398			2,357			2,755		927			1996		(l	)
6555 E 30th St	Indianapolis, IN		—		484		4,760		1,314			484			6,074			6,558		2,336			1996		(l	)
8402-8440 E 33rd St	Indianapolis, IN		—		222		1,260		578			230			1,830			2,060		702			1996		(l	)
8520-8630 E 33rd St	Indianapolis, IN		—		326		1,848		266			281			2,159			2,440		837			1996		(l	)
8710-8768 E 33rd St	Indianapolis, IN		—		175		993		473			180			1,461			1,641		558			1996		(l	)
3316-3346 N. Pagosa Court	Indianapolis, IN		—		325		1,842		438			332			2,273			2,605		827			1996		(l	)
7901 West 21st St.	Indianapolis, IN		—		1,048		6,027		164			1,048			6,191			7,239		2,270			1997		(l	)
1225 Brookville Way	Indianapolis, IN		—		60		—		465			68			457			525		193			1997		(l	)
6751 E 30th St	Indianapolis, IN		2,601		728		2,837		330			741			3,154			3,895		1,124			1997		(l	)
9210 E. 146th Street	Noblesville, IN		—		66		684		168			54			864			918		281			1998		(l	)
5705-97 Park Plaza Ct.	Indianapolis, IN		—		600		2,194		517			609			2,702			3,311		764			2003		(l	)
9319-9341 Castlegate Drive	Indianapolis, IN		—		530		1,235		1,063			544			2,284			2,828		858			2003		(l	)
1133 Northwest L Street	Richmond, IN		745		201		1,358		(51	)		208			1,300			1,508		438			2006		(l	)
14425 Bergen Blvd	Noblesville, IN		—		647		—		3,861			743			3,765			4,508		680			2007		(l	)
Miami
4700 NW 15th Ave.	Ft. Lauderdale, FL		—		908		1,883		349			912			2,228			3,140		495			2007		(l	)
4710 NW 15th Ave.	Ft. Lauderdale, FL		—		830		2,722		386			834			3,104			3,938		596			2007		(l	)
4720 NW 15th Ave.	Ft. Lauderdale, FL		—		937		2,455		450			942			2,900			3,842		504			2007		(l	)
4740 NW 15th Ave.	Ft. Lauderdale, FL		—		1,107		3,111		350			1,112			3,456			4,568		604			2007		(l	)
4750 NW 15th Ave.	Ft. Lauderdale, FL		—		947		3,079		763			951			3,838			4,789		723			2007		(l	)
4800 NW 15th Ave.	Ft. Lauderdale, FL		—		1,092		3,308		138			1,097			3,441			4,538		626			2007		(l	)
Medley Industrial Center	Medley, FL		—		857		3,428		3,092			864			6,513			7,377		648			2007		(l	)
Pan American Business Park	Medley, FL		—		2,521		—		637			828			2,330			3,158		121			2008		(l	)
Milwaukee
6523 N Sydney Place	Glendale, WI		—		172		976		(16	)		80			1,052			1,132		538			1995		(l	)
5355 South Westridge Drive	New Berlin, WI		5,482		1,630		7,058		(305	)		1,646			6,737			8,383		1,158			2004		(l	)
320-334 W. Vogel Avenue	Milwaukee, WI		—		506		3,199		(168	)		508			3,029			3,537		1,055			2005		(l	)
4950 South 6th Avenue	Milwaukee, WI		—		299		1,565		94			301			1,657			1,958		600			2005		(l	)
1711 Paramount Court	Waukesha, WI		1,316		308		1,762		37			311			1,796			2,107		481			2005		(l	)
W140 N9059 Lilly Road	Menomonee Falls, WI		—		343		1,153		156			366			1,286			1,652		413			2005		(l	)
200 W. Vogel Avenue-Bldg B	Milwaukee, WI		—		301		2,150		—			302			2,149			2,451		759			2005		(l	)
4921 S. 2nd Street	Milwaukee, WI		—		101		713		(233	)		58			523			581		214			2005		(l	)
1500 Peebles Drive	Richland Center, WI		—		1,577		1,018		(289	)		1,528			778			2,306		601			2005		(l	)
16600 West Glendale Ave	New Berlin, WI		2,338		704		1,923		677			715			2,589			3,304		873			2006		(l	)
2905 S. 160th Street	New Berlin, WI		—		261		672		340			265			1,008			1,273		398			2007		(l	)
