10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K/A

(Amendment No. 1)

x 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  x    No  ¨

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  x

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  x    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  x    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	x
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  x

EXPLANATORY NOTE

First Industrial, L.P. (the “Operating Partnership”), is filing this Amendment No. 1 on Form 10-K/A (this “Amendment”) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which was originally filed on February 29, 2012 (the “Original Filing”), to amend Item 15 to include the separate financial statements of First Industrial Pennsylvania, L.P. as required under Rule 3-09 of Regulation S-X.

Other than as set forth herein, this Amendment does not affect any other parts of or exhibits to the Original Filing, and those unaffected parts or exhibits are not included in this Amendment. This Amendment continues to speak as of the date of the Original Filing and the Operating Partnership has not updated the disclosure contained herein to reflect events that have occurred since the filing of the Original Filing. Accordingly, this Amendment should be read in conjunction with the Operating Partnership’s other filings made with the Securities and Exchange Commission since the filing of the Original Filing, including amendments to those filings, if any.

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)
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)

Exhibit No.	Description
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
99.1*	Audited Financial Statements for the year ended December 31, 2011 of First Industrial Pennsylvania, L.P.
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) (incorporated by reference to Exhibit 101.1 of the Form 10-K of the Company for the year ended December 31, 2011, File No. 1-13102)

* Filed herewith.

** Furnished herewith.

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, 2013

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

Date: February 28, 2013

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. 333-179831) of First Industrial, L.P. of our report dated February 28, 2013 relating to the consolidated financial statements of First Industrial Pennsylvania, L.P. which appears in the Amendment No. 1 to the Annual Report on Form 10-K of First Industrial L.P. for the year ended December 31, 2011.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

February 28, 2013

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 as amended by Amendment No. 1 to Form 10-K of First Industrial, L.P.;

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

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

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-l5(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure control 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, 2013

/s/ Bruce W. Duncan

Bruce W. Duncan

President and Chief Executive Officer (Principal 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 as amended by Amendment No. 1 to Form 10-K of First Industrial, L.P.;

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

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

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-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 control 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, 2013

/s/ Scott A. Musil

Scott A. Musil

Chief Financial Officer (Principal Financial Officer)

First Industrial Realty Trust, Inc.

EX-32

EXHIBIT 32

CERTIFICATION

Accompanying Form 10-K/A 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 as amended by Amendment No. 1 to Form 10-K 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, 2013	/s/ Bruce W. Duncan
	Bruce W. Duncan
	Chief Executive Officer (Principal Executive Officer)
	First Industrial Realty Trust, Inc.
Dated: February 28, 2013
	/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.

EX-99.1

Exhibit 99.1

First Industrial Pennsylvania, L.P.

Consolidated Financial Statements

As of December 31, 2011 and 2010 (unaudited) and

for the Years Ended December 31, 2011, 2010 (unaudited)

and 2009

Report of Independent Registered Public Accounting Firm

To the Partners of

First Industrial Pennsylvania, L.P:

In our opinion, the accompanying consolidated balance sheet and the related consolidated statements of operations, changes in partners’ capital and cash flows present fairly, in all material respects, the financial position of First Industrial Pennsylvania, L.P. and its subsidiaries at December 31, 2011 and the results of their operations and their cash flows for the years ended December 31, 2011 and December 31, 2009 in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of First Industrial Pennsylvania, L.P.’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 28, 2013

FIRST INDUSTRIAL PENNSYLVANIA, L.P.

