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<SEC-DOCUMENT>0000950123-09-047439.txt : 20090930
<SEC-HEADER>0000950123-09-047439.hdr.sgml : 20090930
<ACCEPTANCE-DATETIME>20090930173036
ACCESSION NUMBER:		0000950123-09-047439
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20090930
DATE AS OF CHANGE:		20090930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST INDUSTRIAL REALTY TRUST INC
		CENTRAL INDEX KEY:			0000921825
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				363935116
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-157771
		FILM NUMBER:		091096574

	BUSINESS ADDRESS:	
		STREET 1:		311 S WACKER DRIVE
		STREET 2:		SUITE 4000
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3123444300

	MAIL ADDRESS:	
		STREET 1:		150 N WACHER DR
		STREET 2:		SUITE 150
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>c53739bbe424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 93%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Filed Pursuant to Rule&#160;424(b)(5)
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Registration
    <FONT style="white-space: nowrap">No.&#160;333-157771</FONT>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 11pt">Prospectus supplement</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 11pt">(To the prospectus dated
    September&#160;18, 2009)
    </FONT>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 18pt">12,500,000&#160;shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <IMG src="c53739bbc5373900.gif" alt="(FIRST INDUSTRIAL LOGO)"><FONT style="font-size: 18pt">
    </FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I><FONT style="font-size: 18pt">Common shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are offering 12,500,000&#160;shares of our common stock, par
    value $0.01 per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our common stock is listed on the New York Stock Exchange under
    the symbol &#147;FR.&#148; On September&#160;29, 2009, the last
    reported sale price of our common stock was $5.89&#160;per
    share. Shares of our common stock are subject to ownership and
    transfer limitations, including an ownership limit of 9.9% of
    our capital stock, that must be applied to maintain our status
    as a real estate investment trust, or REIT.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="74%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="5%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=347 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Per Share</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Total</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=347 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public offering price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $5.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    65,625,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Underwriting discounts and commissions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $0.2231
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,789,063
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Proceeds to us before expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $5.0269
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    62,835,938
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="9">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="9" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=201 iwidth=476 length=0 -->
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have granted the underwriters a
    <FONT style="white-space: nowrap">30-day</FONT>
    option to purchase up to 1,875,000 additional shares of our
    common stock at the public offering price, less underwriting
    discounts and commissions, to cover over-allotments, if any.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Delivery of the shares of common stock will be made on or about
    October&#160;5, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Investing in our common stock involves risks that are
    described in the &#147;Risk factors&#148; section beginning on
    <FONT style="white-space: nowrap">page&#160;S-8</FONT>
    of this prospectus supplement, and beginning on page&#160;8 of
    our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>



<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or passed upon the adequacy or accuracy of this
    prospectus. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Sole Book-Running Manager</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">J.P.&#160;Morgan</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Lead Manager</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Wells Fargo
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Co-Managers</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">Morgan
    Keegan &#038; Company, Inc.</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">
    Piper Jaffray &#038; Co.</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">Comerica
    Securities</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">
    Macquarie Capital</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">PNC
    Capital Markets LLC</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">
    Raymond James</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    September&#160;29, 2009
</DIV>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 93%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="5" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=419 length=0 -->
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Page</FONT></B>
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="5" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=419 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus Supplement</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#601'>About this prospectus supplement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#602'>Prospectus supplement summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#603'>Risk factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#604'>Special note about forward-looking statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#605'>Use of proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#606'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#607'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-14
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#608'>Legal matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#609'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-19
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <B>Prospectus</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#101'>About this prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#102'>The company and the operating partnership</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#103'>Ratios of earnings to fixed charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#104'>Use of proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#105'>Plan of distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#106'>Description of common stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#107'>Description of preferred stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#108'>Description of depositary shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#109'>Description of debt securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#110'>Certain provisions of Maryland law and the
    company&#146;s charter and bylaws</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#111'>Restrictions on transfer of capital stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#112'>Certain U.S. federal income tax considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#113'>Forward-looking statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#114'>Where you can find more information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#115'>Documents incorporated by reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#116'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    <A HREF='#117'>Legal matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    i
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='601'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">About this
    prospectus supplement</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This document is in two parts. The first is this prospectus
    supplement, which describes the specific terms of this offering.
    The second part, the accompanying prospectus, gives more general
    information, some of which may not apply to this offering. This
    prospectus supplement also adds to, updates and changes
    information contained in the accompanying prospectus. If the
    description of the offering varies between this prospectus
    supplement and the accompanying prospectus, you should rely on
    the information in this prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus supplement and the accompanying prospectus are
    part of a registration statement that First Industrial Realty
    Trust, Inc. (the &#147;Company&#148; or &#147;First
    Industrial&#148;) and First Industrial, L.P. (the
    &#147;Operating Partnership&#148;) filed with the Securities and
    Exchange Commission (the &#147;SEC&#148;), utilizing the
    &#147;shelf&#148; registration process, relating to the common
    stock, preferred stock, depositary shares and debt securities
    described in the accompanying prospectus. Under this shelf
    registration process, the Company and the Operating Partnership
    may sell any combination of the securities described in the
    accompanying prospectus from time to time and in one or more
    offerings up to a total amount of $1,500,000,000.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    You should read both this prospectus supplement and the
    accompanying prospectus together with the additional information
    described under the headings &#147;Where You Can Find More
    Information&#148; and &#147;Documents Incorporated by
    Reference&#148; in the accompanying prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As used in this prospectus supplement, &#147;we,&#148;
    &#147;us&#148; and &#147;our&#148; refer to the Company and its
    subsidiaries, including the Operating Partnership, unless the
    context otherwise requires.
