New York Society of Security Analysts REIT Conference

Robert Micera – SVP and National Head of Net Lease Investments

March 19, 2008

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Safe HarborThis presentation 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: national, international, regional and local economic conditions generally and real estate markets specifically, legislation/regulation (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, changes in general accounting principles, policies and guidelines applicable to real estate investment trusts, and risks related to doing business internationally (including foreign currency exchange risks). 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.

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Agenda

I. Brief Overview of First Industrial

II. Focus on Sale-Leasebacks, Surplus Property Sales, and Private Equity Transactions

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First Industrial Realty Trust, Inc.

• NYSE: “FR” • $4 billion total market capitalization• Broad platform – top industrial real estate markets in U.S., Canada,

The Netherlands and Belgium• Portfolio of owned, operated and managed properties

• More than 100 million square feet of industrial space• 1,000 buildings• 2,900 tenants

• 11% average annual total return since IPO• 9.4% dividend yield as of 3/17/08

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Major Accomplishments• Capital Raising• Investments• Portfolio• Net Economic Gains• JV FFO • Customer Service• Talent• Platform

• $6.4B in new JV capital since ‘05; $1.9B in ‘07• #1 investor in U.S. industrial real estate in ‘06 and ‘05• 5.9% Same store NOI growth in ‘07; Occupancy to 95.1%• Seven consecutive years of growth• Grew from $16M in ‘05 to $61M in ‘07• Leading scores: 9 of 10 customers recommend FR• Increased development, acquisition & net lease expertise• Entered/expanded into more high growth markets

Unique Franchise Serving Corporate Customers

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FFO Growth

$3.61

$4.13

$4.64

2005 2006 2007

Growth Drivers

• Net operating income• Net economic gains • Joint venture investments• Development activity

13% CAGR

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Strategically Aligned With Major Growth Drivers

Numerous Growth Drivers

Strategically Increased Resources

Long-TermFFO Growth

Strengthening The

First Industrial Franchise

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Growth Drivers

1. Corporate Customer Focus

2. International Trade

3. Supply Chain Reconfiguration

4. Demographic Trends

5. Industry Trends

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Multiple Capital Sources

Expertise Across All Real Estate

Disciplines

All Industrial Facility Types in Supply Chain

Creating Value for Customers

Strategy

Local Market Expertise

Leading Customer Service

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ideaNEW PRODUCT

launchSTART PRODUCTION

growACCELERATING DEMAND

reconfigureSHIFTING NEEDS

expandNEW MARKETS AND PRODUCTS

Industrial Supply Chain Solutions for Every Phase of Our Customers’ Business Cycle

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Expanding Platform

San Francisco

N. New Jersey

San Diego Phoenix

Salt Lake City

Denver

Dallas

Houston

St. Louis

Miami

Tampa

Atlanta

MinneapolisMilwaukee

ChicagoIndianapolis

Detroit

CincinnatiLouisville

Nashville

Central PAPhiladelphia

Los Angeles

Baltimore/ DCS. New Jersey

Orlando

Cleveland

Seattle

Toronto

Columbus

Memphis

Irvine

Calgary

Edmonton

Amsterdam

Brussels

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Expanding Capital Base to Fund Growth

Balance Sheet Balance Sheet

Net LeaseNet Lease

Core Acquisition

Development/ Repositioning

Core Program

Canada

Land/Development

Europe

March March

$4 Billion

$400 Million

$4.4 Billion $286 Million

$1.1 Billion

$9.9 Billion

$4.0 Billion

$505 Million

$1.6 Billion

$285 Million$475 Million

$1.6 Billion

2005 2008

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2007 Highlights

12% growth in FFO5.9% increase in same store NOIOccupancy rose to 95.1% Rental rates increased 4.2%Expanded platform into The Netherlands/Belgium, Calgary/Edmonton, Toronto, and Seattle/TacomaExpanded Strategic Land and Development JV to $1.6 BillionNew $475 Million European JV and $285 Million Canadian JVDevelopable land totals 4,300 acres; 68 million s.f.Grew land positions in high growth markets of S. California, Florida, PhoenixInvestment pipeline of $2.2 Billion

