INVESTORS
Approaching three decades as a public company focused on top U.S. markets
Press Release
First Industrial Realty Trust Reports Third Quarter Results
Funds From Operations of $0.95 Per Share At Upper End of Guidance Range
- Improved Occupancy to 91.6%, Tenth Consecutive Increase
- Closed New $1 Billion Joint Venture (FirstCal 2) With California State Teachers Retirement System (CalSTRS) - Second JV Formed in 2005
- Investment Pipeline Is Approximately $1 Billion
CHICAGO, Oct. 27 /PRNewswire-FirstCall/ -- First Industrial Realty Trust, Inc. (NYSE: FR), the nation's largest provider of diversified industrial real estate, today announced results for the quarter ended September 30, 2005. Diluted net income available to common stockholders per share (EPS) was $0.50, compared to $0.82 in third quarter 2004. Net income available to common stockholders in the quarter was $21.2 million, compared to $33.5 million in third quarter 2004. For the nine months ended September 30, 2005, EPS was $1.29, compared to $1.75 a year ago.
"Strong third quarter results reflect the investments we have been making in our business and the successful execution of our strategic plans that are centered on accelerating growth," said Mike Brennan, president and chief executive officer. "As previously planned, we established a core joint venture, FirstCal 2, which acquired a $1 billion multi-market industrial portfolio. This is the second joint venture that we formed with CalSTRS this year. In addition, we expanded our national platform by investing in new markets and employees."
Third quarter 2005 highlights are provided below:
Portfolio Performance for On Balance Sheet Properties
- Occupancy grew to 91.6%, up from 91.1% at June 30, 2005
- Tenants were retained in 65.6% of the square footage up for renewal
- Leased 5.6 million square feet
- Same property net operating income (NOI) improved to -0.1% from -2.3% in second quarter 2005
Third Quarter 2005 On Balance Sheet and Joint Venture Transaction
Activity
Balance Sheet Investment/Disposition Activity (in millions)
Property Acquisitions
(Excluding Land) $175.4
Square Feet 4.9 million
Stabilized Weighted Average
Capitalization Rate 8.8%
Developments Placed In Service $23.7
Square Feet 0.5 million
Expected Weighted Average
First-Year Stabilized Yield 9.7%
Land Acquisitions $0.6
Total Property Investment $199.7
Property Sales (Excluding Land) $175.9
Square Feet 3.6 million
Weighted Average Capitalization Rate 7.1%
Land Sales $2.7
Total Property Sales $178.6
Joint Venture Investment/Disposition Activity
Joint Venture Investments
FirstCal Industrial 1
(Development/Repositioning) $117.4
FirstCal Industrial 2 (Core) $983.0
KFH II (Net Lease) $22.0
Total $1,122.4
Joint Venture Dispositions
FirstCal Industrial 1
(Development/Repositioning) $24.4
The investments we have made in our platform and our people drove our record investment activity in the third quarter and we now own and manage more than 100 million square feet of industrial space," said Johannson Yap, chief investment officer. "Our strategic investments in our infrastructure have also driven our investment pipeline for on balance sheet and joint ventures to approximately $1 billion."
Acquisitions on balance sheet during the quarter included a 2.4 million square foot portfolio from Principal Real Estate Investors for $101 million. Investments made on behalf of FirstCal 1, a joint venture formed between First Industrial and the California State Teachers Retirement System (CalSTRS), were made in two of First Industrial's newest markets, Northern California and Southern Florida.
First Industrial has build-to-suit developments in process for Solo Cup Company (1.3 million square feet), Libbey Inc. (646,000 square feet), Pier 1 Imports (451,000 square feet), Staples, Inc. (400,000 square feet), Walgreen Co. (200,000 square feet) and Mary Kay Inc. (135,000 square feet).
Solid Financial Position
- Fixed-charge coverage was 2.7 times and interest coverage was 3.0 times.