2855 S. 160th Street	New Berlin, WI		—		221		628		223			225			847			1,072		239			2007		(l	)
2485 Commerce Drive	New Berlin, WI		1,569		483		1,516		268			491			1,776			2,267		515			2007		(l	)
14518 Whittaker Way	Menomonee Falls, WI		—		437		1,082		359			445			1,433			1,878		484			2007		(l	)
Rust-Oleum BTS	Kenosha, WI		14,130		4,100		—		24,034			3,212			24,922			28,134		2,187			2008		(l	)
Menomonee Falls-Barry Land	Menomonee Falls, WI		11,031		1,188		—		16,949			1,204			16,933			18,137		1,388			2008		(l	)
Minneapolis/St. Paul
6201 West 111th Street	Bloomington, MN		4,218		1,358		8,622		5,684			1,499			14,165			15,664		8,945			1994		(l	)
7251-7267 Washington Avenue	Edina, MN		—		129		382		675			182			1,004			1,186		751			1994		(l	)
7301-7325 Washington Avenue	Edina, MN		—		174		391		(34	)		193			338			531		80			1994		(l	)
7101 Winnetka Avenue North	Brooklyn Park, MN		5,887		2,195		6,084		3,908			2,228			9,959			12,187		6,311			1994		(l	)
9901 West 74th Street	Eden Prairie, MN		3,408		621		3,289		3,145			639			6,416			7,055		4,926			1994		(l	)
1030 Lone Oak Road	Eagan, MN		2,614		456		2,703		618			456			3,321			3,777		1,351			1994		(l	)
1060 Lone Oak Road	Eagan, MN		3,385		624		3,700		565			624			4,265			4,889		1,767			1994		(l	)
5400 Nathan Lane	Plymouth, MN		2,962		749		4,461		921			757			5,374			6,131		2,307			1994		(l	)
10120 W 76th Street	Eden Prairie, MN		—		315		1,804		1,488			315			3,292			3,607		1,248			1995		(l	)
12155 Nicollet Ave.	Burnsville, MN		—		286		—		1,741			288			1,739			2,027		703			1995		(l	)
4100 Peavey Road	Chaska, MN		—		277		2,261		795			277			3,056			3,333		1,156			1996		(l	)
5205 Highway 169	Plymouth, MN		—		446		2,525		658			578			3,051			3,629		1,258			1996		(l	)
7100-7198 Shady Oak Road	Eden Prairie, MN		4,664		715		4,054		1,970			736			6,003			6,739		2,056			1996		(l	)
7500-7546 Washington Square	Eden Prairie, MN		—		229		1,300		766			235			2,060			2,295		702			1996		(l	)
7550-7586 Washington Square	Eden Prairie, MN		—		153		867		275			157			1,138			1,295		414			1996		(l	)
5240-5300 Valley Industrial Blvd S	Shakopee, MN		—		362		2,049		843			371			2,883			3,254		965			1996		(l	)
500-530 Kasota Avenue SE	Minneapolis, MN		—		415		2,354		1,042			434			3,377			3,811		1,137			1998		(l	)
2530-2570 Kasota Avenue	St. Paul, MN		—		407		2,308		829			441			3,103			3,544		978			1998		(l	)
5775 12th Avenue	Shakopee, MN		—		590		—		5,676			590			5,676			6,266		1,865			1998		(l	)
1157 Valley Park Drive	Shakopee, MN		—		760		—		6,544			888			6,416			7,304		2,025			1999		(l	)
9600 West 76th Street	Eden Prairie, MN		2,275		1,000		2,450		61			1,034			2,477			3,511		643			2004		(l	)
9700 West 76th Street	Eden Prairie, MN		3,253		1,000		2,709		526			1,038			3,197			4,235		810			2004		(l	)
7600 69th Avenue	Greenfield, MN		—		1,500		8,328		1,387			1,510			9,705			11,215		2,559			2004		(l	)
5017 Boone Avenue North	New Hope, MN		2,068		1,000		1,599		(15	)		1,009			1,575			2,584		571			2005		(l	)
2300 West Highway 13	Burnsville, MN		—		2,517		6,069		(3,331	)		1,296			3,959			5,255		2,528			2005		(l	)
1087 Park Place	Shakopee, MN		—		1,195		4,891		(613	)		1,198			4,275			5,473		765			2005		(l	)
