INVESTORS

Annual Meeting of Stockholders and Record Date Set

CHICAGO, March 1 /PRNewswire-FirstCall/ -- First Industrial Realty Trust, Inc. (NYSE: FR), the nation's largest provider of diversified industrial real estate, today announced that its board of directors declared a dividend of $0.695 per share of common stock for the quarter ending March 31, 2005, payable on April 18, 2005 to stockholders of record on March 31, 2005. This is equivalent to an annual dividend of $2.78.

Additionally, the board of directors declared a dividend of $0.53906 per depositary share ($2.1563 annualized) of its 8.625% Series C Cumulative Preferred Stock (NYSE: FR-PrC) for the quarter ending March 31, 2005, payable on March 31, 2005 to stockholders of record on March 15, 2005.

First Industrial's Annual Meeting of Stockholders will be held at 9:00 a.m. CDT, Wednesday, May 18, 2005 at First Industrial Realty Trust, Inc. in Chicago, Illinois. First Industrial's Board of Directors set March 22, 2005 as the record date for the Annual Meeting.

First Industrial Realty Trust, Inc., the nation's largest provider of diversified industrial real estate, serves every aspect of Corporate America's industrial real estate needs, including customized supply chain solutions, through its unique I-N-D-L strategy, which utilizes a pure Industrial focus and National platform to provide Diverse facility types, while offering Local, full-service management and expertise. Building, buying, selling, leasing and managing industrial property in major markets nationwide, First Industrial develops long term relationships with corporate real estate directors, tenants and brokers to better serve customers with creative, flexible industrial real estate solutions.

This press release contains forward-looking information about the Company. A number of factors could cause the Company's actual results to differ materially from those anticipated, including changes in: economic conditions generally and the real estate market specifically, legislative/regulatory changes (including changes to laws governing the taxation of real estate investment trusts), availability of financing, interest rate levels, competition, supply and demand for industrial properties in the Company's current and proposed market areas, potential environmental liabilities, slippage in development or lease-up schedules, tenant credit risks, higher- than-expected costs and changes in general accounting principles, policies and guidelines applicable to real estate investment trusts. 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.

SOURCE First Industrial Realty Trust, Inc.

CONTACT:
Sean P. O'Neill
SVP, Investor Relations and Corporate Communications
312-344-4401

Mike Daly
Director, Investor Relations and Corporate Communications
312-344-4320
both of First Industrial Realty Trust, Inc.