- 97% of real estate assets are unencumbered by mortgages.
- Weighted average maturity of permanent debt at the end of the quarter was 8.6 years, one of the longest in the REIT industry.
- 100% of the Company's permanent debt is fixed rate.
"Joint ventures are an important part of our growth strategy, and provide us with a significant and growing income stream," said Mike Havala, chief financial officer. "In March of this year we established a $950 million development/repositioning joint venture with CalSTRS, and in September we created a core joint venture with CalSTRS and closed on a $1 billion portfolio acquisition."
Supplemental Reporting Measure
Third quarter FFO per share/unit on a diluted basis was $0.95, compared to $1.22 per share/unit on a diluted basis for the same quarter in 2004. For the nine months ended September 30, 2005, FFO per share/unit was $2.62 compared with $2.70 per share/unit a year ago.
First Industrial defines FFO as net income available to common stockholders, plus depreciation and amortization of real estate, minus accumulated depreciation and amortization on real estate sold.
The National Association of Real Estate Investment Trusts ("NAREIT") has provided a recommendation on how real estate investment trusts (REITs) should define funds from operations ("FFO"). NAREIT suggests that FFO be defined as net income, excluding gains (or losses) from the sale of previously depreciated property, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. NAREIT has also clarified that non-recurring charges and gains should be included in FFO. Importantly, as part of its guidance concerning FFO, NAREIT has stated that "management of each of its member companies has the responsibility and authority to publish financial information that it regards as useful to the financial community." As a result, modifications to the NAREIT calculation of FFO are common among REITs.
First Industrial calculates FFO to include all cash gains and losses on all industrial property sales whether depreciation is or is not accumulated under the GAAP accounting rules. The Company believes that FFO inclusive of all cash gains and losses is a better performance measure because it reflects all the activities of the Company and better reflects the Company's strategy, which includes investing in real estate; adding value through redevelopment, leasing and repositioning; and then selling the improved real estate in order to maximize investment returns.
The Company provides additional disclosure on net economic gains in its quarterly supplemental.
Outlook for 2005 and 2006
Mr. Brennan stated, "Demand for industrial real estate is strengthening, as end-users and investors continue to seek quality industrial properties. We are positioned to meet this demand through our growing portfolio, our development capabilities, and our ability to source suitable investments through our national platform and local market expertise."
"Full-year 2005 FFO per share/unit is expected to be between $3.55 and $3.65, and full-year 2005 EPS between $1.75 and $1.85. Investment volume for 2005, which includes both new developments and acquisitions, is assumed to be approximately $750 million to $850 million with an 8.5% to 9.5% average cap rate. Sales volume in 2005 is assumed to be approximately $700 million to $800 million with a 7.5% to 8.5% average cap rate, with book gains from property sales/fees of between $129 million and $135 million. Our assumption for net economic gains for on balance sheet transactions in 2005 is between $92 million and $98 million. Our estimate for fourth quarter 2005 FFO per share/unit is in the range of $0.93 to $1.03."
"Our assumption for First Industrial's FFO from joint ventures in 2005 is between $12 million and $16 million, which includes fees, incentive payments, and the prorata share of operations and net economic gains. Total joint venture investment for 2005, including both new developments and acquisitions, is assumed to be $1.5 billion to $1.6 billion. Joint venture sales volume in 2005 is assumed to be approximately $150 million to $200 million."
