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First Industrial Realty Trust's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Reconciliations from GAAP financial measures to non-GAAP financial measures are provided in our supplemental report 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 note that today’s call includes time-sensitive information that may be accurate only as of today’s date, July 26, 2012.

Our call will begin with remarks by Bruce Duncan, our President and CEO and our CFO Scott Musil, 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.

So let me turn the call over to Bruce.

Bruce Duncan

Thanks Art and thank you to everyone for joining us today. As you saw in our press release, we had a productive quarter on many fronts. I’ll begin my comments by talking about an important new lease and then discuss the new developments we have launched in the third quarter.

We know that many of you have had your eye on our 692,000 square foot First Inland Logistic Center development in the Inland Empire. Rest assured, our management and regional agent teams have too. We’re delighted to announce that we recently signed a 15-year lease agreement with the facility with a leading specialty retailers.

First Inland Logistics Center would serve as one of their critical distribution facilities on the West Coast; due to its proximity and access to the ports of LA and Long Beach. The lease also includes the excess truckyard which was the unique feature of our property that’s been our tenant need. The lease is expected to be reflected in our occupancy statistics in the fourth quarter.

When we last spoke to you, we discussed how we believe additional developments could provide us with better investment opportunities and acquisitions and contribute to our goal of upgrading our portfolio. First Inland Logistics Center is a great example of the type of property in which we want to invest.

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