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-1
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<A name='602'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Prospectus
    supplement summary</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Except for statements under the section of this summary
    entitled &#147;Recent developments,&#148; the information below
    is a summary of the more detailed information included elsewhere
    in, or incorporated by reference in, this prospectus supplement
    and the accompanying prospectus. You should read carefully the
    following summary in conjunction with the more detailed
    information contained in this prospectus supplement, the
    accompanying prospectus and the information incorporated by
    reference. This summary is not complete and does not contain all
    of the information you should consider before purchasing shares
    of the Company&#146;s common stock. You should carefully read
    the &#147;Risk factors&#148; section on
    <FONT style="white-space: nowrap">page&#160;S-8</FONT>
    of this prospectus supplement, and beginning on page&#160;8 of
    the Company&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008, to determine whether
    an investment in the Company&#146;s common stock is appropriate
    for you.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">First Industrial
    Realty Trust, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company is a real estate investment trust, or REIT, subject
    to Sections&#160;856 through 860 of the Internal Revenue Code of
    1986, as amended. We are a self-administered and fully
    integrated real estate company which owns, manages, acquires,
    sells, develops and redevelops industrial real estate. As of
    June&#160;30, 2009, our consolidated in-service portfolio
    consisted of 372 light industrial properties, 131 R&#038;D/flex
    properties, 174 bulk warehouse properties, 90 regional warehouse
    properties and 21 manufacturing properties containing
    approximately 68.4&#160;million square feet of gross leasable
    area, or GLA, located in 28&#160;states in the United States and
    one province in Canada. As of June&#160;30, 2009, our in-service
    portfolio included all properties that were at least 75%
    occupied at acquisition, that have reached stabilized occupancy
    (generally defined as 90% occupied) or that are one year
    subsequent to acquisition or development completion. Our
    in-service properties were 82.1% occupied as of June&#160;30,
    2009. As of June&#160;30, 2009, we owned minority interests in,
    and provided services to, joint ventures that owned 120
    properties comprised of approximately 23.3&#160;million square
    feet of GLA and several land parcels. Our interests in the joint
    ventures are accounted for under the equity method of
    accounting, and their properties and operating results are not
    consolidated with ours.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our interests in our properties and land parcels are held
    through partnerships, corporations and limited liability
    companies controlled, directly or indirectly, by the Company,
    including the Operating Partnership, of which we are the sole
    general partner with an approximate 89.0% ownership interest at
    June&#160;30, 2009. At that date, approximately 11.0% of the
    outstanding limited partnership units in the Operating
    Partnership were held by other investors, including certain
    members of the management and directors of the Company. Each
    limited partnership unit, other than those held by the Company,
    may be exchanged for cash or, at our option, one share of the
    Company&#146;s common stock, subject to adjustments. Upon each
    exchange, the number of limited partnership units held by the
    Company, and its ownership percentage of the Operating
    Partnership, increase. As of June&#160;30, 2009, the Company
    also owned preferred general partnership interests in the
    Operating Partnership with an aggregate liquidation priority of
    $275,000,000.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We utilize an operating approach which combines the
    effectiveness of decentralized, locally based property
    management, acquisition, sales and development functions with
    the cost efficiencies of centralized acquisition, sales and
    development support, capital markets expertise, asset management
    and fiscal control systems.
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-2
</DIV>
<P></P>
</DIV><!-- End box 1 -->

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company, a Maryland corporation organized on August&#160;10,
    1993, completed its initial public offering in June 1994. The
    Operating Partnership is a Delaware limited partnership
    organized in November 1993. Our principal executive offices are
    located at 311&#160;S.&#160;Wacker Drive, Suite&#160;4000,
    Chicago, Illinois 60606, telephone number
    <FONT style="white-space: nowrap">(312)&#160;344-4300.</FONT>
    Our website is www.firstindustrial.com. The information on or
    linked to our website is not a part of, and is not incorporated
    by reference into, this prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Recent
    developments</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Since June&#160;30, 2009, we generated approximately
    $77.2&#160;million of gross proceeds through a combination of
    asset sales, secured financings, and equity issuances, and used
    those proceeds together with available cash to retire
    approximately $123.7&#160;million of unsecured senior debt.