CONSOLIDATED BALANCE SHEETS

	December 31, 2011			December 31, 2010 (Unaudited)
	(In thousands)
ASSETS
Assets:
Investment in Real Estate:
Land	$	39,839		$	26,084
Buildings and Improvements		65,321			48,040
Construction in Progress		1,298			—
Less: Accumulated Depreciation		(16,756	)		(10,454	)
Net Investment in Real Estate		89,702			63,670
Real Estate and Other Assets Held for Sale, Net of Accumulated Depreciation and Amortization of $1,911 and $6,833 (unaudited)		5,753			31,835
Cash and Cash Equivalents		613			1,111
Tenant Accounts Receivable, Net		137			161
Related Party Notes Receivable		131,908			239,453
Deferred Rent Receivable, Net		2,459			1,958
Deferred Financing Costs, Net		285			131
Deferred Leasing Intangibles, Net		3,288			4,299
Prepaid Expenses, Accrued Interest Income and Other Assets, Net		3,016			4,463
Total Assets	$	237,161		$	347,081
LIABILITIES AND PARTNERS’ CAPITAL
Liabilities:
Mortgage Loans Payable	$	35,471		$	12,986
Accounts Payable, Accrued Expenses and Other Liabilities		708			637
Deferred Leasing Intangibles, Net		139			234
Rents Received in Advance and Security Deposits		1,047			1,129
Total Liabilities		37,365			14,986
Commitments and Contingencies		—			—
Partners’ Capital		199,796			332,095
Total Liabilities and Partners’ Capital	$	237,161		$	347,081

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

FIRST INDUSTRIAL PENNSYLVANIA, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year Ended December 31, 2011			Year Ended December 31, 2010 (Unaudited)			Year Ended December 31, 2009
	(In thousands)
Revenues:
Rental Income	$	9,538		$	10,217		$	10,691
Tenant Recoveries and Other Income		2,781			2,441			2,455
Total Revenues		12,319			12,658			13,146
Expenses:
Property Expenses		2,931			2,913			2,894
Impairment of Real Estate		(595	)		3,589			—
Depreciation and Other Amortization		4,075			3,923			4,277
Total Expenses		6,411			10,425			7,171
Other Income (Expense):
Related Party Interest Income and Facility Fee Income		11,679			14,962			9,943
Interest Expense		(1,431	)		(407	)		(43	)
Amortization of Deferred Financing Costs		(34	)		(11	)		(2	)
Foreign Currency Remeasurement (Loss) Gain		(658	)		777			1,481
Total Other Income (Expense)		9,556			15,321			11,379
Income from Continuing Operations		15,464			17,554			17,354
Discontinued Operations:
Income Attributable to Discontinued Operations		570			388			826
Gain on Sale of Real Estate		500			845			1,874
Income from Discontinued Operations		1,070			1,233			2,700
Gain on Sale of Real Estate		44			—			59
Net Income	$	16,578		$	18,787		$	20,113

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

FIRST INDUSTRIAL PENNSYLVANIA, L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL

	Total
	(In thousands)
Balance at December 31, 2008 (Unaudited)	$	113,847
Contributions		357,748
Distributions		(104,779	)
Net Income		20,113
Balance at December 31, 2009	$	386,929
Contributions (Unaudited)		32,013
Distributions (Unaudited)		(105,634	)
Net Income (Unaudited)		18,787
Balance at December 31, 2010 (Unaudited)	$	332,095
Contributions		16,020
Distributions		(164,897	)
Net Income		16,578
Balance at December 31, 2011	$	199,796

