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First Industrial Realty Trust CEO Discusses Q3 2011 Results - Earnings Call Transcript

These remarks constitute forward-looking statements under the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. First Industrial assumes no obligation to update or supplement these forward-looking statements. Such forward-looking statements involve important factors that could cause actual results to differ materially from those in forward-looking statements, including those risk discussed in First Industrial 10-K for the year ending December 31st, 2010, filed with the SEC and subsequent report on 10-Q.

Reconciliations from GAAP financial measures to non-GAAP financial measures are provided in our supplemental report, which is available at firstindustrial.com, under the investor relations tab. Since this call may be accessed via replay for a period of time, it is important to know that today’s call includes time sensitive information that may be accurate only as of today’s date, October 27, 2011.

Our call will begin with remarks by Bruce Duncan, our President and CEO, to be followed by Scott Musil, our Chief Financial Officer who will discuss our results, capital position and guidance. After which we will open it up for your questions.

Also on the call today are Jojo Yap, our Chief Investment Officer; Chris Schneider, Senior Vice President of Operations; and Bob Walter, Senior Vice President of Capital Markets and Asset Management. Now, let me turn the call over to Bruce.

Bruce Duncan

Thanks, Art, and thank you to everyone for joining us today. We continue to make progress in our business during the quarter. The First Industrial team is doing an excellent job of executing our strategy and I thank all of my colleagues for their efforts and contributions.

In our portfolio, occupancy improved again in the third quarter to 86.6%, up 50 basis points from last quarter and 300 basis points from a year ago. The third quarter gain was attributable to our dispositions which included several vacant properties, largely as a result of our occupancy gains throughout the year.

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