    Additional developments since June&#160;30, 2009, include an
    anticipated income tax refund of approximately
    $27.0&#160;million, an update on the quarter&#146;s leasing
    activity, additional expense reduction actions, events regarding
    certain of our joint ventures and an estimated impairment charge.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Asset sales
    and capital markets activity</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;</TD>
    <TD align="left">
    Asset Sales:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">&#176;
    </FONT>&#160;&#160;
</TD>
    <TD align="left">
    Since June&#160;30, 2009, we have completed the sale of five
    industrial properties on balance sheet totaling approximately
    154,000&#160;square feet of GLA, including four vacant
    buildings, as well as three parcels of land for total aggregate
    gross proceeds of approximately $14.2&#160;million.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">&#176;
    </FONT>&#160;&#160;
</TD>
    <TD align="left">
    As of the date of this prospectus supplement, we have three
    industrial properties under contract totaling approximately
    181,000&#160;square feet of GLA with aggregate estimated gross
    proceeds of approximately $14.3&#160;million. An additional six
    properties totaling approximately 771,205&#160;square feet of
    GLA are under non-binding letters of intent for potential gross
    proceeds totaling approximately $49.7&#160;million, of which
    approximately $9.9&#160;million is expected to result from
    seller financing. There can be no assurance that any of these
    properties under contract or letters of intent for sale will
    sell in a timely manner, if at all, or that the ultimate terms
    on which they sell will generate proceeds as anticipated.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;</TD>
    <TD align="left">
    Mortgage Financing:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">&#176;
    </FONT>&#160;&#160;
</TD>
    <TD align="left">
    Since June&#160;30, 2009, we have closed five secured financing
    transactions with multiple lenders generating gross borrowing
    proceeds of approximately $47.1&#160;million secured by 21
    properties totaling approximately 1.6&#160;million square feet
    of GLA at a weighted average interest rate of 6.99% with
    maturities ranging from five to seven years.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">&#176;
    </FONT>&#160;&#160;
</TD>
    <TD align="left">
    We are in active discussions with various lenders regarding the
    origination of additional secured financings. As of the date of
    this prospectus supplement, we have lender commitments for an
    additional three secured financing transactions with respect to
    14 properties totaling approximately 1.9&#160;million square
    feet of GLA for potential gross borrowing proceeds of
    approximately $54.0&#160;million at a weighted average interest
    rate of 7.32% and maturities ranging from three to five years.
    As of the date of this prospectus supplement, we are under
    application for three secured financing transactions with
    respect to 15 properties totaling approximately 1.2&#160;million
    square feet of GLA for total potential gross borrowing proceeds
    of approximately $39.0&#160;million. We are actively pursuing
    additional loan amounts of approximately $93.7&#160;million.
    There can be
</TD>
</TR>

</TABLE>
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    S-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

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    <TD width="6%"></TD>
    <TD width="4%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    no assurance that any of these secured financing transactions
    will close in a timely manner, if at all, or that the ultimate
    terms of any such financings will generate proceeds as
    anticipated.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    Equity sales&#151;Since June&#160;30, 2009, we have completed
    the issuance of 3.0&#160;million shares of the Company&#146;s
    common stock generating approximately $15.9&#160;million in net
    proceeds under the direct stock purchase component of our
    dividend reinvestment and direct stock purchase plan.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    Senior debt acquisition&#151;Since June&#160;30, 2009, we have
    repurchased a total of approximately $123.7&#160;million of
    senior unsecured debt at an average purchase price of 84% of
    par, consisting of:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="4%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">&#176;
    </FONT>&#160;&#160;
</TD>
    <TD align="left">
    $44.1&#160;million of our 7.375% March 2011 senior notes;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">&#176;
    </FONT>&#160;&#160;
</TD>
    <TD align="left">
    $1.0&#160;million of our 4.625% September 2011 exchangeable
    notes;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">&#176;
    </FONT>&#160;&#160;
</TD>
    <TD align="left">
    $40.2&#160;million of our 6.875% April 2012 senior notes;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">&#176;
    </FONT>&#160;&#160;
</TD>
    <TD align="left">
    $10.0&#160;million of our 6.42% May 2014 senior notes;
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">&#176;
    </FONT>&#160;&#160;
</TD>
    <TD align="left">
    $19.5&#160;million of our 5.75% January 2016 senior
    notes;&#160;and
</TD>
</TR>





<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 12pt; font-family: 'Times New Roman', Times">&#176;
    </FONT>&#160;&#160;
</TD>
    <TD align="left">
    $8.9&#160;million of our 7.5% December 2017 notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As a result of these transactions, we expect to record a gain of
    approximately $18.2&#160;million in the third quarter. We may
    from time to time repurchase or redeem additional amounts of our
    outstanding debt securities. Any repurchases or redemptions
    would depend upon prevailing market conditions, our liquidity
    requirements, contractual restrictions and other factors we
    consider important. Future repurchases or redemptions may
    materially impact our liquidity, future tax liability and
    results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Anticipated
    tax refund</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    During the quarter ending September&#160;30, 2009, we have
    significantly restructured the operations of a taxable REIT
    subsidiary after receiving a favorable private letter ruling
    from the Internal Revenue Service. As a result of the
    restructuring, the subsidiary recognized tax losses on a
    substantial number of properties and investments in certain of
    its joint ventures whose tax basis was greater than fair market
    value. Under federal income tax rules, we believe that the
    subsidiary is able to carry back these tax losses to offset
    taxable income it had previously recognized. Consequently, we
    expect to apply for and receive a federal income tax refund of
    approximately $27.0&#160;million before the end of the first
    quarter of 2010. However, the tax refund could be challenged by
    the Internal Revenue Service, or delayed by the filing by us of
    the necessary tax returns later than anticipated or by other
    reasons that we do not foresee, any of which may result in a
    delay or a diminution of the expected tax refund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Expense
    reduction actions</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We committed to a plan intended to reduce organizational and
    overhead costs in October 2008 and have subsequently modified
    that plan with the goal of further reducing these costs. On
    September&#160;25, 2009, we committed to additional
    modifications to the plan consisting of further organizational
    and overhead cost reductions. We have begun to eliminate 46
    positions and close offices in Calgary, Irvine, Salt Lake City
    and Toronto, with our assets in those markets to be managed
    through nearby offices. These actions should result in
    annualized savings of between approximately $8.0&#160;million
    and $8.4&#160;million and are expected to conclude during the
    fourth quarter of 2009.