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

FIRST INDUSTRIAL PENNSYLVANIA, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31, 2011			Year Ended December  31, 2010 (Unaudited)			Year Ended December 31, 2009
	(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	16,578		$	18,787		$	20,113
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation		2,771			2,976			3,332
Amortization of Deferred Financing Costs		34			11			2
Other Amortization		1,377			1,228			1,269
Impairment of Real Estate		(595	)		3,589			—
Foreign Currency Remeasurement Loss (Gain)		658			(777	)		(1,481	)
(Reversal of) Provision for Bad Debt		(11	)		6			89
Gain on Sale of Real Estate		(544	)		(845	)		(1,933	)
Decrease (Increase) in Tenant Accounts Receivable, Prepaid Expenses, Accrued Interest Income and Other Assets, Net		1,503			3,152			(6,300	)
Increase in Deferred Rent Receivable		(348	)		(636	)		(507	)
Increase (Decrease) in Accounts Payable, Accrued Expenses, Other Liabilities, Rents Received in Advance and Security Deposits		69			(84	)		(493	)
Net Cash Provided by Operating Activities		21,492			27,407			14,091
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Investment in Real Estate and Lease Costs		(3,351	)		(1,724	)		(803	)
Net Proceeds from Sales of Investment in Real Estate		1,054			1,458			5,461
Repayments of Related Party Notes Receivable		112,186			52,561			100,189
Funding of Related Party Notes Receivable		(5,299	)		(14,757	)		(25,300	)
Net Cash Provided by Investing Activities		104,590			37,538			79,547
CASH FLOWS FROM FINANCING ACTIVITIES:
Contributions		16,020			32,013			7,860
Distributions		(164,897	)		(105,634	)		(104,779	)
Debt Issuance Costs		(188	)		(80	)		(65	)
Proceeds from Origination of Mortgage Loans Payable		22,898			9,085			3,982
Repayments on Mortgage Loans Payable		(413	)		(77	)		(4	)
Net Cash Used in Financing Activities		(126,580	)		(64,693	)		(93,006	)
Net (Decrease) Increase in Cash and Cash Equivalents		(498	)		252			632
Cash and Cash Equivalents, Beginning of Year		1,111			859			227
Cash and Cash Equivalents, End of Year	$	613		$	1,111		$	859

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

FIRST INDUSTRIAL PENNSYLVANIA, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands)

1. Organization and Formation of Partnership

First Industrial, L.P. (the “Operating Partnership”) was organized as a limited partnership in the state of Delaware on November 23, 1993. The sole general partner is First Industrial Realty Trust, Inc. (the “Company”) with an approximate 94.3% and 92.8% (unaudited) partnership interest at December 31, 2011 and 2010, respectively. The Company is a real estate investment trust (“REIT”) as defined in the Internal Revenue Code. The Company’s operations are conducted primarily through the Operating Partnership. The limited partners of the Operating Partnership own, in the aggregate, approximately a 5.7% and 7.2% (unaudited) interest in the Operating Partnership at December 31, 2011 and 2010, respectively.

At December 31, 2011, the Operating Partnership owns a 99.72% limited partnership interest in First Industrial Pennsylvania, L.P. The general partner of First Industrial Pennsylvania, L.P. is a separate corporation, with a 0.28% general partnership interest in First Industrial Pennsylvania, L.P. The general partner of First Industrial Pennsylvania, L.P. is a wholly-owned subsidiary of the Company.

As of December 31, 2011, First Industrial Pennsylvania, L.P. owned 17 industrial properties, containing an aggregate of approximately 2.1 million square feet of GLA and several land parcels aggregating to 298 acres. Two separate land parcels, aggregating to 237 acres, are leased to a tenant under non-cancelable ground leases.

Profits, losses and distributions of First Industrial Pennsylvania, L.P. are allocated to the general partner and the limited partner in accordance with the provisions contained within the restated and amended partnership agreement.

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

2. Basis of Presentation and Summary of Significant Accounting Policies

The 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 First Industrial Pennsylvania, L.P. and its wholly owned subsidiaries.

In order to conform with generally accepted accounting principles, management, in preparation of First Industrial Pennsylvania, L.P.’s financial statements, is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of December 31, 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.

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.

