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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
May 18, 2004
Date of Report (Date of earliest event reported)
FIRST INDUSTRIAL REALTY TRUST, INC.
(Exact name of registrant as specified in its charter)
Maryland 1-13102 36-3935116
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) file number) Identification No.)
311 S. Wacker Drive, Suite 4000
Chicago, Illinois 60606
(Address of principal executive offices, zip code)
(312) 344-4300
(Registrant's telephone number, including area code)
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Item 5. Other Events
Attached as Exhibit 99.1 to this Form 8-K is the ratio of earnings to fixed
charges and preferred stock dividends for the three months ended March 31, 2004.
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 hereunto duly authorized.
FIRST INDUSTRIAL REALTY TRUST, INC.
By: /s/ Michael J. Havala
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Name: Michael J. Havala
Title: Chief Financial Officer
Date: May 18, 2004
EXHIBIT INDEX
Number Description
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99.1 Ratio of Earnings to Fixed Charges and Preferred Stock
Dividends.
Exhibit 99.1
FIRST INDUSTRIAL REALTY TRUST, INC.
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK
DIVIDENDS
(DOLLARS IN THOUSANDS)
Three
Months
Ended Year Ended December 31,
----------- ------------------------------------------------------------
March 31,
2004 2003(b) 2002(b) 2001(b) 2000(b) 1999(b)
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Income from Continuing Operations Before Minority
Interest Allocable to Continuing Operations.. $6,051 $37,237 $48,859 $99,166 $95,711 $111,373
Plus: Interest Expense and Amortization of
Deferred Financing Costs..................... 24,144 97,220 92,312 84,389 85,675 81,231
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Earnings Before Income Allocated to Minority
Interest and Fixed Charges................... $30,195 $134,457 $141,171 $183,555 $181,386 $192,604
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Fixed Charges and Preferred Stock Dividends....... $29,579 $118,157 $127,243 $128,917 $123,722 $119,643
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Ratio of Earnings to Fixed Charges and Preferred
Stock Dividends (a).......................... 1.02x 1.14x 1.11x 1.42x 1.47x 1.61x
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(a) For purposes of computing the ratios of earnings to fixed charges and
preferred stock dividends, earnings have been calculated by adding fixed
charges (excluding capitalized interest) to income from continuing
operations before minority interest allocable to continuing operations.
Fixed charges consist of interest costs, whether expensed or capitalized
and amortization of deferred financing costs.
(b) During the three months ended March 31, 2004, the Company sold twenty
industrial properties that met the criteria established by 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") to be included in discontinued operations. At March 31, 2004,
the Company also owned two industrial properties classified as held for
sale that met the criteria established by FAS 144 to be included in
discontinued operations. In accordance with FAS 144, the results of
operations of the twenty industrial properties sold during the three months
ended March 31, 2004 and the two industrial properties held for sale at
March 31, 2004 are included in discontinued operations. Income from
continuing operations for the years ended December 31, 1999 through 2003
reported in the table above has been restated to reflect the
reclassification of the net income attributable to these properties from
continuing operations to discontinued operations. As a result, income from
continuing operations and ratio of earnings to fixed charges and preferred
stock dividends reported in the table above will not agree to the income
from continuing operations and ratio of earnings to fixed charges and
preferred stock dividends reported in the Company's 2003 Form 10-K.