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

I don’t see a lot of new construction over the next few years. You will see some new constructions and expect developments in Southern California like we are doing and Jojo will talk about it.

You will see some in Central Pennsylvania, we are going to show you a couple of sites we have tomorrow in the Bus Tour. And again those of you who are coming on the Bus Tour, we appreciate that and what we are trying to show you as much as we can that’s going to be a long trip, but we really want – we want to focus on (inaudible) just show you a lot. But when we look at it and you will see some development in Houston, some in South Florida. But you’re not going to see that in terms of relatively what you have seen in the past in terms of new construction for a number of years and it’s hard to get financing.

People aren’t doing spec construction. They need a real balance sheet to do it and what they need preleasing. So that we think that bodes well for their industrial industry getting broad portfolio.

Now the key NOI drivers again, again end of the day occupancy is very important and as you can see by this chart, we are coming back. We’ve grown from the third quarter of 2011 or 86.6% there is work to be done. We acknowledge that we’re focused on it and we set a goal. So we’re making progress.

The cash rental rates, they are getting better. But its still we’re still having a rental rolling down. There is no question about that – that’s and we think we will continue to have roll downs in 2012. We’re going to get guidance in the – on our fourth quarter call. But again risk, leases that we were done in 2007 it’s simply a five-year lease those are coming off the peak.

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