INVESTORS

Low End of 

High End of 

Guidance for 2013

Guidance for 2013

(Per share/unit)

(Per share/unit)

Net Income Available to Common Stockholders

0.03

0.09

Add:   Real Estate Depreciation/Amortization

1.03

1.03

           Impairment of Depreciated Real Estate YTD through 3Q13

0.02

0.02

Less:   Non-NAREIT Compliant Gain YTD through 3Q13  

(0.14)

(0.14)

FFO (NAREIT Definition)

$0.94

$1.00

Add: Loss from Retirement of Debt Completed YTD

        through October 24, 2013

0.06

0.06

       Loss from Redemption of Series J and Series K Preferred Shares

0.05

0.05

FFO Before Loss from Retirement of Debt and Redemption of Series J and Series K Preferred Shares

$1.05

$1.11

FIRST INDUSTRIAL REALTY TRUST, INC.

Selected Financial Data

(Unaudited)

(In thousands except per share/unit data)

Three Months Ended

Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2013

2012

2013

2012

Statement of Operations and Other Data:

Total Revenues

$ 83,410

$ 78,610

$ 250,466

$ 239,015

Property Expenses

(26,769)

(24,423)

(81,941)

(75,724)

General & Administrative

(5,137)

(4,843)

(17,001)

(16,414)

Impairment of Real Estate

(1,047)

-

(2,476)

257

Depreciation of Corporate FF&E

(137)

(258)

(509)

(836)

Depreciation and Other Amortization of Real Estate

(28,467)

(28,294)

(84,282)

(88,302)

Total Expenses

(61,557)

(57,818)

(186,209)

(181,019)

Interest Income

591

656

1,754

2,261

Interest Expense

(17,997)

(20,127)

(55,391)

(63,992)

Amortization of Deferred Financing Costs

(781)

(868)

(2,468)

(2,593)

Mark-to-Market (Loss) Gain on Interest Rate Protection Agreements

-

(29)

52

(334)

Loss from Retirement of Debt

(662)

(424)

(6,248)

(6,646)

  Income (Loss) from Continuing Operations Before Equity in Income of Joint Ventures,

Gain on Change in Control of Interests and Income Tax (Provision) Benefit

3,004

-

1,956

(13,308)

Equity in Income of Joint Ventures (a)

72

28

119

156

Gain on Change in Control of Interests

-

-

-

776

Income Tax (Provision) Benefit

(63)

5

(4)

(5,258)

  Income (Loss) from Continuing Operations

3,013

33

2,071

(17,634)

Discontinued Operations:

Income Attributable to Discontinued Operations

216

966

728

1,737

Gain on Sale of Real Estate

5,243

4,420

15,650

12,005

Income from Discontinued Operations

5,459

5,386

16,378

13,742

  Income (Loss) Before Gain on Sale of Real Estate

8,472

5,419

18,449

(3,892)

Gain on Sale of Real Estate

291

3,777

553

3,777

Net Income (Loss)

8,763

9,196

19,002

(115)

Net (Income) Loss Attributable to the Noncontrolling Interest

(219)

(277)

(244)

768

  Net Income Attributable to First Industrial Realty Trust, Inc.

8,544

8,919

18,758

653

Preferred Dividends

(1,392)

(4,725)

(7,506)

(14,285)

Redemption of Preferred Stock

(2,121)

-

(5,667)

-

  Net Income (Loss) Available to First Industrial Realty Trust, Inc.'s

  Common Stockholders and Participating Securities

$ 5,031

$ 4,194

$ 5,585

$ (13,632)

RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO

FIRST INDUSTRIAL REALTY TRUST, INC.'S COMMON

STOCKHOLDERS AND PARTICIPATING SECURITIES TO FFO (b) AND AFFO (b)

Net Income (Loss) Available to First Industrial Realty Trust, Inc.'s

  Common Stockholders and Participating Securities

$ 5,031

$ 4,194

$ 5,585

$ (13,632)

Depreciation and Other Amortization of Real Estate

28,467

28,294

84,282

88,302

Depreciation and Other Amortization of Real Estate Included in Discontinued Operations

59

1,010

816

3,927

Impairment of Depreciated Real Estate

1,047

-

2,476

(257)