5391 12th Avenue SE	Shakopee, MN		4,742		1,392		8,149		(342	)		1,395			7,804			9,199		1,433			2005		(l	)
4701 Valley Industrial Blvd S	Shakopee, MN		—		1,296		7,157		598			1,299			7,752			9,051		2,481			2005		(l	)
316 Lake Hazeltine Drive	Chaska, MN		—		714		944		(111	)		729			818			1,547		232			2006		(l	)
1225 Highway 169 North	Plymouth, MN		—		1,190		1,979		112			1,207			2,074			3,281		581			2006		(l	)
7102 Winnetka Avene North	Brooklyn Park, MN		4,316		1,275		—		6,469			1,343			6,401			7,744		719			2007		(l	)
139 Eva Street	St. Paul, MN		—		2,132		3,105		90			2,175			3,152			5,327		503			2008		(l	)
21900 Dodd Boulevard	Lakeville, MN		9,766		2,289		7,952		(1	)		2,289			7,952			10,241		602			2009		(l	)
Nashville
3099 Barry Drive	Portland, TN		—		418		2,368		(689	)		248			1,849			2,097		912			1996		(l	)
3150 Barry Drive	Portland, TN		—		941		5,333		5,964			981			11,257			12,238		2,685			1996		(l	)
5599 Highway 31 West	Portland, TN		—		564		3,196		(1,577	)		187			1,996			2,183		1,183			1996		(l	)
1931 Air Lane Drive	Nashville, TN		2,452		489		2,785		269			493			3,050			3,543		1,065			1997		(l	)
4640 Cummings Park	Nashville, TN		—		360		2,040		632			365			2,667			3,032		764			1999		(l	)
1740 River Hills Drive	Nashville, TN		2,945		848		4,383		467			888			4,810			5,698		1,445			2005		(l	)
211 Ellery Court	Nashville, TN		3,115		606		3,192		433			616			3,615			4,231		798			2007		(l	)
Rockdale BTS	Gallatin, TN		17,389		1,778		—		24,267			1,778			24,267			26,045		1,992			2008		(l	)
Northern New Jersey
14 World’s Fair Drive	Franklin, NJ		—		483		2,735		602			503			3,317			3,820		1,165			1997		(l	)
12 World’s Fair Drive	Franklin, NJ		—		572		3,240		1,120			593			4,339			4,932		1,470			1997		(l	)
22 World’s Fair Drive	Franklin, NJ		—		364		2,064		639			375			2,692			3,067		1,022			1997		(l	)
26 World’s Fair Drive	Franklin, NJ		—		361		2,048		623			377			2,655			3,032		951			1997		(l	)
24 World’s Fair Drive	Franklin, NJ		—		347		1,968		486			362			2,439			2,801		940			1997		(l	)
20 World’s Fair Drive Lot 13	Sumerset, NJ		—		9		—		2,554			691			1,872			2,563		493			1999		(l	)
45 Route 46	Pine Brook, NJ		—		969		5,491		965			978			6,447			7,425		1,916			2000		(l	)
43 Route 46	Pine Brook, NJ		—		474		2,686		420			479			3,101			3,580		822			2000		(l	)
39 Route 46	Pine Brook, NJ		—		260		1,471		190			262			1,659			1,921		475			2000		(l	)
26 Chapin Road	Pine Brook, NJ		4,891		956		5,415		769			965			6,175			7,140		1,785			2000		(l	)
30 Chapin Road	Pine Brook, NJ		4,689		960		5,440		444			969			5,875			6,844		1,592			2000		(l	)
20 Hook Mountain Road	Pine Brook, NJ		—		1,507		8,542		2,920			1,534			11,435			12,969		3,479			2000		(l	)
30 Hook Mountain Road	Pine Brook, NJ		—		389		2,206		518			396			2,717			3,113		692			2000		(l	)
55 Route 46	Pine Brook, NJ		—		396		2,244		(403	)		314			1,923			2,237		560			2000		(l	)
16 Chapin Rod	Pine Brook, NJ		3,664		885		5,015		529			901			5,528			6,429		1,457			2000		(l	)
20 Chapin Road	Pine Brook, NJ		4,688		1,134		6,426		665			1,154			7,071			8,225		1,997			2000		(l	)
Sayreville Lot 4	Sayreville, NJ		3,515		944		—		4,598			944			4,598			5,542		1,108			2002		(l	)