</DIV>
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    S-4
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The implementation of the original plan and its earlier
    modifications resulted in pre-tax charges to earnings of
    approximately $33.0&#160;million, consisting primarily of
    approximately $29.0&#160;million in one-time termination
    benefits and approximately $4.0&#160;million in office closing
    and other costs. These cost reductions resulted in cash
    expenditures of approximately $19.3&#160;million, which were
    paid over the fourth quarter of 2008 and the first and second
    quarters of 2009, and non-cash charges of approximately
    $12.4&#160;million due to the accelerated vesting of restricted
    stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We estimate that the additional pre-tax charge to earnings
    associated with the modifications to the plan announced on
    September&#160;25, 2009 will range between $1.4&#160;million and
    $1.6&#160;million, in addition to the previously announced
    $6.0&#160;million charge for 2009 ($4.8&#160;million of which
    was recorded in the first half of 2009), consisting primarily of
    between approximately $1.2&#160;million and $1.3&#160;million in
    one-time termination benefits and between approximately
    $0.2&#160;million and $0.3&#160;million in office closing costs
    and other costs. These cost reductions are expected to result in
    future cash expenditures of between approximately
    $1.2&#160;million and $1.3&#160;million, of which we anticipate
    that between approximately $1.1&#160;million and
    $1.2&#160;million will be paid by the end of the fourth quarter
    of 2009, with the balance paid over subsequent periods. In
    addition, these cost reductions are expected to result in
    non-cash charges of between approximately $0.2&#160;million and
    $0.3&#160;million due to the accelerated vesting of restricted
    stock. As a result of this expense reduction initiative and the
    other previously announced cost reductions under our plan, we
    now expect general and administrative expenses for 2009 to be
    reduced by approximately $45.0&#160;million from 2008 levels.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Joint venture
    activity</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    On September&#160;18, 2009, we received a notice from the
    counterparty in the 2006 Net Lease Co-Investment Program that
    such counterparty is exercising the buy/sell provision in the
    program&#146;s governing agreement to either purchase our
    interests of the real property assets currently owned by the
    program or sell to us its interests in some or all of such
    assets, along with an additional real property asset in another
    program which we manage but in which we have no ownership
    interest. Under that buy/sell provision, we have a 60&#160;day
    period during which to respond. We are currently evaluating our
    alternatives. If we were to accept the counterparty&#146;s
    offered price to purchase our interests in all of the
    program&#146;s real property assets, then we would recognize an
    impairment loss of approximately $5.7&#160;million as a result
    of the difference between our basis in our joint venture
    interest and the offered price. The purchasing party for each
    asset in the program will be required to deposit 10% of the
    applicable purchase price, as an earnest money deposit, and the
    remaining 90% will be required to be paid within six months or
    other mutually agreed upon time. Our fees from this program and
    from our management of the additional asset were approximately
    $0.5&#160;million in the second quarter of 2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, effective September&#160;2, 2009, we no longer
    serve as asset, property and leasing manager for two properties
    in another net lease program with the same counterparty and in
    which we have no equity investment. Our fees from this contract
    were approximately $0.3&#160;million in the second quarter of
    2009. We received a one-time termination fee of approximately
    $0.9&#160;million in the third quarter from the termination of
    this management agreement.
</DIV>
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    S-5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Leasing
    activity</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the third quarter to date, we have executed 54 new leases
    totaling 821,818&#160;square feet of GLA, 91 renewal leases
    totaling approximately 2.7&#160;million square feet of GLA and
    33 short-term leases totaling 724,688&#160;square feet of GLA.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Impairment
    charge</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We are in the process of completing our quarterly review of our
    properties and other assets in preparation of reporting our
    third quarter 2009 financial results. We currently estimate that
    we may recognize a non-cash impairment charge of
    $7.0&#160;million for the third quarter with respect to one
    balance sheet property comprised of 212,545 square feet of GLA
    in the Inland Empire. Based on our leasing assumptions for our
    intended holding period for the property, we determined the
    property&#146;s book value was impaired. As a result, we may
    recognize a non-cash impairment charge based on the difference
    between the fair value of the property and its carrying value.
    The estimated impairment charge was determined on
    September&#160;28, 2009, and no cash expenditures are
    anticipated from the impairment since the impairment charge is
    non-cash.