Low End High End Low End High End
of Guidance of Guidance Guidance Guidance
for 4Q 2005 for 4Q 2005 for 2005 for 2005
(Per share/ (Per share/ (Per share/ (Per share/
unit) unit) unit) unit)
Net Income
Available
to Common
Stockholders $0.46 $0.56 $1.75 $1.85
Add: Real Estate
Depreciation/
Amortization $0.70 $0.70 2.55 2.55
Less: Accumulated
Depreciation/
Amortization on
Real Estate Sold $(0.23) $(0.23) (0.75) (0.75)
FFO $0.93 $1.03 $3.55 $3.65
Mr. Brennan added, "First Industrial's guidance for 2006 FFO per share/unit is in the range of $3.90 to $4.10, and 2006 EPS is between $2.20 and $2.40. On balance sheet investment volume assumptions for 2006, which include both new developments and acquisitions, range from $600 million to $700 million with an 8.5% to 9.5% average cap rate. On balance sheet sales volume in 2006 is assumed to be approximately $600 million to $700 million with a 7.5% to 8.5% average cap rate, with book gains from property sales/fees of between $145 million and $155 million. Our assumption for net economic gains for on balance sheet transactions in 2006 is between $100 million and $110 million."
"Our assumption for First Industrial's FFO from joint ventures in 2006 is between $30 million and $35 million, which includes fees, incentive payments and the prorata share of operations and net economic gain. Joint venture investment volume assumptions for 2006, which include both new developments and acquisitions, range from $800 million to $900 million. Joint venture sales volume in 2006 is assumed to be approximately $450 million to $550 million."
Low End of High End of
Guidance for 2006 Guidance for 2006
(Per share/unit) (Per share/unit)
Net Income Available to
Common Stockholders $2.20 $2.40
Add: Real Estate
Depreciation/Amortization 2.60 2.60
Less: Accumulated
Depreciation/Amortization on
Real Estate Sold (0.90) (0.90)
FFO $3.90 $4.10
Mr. Brennan continued, "A number of factors could impact our ability to deliver results in line with our assumptions, such as interest rates, the overall economy, the supply and demand of industrial real estate, the timing and yields for divestment and investment, and numerous other variables. There can be no assurance that First Industrial can achieve such results for 2005 or 2006. However, I believe that First Industrial has the proper strategy, infrastructure, and capabilities to deliver such results."
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 operating platform, which utilizes a pure Industrial focus and National scope to provide Diverse facility types, while offering Local, full-service management and expertise. The Company owns, operates and has under development more than 100 million square feet of industrial real estate in markets throughout the United States. 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.
A schedule of selected financial information is attached.
First Industrial Realty Trust, Inc. will host a quarterly conference call at 12:00 p.m. Central time, 1:00 p.m. Eastern time, on Thursday, October 27, 2005. The call-in number is (800) 865-4460 and the passcode is "First Industrial." The conference call will also be webcast live on First Industrial's web site, http://www.firstindustrial.com, under the "Investor Relations" tab. Replay will also be available on the web site.
The Company's third quarter supplemental information can be viewed on First Industrial's website, http://www.firstindustrial.com, under the "Investor Relations" tab.
FIRST INDUSTRIAL REALTY TRUST, INC.