Sayreville Lot 3	Sayreville, NJ		—		996		—		5,392			996			5,392			6,388		1,010			2003		(l	)
309-319 Pierce Street	Somerset, NJ		3,738		1,300		4,628		689			1,309			5,308			6,617		1,276			2004		(l	)
Philadelphia
3240 S. 78th Street	Philadelphia, PA		—		515		1,245		(256	)		423			1,081			1,504		375			2005		(l	)
2455 Boulevard of Generals	Norristown, PA		3,592		1,200		4,800		1,088			1,226			5,862			7,088		1,205			2008		(l	)
Phoenix
1045 South Edward Drive	Tempe, AZ		—		390		2,160		164			396			2,318			2,714		719			1999		(l	)
50 South 56th Street	Chandler, AZ		—		1,206		3,218		360			1,252			3,532			4,784		850			2004		(l	)
4701 W. Jefferson	Phoenix, AZ		2,650		926		2,195		443			929			2,635			3,564		978			2005		(l	)
7102 W. Roosevelt	Phoenix, AZ		—		1,613		6,451		1,136			1,620			7,580			9,200		2,063			2006		(l	)
4137 West Adams Street	Phoenix, AZ		—		990		2,661		255			1,038			2,868			3,906		626			2006		(l	)
245 W. Lodge	Tempe, AZ		—		898		3,066		(1,891	)		362			1,711			2,073		451			2007		(l	)
1590 E Riverview Dr.	Phoenix, AZ		—		1,293		5,950		396			1,292			6,347			7,639		723			2008		(l	)
14131 N. Rio Vista Dr.	Peoria, AZ		—		2,563		9,388		1,798			2,563			11,186			13,749		1,936			2008		(l	)
8716 W. Ludlow Drive	Peoria, AZ		—		2,709		10,970		1,236			2,709			12,206			14,915		1,547			2008		(l	)
3815 W. Washington St.	Phoenix, AZ		3,975		1,675		4,514		149			1,719			4,619			6,338		522			2008		(l	)
690 91st Avenue	Tolleson, AZ		7,497		1,904		6,805		2,646			1,923			9,432			11,355		1,503			2008		(l	)
Salt Lake City
512 Lawndale Drive (i)	Salt Lake City, UT		—		2,688		15,643		3,343			2,688			18,986			21,674		6,579			1997		(l	)
1270 West 2320 South	West Valley, UT		—		138		784		256			143			1,035			1,178		384			1998		(l	)
1275 West 2240 South	West Valley, UT		—		395		2,241		331			408			2,559			2,967		867			1998		(l	)
1288 West 2240 South	West Valley, UT		—		119		672		111			123			779			902		266			1998		(l	)
2235 South 1300 West	West Valley, UT		—		198		1,120		249			204			1,363			1,567		421			1998		(l	)
1293 West 2200 South	West Valley, UT		—		158		896		118			163			1,009			1,172		335			1998		(l	)
1279 West 2200 South	West Valley, UT		—		198		1,120		296			204			1,410			1,614		485			1998		(l	)
1272 West 2240 South	West Valley, UT		—		336		1,905		387			347			2,281			2,628		741			1998		(l	)
1149 West 2240 South	West Valley, UT		—		217		1,232		158			225			1,382			1,607		455			1998		(l	)
1142 West 2320 South	West Valley, UT		—		217		1,232		73			225			1,297			1,522		449			1998		(l	)
1152 West 2240 South	West Valley, UT		—		1,652		—		2,576			669			3,559			4,228		1,100			2000		(l	)
1815-1957 South 4650 West	Salt Lake City, UT		7,285		1,707		10,873		273			1,713			11,140			12,853		2,043			2006		(l	)
2100 Alexander Street	West Valley, UT		1,152		376		1,670		(21	)		376			1,649			2,025		266			2007		(l	)
2064 Alexander Street	West Valley, UT		2,125		864		2,771		129			869			2,895			3,764		580			2007		(l	)
Seattle
1901 Raymond Ave SW	Renton, WA		1,833		4,458		2,659		633			4,594			3,156			7,750		473			2008		(l	)
19014 64th Avenue South	Kent, WA		3,179		1,990		3,979		258			2,042			4,186			6,228		707			2008		(l	)
18640 68th Ave. South	Kent, WA		732		1,218		1,950		348			1,258			2,258			3,516		407			2008		(l	)