</DIV>
<P>

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    S-6
</DIV>
<P></P>
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</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The
    offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="52%"></TD>
    <TD width="1%"></TD>
    <TD width="47%"></TD>
</TR>

<TR>
    <TD valign="top">
    Issuer </TD>
    <TD></TD>
    <TD valign="bottom">
    First Industrial Realty Trust, Inc.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Common stock offered by us </TD>
    <TD></TD>
    <TD valign="bottom">
    12,500,000&#160;shares (or 14,375,000&#160;shares if the
    underwriters&#146; over-allotment option is exercised in full)</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Common stock outstanding after this offering(1) </TD>
    <TD></TD>
    <TD valign="bottom">
    58,541,121&#160;shares</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Common Stock outstanding after this offering, including shares
    of common stock that may be issued in exchange for limited
    partnership units of the Operating Partnership(2) </TD>
    <TD></TD>
    <TD valign="top">
    64,029,230&#160;shares (or 65,904,230&#160;shares if the
    underwriters&#146; over-allotment option is exercised in full)</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Use of proceeds </TD>
    <TD></TD>
    <TD valign="bottom">
    We intend to use the net proceeds estimated at approximately
    $62.6&#160;million from this offering (or approximately
    $72.0&#160;million if the underwriters&#146; over-allotment
    option is exercised in full) for general corporate purposes,
    which may include repayment or repurchases of future maturing
    debt. Pending such use, we will use the net proceeds from this
    offering to reduce the outstanding balance on our unsecured line
    of credit. See &#147;Use of Proceeds.&#148;</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    NYSE listing symbol </TD>
    <TD></TD>
    <TD valign="bottom">
    FR</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Risk factors </TD>
    <TD></TD>
    <TD valign="bottom">
    Investing in the Company&#146;s common stock involves risks. See
    the &#147;Risk factors&#148; section beginning on page&#160;S-8
    of this prospectus supplement, and beginning on page&#160;8 of
    the Company&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008, before buying shares
    of the Company&#146;s common stock.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;&#160;</TD>
    <TD align="left">
    This number is based on 46,041,121&#160;shares of our common
    stock outstanding at August&#160;31, 2009 and does not include:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    An aggregate of 1,904,947&#160;shares issued subsequent to
    August&#160;31, 2009 under the direct stock purchase component
    of our dividend reinvestment and direct stock purchase plan;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    An aggregate of 5,488,109&#160;shares of common stock that may
    be issued in exchange for limited partnership units of the
    Operating Partnership outstanding on such date (see Footnote
    (2));
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    An aggregate of 1,319,827 additional shares of our common stock
    available for future issuance under our 1997 Stock Incentive
    Plan, 2001 Stock Incentive Plan and 2009 Stock Incentive Plan,
    and 1,615,687&#160;shares issuable in respect of unvested
    restricted stock units or stock options outstanding as of such
    date; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    Any exercise of the underwriters&#146; over-allotment option.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;&#160;</TD>
    <TD align="left">
    Limited partnership units of the Operating Partnership may be
    exchanged for cash or, at our option, one share of the
    Company&#146;s common stock, subject to adjustment.
</TD>
</TR>

</TABLE>
<P>

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    S-7
</DIV>
<P></P>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>
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<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='603'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Risk
    factors</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Investing in the Company&#146;s common stock involves risks.
    You should carefully consider the following risk factors and the
    information under the heading &#147;Risk Factors&#148; beginning
    on page&#160;8 of the Company&#146;s Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended December&#160;31, 2008, which
    information has been incorporated by reference into this
    prospectus supplement, as well as other information included in
    this prospectus supplement and the attached prospectus before
    deciding to invest in shares of the Company&#146;s common
    stock.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Failure to comply
    with covenants in our debt agreements could adversely affect our
    financial condition</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The terms of our agreements governing our unsecured line of
    credit and other indebtedness require that we comply with a
    number of financial and other covenants, such as maintaining
    debt service coverage and leverage ratios and maintaining
    insurance coverage. Complying with such covenants may limit our
    operational flexibility. Moreover, our failure to comply with
    these covenants could cause a default under the applicable debt
    agreement even if we have satisfied our payment obligations.
    Consistent with our prior practice, we will, in the future,
    continue to interpret and certify our performance under these
    covenants in a good faith manner that we deem reasonable and
    appropriate. However, these financial covenants are complex and
    there can be no assurance that these provisions would not be
    interpreted by the lenders under our unsecured line of credit or
    the trustee with respect to the senior debt securities in a
    manner that could impose and cause us to incur material costs.
    We anticipate that we will be able to operate in compliance with
    our financial covenants, including our unsecured leverage and
    fixed charge covenants, for the remainder of 2009. However, we
    expect to exceed the minimum amounts permitted under the
    unsecured leverage and fixed charge coverage covenants set forth
    in our unsecured line of credit by only a thin margin. Our
    ability to meet our financial covenants may be adversely
    affected if economic and credit market conditions limit our
    ability to reduce our debt levels consistent with, or result in
    net operating income below, our current expectations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon the occurrence of an event of default, we would be subject
    to higher finance costs and fees, and the lenders under our
    unsecured line of credit will not be required to lend any
    additional amounts to us. In addition, our outstanding senior
    debt securities as well as all outstanding borrowings under the
    unsecured line of credit, together with accrued and unpaid
    interest and fees, could be accelerated and declared to be
    immediately due and payable. Furthermore, our unsecured line of
    credit and senior debt securities contain certain cross-default
    provisions, which are triggered in the event that our other
    material indebtedness is in default. These cross-default
    provisions may require us to repay or restructure the unsecured
    line of credit and the senior debt securities or other debt that
    is in default, which could adversely affect our financial
    condition, results of operations, cash flow and ability to pay
    dividends on, and the market price of, our stock. If repayment
    of any of our borrowings is accelerated, we cannot provide
    assurance that we will have sufficient assets to repay such
    indebtedness or that we would be able to borrow sufficient funds
    to refinance such indebtedness. Even if we are able to obtain
    new financing, it may not be on commercially reasonable terms,
    or terms that are acceptable to us.
