INVESTORS

CHICAGO, January 10, 2001 - First Industrial Realty Trust, Inc. (NYSE: FR) announced today that 8.91 percent of common stock dividends distributed in 2000 qualify for tax purposes as return of capital, and 91.09 percent qualifies as ordinary income. Shareholders can significantly benefit from the return of capital by deferring income taxes on that portion of the dividend until the stock is sold or otherwise transferred.

The Company's total common dividends for 2000 were $2.52 per share; therefore, on an annualized basis, $0.2243 is return of capital, and $2.2932 is ordinary income.

Additionally, 100 percent of the company's preferred stock dividends in 2000 qualify for tax purposes as ordinary income.

First Industrial Realty Trust, Inc., the nation's largest provider of diversified industrial real estate, currently owns, operates and manages 84 million square feet of industrial facilities, including developments in progress. First Industrial is committed to creating shareholder value through its I-N-D-L operating strategy, using its pure Industrial focus and its National platform to serve the Diverse facility needs of customers, while offering the expertise of full-service, Local management.