Investment in Real Estate and Depreciation

Investment in Real Estate is carried at cost, less accumulated depreciation and amortization. First Industrial Pennsylvania, L.P. reviews its properties on a continuous basis for impairment and provides a provision if impairments exist. To determine if an impairment may exist, First Industrial Pennsylvania, L.P. reviews its properties and identifies those that have had either an event of change or event of circumstances warranting further assessment of recoverability (such as a decrease in occupancy or decline in general market conditions). If further assessment of recoverability is needed, First Industrial Pennsylvania, L.P. estimates the future net cash flows expected to result from the use of the property and its eventual disposition on an individual property basis. If the sum of the expected future net cash flows (undiscounted and without interest charges) is less than the carrying amount of the property on an individual property basis, First Industrial Pennsylvania, L.P. will recognize an impairment loss based upon the estimated fair value of such property. For properties management considers held for sale, First Industrial Pennsylvania, L.P. ceases depreciating the properties and values the properties at the lower of depreciated cost or fair value, less costs to dispose. If circumstances arise that were previously considered unlikely, and as a result, First Industrial Pennsylvania, L.P. decides not to sell a property previously classified as held for sale, First Industrial Pennsylvania, L.P. 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. First Industrial Pennsylvania, L.P. classifies 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 expenses incurred during construction periods are capitalized and depreciated commencing with the date the property is substantially completed. Upon substantial completion, First Industrial Pennsylvania, L.P. reclassifies construction in progress to building, tenant improvement and leasing commissions. Such costs begin to be capitalized to the development projects from the point First Industrial Pennsylvania, L.P. is 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		17 to 40
Land Improvements		7 to 20

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

Deferred Leasing Intangibles, net of accumulated amortization (exclusive of Deferred Leasing Intangibles held for sale) included in First Industrial Pennsylvania L.P.’s total assets and total liabilities consist of the following:

	December 31, 2011		December  31, 2010 (Unaudited)
In-Place Leases	$	1,448	$	2,244
Above Market Leases		1,108		1,244
Tenant Relationships		732		811
Total included in Total Assets, Net of $2,629 and $3,363 (unaudited) of Accumulated Amortization	$	3,288	$	4,299
Below Market Leases	$	139	$	234
Total included in Total Liabilities, Net of $510 and $407 (unaudited) of Accumulated Amortization	$	139	$	234

Amortization expense related to in-place leases and tenant relationships of deferred leasing intangibles was $974, $727 (unaudited) and $752 for the years ended December 31, 2011, 2010 and 2009, respectively. Rental revenues (decreased) increased by $(34), $(59) (unaudited) and $60 related to amortization of above/(below) market leases for the years ended December 31, 2011, 2010 and 2009, respectively. First Industrial Pennsylvania, L.P. will recognize net amortization expense related to the deferred leasing intangibles over the next five years, for properties owned as of December 31, 2011 as follows:

	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase (Decrease) to Rental Revenues Related to Above and Below Market Leases
2012	$	403	$	15
2013	$	294	$	(9	)
2014	$	217	$	(66	)
2015	$	192	$	(66	)
2016	$	145	$	(66	)

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 $48 and $14 (unaudited) at December 31, 2011 and 2010, respectively. Unamortized deferred financing costs are written-off when debt is retired before the maturity date.

Foreign Currency Remeasurements

At December 31, 2010, First Industrial Pennsylvania, L.P. held a related party note receivable denominated in Canadian dollars for which the functional currency was determined to be the US dollar. The note receivable was remeasured against the US dollar at the balance sheet date and the resulting translation adjustment was included in the consolidated statements of operations.

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 revenues in the same period the related expenses are incurred by First Industrial Pennsylvania, L.P.

Revenue is generally recognized on payments received from tenants for early lease terminations upon the effective termination of a tenant’s lease and when First Industrial Pennsylvania, L.P. has no further obligations under the lease.

Interest income on the related party notes 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.

First Industrial Pennsylvania, L.P. provides an allowance for doubtful accounts against the portion of tenant accounts receivable which is estimated to be uncollectible. Accounts receivable in the consolidated balance sheets are shown net of an allowance for doubtful accounts of $22 and $33 (unaudited) as of December 31, 2011 and 2010, respectively. For accounts receivable First Industrial Pennsylvania, L.P. deems uncollectible, First Industrial Pennsylvania, L.P. uses the direct write-off method.