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First Industrial Solutions

Sale-LeasebackSurplus Property SalesPrivate Equity Transactions

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Unlocking Value Through Real Estate

Target CustomersCorporate CustomersPrivate Equity Firms

Sale-Leasebacks and Surplus Assets Can Provide:Acquisition CapitalRecapitalization Financing Growth Capital

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Competitive Advantages

Broad platform• Local expertise & resources in major markets in U.S.,

Canada, The Netherlands and Belgium• More than 100 million square feet owned, managed and

under development• 500+ employees

Multiple capital sources• Balance Sheet/unsecured credit line• Capital recycling• Nearly $6 billion in total joint venture capacity with partners

UBS Wealth Management – North American Property Fund & California State Teachers Retirement System (CalSTRS)

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Competitive Advantages - Acquisitions

Buy, build & develop anything industrialResources of local development, acquisition, property management and leasing expertiseNo maximum/minimum deal sizeResponsive/quick closeFlexible sale-leaseback structures• Short to long-term leases• Partial or fully occupied buildings• Cancellation, expansion, purchase options

availableForward commitments

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Portfolio Sale-Leaseback Case StudyRockwell Automation

Client Objective• Sale-leaseback of $152 million portfolio of operational assets• 24 properties in 17 markets• Primarily Manufacturing/Distribution• Minimal contingencies• “All or nothing”

Challenges• 5 to 15-year lease terms• Termination options for every lease• Multiple markets

FR SOLUTION• Speed of service – purchase agreement/earnest money provided within 5 days• Site visits to 66% of the properties in four days• Awarded the transaction in July 2005• Willingness to provide short and long-term leases• Accommodated tenant’s termination requirements• Accepted all or nothing

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Portfolio Sale-Leaseback Case StudyVolkswagen of North America and Volkswagen of Canada

Client Objective• One transaction involving three properties in two countries (U.S. & Canada)• Required a 45-day time frame for closing• Company wanted operational flexibility: expansion rights, long-term

lease with renewal options

Challenges• Accelerated closing deadline• Sale included excess land• Multi-national transaction with complex title, zoning and currency issues• Expansion options

FR SOLUTION• Closed entire portfolio (both US & Canada) in client’s time frame• “One-stop-shop” flexibility allowed for FR to tackle multi-market issues and

provide optimal timely response• Structured 15-year lease with expansion and renewal options for all three

facilities

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Portfolio Sale-Leaseback Case StudyJevic Transportation and Sun Capital Partners, Inc.

Client Objective• Sun Capital Partners, Inc., $3.5B private equity sponsor, was

seeking to monetize real estate and use the proceeds to reduce debt• Sun was seeking a “one-stop-shop” provider of sale-leaseback

financing for a multi-market, multi-asset type portfolio

Challenges• Specialized truck terminal facilities used in the “less than truckload”

industry sector• Land required for trailer storage was also included in transaction• Multi-market, multi-asset type transaction including a portfolio of two

industrial/truck terminals and one office/HQ facility

FR SOLUTION:• Efficiently closed portfolio sale-leaseback to monetize assets for the

operating company• FR’s team performed extensive industry research on this business

sector in order to understand the business and its client’s needs

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Sale-Leaseback Case StudyJacobson Companies, Inc.

Client Objective• Private equity firm recapitalization of target company• Multi-property, multi-city portfolio• Unlock real estate value/reduce overall equity contribution• Needed single transaction

Challenges• Highly leveraged, non-investment grade credit• Above market rent• Secondary markets

FR SOLUTION• Successfully negotiated 10-year sale-leaseback• Accepted entire portfolio

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Sale-Leaseback Case StudyTaylor & Francis

Client Objective• Accelerated close (< 45 days)• Sought funds to renovate 345,000 s.f. distribution facility• Consolidate two other facilities into this one

Challenges• Company had recently merged in May 2004• Primarily older property in secondary/tertiary markets

FR SOLUTION• Closed in client’s desired time frame (< 45 days)• Provided an additional $1 million to retrofit the facility• Structured a 10-year lease with options

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Environmentally Challenged AcquisitionSenior Aerospace

