Exhibit 99.1
First Industrial Realty Trust, Inc.
311 South Wacker Drive
Suite 3900
Chicago, IL 60606
312/344-4300
FAX: 312/922-9851
MEDIA RELEASE
311 South Wacker Drive
Suite 3900
Chicago, IL 60606
312/344-4300
FAX: 312/922-9851
MEDIA RELEASE
First Industrial Realty Trust Closes
$178 Million Secured Financing Transaction
$178 Million Secured Financing Transaction
CHICAGO, May 2, 2011 — First Industrial Realty Trust, Inc. (NYSE: FR), a leading owner and
operator of industrial real estate and provider of supply chain solutions, today announced the
closing of a secured financing transaction with a life insurance company for gross proceeds of
$178.3 million.
The financing is secured by 32 properties totaling approximately 5.9 million square feet. The term
of each of the loans which comprise the financing is seven years, with the interest rate fixed at
4.45% over a 30-year amortization schedule. The loan-to-value ratio for this financing was
approximately 70%.
“The proceeds from this financing further strengthen our financial position, nearly matching the
combined total remaining of our 4.625% Exchangeable Notes Due September 2011 and 6.875% Senior
Unsecured Notes Due April 2012,” said Bruce W. Duncan, president and chief executive officer of
First Industrial. “We will initially use these proceeds to reduce our borrowings on our line of
credit, and subsequently reborrow under the facility to retire these 2011 and 2012 senior unsecured
note maturities.”
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading owner and operator of industrial real
estate and provider of supply chain solutions to multinational corporations and regional
customers. Across major markets in North America, our local market experts manage, lease, buy,
(re)develop, and sell bulk and regional distribution centers, light industrial, and other
industrial facility types. We have a track record of industry leading customer service, and in
total, we own, manage and have under development 73 million square feet of industrial space. For
more information, please visit us at www.firstindustrial.com. We post or otherwise make available
on this website from time to time information that may be of interest to investors.
Forward-Looking Information
This press release 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. 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
< more >
based
on certain assumptions and describe future plans, strategies and expectations of
the Company, 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
under the heading “Risk Factors” and elsewhere in the Company’s annual report on Form 10-K for the
year ended December 31, 2010 and in the Company’s subsequent reports on Form 10-Q. We caution you
not to place undue reliance on forward-looking statements, which reflect our outlook only and
speak only as of the date of this press release or the dates indicated in the statements. We
assume no obligation to update or supplement forward-looking statements. For further information
on these and other factors that could impact the Company and the statements contained herein,
reference should be made to the Company’s filings with the Securities and Exchange Commission.
Contact:
|
Art Harmon | |
| Senior Director, Investor Relations and Corporate Communications | ||
| 312-344-4320 |
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