Puget Sound Terminal 7	Seattle, WA		—		9,139		5,881		1,069			9,340			6,748			16,088		393			2008		(l	)
Southern California
100 West Sinclair	Riverside, CA		—		4,894		3,481		(4,561	)		1,819			1,995			3,814		872			2007		(l	)
14050 Day Street	Moreno Valley, CA		3,582		2,538		2,538		291			2,565			2,801			5,366		445			2008		(l	)
12925 Marlay Avenue	Fontana, CA		9,869		6,072		7,891		711			6,090			8,584			14,674		1,707			2008		(l	)
1944 Vista Bella Way	Rancho Domingue, CA		—		1,746		3,148		730			1,822			3,802			5,624		1,072			2005		(l	)
2000 Vista Bella Way	Rancho Domingue, CA		1,414		817		1,673		301			853			1,938			2,791		488			2005		(l	)
2835 East Ana Street	Rancho Domingue, CA		3,015		1,682		2,750		(227	)		1,772			2,433			4,205		602			2005		(l	)
665 N. Baldwin Park Blvd.	City of Industry, CA		4,585		2,124		5,219		1,587			2,143			6,787			8,930		1,451			2006		(l	)
27801 Avenue Scott	Santa Clarita, CA		—		2,890		7,020		599			2,902			7,607			10,509		1,503			2006		(l	)
2610 & 2660 Columbia St	Torrance, CA		4,715		3,008		5,826		181			3,031			5,984			9,015		1,231			2006		(l	)
433 Alaska Avenue	Torrance, CA		—		681		168		13			684			178			862		66			2006		(l	)
4020 S. Compton Ave	Los Angeles, CA		—		3,800		7,330		71			3,825			7,376			11,201		1,195			2006		(l	)
21730-21748 Marilla St.	Chatsworth, CA		3,154		2,585		3,210		192			2,608			3,379			5,987		718			2007		(l	)
8015 Paramount	Pico Rivera, CA		—		3,616		3,902		61			3,657			3,922			7,579		855			2007		(l	)
3365 E. Slauson	Vernon, CA		—		2,367		3,243		40			2,396			3,254			5,650		748			2007		(l	)
3015 East Ana	Rancho Domingue, CA		—		19,678		9,321		7,490			20,144			16,345			36,489		3,110			2007		(l	)
19067 Reyes Ave	Rancho Domingue, CA		—		9,281		3,920		202			9,381			4,022			13,403		1,057			2007		(l	)
1250 Rancho Conejo Blvd.	Thousand Oaks, CA		—		1,435		779		98			1,441			871			2,312		215			2007		(l	)
1260 Rancho Conejo Blvd.	Thousand Oaks, CA		—		1,353		722		(860	)		675			540			1,215		166			2007		(l	)
1270 Rancho Conejo Blvd.	Thousand Oaks, CA		—		1,224		716		(20	)		1,229			691			1,920		164			2007		(l	)
1280 Rancho Conejo Blvd.	Thousand Oaks, CA		3,062		2,043		3,408		(266	)		2,051			3,134			5,185		399			2007		(l	)
1290 Rancho Conejo Blvd	Thousand Oaks, CA		2,639		1,754		2,949		(230	)		1,761			2,712			4,473		349			2007		(l	)
18201-18291 Santa Fe	Rancho Domingue, CA		10,461		6,720		—		8,949			6,897			8,772			15,669		892			2008		(l	)
1011 Rancho Conejo	Thousand Oaks, CA		5,784		7,717		2,518		(186	)		7,752			2,296			10,048		556			2008		(l	)
2300 Corporate Center Drive	Thousand Oaks, CA		—		6,506		4,885		(5,725	)		3,236			2,430			5,666		541			2008		(l	)
19021 S. Reyes Ave.	Rancho Domingue, CA		—		8,183		7,501		733			8,545			7,872			16,417		821			2008		(l	)
16275 Technology Drive	San Diego, CA		—		2,848		8,641		(198	)		2,859			8,432			11,291		1,660			2005		(l	)
6305 El Camino Real	Carlsbad, CA		—		1,590		6,360		7,563			1,590			13,923			15,513		2,073			2006		(l	)
2325 Camino Vida Roble	Carlsbad, CA		2,026		1,441		1,239		464			1,446			1,698			3,144		353			2006		(l	)
2335 Camino Vida Roble	Carlsbad, CA		1,126		817		762		133			821			891			1,712		232			2006		(l	)
