First Industrial Realty Trust, Inc. Mary Voss December 2, 2004

Our Position We paid $ for 500 shares and $24.75 for 500 shares on December 10, 1999 We paid $ for 500 shares and $24.75 for 500 shares on December 10, 1999 The current stock price is $40.21 The current stock price is $40.21 Comprises approximately 13% of the portfolio’s market value. Comprises approximately 13% of the portfolio’s market value. Recommendation: Hold Recommendation: Hold

The Business Largest provider of diversified industrial real estate in U.S. Largest provider of diversified industrial real estate in U.S. Self-administered real estate investment trust that owns, manages, acquires, sells and develops industrial real estate Self-administered real estate investment trust that owns, manages, acquires, sells and develops industrial real estate - Decentralized and locally based property management, acquisition, sales and development functions - Claims cost efficiencies of centralized acquisition, sales and development support, capital markets expertise, asset management and fiscal control systems In order to maintain its status as a REIT under the Internal Revenue Code In order to maintain its status as a REIT under the Internal Revenue Code - distributing at least 90% of its REIT taxable income - $1.87 per share for 2003

Leasing 57.9 million square feet of gross leasable area (GLA) located in 22 states 57.9 million square feet of gross leasable area (GLA) located in 22 states Over 2,400 tenants engaged in different businesses Over 2,400 tenants engaged in different businesses No one tenant provided for more than 1.7% of the rent revenues No one tenant provided for more than 1.7% of the rent revenues Most leases are between three and six years Most leases are between three and six years - rent increases based on the Consumer Price Index Industrial tenants usually pay their percentage of the property’s operating costs Industrial tenants usually pay their percentage of the property’s operating costs - i.e. the costs of common area maintenance, property taxes and insurance. As of December 31, 2003, - 88% of the GLA of the industrial properties was leased As of December 31, 2003, - 88% of the GLA of the industrial properties was leased

Integrated Industrial Solutions Focused on the client’s supply chain Focused on the client’s supply chain - improve the supply chain’s efficiency and flexibility - improve the supply chain’s efficiency and flexibility builds for, purchases from, and leases and sells industrial properties to the client builds for, purchases from, and leases and sells industrial properties to the client targets large and middle market companies targets large and middle market companies

The Properties In business parks that have convenient access to transportation systems In business parks that have convenient access to transportation systems As of December 31, 2003, the Company's portfolio consisted of: As of December 31, 2003, the Company's portfolio consisted of: light industrial properties research and development/flex properties bulk warehouse properties - 92 regional warehouse properties - 33 manufacturing properties Weighted average age of properties was 17 years Weighted average age of properties was 17 years

The Properties Diversified geographic exposure Diversified geographic exposure - No single market provides more than 10% of its annual rental income. - No single market provides more than 10% of its annual rental income. During the third quarter: During the third quarter: - Acquired 2.8 million sq. ft. of properties for $149.4 million, or approximately $42 per sq. ft. - Acquired 2.8 million sq. ft. of properties for $149.4 million, or approximately $42 per sq. ft. - Developed 503,156 sq. ft. for $29.5 million or $59 per sq. ft. - Developed 503,156 sq. ft. for $29.5 million or $59 per sq. ft. - Dispositions of only $69.1 million - Dispositions of only $69.1 million

Financial Performance For third quarter: For third quarter: - Diluted earnings per share was $0.82 compared to $0.66 per share for the same quarter in Increased occupancy 90 basis points, sixth consecutive quarterly increase For the nine months: For the nine months: - Revenues rose 2% to $242 million - Net loss from continuing operations totaled $14.2 million - Due to higher acquisition of properties, lower insurance costs, higher interest income, absence of loss from early retirement of debt and higher equity income of Joint Ventures

Financial Performance First Industrial had been a net seller of assets for the past several quarters before third quarter First Industrial had been a net seller of assets for the past several quarters before third quarter Of debt 87.5% is at a fixed rate Of debt 87.5% is at a fixed rate Average maturity of over ten years. Average maturity of over ten years. Maturing debt is less than $1 million in 2004, which is less than 1% of total debt. Maturing debt is less than $1 million in 2004, which is less than 1% of total debt. In 2005 is only 3.4% of debt matures. In 2005 is only 3.4% of debt matures.

