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): September 18,
2006
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
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(State or other jurisdiction
of
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(I.R.S. Employer
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incorporation or
organization)
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Identification No.)
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311 S. Wacker Drive,
Suite 4000,
Chicago, Illinois
(Address of principal
executive offices)
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60606
(Zip
Code)
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(312) 344-4300
(Registrant’s 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))
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During the period April 1, 2006 to June 30, 2006,
First Industrial Realty Trust, Inc. (the “Company”)
sold 42 industrial properties comprising approximately
3.9 million square feet of Gross Leasable Area
(“GLA”) that meet the criteria established by
FAS 144 (defined hereinafter) to be included in
discontinued operations. Twelve of these properties were held
for sale at March 31, 2006 and were previously included in
discontinued operations. At June 30, 2006, the Company had
16 industrial properties comprising approximately
2.1 million square feet of GLA classified as held for sale.
In accordance with FAS 144 (defined hereinafter), the
results of operations of the 16 industrial properties held for
sale at June 30, 2006 are included in discontinued
operations.
This Current Report on
Form 8-K
is being filed to reflect the impact of the reclassification of
the results of operations of the industrial properties sold
during the period April 1, 2006 to June 30, 2006 that
were not previously classified as held for sale and the results
of operations from properties that are classified as held for
sale at June 30, 2006 as discontinued operations in
accordance with the Financial Accounting Standards Board’s
Statement of Financial Accounting Standards No. 144,
“Accounting for the Impairment or Disposal of Long Lived
Assets” (“FAS 144”).
In compliance with FAS 144, the Company has reported 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 June 30,
2006 as income from discontinued operations for each period
presented in its quarterly report filed on
Form 10-Q
for the second quarter ended June 30, 2006. The Company is
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 March 31, 2006 and the industrial properties held for
sale at June 30, 2006 as discontinued operations in the
Company’s historical financial statements for the three
months ended March 31, 2006 and 2005. This reclassification
has no effect on the Company’s reported net income
available to common shareholders.
This report on
Form 8-K
updates Items 1 and 2 of the Company’s
Form 10-Q
for the quarterly period ended March 31, 2006 to reflect
the reclassification of operations from properties sold from
April 1, 2006 to June 30, 2006 that previously were
not classified as held for sale at March 31, 2006 and
industrial properties held for sale at June 30, 2006 as
discontinued operations for all periods presented. All other
items of the
Form 10-Q
for the quarterly period ended March 31, 2006 remain
unchanged. No attempt has been made to update matters in the
Company’s
Form 10-Q
for the quarterly period ended March 31, 2006 except to
reflect the retrospective adjustment requirements of
FAS 144. Readers should refer to the Company’s
quarterly report on
Form 10-Q
and current reports on
Form 8-K
for periods subsequent to March 31, 2006 for further
information.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
FIRST INDUSTRIAL REALTY TRUST, INC.
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By:
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/s/ Michael
W. Brennan
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Michael W. Brennan
President, Chief Executive Officer and Director
(Principal Executive Officer)
Date: September 18, 2006
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By:
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/s/ Michael
J. Havala
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Michael J. Havala
Chief Financial Officer
(Principal Financial Officer)
Date: September 18, 2006
Scott A. Musil
Chief Accounting Officer
(Principal Accounting Officer)
Date: September 18, 2006
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