2345 Camino Vida Roble	Carlsbad, CA		795		562		456		87			565			540			1,105		157			2006		(l	)
2355 Camino Vida Roble	Carlsbad, CA		582		481		365		57			483			420			903		120			2006		(l	)
2365 Camino Vida Roble	Carlsbad, CA		1,226		1,098		630		3			1,102			629			1,731		199			2006		(l	)
2375 Camino Vida Roble	Carlsbad, CA		1,531		1,210		874		199			1,214			1,069			2,283		317			2006		(l	)
6451 El Camino Real	Carlsbad, CA		—		2,885		1,931		507			2,895			2,428			5,323		573			2006		(l	)
8572 Spectrum Lane	San Diego, CA		2,261		806		3,225		429			807			3,653			4,460		556			2007		(l	)
13100 Gregg Street	Poway, CA		—		1,040		4,160		474			1,073			4,601			5,674		948			2007		(l	)
Southern New Jersey
8 Springdale Road	Cherry Hill, NJ		—		258		1,436		782			258			2,218			2,476		764			1998		(l	)
111 Whittendale Drive	Morrestown, NJ		1,841		522		2,916		195			522			3,111			3,633		891			2000		(l	)
7851 Airport Highway	Pennsauken, NJ		—		160		508		381			162			887			1,049		194			2003		(l	)
103 Central	Mt. Laurel, NJ		—		610		1,847		1,027			619			2,865			3,484		710			2003		(l	)
7890 Airport Hwy/7015 Central	Pennsauken, NJ		1,295		300		989		511			425			1,375			1,800		619			2006		(l	)
600 Creek Road	Delanco, NJ		—		2,125		6,504		(1,905	)		1,557			5,167			6,724		2,045			2007		(l	)
1070 Thomas Busch Mem Hwy	Pennsauken, NJ		2,685		1,054		2,278		84			1,084			2,332			3,416		502			2007		(l	)
St. Louis
10431-10449 Midwest Industrial Blvd	Olivette, MO		1,335		237		1,360		403			237			1,763			2,000		720			1994		(l	)
10751 Midwest Industrial Boulevard	Olivette, MO		—		193		1,119		259			194			1,377			1,571		526			1994		(l	)
6951 N Hanley (d)	Hazelwood, MO		—		405		2,295		2,001			419			4,282			4,701		1,416			1996		(l	)
1067 Warson-Bldg A	St. Louis, MO		—		246		1,359		881			251			2,235			2,486		524			2002		(l	)
1067 Warson-Bldg B	St. Louis, MO		—		380		2,103		1,889			388			3,984			4,372		993			2002		(l	)
1067 Warson-Bldg C	St. Louis, MO		—		303		1,680		1,476			310			3,149			3,459		839			2002		(l	)
1067 Warson-Bldg D	St. Louis, MO		—		353		1,952		1,024			360			2,969			3,329		916			2002		(l	)
6821-6857 Hazelwood Avenue	Berkeley, MO		4,836		985		6,205		678			985			6,883			7,868		1,755			2003		(l	)
13701 Rider Trail North	Earth City, MO		—		800		2,099		714			804			2,809			3,613		720			2003		(l	)
1908-2000 Innerbelt (d)	Overland, MO		7,980		1,590		9,026		966			1,591			9,991			11,582		2,878			2004		(l	)
9060 Latty Avenue	Berkeley, MO		—		687		1,947		(223	)		694			1,717			2,411		1,070			2006		(l	)
21-25 Gateway Commerce Center	Edwardsville, IL		23,091		1,874		31,958		191			1,928			32,095			34,023		4,883			2006		(l	)
6647 Romiss Court	St. Louis, MO		—		230		681		72			241			742			983		193			2008		(l	)
Tampa
5313 Johns Road	Tampa, FL		—		204		1,159		178			257			1,284			1,541		443			1997		(l	)
5525 Johns Road	Tampa, FL		—		192		1,086		424			200			1,502			1,702		635			1997		(l	)
5709 Johns Road	Tampa, FL		—		192		1,086		163			200			1,241			1,441		444			1997		(l	)
5711 Johns Road	Tampa, FL		—		243		1,376		176			255			1,540			1,795		560			1997		(l	)
5453 W Waters Avenue	Tampa, FL		—		71		402		134			82			525			607		182			1997		(l	)