Same Store NOI - Year on Year % change

Stock Price Performance

Financial Analysis DCF model returned a price of $32.92 DCF model returned a price of $32.92 Several variables that can significantly change this price Several variables that can significantly change this price - Capital Expenditures - Revenue Growth Rates - Net Investment in Real Estate Growth Rates - Depreciation figures Lets look at the excel file Lets look at the excel file

Competitors

Competitors Centerpoint Properties Trust; industrial properties in the metropolitan Chicago, Illinois area Centerpoint Properties Trust; industrial properties in the metropolitan Chicago, Illinois area - Gross Margin (ttm):58.30%, Net Income (ttm): 35.59M EastGroup Properties Inc; industrial properties in Sunbelt markets EastGroup Properties Inc; industrial properties in Sunbelt markets - Gross Margin (ttm):71.61%, Net Income (ttm): 18.24M First Industrial First Industrial -Gross Margin (ttm):72.48%, Net Income (ttm):14.03M First Industrial is very diversified, while these competitors are not as geographically diversified First Industrial is very diversified, while these competitors are not as geographically diversified

REITs by Industry

Industry Ruled by general economic factors that govern the economy Ruled by general economic factors that govern the economy - Low U.S. dollar may increase industrial activity thus increasing demand for industrial space A strong private market for industrial real estate has created a very favorable seller’s market A strong private market for industrial real estate has created a very favorable seller’s market Redeploying capital has become a problem Redeploying capital has become a problem

Significant Development October 13, 2004 October 13, 2004 Build-to-suit agreement with the Ridge Tool Company Build-to-suit agreement with the Ridge Tool Company Ridge Tool is a subsidiary of Emerson Electric Ridge Tool is a subsidiary of Emerson Electric Develop a 129,000-square-foot distribution facility in Cambridge, Ohio Develop a 129,000-square-foot distribution facility in Cambridge, Ohio Scheduled to be completed in summer Scheduled to be completed in summer 2005.

More Funding October 4, 2004 October 4, 2004 Sold 1.25 million shares of its common stock at $37.00 per share Sold 1.25 million shares of its common stock at $37.00 per share - The sale’s net proceeds were $45.8 million June 9, 2004 June 9, 2004 priced $125 million of 5.25% senior unsecured notes due 2009 at percent of par to yield 5.29% priced $125 million of 5.25% senior unsecured notes due 2009 at percent of par to yield 5.29%

Good News December 1, 2004 December 1, 2004 Board of directors declared a dividend of $0.695 per share for the quarter ending December 31, 2004, Board of directors declared a dividend of $0.695 per share for the quarter ending December 31, 2004, The new dividend rate ($2.78 annualized) up from the previous dividend rate of $0.685 ($2.74 annualized) The new dividend rate ($2.78 annualized) up from the previous dividend rate of $0.685 ($2.74 annualized) - 1.5% increase "This dividend increase reflects our strong financial position and positive outlook for our business," said Michael W. Brennan, president and chief executive officer. "This dividend increase reflects our strong financial position and positive outlook for our business," said Michael W. Brennan, president and chief executive officer.

Summary Recommendation: Hold Recommendation: Hold Good future prospects with the positive outlook on the U.S. economy Good future prospects with the positive outlook on the U.S. economy Company is acquiring more funding for growth Company is acquiring more funding for growth Punished a little bit for not reporting according to NAREIT’s standards Punished a little bit for not reporting according to NAREIT’s standards Why not buy more? Why not buy more? - Wait for 2004 fiscal year numbers - Wait for 2004 fiscal year numbers - Investigate competitors and the possibility of investing in them - Investigate competitors and the possibility of investing in them