Gain on Sale of Real Estate

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

Related Party Notes Receivable

Related Party Notes Receivable are comprised of a revolving secured note receivable and a revolving unsecured note receivable. The notes receivable are recorded at fair value at the time of issuance. Interest income is accrued as earned. Notes receivable are considered past due when a contractual payment is not remitted in accordance with the terms of the note agreement. On a quarterly basis, First Industrial Pennsylvania, L.P. evaluates the collectability of each note receivable based on various factors which may include payment history, expected fair value of the collateral on the loan, to the extent applicable, and internal credit information. A loan is considered impaired when, based upon current information and events, it is probable that First Industrial Pennsylvania, L.P. 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.

Fair Value of Financial Instruments

First Industrial Pennsylvania, L.P.’s financial instruments include tenant accounts receivable, net, related party notes receivable, accounts payable, other accrued expenses and mortgage loans payable. The fair values of tenant accounts receivable, net, accounts payable and other accrued expenses approximate their carrying or contract values. See Note 5 for the fair values of the mortgage loans payable and see Note 3 for the fair value of the related party 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 the ongoing operations of First Industrial Pennsylvania, L.P. as a result of the disposal transaction and (b) First Industrial Pennsylvania, L.P. 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.

3. Related Party Notes Receivable

On July 1, 2009, the Operating Partnership contributed and assigned to First Industrial Pennsylvania, L.P. title and interest in a revolving secured note receivable (the “Related Party Secured Note Receivable”) having an outstanding balance of $274,773 in exchange for an increased ownership interest in First Industrial Pennsylvania, L.P. Concurrent with the contribution on July 1, 2009, the terms of the Related Party Secured Note Receivable were restated and amended. The Related Party Secured Note Receivable has a lending capacity of $550,000, subject to certain restrictions, earns interest at a variable rate equal to the Bank Prime Rate plus 2% and matures on September 1, 2012. The Related Party Secured Note Receivable also earns a quarterly facility fee equal to 0.25% per annum of $550,000. The borrowers on the Related Party Secured Note Receivable are two subsidiaries of the Operating Partnership (the “Related Party Borrowers”). The Related Party Borrowers are 100% directly or indirectly owned by the Operating Partnership. As of December 31, 2011, the Related Party Secured Note Receivable was collateralized by industrial properties with a net carrying value of $159,211.

On July 1, 2009, the Operating Partnership also contributed and assigned to First Industrial Pennsylvania, L.P. title and interest in a revolving unsecured note receivable (the “Related Party Unsecured Note Receivable”) having an outstanding balance of $75,115 in exchange for an increased ownership interest in First Industrial Pennsylvania, L.P. Concurrent with the contribution on July 1, 2009, the terms of the Related Party Unsecured Note Receivable were restated and amended. The Related Party Unsecured Note Receivable allows for a lending capacity of $100,000 and allows for loans in Canadian dollars. All loans denominated in US dollars earn interest at a variable rate equal to the Bank Prime Rate plus 3% and all loans denominated in Canadian dollars earn interest at a variable rate equal to the CDOR rate plus 3%. The Related Party Unsecured Note Receivable matures on July 1, 2012. The Related Party Borrowers are the borrowers on the Related Party Unsecured Note Receivable.

At December 31, 2011 and 2010, the carrying and fair value of the related party notes receivable was as follows:

	December 31, 2011				December 31, 2010 (Unaudited)
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Related Party Secured Note Receivable	$	131,908	$	130,921	$	211,470	$	208,960
Related Party Unsecured Note Receivable	$	—	$	—	$	27,983	$	27,312
Total	$	131,908	$	130,921	$	239,453	$	236,272

The fair values of the related party notes receivable 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.

4. Investment in Real Estate

Sales and Discontinued Operations

In 2009, First Industrial Pennsylvania, L.P. sold two industrial properties comprising approximately 0.07 million square feet of GLA and one land parcel. Gross proceeds from the sales of the two industrial properties and one land parcel was approximately $5,860. The gain on sale of real estate was approximately $1,933, of which $1,874 is shown in discontinued operations. The two 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 two 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.