5455 W Waters Avenue	Tampa, FL		—		307		1,742		806			326			2,529			2,855		822			1997		(l	)
5553 W Waters Avenue	Tampa, FL		—		307		1,742		447			326			2,170			2,496		784			1997		(l	)
5501 W Waters Avenue	Tampa, FL		—		215		871		301			242			1,145			1,387		397			1997		(l	)
5503 W Waters Avenue	Tampa, FL		—		98		402		289			110			679			789		241			1997		(l	)
5555 W Waters Avenue	Tampa, FL		—		213		1,206		237			221			1,435			1,656		546			1997		(l	)
5557 W Waters Avenue	Tampa, FL		—		59		335		44			62			376			438		130			1997		(l	)
5461 W Waters	Tampa, FL		—		261		—		1,567			265			1,563			1,828		585			1998		(l	)
5481 W. Waters Avenue	Tampa, FL		—		558		—		2,497			561			2,494			3,055		778			1999		(l	)
4515-4519 George Road	Tampa, FL		2,528		633		3,587		767			640			4,347			4,987		1,162			2001		(l	)
6089 Johns Road	Tampa, FL		910		180		987		122			186			1,103			1,289		306			2004		(l	)
6091 Johns Road	Tampa, FL		676		140		730		98			144			824			968		247			2004		(l	)
6103 Johns Road	Tampa, FL		1,108		220		1,160		146			226			1,300			1,526		389			2004		(l	)
6201 Johns Road	Tampa, FL		1,029		200		1,107		168			205			1,270			1,475		393			2004		(l	)
6203 Johns Road	Tampa, FL		1,286		300		1,460		116			311			1,565			1,876		569			2004		(l	)
6205 Johns Road	Tampa, FL		1,280		270		1,363		120			278			1,475			1,753		333			2004		(l	)
6101 Johns Road	Tampa, FL		805		210		833		127			216			954			1,170		348			2004		(l	)
4908 Tampa West Blvd	Tampa, FL		—		2,622		8,643		(820	)		2,635			7,810			10,445		1,821			2005		(l	)
11701 Belcher Road South	Largo, FL		—		1,657		2,768		(1,516	)		852			2,057			2,909		624			2006		(l	)
4900-4914 Creekside Drive (h)	Clearwater, FL		—		3,702		7,338		(3,046	)		2,221			5,773			7,994		1,913			2006		(l	)
12345 Starkey Road	Largo, FL		—		898		2,078		(462	)		599			1,915			2,514		594			2006		(l	)
Toronto
114 Packham Rd	Stratford, ON		—		1,000		3,526		527			1,012			4,041			5,053		1,624			2007		(l	)
Other
5050 Kendrick Court	Grand Rapids, MI		—		1,721		11,433		(2,219	)		988			9,947			10,935		6,764			1994		(l	)
6266 Hurt Road	Horn Lake, MS		—		427		—		4,013			387			4,053			4,440		614			2004		(l	)
6301 Hazeltine National Drive	Orlando, FL		3,959		909		4,613		286			920			4,888			5,808		1,327			2005		(l	)
12626 Silicon Drive	San Antonio, TX		3,132		768		3,448		158			779			3,595			4,374		1,084			2005		(l	)
3100 Pinson Valley Parkway	Birmingham, AL		—		303		742		(215	)		225			605			830		206			2005		(l	)
10330 I Street	Omaha, NE		—		1,808		8,340		(1,457	)		1,619			7,072			8,691		2,147			2006		(l	)
3200 Pond Station	Jefferson County, KY		—		2,074		—		9,681			2,120			9,635			11,755		1,136			2007		(l	)
Pure Fishing BTS	Kansas City, MO		11,856		4,152		—		13,605			4,228			13,529			17,757		1,088			2008		(l	)
3730 Wheeler Avenue	Fort Smith, AR		—		720		2,800		(561	)		589			2,370			2,959		554			2006		(l	)
600 Greene Drive	Greenville, KY		—		294		8,570		3			296			8,571			8,867		2,924			2008		(l	)
Redevelopments / Developments / Developable Land
Redevelopments /Developments / Developable Land (j)			—		96,193		726		(262	)(m)		83,034			13,623			96,657		1,050
Total		$	583,927	$	600,922	$	1,617,872	$	521,711		$	567,921	(k)	$	2,172,581	(k)	$	2,740,502	$	609,986	(k)

