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First Industrial Realty Trust's CEO Hosts Analyst Day - Conference Call Transcript

Our second value proposition is that we trade at a significant discount to our public peers, to sales comparables and to replacement costs. We’re going to go through that and again gives you data points, but our job is to close that gap. And one of the reasons we’re having Investor Day here is, we want to give you more information about our portfolio to really slightly and exactly and give you more date points for you to sort of look at it, make your own conclusions of what you think. But we think we represent good value.

So why FR? We have a tested leadership and platform, we strengthen the capital structure, we are primarily an infill portfolio in a major U.S. market. And we have a focused conservative investment and asset management strategy. We’re coming into favorable industry fundamentals, we’ll talk about that in terms of the supply (inaudible) in terms of new construction and we have a great occupancy opportunity.

For those of you that are new to this story, but those of you that are coming back, I’d like to just spend a few seconds to go through some of the achievements of the team over the last few years. We’ve reduced our debt by $563 million, we’ve improved our debt-to-EBITDA from 9.8 times to 7.2 times, we’ve aligned our expenses through our current business model, we are taking out over 70% of overhead, and even with that we feel our capacity for growth. We are executing on our leasing plans, that is since our bottom in the first quarter of 2010, we’ve increased occupancy about 520 basis points and we are executing on our plans to dispose off our non-strategic portfolio, this portfolio we outlined in October of last year and to-date we have sold about $85 million of that, at $24 a foot, which is above 20% of our book value.

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