Selected Financial Data
(In thousands, except for per
share/unit and property data)
(Unaudited)
Three Months Ended Nine Months Ended
Restated(e) Restated(e)
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2005 2004 2005 2004
Statement of Operations
and Other Data:
Total
Revenues $101,826 $74,719 $269,334 $222,281
Property
Expenses (31,597) (25,529) (90,375) (76,160)
Build to Suit
For Sale
Costs (10,455) - (10,455) -
General &
Administrative
Expense (15,382) (11,190) (38,875) (28,078)
Amortization
of Deferred
Financing Costs (541) (511) (1,560) (1,421)
Depreciation of
Corporate
F,F&E (343) (325) (1,000) (965)
Depreciation
and
Amortization of
Real Estate (32,449) (22,443) (86,200) (64,390)
Total Expenses (90,767) (59,998) (228,465) (171,014)
Interest Income 219 1,274 1,056 2,852
Interest Expense (27,413) (25,733) (79,106) (73,289)
Gain from the
Early Retirement
of Debt 82 - 82 -
Mark-to-Market
/Gain on Settlement
of Interest Rate
Protection
Agreement (a) 1,212 - 749 1,450
Loss from
Continuing
Operations
Before Income
Tax Benefit,
Equity in
Net Income
of Joint
Ventures and
Income
Allocated
to Minority
Interest (14,841) (9,738) (36,350) (17,720)
Equity in Net
Income Income of
Joint Ventures (b) 3,978 36,763 3,758 37,309
Income Tax
Benefit 3,107 838 7,222 3,209
Minority
Interest
Allocable to
Continuing
Operations 1,326 (3,481) 4,206 (417)
(Loss) Income
from Continuing
Operations (6,430) 24,382 (21,164) 22,381
Income from
Discontinued
Operations
(Including
Gain on Sale
of Real Estate
of $38,522
and $10,610
for the Three
Months Ended
September 30,
2005 and 2004,
respectively and
$85,738 and
$66,093 for the
Nine Months Ended
September 30,
2005 and 2004,
respectively (c)) 39,634 14,406 91,211 79,440
Provision for
Income Taxes
Allocable to
Discontinued
Operations
(Including a
provision
allocable
to Gain
on Sale of
Real Estate
of $6,468
and $1,738
for the Three
Months Ended
September 30,
2005 and 2004,
respectively and
$12,210 and
$5,464 for the
Nine Months
Ended September
30, 2005
and 2004,
respectively) (6,625) (2,333) (13,083) (7,119)
Minority
Interest
Allocable to
Discontinued
Operations (c) (4,361) (1,653) (10,266) (10,053)
Income
Before Gain
on Sale of
Real Estate 22,218 34,802 46,698 84,649
Gain on Sale
of Real Estate 2,613 2,913 27,329 9,496
Provision for
Income Taxes
Allocable to
Gain on Sale
of Real Estate (1,143) (964) (10,128) (2,395)
Minority
Interest
Allocable to
Gain on Sale
of Real Estate (194) (267) (2,260) (987)
Net Income 23,494 36,484 61,639 90,763
Preferred
Dividends (2,310) (2,344) (6,930) (12,178)
Redemption of
Preferred
Stock - (600) - (7,959)
Net Income
Available
to Common
Stockholders $21,184 $33,540 $54,709 $70,626
RECONCILIATION
OF NET INCOME
AVAILABLE TO
COMMON STOCKHOLDERS
TO FFO (d) AND
FAD (d)
Net Income
Available
to Common
Stockholders $21,184 $33,540 $54,709 $70,626
Add:
Depreciation
and Amortization
of Real Estate 32,449 22,443 86,200 64,390
Add: Depreciation
and Amortization
of Real Estate
Included in
Discontinue
Operations 628 2,056 3,886 7,515
Add: Income
Allocated to
Minority
Interest 3,229 5,401 8,320 11,457
Add: Depreciation
and Amortization
of Real Estate-
Joint Ventures (b) 791 2,677 1,620 3,586
Less: Accumulated
Depreciation/
Amortization
on Real Estate Sold (11,706) (2,881) (26,896) (24,902)
Less: Accumulated
Depreciation/
Amortization
on Real Estate
Sold-Joint
Ventures (b) - (5,740) - (5,745)
Funds From
Operations
("FFO") (d) $46,575 $57,496 $127,839 $126,927
Less: Gain from
Early Retirement
of Debt (82) - (82) -
Add: Restricted
Stock Amortization 2,112 1,727 6,932 5,053
Add: Amortization
of Deferred Financing
Costs 541 511 1,560 1,421
Add: Depreciation
of Corporate F,F&E 343 325 1,000 965
Add: Redemption of
Preferred Stock - 600 - 7,959
Less: Non-Incremental
Capital
Expenditures (10,405) (9,756) (32,106) (27,943)
Less: Straight-Line
Rent (2,432) (1,660) (6,495) (4,472)
Funds Available
for Distribution
("FAD") (d) $36,652 $49,243 $98,648 $109,910
FIRST INDUSTRIAL REALTY TRUST,
INC.
