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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
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Commission File Number 1-13102
Date of Report (date of earliest event reported): November 6, 1998
FIRST INDUSTRIAL REALTY TRUST, INC.
(Exact name of Registrant as specified in its Charter)
Maryland 36-3935116
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
311 S. Wacker Drive, Suite 4000, Chicago, Illinois 60606
(Address of principal executive offices)
(312) 344-4300
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
Since the filing of, First Industrial Realty Trust, Inc. and its
Subsidiaries' (the "Company") Form 8-K/A No. 1 dated April 6, 1998, as filed on
June 16, 1998, the Company acquired 74 industrial properties from unrelated
parties during the period April 7, 1998 through November 6, 1998. The combined
purchase price of the 74 industrial properties acquired totaled approximately
$109.2 million, excluding closing costs incurred in conjunction with the
acquisition of the industrial properties. The 74 industrial properties acquired
are described below and were funded with working capital, the issuance of
limited partnership units in First Industrial, L.P. (the "Units"), the
assumption of secured debt, borrowings under the Company's $300 million
unsecured revolving credit facility and the issuance of other unsecured debt.
The Company will operate the facilities as industrial rental property.
On September 28, 1998, the Company, through First Industrial, L.P. (the
"Operating Partnership") entered into a joint venture arrangement (the
"September 1998 Joint Venture") with an institutional investor to invest in
industrial properties. The Company, through limited liability companies in which
the Operating Partnership is the sole member, will own a 10% equity interest in
the September 1998 Joint Venture and will provide property and asset management
services to the September 1998 Joint Venture. The September 1998 Joint Venture
acquired 104 industrial properties from unrelated parties and seven industrial
properties from the Operating Partnership during the period October 9, 1998
through November 6, 1998. The combined purchase price of the 111 industrial
properties acquired totaled approximately $199.0 million, excluding closing
costs incurred in conjunction with the acquisition of the industrial properties.
The 111 industrial properties acquired by the September 1998 Joint Venture are
described below and were funded with capital contributions made to the September
1998 Joint Venture and the assumption and issuance of secured debt. The
September 1998 Joint Venture will operate these facilities as industrial rental
property.
PROPERTIES ACQUIRED BY THE COMPANY:
- - On May 19, 1998, the Company purchased a 56,400 square foot light
industrial property located in Arlington Heights, Illinois. The purchase
price for the property was approximately $1.7 million. The property was
purchased from Dynasty Property Group, an Illinois general partnership.
- - On May 21, 1998, the Company purchased five light industrial properties and
four research and development/flex properties totaling 135,662 square feet
located in St. Petersburg, Florida. The aggregate purchase price for these
properties was approximately $7.3 million. The properties were purchased
from Gandy/275 Associates, a Florida general partnership.
- - On June 10, 1998, the Company purchased an 88,000 square foot regional
warehouse property located in Des Moines, Iowa for approximately $1.9
million. The property was purchased from Jared R. Johnson and Elaine E.
Johnson.
- - On June 23, 1998, the Company purchased a 292,471 square foot light
industrial property located in Denver, Colorado. The purchase price for the
property was approximately $12.2 million which was funded with $8.1 million
in cash and the issuance of 132,109 Units valued at $4.1 million. The
property was purchased from Pacifica Bryant Warehouse, LLC, a Colorado
limited liability company.
- - On June 30, 1998, the Company purchased an 84,760 square foot light
industrial property located in Skokie, Illinois. The purchase price for the
property was approximately $2.6 million. The property was purchased from 3
Com Corporation.
- - On July 7, 1998, the Company purchased one light industrial property, one
bulk warehouse property and one regional warehouse property totaling
347,056 square feet located in Conyers, Georgia. The aggregate purchase
price for these properties was approximately $9.9 million. The properties
were purchased from Robert Pattillo Properties, Inc., a Georgia
corporation.
- - On July 16, 1998, the Company purchased a 44,427 square foot research and
development/flex property located in Tampa, Florida. The purchase price for
the property was approximately $3.2 million which was funded with $.6
million in cash, the assumption of $2.6 million of debt and the issuance
1,190 Units valued at $0.03 million. The property was purchased from TK-SV,
Ltd.
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- - On August 14, 1998, the Company purchased two light industrial properties
totaling 87,462 square feet located in Phoenix, Arizona. The aggregate
purchase price for these properties was approximately $5.0 million. The
properties were purchased from Orsett/40th Street and I & 10 Limited
Partnership.
- - On August 18, 1998, the Company purchased a 50,338 square foot light
industrial property located in Port Washington, New York. The purchase
price for the property was approximately $2.5 million. The property was
purchased from Seaview Harbor Associates.
- - On August 31, 1998, the Company purchased 34 light industrial properties
and two research and development/flex properties totaling 856,516 square
feet located in Portland, Oregon. The aggregate purchase price for these
properties was approximately $44.5 million which was funded with $28.5
million in cash, the assumption of $2.3 million in debt and the issuance of
455,483 Units valued at $13.7 million. The properties were purchased from
Sivers Companies.
- - On September 30, 1998, the Company purchased two light industrial
properties totaling 50,900 square feet located in Aston, Pennsylvania. The
aggregate purchase price for these properties was approximately $2.1
million. The properties were purchased from Richard C. DeSantis and Paul C.
Steelman, individually and as co-partners t/a Richard DeSantis Developers.
- - On September 30, 1998, the Company purchased a 121,400 square foot bulk
warehouse property located in Lavergne, Tennessee. The purchase price for
the property was approximately $1.5 million. The property was purchased
from AMTROL, Inc., a Rhode Island corporation.