</DIV>
<P>

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    S-8
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Volatility in
    capital and credit markets could materially and adversely impact
    us</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The capital and credit markets have been experiencing extreme
    volatility and disruption, which has made it more difficult to
    borrow money or raise equity capital. If current levels of
    market volatility and disruption continue to worsen, we may not
    be able to obtain new debt financing or refinance our maturing
    debt on favorable terms or at all. In addition, our future
    access to the equity markets could be limited. Any such
    financing or refinancing issues could materially and adversely
    affect us. This market turmoil and tightening of credit have
    also led to an increased lack of consumer confidence and
    widespread reduction of business activity generally, which may
    adversely impact us, including our ability to acquire and
    dispose of assets on favorable terms or at all. The volatility
    in capital and credit markets may also have a material adverse
    effect on the market value of our common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">This offering is
    expected to be dilutive</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Giving effect to the issuance of common stock in this offering,
    the receipt of the expected net proceeds and the use of those
    proceeds, we expect that this offering will have a dilutive
    effect on our earnings per share and funds from operations per
    share for the year ending December&#160;31, 2009. The actual
    amount of dilution cannot be determined at this time and will be
    based on numerous factors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Future sales or
    issuances of our common stock may cause the market price of our
    common stock to decline</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The sale of substantial amounts of our common stock, whether
    directly by us or in the secondary market, the perception that
    such sales could occur or the availability of future issuances
    of shares of our common stock, limited partnership units of the
    Operating Partnership or other securities convertible into or
    exchangeable or exercisable for our common stock could
    materially and adversely affect the market price of our common
    stock and our ability to raise capital through future offerings
    of equity or equity-related securities. In addition, we may
    issue capital stock that is senior to our common stock in the
    future for a number of reasons, including to finance our
    operations and business strategy, to adjust our ratio of debt to
    equity or for other reasons.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Adverse market
    and economic conditions could cause us to recognize <BR>
    additional impairment charges.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We regularly review our real estate assets for impairment
    indicators, such as a decline in a property&#146;s occupancy
    rate. If we determine that indicators of impairment are present,
    we review the properties affected by these indicators to
    determine whether an impairment charge is required. We use
    considerable judgment in making determinations about
    impairments, from analyzing whether there are indicators of
    impairment to the assumptions used in calculating the fair value
    of the investment. Accordingly, our subjective estimates and
    evaluations may not be accurate, and such estimates and
    evaluations are subject to change or revision.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Ongoing adverse market and economic conditions and market
    volatility will likely continue to make it difficult to value
    the real estate assets owned by us as well as the value of our
    interests in unconsolidated joint ventures. There may be
    significant uncertainty in the valuation, or in the stability of
    the cash flows, discount rates and other factors related to such
    assets due to the adverse market and economic conditions that
    could result in a substantial decrease in their value. We may be
    required to recognize additional asset impairment charges in the
    future,
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-9
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    which could materially and adversely affect our business,
    financial condition and results of operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The market price
    of our common stock may fluctuate significantly</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The market price of our common stock may fluctuate significantly
    in response to many factors, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    our ability to comply with applicable financial covenants,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    actual or anticipated variations in our operating results, funds
    from operations, cash flows or liquidity,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    changes in our earnings estimates or those of analysts,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    changes in asset valuations and related impairment charges,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    changes in our dividend policy,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    publication of research reports about us or the real estate
    industry generally,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the ability of our tenants to pay rent to us and meet their
    obligations to us under the current lease terms and our ability
    for re-lease space as leases expire,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    increases in market interest rates that lead purchasers of our
    common stock to demand a higher dividend yield,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    changes in market valuations of similar companies,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    adverse market reaction to the amount of our debt outstanding at
    any time, the amount of our debt maturing in the near- and
    medium-term and our ability to refinance our debt, or our plans
    to incur additional debt in the future,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    additions or departures of key management personnel,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    actions by institutional stockholders,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    speculation in the press or investment community,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the realization of any of the other risk factors included or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus, and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    general market and economic conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Many of the factors listed above are beyond our control. Those
    factors may cause the market price of our common stock to
    decline significantly, regardless of our financial condition,
    results of operations and prospects. It is impossible to provide
    any assurance that the market price of our common stock will not
    fall in the future, and it may be difficult for holders to
    resell shares of our common stock at prices they find
    attractive, or at all.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<A name='604'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Special note
    about forward-looking statements</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus supplement contains certain forward-looking
    statements within the meaning of Section&#160;27A of the
    Securities Act of 1933, and Section&#160;21E of the Securities
    Exchange Act of 1934. We intend such forward-looking statements
    to be covered by the safe harbor provisions for forward-looking
    statements contained in the Private Securities Litigation Reform
    Act of 1995 and are including this statement for purposes of
    complying with those safe harbor