Selected Financial Data
(In thousands, except for per
share/unit and property data)
(Unaudited)
Three Months Ended Nine Months Ended
Restated Restated
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2005 2004 2005 2004
RECONCILIATION OF NET
INCOME AVAILABLE
TO COMMON
STOCKHOLDERS TO
EBITDA (d) AND
NOI (d)
Net Income
Available
to Common
Stockholders $21,184 $33,540 $54,709 $70,626
Add: Interest
Expense 27,413 25,733 79,106 73,289
Add: Interest
Expense
Included in
Discontinued
Operations 29 67 373 195
Add: Depreciation
and Amortization
of Real Estate 32,449 22,443 86,200 64,390
Add: Depreciation
and Amortization
of Real Estate
Included in
Discontinued
Operations 628 2,056 3,886 7,515
Add: Preferred
Dividends 2,310 2,344 6,930 12,178
Add: Redemption of
Preferred Stock - 600 - 7,959
Add: Provision for
Income Taxes 4,661 2,459 15,989 6,305
Add: Income
Allocated to
Minority Interest 3,229 5,401 8,320 11,457
Less: Gain from Early
Retirement of Debt (82) - (82) -
Add: Amortization
of Deferred Financing
Costs 541 511 1,560 1,421
Add: Depreciation
of Corporate F,F&E 343 325 1,000 965
Add: Depreciation
and Amortization
of Real Estate-
Joint Ventures (b) 791 2,677 1,620 3,586
Less: Accumulated
Depreciation/
Amortization
on Real Estate
Sold-Joint
Ventures (b) - (5,740) - (5,745)
Less:
Accumulated
Depreciation/
Amortization
on Real Estate
Sold (11,706) (2,881) (26,896) (24,902)
EBITDA (d) $81,790 $89,535 $232,715 $229,239
Add: General
and Administrative
Expense 15,382 11,190 38,875 28,078
Less: Net
Economic Gains (25,631) (21,552) (71,034) (57,751)
Less: Provision
for Income Taxes (4,661) (2,459) (15,989) (6,305)
Less: Equity
in FFO of Joint
Ventures (b) (6,329) (20,710) (9,580) (23,971)
Net Operating
Income
("NOI")(d) $60,551 $56,004 $174,987 $169,290
Weighted Avg.
Number of
Shares/Units
Outstanding-Basic 49,042 46,996 48,811 46,712
Weighted Avg.
Number of
Shares/Units
Outstanding-
Diluted (f) 49,042 47,310 48,811 47,050
Weighted Avg.
Number of Shares
Outstanding-Basic 42,468 40,450 42,305 40,107
Weighted Avg.
Number of Shares
Outstanding-
Diluted (f) 42,468 40,764 42,305 40,445
Per Share/Unit Data:
FFO:
- Basic $0.95 $1.22 $2.62 $2.72
- Diluted (f) $0.95 $1.22 $2.62 $2.70
(Loss) Income from
Continuing
Operations
Less Preferred
Stock Dividends
Per Weighted
Average Common
Share Outstanding
- Basic $(0.18) $0.57 $(0.31) $0.21
- Diluted (f) $(0.18) $0.57 $(0.31) $0.21
Net Income
Available to
Common
Stockholders
Per Weighted
Average Common
Share Outstanding:
- Basic $0.50 $0.83 $1.29 $1.76
- Diluted (f) $0.50 $0.82 $1.29 $1.75
Dividends/
Distributions $0.6950 $0.6850 $2.0850 $2.0550
FFO Payout Ratio 73.2% 56.0% 79.6% 75.6%
FAD Payout Ratio 93.0% 65.4% 103.2% 87.3%
Balance Sheet Data
(end of period):
Real Estate
Before
Accumulated
Depreciation $3,018,258 $2,831,648
Real Estate
Held For
Sale, Net 9,611 14,620
Total Assets 2,939,892 2,696,350
Debt 1,787,106 1,584,588
Total Liabilities 1,959,625 1,728,803
Stockholders'
Equity and
Minority
Interest $980,267 $967,547
Property Data
(end of period):
Total In-Service
Properties 846 824
Total Gross
Leasable Area
(in sq ft) 64,465,249 60,935,403
Occupancy 91.6% 89.5%
a) Represents the mark to market of an interest rate protection agreement
used to hedge a prospective transaction that does not qualify for hedge
accounting in accordance with Statement of Financial Accounting
Standard No. 133, "Accounting for Derivative Instruments and Hedging
Activities".