Impairment of Depreciated Real Estate Included in Discontinued Operations

-

-

176

1,503

Noncontrolling Interest

219

277

244

(768)

Equity in Dep/Other Amortization of Joint Ventures (a)

114

83

224

255

Gain on Change in Control of Interests

-

-

-

(776)

Non-NAREIT Compliant Gain (b)

(5,243)

(4,420)

(15,650)

(12,005)

Non-NAREIT Compliant Gain from Joint Ventures (a) (b)

(111)

-

(111)

(57)

  Funds From Operations (NAREIT) ("FFO") (b)

$ 29,583

$ 29,438

$ 78,042

$ 66,492

Loss from Retirement of Debt

662

424

6,248

6,646

Restricted Stock/Unit Amortization

1,769

1,309

4,436

3,707

Amortization of Debt Discounts / (Premiums) and Hedge Costs

998

930

2,928

2,729

Amortization of Deferred Financing Costs

781

868

2,468

2,593

Depreciation of Corporate FF&E

137

258

509

836

Redemption of Preferred Stock

2,121

-

5,667

-

Mark-to-Market Loss (Gain) on Interest Rate Protection Agreements

-

29

(52)

334

NAREIT Compliant Economic Gain (b)

(291)

(3,777)

(553)

(3,777)

Non-Incremental Capital Expenditures

(13,163)

(10,322)

(36,725)

(33,850)

Capitalized Interest and Overhead

(1,122)

(825)

(3,233)

(1,300)

Straight-Line Rent and Amortization of Above (Below) Market Leases

(1,054)

(974)

(3,759)

(3,075)

  Adjusted Funds From Operations ("AFFO") (b)

$ 20,421

$ 17,358

$ 55,976

$ 41,335

FIRST INDUSTRIAL REALTY TRUST, INC.

Selected Financial Data

(Unaudited)

(In thousands except per share/unit data)

Three Months Ended

Nine Months Ended

September 30,

September 30,

September 30,

September 30,

2013

2012

2013

2012

RECONCILIATION OF NET INCOME (LOSS) AVAILABLE TO

FIRST INDUSTRIAL REALTY TRUST, INC.'S COMMON

STOCKHOLDERS AND PARTICIPATING SECURITIES TO EBITDA (b) AND NOI (b)

Net Income (Loss) Available to First Industrial Realty Trust, Inc.'s

Common Stockholders and Participating Securities

$ 5,031

$ 4,194

$ 5,585

$ (13,632)

   Interest Expense

17,997

20,127

55,391

63,992

   Depreciation and Other Amortization of Real Estate

28,467

28,294

84,282

88,302

   Depreciation and Other Amortization of Real Estate Included in Discontinued Operations

59

1,010

816

3,927

   Impairment of Depreciated Real Estate

1,047

-

2,476

(257)

   Impairment of Depreciated Real Estate Included in Discontinued Operations

-

-

176

1,503

   Preferred Dividends

1,392

4,725

7,506

14,285

   Redemption of Preferred Stock

2,121

-

5,667

-

   Income Tax Provision (Benefit)

63

(5)

4

5,258

   Noncontrolling Interest

219

277

244

(768)

   Loss from Retirement of Debt

662

424

6,248

6,646

   Amortization of Deferred Financing Costs

781

868

2,468

2,593

   Depreciation of Corporate FF&E

137

258

509

836

   Equity in Dep/Other Amortization of Joint Ventures (a)

114

83

224

255

   Gain on Change in Control of Interests

-

-

-

(776)

   NAREIT Compliant Economic Gain (b)

(291)

(3,777)

(553)

(3,777)

   Non-NAREIT Compliant Gain (b)

(5,243)

(4,420)

(15,650)

(12,005)

   Non-NAREIT Compliant Gain from Joint Ventures (a) (b)

(111)

-

(111)

(57)

      EBITDA (b)

$ 52,445

$ 52,058

$ 155,282

$ 156,325

   General and Administrative

5,137

4,843

17,001

16,414

   Mark-to-Market Loss (Gain) on Interest Rate Protection Agreements

-

29

(52)

334

   FFO of Joint Ventures (b)

(134)

(406)

(412)

(793)

      Net Operating Income ("NOI") (b)

