SEC Form 4 
FORM 4	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940 	  
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	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).			
1. Name and Address of Reporting Person*
DOWNS GREGORY S	

(Last)	(First)	(Middle)	
311 SOUTH WACKER DRIVE	
SUITE 4000	

(Street) 
CHICAGO	IL	60606	

(City)	(State)	(Zip)	
	2. Issuer Name and Ticker or Trading Symbol 
FIRST INDUSTRIAL REALTY TRUST INC [ FR ] 	5. Relationship of Reporting Person(s) to Issuer 
(Check all applicable) 
	Director		10% Owner	
X	Officer (give title below)		Other (specify below)	
Managing Director	
		
	3. Date of Earliest Transaction (Month/Day/Year)
03/03/2004 		
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) 
X	Form filed by One Reporting Person	
	Form filed by More than One Reporting Person	
	
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1. Title of Security (Instr. 3) 	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8) 	4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 	5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 	7. Nature of Indirect Beneficial Ownership (Instr. 4) 	
			Code	V	Amount	(A) or (D)	Price				
Common Stock, par value $.01 per share	03/03/2004		M		6,000	A	$33.125 	21,574(1) 	D		
Common Stock, par value $.01 per share	03/03/2004		S		6,000	D	$38.43 	21,574(1) 	D		
Common Stock, par value $.01 per share	03/03/2004		M		3,500	A	$33.125 	21,574(1) 	D		
Common Stock, par value $.01 per share	03/03/2004		S		3,500	D	$38.36 	21,574(1) 	D		
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities) 	
1. Title of Derivative Security (Instr. 3) 	2. Conversion or Exercise Price of Derivative Security 	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8) 	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 	6. Date Exercisable and Expiration Date (Month/Day/Year)	7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 	8. Price of Derivative Security (Instr. 5) 	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 	11. Nature of Indirect Beneficial Ownership (Instr. 4) 	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					
Employee Stock Option (right to buy)	$33.125 	03/03/2004		M			9,500	01/23/2004	01/23/2011	common stock	9,500	(2)	500	D		
Explanation of Responses:	
1. Does not include 554 shares held by the reporting person indirectly through his 401K.	
2. No figure applicable.	
	/s/ John H. Clayton, Attorney-in-fact	03/03/2004	
	** Signature of Reporting Person	Date	
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).	
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.	
                               POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that the undersigned hereby constitutes and
appoints John H. Clayton, Sherri L. Boyle and Scott A. Musil, and each of them
(with full power to each of them to act alone), his true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him and in his name, place and stead, in any and all
capacities, to sign Forms ID or any comparable form subsequently adopted by the
Securities and Exchange Commission, and any amendments thereto, and Statements
of Changes in Beneficial Ownership on Form 4 and Annual Statements of Changes in
Beneficial Ownership on Form 5, or any comparable forms subsequently adopted by
the Securities and Exchange Commission, and any amendments thereto, with respect
to the undersigned's direct or indirect ownership, acquisition, disposition or
other transfer of any securities of First Industrial Realty Trust, Inc. or any
of its affiliates; and to file any of the above forms with the Securities and
Exchange Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing
requisite and necessary to be done in connection with such matters, as fully to
all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents, or any of them, or his
substitute or substitutes may lawfully do or cause to be done by virtue hereof.

The powers granted hereby shall be effective on and as of the date hereof and,
unless earlier revoked by written instrument, shall continue in effect for so
long as the undersigned, in his capacity as an officer and/or director of First
Industrial Realty Trust, Inc. is subject to Section 16 of the Securities
Exchange Act of 1934 and the rules promulgated thereunder, as the same may be
amended from time to time.

Dated:  9/11/02

                                            /s/ Gregory Downs
                                            ------------------------
                                            Name:  Gregory Downs
                                            Title: Managing Director