- - On October 13, 1998, the Company purchased a 41,800 square foot bulk
warehouse property located in Romulus, Michigan. The purchase price for the
property was approximately $1.3 million. The property was purchased from
Airborne Express Corporation.
- - On October 21, 1998, the Company purchased a 52,329 square foot light
industrial property located in Hauppauge, New York. The purchase price for
the property was approximately $2.3 million which was funded with $2.2
million in cash and the issuance of 1,650 Units valued at $.1 million. The
property was purchased from 275 Corpark Associates Company, a New York
partnership.
- - On October 30, 1998, the Company purchased a 20,000 square foot light
industrial property located in Dayton, Ohio. The purchase price for the
property was approximately $0.7 million which was funded with $.3 million
in cash and the issuance of 13,704 Units valued at $.4 million. The
property was purchased from Trottwood Industrial Park, an Ohio general
partnership.
- - On November 5, 1998, the Company purchased nine light industrial properties
and three research and development/flex properties totaling 291,168 square
feet located in Richland Hills, Texas. The aggregate purchase price for
these properties was approximately $10.5 million which was funded with $7.7
million in cash, the assumption of $1.3 million in debt and the issuance of
60,000 Units valued at $1.5 million. The properties were purchased from
Priscilla Ann Hodges, Leland A. Hodges, III, Margery Lynn Hodges Berry and
Four Star Investments, Inc.
PROPERTIES ACQUIRED BY THE SEPTEMBER 1998 JOINT VENTURE:
- - On October 9, 1998, the September 1998 Joint Venture purchased 61
industrial properties totaling 2,856,388 square feet. Of the 61 industrial
properties purchased, 47 properties are located in Houston, Texas; three
properties are located in McAllen, Texas; two properties are located in
Indianapolis, Indiana; two properties are located in Irving, Texas; two
properties are located in Nashville, Tennessee; one property is located in
Tampa, Florida; one property is located in Milwaukee, Wisconsin; one
property is located in Bolingbrook, Illinois; one property is located in
Des Plaines; and one property is located in Romulus, Michigan. The
aggregate purchase price for these properties was approximately $100.0
million. The properties were purchased from Investors Equity Fund,
Inc./162516 Canada,
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Inc.; Investors Equity Fund, Inc./168065 Canada, Inc.; Investors Equity
Fund, Inc./167098 Canada, Inc.; Investors Equity Fund, Inc.; KIRKWOOD Tech
Associates, Ltd.; Greenbriar III Associates, Ltd.; Jameel Warehouses, Inc.;
Rockley Road Properties, Inc.; AXXA, L.L.C.; 34th Street Building, Ltd.;
Pinemont-Hempstead Associates I, Ltd.; Pinemont-Hempstead Associates II,
Ltd.; 11421 Todd Road Limited Partnership; East Warehouse, L.L.C.; Houston
Industrial Warehouses, L.L.C.; Industrial Partners, L.L.C.; TMC Properties,
L.L.C., a New Jersey limited liability company; First Industrial, L.P.;
Merit 1995 Industrial Portfolio Limited Partnership, a Texas limited
partnership; Guion Road Associates, Inc.; Southwest Centre, a Texas general
partnership; MMC Capital Corp.; BVT Acorn Distribution Center, Ltd., a
Tennessee limited partnership; APPC Metroplex Investors 1984, Ltd., L.P.;
and Stair Realty, a Florida joint venture.
- - On October 23, 1998, the September 1998 Joint Venture acquired six
industrial properties totaling 859,136 square feet. Of the six industrial
properties purchased, three properties are located in Wichita, Kansas; one
property is located in Addison, Illinois; one property is located in Aston,
Pennsylvania; and one property is located in Louisville, Kentucky. The
aggregate purchase price for these properties was approximately $37.0
million. The properties were purchased from Realco Investments; A.S.
Industrial Properties; Aston Investments; and Starker Services, Inc.
- - On November 6, 1998, the September 1998 Joint Venture purchased 44
industrial properties totaling 1,442,842 square feet. Of the 44 properties
purchased, 26 properties are located in Fort Worth, Texas; ten properties
are located in McAllen, Texas; five properties are located in Ann Arbor,
Michigan; one property in Clearwater, Florida; one property is located in
Deer Park, New York; and one property is located in Cherry Hills, New
Jersey. The aggregate purchase price for these properties was approximately
$62.0 million. The properties were purchased by Midway Brazos Partners,
Ltd., O.P. Leonard. Jr.; Louise Leonard Keffler; Leonard Properties, et al;
Virginia Leonard Marital Trust; First Industrial, L.P.; BMP Joint Venture,
a Texas joint venture; 1016 Partnership, a Texas general partnership; Sally
Elaine Wilson, individually, as Independent Executor of the Estate of
Darrell L. Wilson (deceased) and as Testamentary Trustee under the Last
Will and Testament of Darrell L. Wilson (deceased) and Phillip Hunke;
Corridor Commercial Center Associates, a Florida general partnership;
Wilson Partnership, a Texas general partnership; Gilbert King and Kenneth
Katzman, as Executors under the Last Will and Testament of Jerome Krinsky;
and C.H.O.C.K. Associates, a New Jersey general partnership.
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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) and (b) Financial Statements:
At this time it is impracticable to file the required
financial statements and pro forma financial information. The
required financial statements and pro forma financial
information will be filed in an amendment to this report on
Form 8-K as soon as possible, but no later than sixty (60)
days from the date on which this report on Form 8-K is
required to be filed.
(c) Exhibits.
None
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1933,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
FIRST INDUSTRIAL REALTY TRUST, INC.
November 12, 1998 By: /s/ Michael J. Havala
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Michael J. Havala
Chief Financial Officer
(Principal Financial and Accounting
Officer)
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