$ 57,448

$ 56,524

$ 171,819

$ 172,280

      RECONCILIATION OF GAIN ON SALE OF REAL ESTATE TO NAREIT COMPLIANT ECONOMIC GAIN (b)

   Gain on Sale of Real Estate

$ 291

$ 3,777

$ 553

$ 3,777

   Gain on Sale of Real Estate included in Discontinued Operations

5,243

4,420

15,650

12,005

   Non-NAREIT Compliant Gain (b)

(5,243)

(4,420)

(15,650)

(12,005)

      NAREIT Compliant Economic Gain (b)

$ 291

$ 3,777

$ 553

$ 3,777

Weighted Avg. Number of Shares/Units Outstanding - Basic/Diluted (c)

114,089

98,432

110,823

94,464

Weighted Avg. Number of Shares Outstanding - Basic/Diluted (c)

109,474

93,488

106,154

89,363

Per Share/Unit Data:

   FFO (NAREIT)

$ 29,583

$ 29,438

$ 78,042

$ 66,492

   Less: Allocation to Participating Securities

(127)

-

(323)

-

   FFO (NAREIT) Allocable to Common Stockholders and Unitholders

$ 29,456

$ 29,438

$ 77,719

$ 66,492

   Basic/Diluted Per Share/Unit (c)

$ 0.26

$ 0.30

$ 0.70

$ 0.70

   Income (Loss) from Continuing Operations, including Gain on Sale of Real Estate

$ 3,304

$ 3,810

$ 2,624

$ (13,857)

   Add: Noncontrolling Interest Allocable to Continuing Operations and Gain on Sale of Real Estate

1

(9)

444

1,505

   Less: Preferred Dividends

(1,392)

(4,725)

(7,506)

(14,285)

   Less: Redemption of Preferred Stock

(2,121)

-

(5,667)

-

   Loss from Continuing Operations Available to First Industrial Realty Trust, Inc.'s Common Stockholders

$ (208)

$ (924)

$ (10,105)

$ (26,637)

   Basic/Diluted Per Share (c)

$ (0.00)

$ (0.01)

$ (0.10)

$ (0.30)

   Net Income (Loss) Available

$ 5,031

$ 4,194

$ 5,585

$ (13,632)

   Less: Allocation to Participating Securities

(42)

(33)

(120)

-

   Net Income (Loss) Available to First Industrial Realty Trust, Inc.'s Common Stockholders

$ 4,989

$ 4,161

$ 5,465

$ (13,632)

   Basic/Diluted Per Share (c)

$ 0.05

$ 0.04

$ 0.05

$ (0.15)

   Common Dividends/Distributions

$ 0.085

N/A

$ 0.255

N/A

Balance Sheet Data (end of period):

   Gross Real Estate Investment

$ 3,157,804

$ 3,108,602

   Real Estate and Other Assets Held For Sale, Net

2,291

6,492

   Total Assets

2,611,115

2,611,483

   Debt

1,329,526

1,296,853

   Total Liabilities

1,453,657

1,411,613

   Total Equity

$ 1,157,458

$ 1,199,870

a) Represents the Company's pro rata share of net income (loss), depreciation and amortization on real estate and non-NAREIT compliant gain (loss), if applicable.

b) Investors in, and analysts following, the real estate industry utilize funds from operations ("FFO"), net operating income ("NOI"), EBITDA and adjusted funds from operations ("AFFO"), variously defined below, as supplemental performance measures. While the Company believes net income (loss) available to First Industrial Realty Trust, Inc.'s common stockholders and participating securities, as defined by GAAP, is the most appropriate measure, it considers FFO, NOI, EBITDA and AFFO, given their wide use by, and relevance to investors and analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets. NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. EBITDA provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other cash needs. AFFO provides a tool to further evaluate the ability to fund dividends. In addition, FFO, NOI, EBITDA and AFFO are commonly used in various ratios, pricing multiples/yields and returns and valuation calculations used to measure financial position, performance and value.

As used herein, the Company calculates FFO to be equal to net income (loss) available to First Industrial Realty Trust, Inc.'s common stockholders and participating securities, plus depreciation and other amortization of real estate, plus or minus impairment of depreciated real estate, minus or plus non-NAREIT compliant gain (loss). Non-NAREIT compliant gain (loss) results from the sale of previously depreciated properties and NAREIT compliant economic gain (loss) results from the sale of properties not previously depreciated.