Client Objective• Disposition of a Superfund asset• Limited ongoing exposure/liability

Challenges• Limited indemnification from credit worthy entities• Extensive due diligence required in a limited time frame• No parent guaranty

FR SOLUTION• Successfully closed in June 2005• In-house environmental team underwrote and mitigated

environmental risks thru extensive due diligence:• No Further Action letter• State legislation• Purchase of environmental insurance

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Development/Repositioning Case StudyMaytag

Client Objective• Supply chain reconfiguration for Eastern seaboard operation• Reduce space needs in existing building leased from 3rd party under a

long-term lease• Immediate space need in Atlanta • Required a build-to-suit in North I-81 corridor

Challenges• Multiple transaction type• FR to assume existing leasehold obligation in existing building

FR SOLUTION:• Provided all required solutions• Assumed leasehold obligation• Constructed build-to-suit in Covington, PA• Leased existing building in Atlanta

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Customer Solutions

Gourmet Express332,465 SF

Greenville, KYDistribution/Manufacturing Facility

Jevic Transportation, Inc.390,000 SF

(an affiliated portfolio company of Sun Capital Partners, Inc.)

Delanco, NJ; Markham, IL2 Truck Terminal Facilities, 1 HQ Facility

Brooks Industries, Inc.276,124 SFStratford, Ontario

Distribution/Manufacturing Facility

Amcor Sunclipse North America290,920 SFBuena Park, CA

HQ/Distribution Center

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Customer Solutions

Lenox Group, Inc.506,003 SFHagerstown, MD

Warehouse/Distribution Center

Home Interiors & Gifts, Inc.659,340 SF

(a portfolio company of Highland Capital Mgmt, LP)Carrollton, TX

Distribution/Warehouse Center

Volkswagen of AmericaVolkswagen of Canada

977,686 SFPleasant Prairie, WI; Haslet, TX; Ajax, Ontario

3 Parts Distribution Centers

Navistar International390,000 SFYork County, PA

Distribution Center

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Customer Solutions

C&S Wholesale Grocers, Inc.765,000 SF

Stockton, CARefrigerator/Cooler/Warehouse/Distribution Center

Cardinal Glass Industries255,000 SF

Hudson, WIDistribution Center

United Supermarkets494,142 SF

Lubbock, TXWarehouse/Distribution Center

American Leather, L.P.250,000 SF

Dallas, TXHQ/Distribution Center/Manufacturing

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Customer Solutions

Michelin North America665,420 SF

Houston, TXIndustrial/Warehouse

Deposition Sciences, Inc. 143,750 SF

(a subsidiary of Advanced Lighting Technologies, a portfolio company of Saratoga Partners)

Santa Rosa, CAManufacturing/R&D Facility

Pearson Education, Inc.886,826 SF

Cranbury, NJDistribution Center

Nilfisk-Advance, Inc./Alto U.S., Inc.705,315 SF

Plymouth, MN & Springdale, ARManufacturing/Warehouse/Office Facilities

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Customer Solutions

Caterpillar, Inc.1,380,070 SF

Joliet, IL Manufacturing Facility

Fila USA379,012 SF

(a subsidiary of Sports Brands International Ltd., a portfolio company of Cerberus Capital Mgmt)

Baltimore, MDWarehouse

Rockwell Automation3,925,096 SF

24 US LocationsManufacturing/Distribution Centers

Leggett & Platt400,800 SF

Atlanta, GAWarehouse/Manufacturing Facility

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Customer Solutions

Jacobson Companies1,652,569 SF

VariousWarehouse Portfolio

Firstar Fiber Corporation355,694 SF

Omaha, NEDistribution Center

Elizabeth Arden399,182 SF

Roanoke, VADistribution Center

Schiff Nutrition416,634 SFSalt Lake City, UT

HQ/R&D/Light Manufacturing Facility

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Customer Solutions

Senior Aerospace 134,720 SF

Burbank, CAHQ/Manufacturing Facility

Taylor & Francis Books345,000 SF

Florence, KYDistribution Center

Maytag, Inc.917,000 SF

PA, AtlantaDistribution Centers

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Question & Answer