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-10
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    provisions. Forward-looking statements, which are based on
    certain assumptions and describe our future plans, strategies
    and expectations, are generally identifiable by use of the words
    &#147;believe,&#148; &#147;expect,&#148; &#147;intend,&#148;
    &#147;anticipate,&#148; &#147;estimate,&#148;
    &#147;project,&#148; &#147;seek,&#148; &#147;target,&#148;
    &#147;potential,&#148; &#147;focus,&#148; &#147;may,&#148;
    &#147;should&#148; or similar expressions. Our ability to
    predict results or the actual effect of future plans or
    strategies is inherently uncertain. Factors which could have a
    materially adverse affect on our operations and future prospects
    include, but are not limited to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    changes in national, international, regional and local economic
    conditions generally and real estate markets specifically;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    changes in legislation/regulation (including changes to laws
    governing the taxation of real estate investment trusts) and
    actions of regulatory authorities (including the Internal
    Revenue Service);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    our ability to qualify and maintain our status as a real estate
    investment trust;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the availability and attractiveness of financing (including both
    public and private capital) to us and to our potential
    counterparties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the availability and attractiveness of terms of additional debt
    repurchases;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    interest rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    our credit agency ratings;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    our ability to comply with applicable financial covenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    competition;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    changes in supply and demand for industrial properties
    (including land, the supply and demand for which is inherently
    more volatile than other types of industrial property) in our
    current and proposed market areas;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    difficulties in consummating acquisitions and dispositions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    risks related to our investments in properties through joint
    ventures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    environmental liabilities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    slippages in development or
    <FONT style="white-space: nowrap">lease-up</FONT>
    schedules;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    tenant creditworthiness;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    higher-than-expected costs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    changes in asset valuations and related impairment charges;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    changes in general accounting principles, policies and
    guidelines applicable to real estate investment trusts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    international business risks; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    those additional factors described under the heading &#147;Risk
    Factors&#148; and elsewhere in the Company&#146;s annual report
    on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008 and in the
    Company&#146;s subsequent quarterly reports on
    <FONT style="white-space: nowrap">Form&#160;10-Q.</FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We caution you not to place undue reliance on forward-looking
    statements, which reflect our outlook only and speak only as of
    the date of this report or the dates indicated in the
    statements. We assume no obligation to update or supplement
    forward-looking statements. Further information concerning us
    and our business, including additional factors that could
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-11
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    materially affect our financial results, is included in the
    prospectus of which this prospectus supplement is a part and in
    the documents we incorporate by reference, including the Annual
    Report on Form 10-K of the Company for the year ended
    December&#160;31, 2008, and the Quarterly Reports on Form 10-Q
    of the Company for the quarters ended March&#160;31, 2009 and
    June&#160;30, 2009.
</DIV>
<A name='605'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Use of
    proceeds</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect the Company to receive approximately
    $62.6&#160;million in net proceeds from the sale of the shares
    of the Company&#146;s common stock in this offering, or
    approximately $72.0&#160;million if the underwriters&#146;
    over-allotment option is exercised in full, after payment of our
    expenses of $270,000 related to this offering, and underwriting
    discounts and commissions. The Company intends to contribute the
    net proceeds from this offering to the Operating Partnership in
    exchange for additional ownership interests in the Operating
    Partnership. We expect the Operating Partnership will
    subsequently use those net proceeds for general corporate
    purposes, which may include the repayment or repurchases of
    future maturing debt. Pending such use, the Operating
    Partnership will use the net proceeds from this offering to
    reduce the outstanding balance on our unsecured line of credit.
    Affiliates of each of J.P. Morgan Securities Inc., the sole
    book-running manager of this offering, and Wells Fargo
    Securities, LLC, Morgan Keegan &#038; Company, Inc., Comerica
    Securities, Inc. and PNC Capital Markets LLC, some of the other
    underwriters of this offering, are lenders under our unsecured
    line of credit, and each may receive a portion of the net
    proceeds from this offering. See the section entitled
    &#147;Underwriting.&#148; As of June&#160;30, 2009, we had an
    aggregate of approximately $490&#160;million of borrowings
    outstanding on our $500&#160;million unsecured line of credit at
    a weighted average interest rate of 1.339%. Our unsecured line
    of credit bears interest at the prime rate plus 0.15% or at
    LIBOR plus 1.00%, at our election, and matures
    September&#160;28, 2012.
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-12
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='605'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Capitalization</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following table shows our cash and cash equivalents and
    capitalization as of June&#160;30, 2009:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    on a historical basis; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    on an adjusted basis giving effect to (i)&#160;the sale of
    12,500,000&#160;shares of the Company&#146;s common stock in
    this offering at a public offering price of $5.25 per share,
    after payment of our estimated expenses related to this offering
    and underwriting discounts and commissions, and (ii)&#160;our
    use of the net proceeds to reduce the outstanding balance on our
    unsecured line of credit, as described herein under the caption
    &#147;Use of Proceeds.&#148; The column headed &#147;As
    Adjusted&#148; does not include the effect of the sale of up to
    an additional 1,875,000&#160;shares of the Company&#146;s common
    stock that may be sold pursuant to the underwriters&#146;
    over-allotment option.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    You should read the information included in the table in
    conjunction with our consolidated financial statements and the
    related notes included in the Company&#146;s Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009, filed with the SEC and
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus.
