UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 1, 2008
Commission File Number 1-13102
FIRST INDUSTRIAL REALTY TRUST, INC.
(Exact name of Registrant as specified in its Charter)
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Maryland
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36-3935116 |
(State or other jurisdiction of
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(I.R.S. Employer |
incorporation or organization)
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Identification No.) |
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311 S. Wacker Drive, Suite 4000,
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60606 |
Chicago, Illinois
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(Zip Code) |
(Address of principal executive offices) |
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(312) 344-4300
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events
During
the period from January 1, 2008 to March 31, 2008, we sold 38 industrial properties
comprising approximately 3.2 million square feet of Gross Leasable Area (GLA) that meet the
criteria established by the Financial Accounting Standards Boards Statement of Financial Accounting
Standards No. 144, Accounting for the Impairment or
Disposal of Long Lived Assets (FAS 144)
to be included in discontinued operations.
Two of these 38 properties were classified as held for sale at
December 31, 2007 and were already
included in discontinued operations. In addition, at March 31,
2008, we classified 22 industrial properties comprising
approximately 1.2 million square feet of GLA as held for sale. In accordance with FAS
144, the results of operations of these 22 industrial properties held for sale
at March 31, 2008 are included in discontinued operations.
FAS
144 requires that we report the results of operations and gains/(losses) on
the sale of industrial properties sold and the results of operations from properties that are
classified as held for sale at March 31, 2008 as income from discontinued operations for each
period presented in our quarterly report filed on Form 10-Q for the first quarter ended March 31,
2008. We are filing this Form 8-K to reclassify the results of operations of the sold industrial
properties that previously were not classified as held for sale at December 31, 2007 and the
industrial properties held for sale at March 31, 2008 as discontinued operations in our historical
financial statements for each of the years ended December 31, 2007, 2006, 2005, 2004, and 2003.
This reclassification has no effect on our reported net income available to common stockholders.
This
report on Form 8-K updates certain information in Items 6, 7, 8 and 15 of our Annual Report on Form 10-K for the
year ended December 31, 2007 to reflect the reclassification of operations from properties sold
from January 1, 2008 to March 31, 2008 that were not
previously classified as held for sale at
December 31, 2007 and industrial properties held for sale at
March 31, 2008 that were not previously classified as held for sale at December 31, 2007 as discontinued operations for all periods
presented. As a matter of convenience, we have provided a complete
restatement of the updated items, incorporating the necessary
changes. All other items of the Annual Report on Form 10-K for the year ended December 31, 2007
remain unchanged. No attempt has been made to update matters in our Annual Report on Form 10-K for
the year ended December 31, 2007 except to reflect the retrospective adjustment requirements of FAS
144. Readers should refer to our quarterly report on Form 10-Q and current reports on Form 8-K for
periods subsequent to December 31, 2007 for further information.
Unless the context otherwise requires, the terms the Company, we, us, and our refer to
First Industrial Realty Trust, Inc., First Industrial, L.P. and their other controlled
subsidiaries. We refer to our operating partnership, First Industrial, L.P., as the Operating
Partnership, and our taxable REIT subsidiary, First Industrial Investment, Inc., as the TRS.
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