NOTES:

(a) See description of encumbrances in Note 7 to Notes to Consolidated Financial Statements.

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

(c) Improvements are net of write-off of fully depreciated assets and impairment of real estate.

(d) Comprised of two properties.

(e) Comprised of three properties.

(f) Comprised of four properties.

(g) Comprised of five properties.

(h) Comprised of eight properties.

(i) Comprised of 27 properties.

(j) These properties represent developable land and redevelopments that have not been placed in service and land parcels for which we receive ground lease income.

(k)

	Amounts Included in Real Estate Held for Sale			Amounts Within Net Investment in Real Estate			Gross Amount Carried At Close of Period December  31, 2011
Land	$	14,382		$	553,539		$	567,921
Buildings & Improvements		91,628			2,080,953			2,172,581
Accumulated Depreciation		(32,395	)		(577,591	)		(609,986	)
Subtotal		73,615			2,056,901			2,130,516
Construction in Progress		5			26,482			26,487
Net Investment in Real Estate		73,620			2,083,383			2,157,003
Leasing Commissions, Net, Deferred Leasing Intangibles, Net and Deferred Rent Receivable, Net		5,235
Balance Sheet at December 31, 2011	$	78,855

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

Buildings and Improvements and Land Improvements	3 to 50 years
Tenant Improvements, Leasehold Improvements	Life of lease

(m) Includes foreign currency translation adjustments.

At December 31, 2011, the aggregate cost of land and buildings and equipment for federal income tax purpose was approximately $2.8 billion (excluding construction in progress).

The changes in total real estate assets, including real estate held for sale, for the three years ended December 31, 2011 are as follows:

	2011			2010			2009
Balance, Beginning of Year	$	2,791,667		$	2,987,950		$	3,035,662
Acquisition of Real Estate Assets		22,953			17,595			208
Construction Costs and Improvements		66,130			47,208			51,762
Disposition of Real Estate Assets		(86,732	)		(46,458	)		(65,428	)
Impairment of Real Estate		2,079			(186,160	)		(6,934	)
Write-off of Fully Depreciated Assets		(29,108	)		(28,468	)		(27,320	)
Balance, End of Year	$	2,766,989		$	2,791,667		$	2,987,950

The changes in accumulated depreciation, including accumulated depreciation for real estate held for sale, for the three years ended December 31, 2011 are as follows:

	2011			2010			2009
Balance, Beginning of Year	$	581,851		$	522,229		$	457,059
Depreciation for Year		85,849			92,290			100,145
Disposition of Assets		(28,606	)		(4,200	)		(7,655	)
Write-off of Fully Depreciated Assets		(29,108	)		(28,468	)		(27,320	)
Balance, End of Year	$	609,986		$	581,851		$	522,229

XML

Future Rental Revenues

12 Months Ended

Dec. 31, 2011

Future Rental Revenues [Abstract]

Future Rental Revenues

13. Future Rental Revenues

Our 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, 2011 are approximately as follows:

2012	$	210,271
2013		174,562
2014		140,532
2015		112,027
2016		84,970
Thereafter		274,525
Total	$	996,887