NOI is defined as revenues of the Company, minus property expenses such as real estate taxes, repairs and maintenance, property management, utilities, insurance and other expenses. NOI includes NOI from discontinued operations.

EBITDA is defined as NOI plus the equity in FFO of the Company's joint ventures, which are accounted for under the equity method of accounting, plus or minus mark-to-market gain or loss on interest rate protection agreements, minus general and administrative expenses. EBITDA includes EBITDA from discontinued operations.

AFFO is defined as EBITDA minus GAAP interest expense, minus capitalized interest and overhead, plus amortization of debt discounts / (premiums) and hedge costs, minus preferred stock dividends, minus straight-line rental income and amortization of above (below) market leases, minus provision for income taxes or plus benefit for income taxes, minus or plus mark-to-market gain or loss on interest rate protection agreements, plus restricted stock amortization, minus non-incremental capital expenditures. Non-incremental capital expenditures are building improvements and leasing costs required to maintain current revenues.

FFO, NOI, EBITDA and AFFO do not represent cash generated from operating activities in accordance with GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt and payment of dividends and distributions. FFO, NOI, EBITDA and AFFO should not be considered as substitutes for net income (loss) available to common stockholders and participating securities (calculated in accordance with GAAP) as a measure of results of operations or cash flows (calculated in accordance with GAAP) as a measure of liquidity. FFO, NOI, EBITDA and AFFO as currently calculated by the Company may not be comparable to similarly titled, but variously calculated, measures of other REITs.

In addition, the Company considers cash-basis same store NOI ("SS NOI") to be a useful supplemental measure of its operating performance. Same store properties, for the period beginning January 1, 2013, include all properties owned prior to January 1, 2012 and held as an operating property through the end of the current reporting period, and developments and redevelopments that were placed in service or were substantially completed for 12 months prior to January 1, 2012 (the "Same Store Pool"). The Company defines SS NOI as NOI, less NOI of properties not in the Same Store Pool, less the impact of straight-line rent, the amortization of lease inducements and the amortization of above/below market rent. For the quarters ended September 30, 2013 and September 30, 2012, NOI was $57,448 and $56,524, respectively; NOI of properties not in the Same Store Pool was $663 and $1,045, respectively; the impact of straight-line rent, the amortization of lease inducements and the amortization of above/below market rent was $459 and $549, respectively. The Company excludes straight-line rent, amortization of lease inducements and above/below market rent in calculating SS NOI because the Company believes it provides a better measure of actual cash basis rental growth for a year-over-year comparison. In addition, the Company believes that SS NOI helps the investing public compare the operating performance of a company's real estate as compared to other companies. While SS NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income (loss) as defined by GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. SS NOI also does not reflect general and administrative expenses, interest expenses, depreciation and amortization costs, capital expenditures and leasing costs, or trends in development and construction activities that could materially impact our results from operations. Further, the Company's computation of SS NOI may not be comparable to that of other real estate companies, as they may use different methodologies for calculating SS NOI.

c) In accordance with GAAP, the diluted weighted average number of shares/units outstanding and the diluted weighted average number of shares outstanding are the same as the basic weighted average number of shares/units outstanding and the basic weighted average number of shares outstanding, respectively, for periods in which continuing operations is a loss, as the dilutive effect of awards that have forfeitable rights to dividends or dividend equivalents restricted units and LTIP Unit Awards would be antidilutive to the loss from continuing operations per share. The Company has conformed with the GAAP computation of diluted common shares in calculating per share amounts for items included on the Statement of Operations, including FFO and AFFO.

GAAP requires unvested equity based compensation awards that have nonforfeitable rights to dividends or dividend equivalents (restricted stock) ("participating securities") to be included in the two class method of the computation of EPS. Under the two class method, participating security holders are allocated income, in proportion to total weighted average shares outstanding, based upon the greater of net income (after reduction for preferred dividends) or common dividends declared. Since participating security holders are not obligated to share in losses and no dividends were declared during the nine months ended September 30, 2012, there was no allocation of income to participating security holders. The Company conforms the calculation of FFO and AFFO with the calculation of EPS during periods in which common dividends are declared.