In 2010, First Industrial Pennsylvania, L.P. sold one industrial property comprising approximately 0.02 million square feet of GLA. Gross proceeds from the sale of the one industrial property was approximately $1,700 (unaudited). The gain on sale of real estate was approximately $845 (unaudited), all of which is shown in discontinued operations. The one industrial property meets the criteria to be included in discontinued operations. Therefore, the results of operations and gain on sale of real estate for the one sold industrial property is included in discontinued operations.

In 2011, First Industrial Pennsylvania, L.P. sold one industrial property comprising approximately 0.01 million square feet of GLA. Gross proceeds from the sale of the one industrial property was approximately $1,150. The one industrial property meets the criteria to be included in discontinued operations. Therefore, the results of operations and gain on sale of real estate of $500 for the one sold industrial property is included in discontinued operations.

At December 31, 2011, First Industrial Pennsylvania, L.P. had five industrial properties comprising approximately 0.1 million square feet of GLA held for sale. The results of operations of the five 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 regarding the industrial properties included in discontinued operations by First Industrial Pennsylvania, L.P. for the years ended December 31, 2011, 2010 and 2009.

	Year Ended December 31, 2011			Year Ended December 31, 2010 (Unaudited)			Year Ended December 31, 2009
Total Revenues	$	948		$	1,024		$	1,683
Property Expenses		(349	)		(424	)		(486	)
Depreciation and Amortization		(29	)		(212	)		(371	)
Gain on Sale of Real Estate		500			845			1,874
Income from Discontinued Operations	$	1,070		$	1,233		$	2,700

Impairment Charges

During the years ended December 31, 2011 and 2010 First Industrial Pennsylvania, L.P. recorded the following net non-cash impairment charges:

	Year Ended December 31, 2011			Year Ended December 31, 2010 (Unaudited)
Operating Properties—Held for Use	$	—		$	1,781
Land Parcels—Held for Use		(595	)		1,808
Impairment—Continuing Operations	$	(595	)	$	3,589

During October 2010, certain properties were identified as properties that First Industrial Pennsylvania, L.P. wanted to sell. The holding period for the pool of real estate assets was reassessed and as such, it was determined that one industrial property and one land parcel were impaired. An aggregate impairment charge of $3,589 (unaudited) for the year ended December 31, 2011 was recorded.

The net impairment charges for assets that qualify to be classified as held for sale are calculated as the difference of the carrying value of the property or land parcel over the fair value less costs to sell. 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. The impairment reversal of $595 recorded during the year ended December 31, 2011 was due to the reversal of estimated closing costs related to the land parcel that no longer met the criteria to be classified as held for sale at December 31, 2011. Catch-up depreciation and amortization was recorded during the year ended December 31, 2011 related to the industrial property that no longer met the criteria to be classified as held for sale.

The accounting 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 using expected cash flows and internal valuations of real estate.

For the one industrial property, the most significant assumptions used in the discounted cash flow analyses included the discount rate, projected occupancy levels, market rental rates, capital expenditures and the terminal capitalization rate. For the valuation of the land parcel, management reviewed and considered older comparable transactions and adjusted upward or downward to reflect management’s assumptions about current market conditions.

The impairment reversal recorded during the year ended December 31, 2011, represents fair value measurements recorded on a non-recurring basis. The valuation techniques utilized by management to determine the fair value measurements would be considered Level 3 in the fair value hierarchy. Both assets are recorded at carrying value at December 31, 2011.