b) Represents the Company's share of net income, depreciation and
amortization of real estate and accumulated depreciation and
amortization on real estate sold from the Company's joint ventures in
which it owns minority equity interests.
c) In August 2001, the Financial Accounting Standards Board issued
Statement of Financial Accounting Standard No. 144 "Accounting for the
Impairment or Disposal of Long-Lived Assets" ("FAS 144"). FAS 144
requires that the operations and gain (loss) on sale of qualifying
properties sold and properties that are classified as held for sale be
presented in discontinued operations. FAS 144 also requires that prior
periods be restated.
d) Investors in and analysts following the real estate industry utilize
FFO, NOI, EBITDA and FAD, variously defined, as supplemental
performance measures. While the Company believes net income available
to common stockholders, as defined by GAAP, is the most appropriate
measure, it considers FFO, NOI, EBITDA and FAD, 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. FAD provides a tool to further
evaluate the ability to fund dividends. In addition, FFO, NOI, EBITDA
and FAD are commonly used in various ratios, pricing multiples/yields
and returns and valuation calculations used to measure financial
position, performance and value.
The Company calculates FFO to be equal to net income available to
common stockholders, plus depreciation and amortization on real estate,
minus accumulated depreciation and amortization on real estate sold.
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 Net Economic Gains, minus general and administrative
expenses. Net Economic Gains equal the gain on sale of real estate and
the gain on sale of real estate from discontinued operations less
accumulated depreciation and amortization on real estate sold
(excluding the recapture of accumulated amortization related to
above/below market leases as this amortization is included in revenues
and FFO) and provision for income taxes/income tax benefit. EBITDA
includes EBITDA from discontinued operations.
FAD is defined as EBITDA, minus GAAP interest expense, minus preferred
stock dividends, minus preferred stock redemption costs, minus
straight-line rental income, minus provision for income taxes, 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 FAD 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 FAD should not be considered as substitutes for net
income available to common stockholders (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 FAD, as calculated by the Company, may not be comparable to
similarly titled, but variously calculated, measures of other REITs or
to the definition of FFO published by NAREIT.
e) In 2004, the Company classified its entire tax provision to income from
discontinued operations. Based on a review of its presentation of
income taxes under FAS 109, the Company has reconsidered such
presentation and determined that the Company's income tax provision
should be allocated between income from continuing operations, income
from discontinued operations and gain on sale of real estate. This
reclassification does not impact net income available to common
stockholders or FFO.
f) Pursuant to Statement of Financial Accounting Standard No. 128,
"Earnings Per Share", the weighted average number of shares/units
outstanding - diluted and weighted average number of shares outstanding
- diluted are the same as weighted average number of shares/units
outstanding - basic and weighted average number of shares outstanding -
basic, respectively, as the dilutive effect of stock options and
restricted stock was excluded because its inclusion would have been
antidilutive to the loss from continuing operations per share.
SOURCE First Industrial Realty Trust, Inc.
CONTACT: Sean P. O'Neill, SVP, Investor Relations and Corporate Communications, +1-312-344-4401, or Art Harmon, Sr. Manager, Investor Relations and Corporate Communications, +1-312-344-4320, both of First Industrial Realty Trust, Inc.