5. Indebtedness

	Outstanding Balance at				Interest Rate at December 31, 2011	Effective Interest Rate at Issuance	Maturity Date
	December 31, 2011		December 31, 2010 (Unaudited)
Mortgage Loans Payable	$	35,471	$	12,986	4.45% – 7.50%	4.45% – 7.50%	May 2016 – October 2020

During the years ended December 31, 2011 and 2010, First Industrial Pennsylvania, L.P. originated the following mortgage loans:

Mortgage Financing

Loan Principal

Interest Rate

Origination Date

Maturity Date

Amortization Period

Number of Industrial Properties Collateralizing Mortgage

GLA (In millions)

Property Carrying Value at December 31, 2011

I-II

$

22,898

4.45

%

May 2, 2011

June 2018

30-year

3

0.7

$

22,398

Mortgage Financing

Loan Principal (Unaudited)

Interest Rate (Unaudited)

Origination Date

Maturity Date

Amortization Period

Number of Industrial Properties Collateralizing Mortgage

GLA (In millions)

Property Carrying Value at December 31, 2010 (Unaudited)

III

$

9,085

5.55

%

September 29, 2010

October 2020

25-year

1

0.3

$

8,102

For Mortgage Financings I and II, 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 III, principal prepayment is prohibited for 12 months after loan origination, after which prepayment premiums decrease as the loan matures and range from 1% (unaudited) to 5% (unaudited) of the outstanding balance (or yield maintenance amount).

As of December 31, 2011, mortgage loans payable are collateralized by, and in some instances cross-collateralized by, industrial properties with a net carrying value of $35,400. First Industrial Pennsylvania, L.P. believes it was in compliance with all covenants relating to mortgage loans payable as of December 31, 2011.

The following is a schedule of the stated maturities and scheduled principal payments of mortgage loans payable for the next five years ending December 31, and thereafter:

	Amount
2012	$	626
2013		657
2014		690
2015		725
2016		2,203
Thereafter		30,570
Total	$	35,471

At December 31, 2011 and 2010, the fair value of mortgage loans payable was as follows:

	December 31, 2011				December 31, 2010 (Unaudited)
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Mortgage Loans Payable	$	35,471	$	36,804	$	12,986	$	13,778

The fair values of the mortgage loans payable were determined by discounting the future cash flows using the current rates at which similar loans would be made based upon similar leverage levels and similar remaining maturities.

6. Supplemental Information to Statements of Cash Flows

	Year Ended December 31, 2011			Year Ended December 31, 2010 (Unaudited)			Year Ended December 31, 2009
Interest Paid	$	1,350		$	351		$	33
Write-off of Fully Depreciated Assets	$	(3,369	)	$	(1,361	)	$	(816	)

See Note 3 for non-cash investing activity related to the contribution of the related party notes receivable to First Industrial Pennsylvania, L.P. by the Operating Partnership during the year ended December 31, 2009.

7. Future Rental Revenues

First Industrial Pennsylvania, L.P.’s properties are leased to tenants under net and semi-net operating leases. Minimum lease payments, excluding tenant reimbursements of expenses, under non-cancelable operating leases in effect as of December 31, 2011 are approximately as follows:

2012	$	9,402
2013		6,137
2014		3,945
2015		3,525
2016		2,756
Thereafter		30,471
Total	$	56,236

Credit Risk

For the years ended December 31, 2011, 2010 and 2009, ADESA accounted for 21.7%, 20.3% (unaudited) and 18.5% of rental revenues.

8. Related Party Transactions

At December 31, 2011 and 2010, First Industrial Pennsylvania, L.P. had receivable balances of $133,695 and $242,811 (unaudited), respectively, from wholly owned entities of the Company and the Operating Partnership. The receivable balances includes the related party notes receivable and accrued interest income.

9. Commitments and Contingencies

In the normal course of business, First Industrial Pennsylvania, L.P. is involved in legal actions arising from the ownership of its properties. In management’s opinion, the liabilities, if any, that may ultimately result from such legal actions are not expected to have a materially adverse effect on the consolidated financial position, operations or liquidity of First Industrial Pennsylvania, L.P.

10. Subsequent Events

Subsequent events were evaluated through February 28, 2013 and it was determined that there were no events that required disclosure within these financial statements.