</DIV>

<DIV style="margin-top: 16pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 2pt solid #000000"></DIV><!-- callerid=999 iwidth=450 length=0 -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As of June&#160;30, 2009</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Historical</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">As Adjusted</FONT></B>
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <DIV style="font-size: 8pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=54 length=0 -->
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>(Unaudited)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>(In thousands)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
    Cash and Cash Equivalents<BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 41%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=2083 iwidth=315 length=132 --><DIV style="font-size: 0pt; margin-left: 0%; width: 41%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=2083 iwidth=315 length=132 -->
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    54,962
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    54,962
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Debt:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Mortgage Loans Payable, Net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    224,351
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    224,351
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Senior Unsecured Debt, Net
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,373,010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,373,010
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Unsecured Line of Credit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    490,516
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    427,950
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 46pt">
    Total Consolidated Debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,087,877
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,025,311
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Total First Industrial Realty Trust, Inc.&#146;s
    Stockholders&#146; Equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    893,959
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    956,525
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -12pt; margin-left: 12pt">
    Noncontrolling Interests
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77,489
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    77,489
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 6pt; margin-left: 12pt">
    Total Equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    971,448
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,034,014
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 12pt; margin-left: 24pt">
    Total Capitalization<BR>
    <DIV style="font-size: 0pt; margin-left: 0%; width: 30%; border-bottom: 1pt solid #000000"></DIV><DIV style="text-indent:0pt"><!-- callerid=2083 iwidth=315 length=91 --><DIV style="font-size: 0pt; margin-left: 0%; width: 30%; border-bottom: 1pt solid #000000"></DIV><DIV style="text-indent:0pt"><!-- callerid=2083 iwidth=315 length=91 --></DIV></DIV>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;3,059,325
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;3,059,325
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=450 length=0 -->
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-13
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='607'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Underwriting</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Subject to the terms and conditions set forth in an underwriting
    agreement between us and the underwriters dated
    September&#160;29, 2009, the underwriters named below, for whom
    J.P.&#160;Morgan Securities Inc. is acting as representative,
    have severally agreed to purchase from us and we have agreed to
    sell to the underwriters the respective number of shares set
    forth opposite their names:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 2pt solid #000000"></DIV><!-- callerid=999 iwidth=450 length=0 -->

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="19%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 9pt">Name</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">Number of Shares</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    J.P.&#160;Morgan Securities Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wells Fargo Securities, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,375,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Morgan Keegan &#038; Company, Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    750,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Piper Jaffray &#038; Co.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    375,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PNC Capital Markets LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    187,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Comerica Securities, Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    187,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Macquarie Capital (USA) Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    187,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Raymond James &#038; Associates, Inc.
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    187,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 70pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,500,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="5" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 2pt solid #000000"></DIV><!-- callerid=999 iwidth=450 length=0 -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriting agreement provides that the obligations of the
    underwriters to purchase and accept delivery of the shares
    offered by this prospectus supplement are subject to approval by
    their counsel of legal matters and to other conditions set forth
    in the underwriting agreement. The underwriters are obligated to
    purchase and accept delivery of all shares offered by this
    prospectus supplement, if any of the shares are purchased, other
    than those covered by the over-allotment option described below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have agreed in the underwriting agreement to indemnify the
    underwriters against various liabilities that may arise in
    connection with this offering, including liabilities under the
    Securities Act. If we cannot indemnify the underwriters, we have
    agreed to contribute to payments the underwriters may be
    required to make in respect of those liabilities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriters propose to offer our shares directly to the
    public at the public offering price indicated on the cover page
    of this prospectus supplement and to various dealers at that
    price less a concession not in excess of $0.10 per share. The
    underwriters may allow, and the dealers may re-allow, a
    concession not in excess of $0.10 per share to other dealers. If
    all the shares are not sold at the public offering price, the
    underwriters may cancel or withdraw the offering, or change the
    public offering price and other selling terms. The shares are
    offered by the underwriters as stated in this prospectus
    supplement, subject to receipt and acceptance by them. The
    underwriters reserve the right to reject an order for the
    purchase of our shares in whole or in part.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have granted the underwriters an option, exercisable for
    30&#160;days after the date of this prospectus supplement, to
    purchase from time to time up to an aggregate of 1,875,000
    additional shares to cover over-allotments, if any, at the
    public offering price less the
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-14
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    underwriting discounts set forth on the cover page of this
    prospectus supplement. If the underwriters exercise this option,
    each underwriter, subject to certain conditions, will become
    obligated to purchase its pro rata portion of these additional
    shares based on the underwriter&#146;s percentage purchase
    commitment in this offering as indicated in the table above. The
    underwriters may exercise the over-allotment option only to
    cover over-allotments made in connection with the sale of the
    shares offered in this offering.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following table shows the amount per share and total
    underwriting discounts we will pay to the underwriters (dollars
    in thousands, except per share). The amounts are shown assuming
    both no exercise and full exercise of the underwriters&#146;
    over-allotment option.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="66%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="center" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=285 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Without<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>With<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>over-allotment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>over-allotment<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">exercise</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-size: 9pt">exercise</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="8" align="center" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=285 length=0 -->
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Per Share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $0.2231
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $0.2231
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $2,789,063
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $3,207,422
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD colspan="9" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In connection with the offering, we expect to incur expenses,
    excluding underwriting discounts and commissions, of
    approximately $270,000.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We, our executive officers and directors have each agreed not to
    offer, pledge, announce the intention to sell, sell, contract to
    sell, sell any option or contract to purchase, purchase any
    option or contract to sell, grant any option, right or warrant
    to purchase, or otherwise transfer or dispose of, directly or
    indirectly, or file with the SEC a registration statement under
    the Securities Act relating to, any additional shares of the
    Company&#146;s common stock or securities convertible into or
    exchangeable or exercisable for any shares of the Company&#146;s
    common stock, or publicly disclose the intention to make any
    such offer, sale, pledge, disposition or filing, or enter into
    any swap or other agreement that transfers any of the economic
    consequences of the Company&#146;s common stock or such other
    securities, without the prior written consent of
    J.P.&#160;Morgan Securities Inc., except issuances of common
    stock pursuant to the conversion or exchange of convertible or
    exchangeable securities, pursuant to the contractual terms of
    those securities, the exercise of warrants or options or vesting
    of restricted stock units, in each case outstanding on the date
    of this prospectus supplement, sales of common stock under our
    dividend reinvestment and direct stock purchase plan, grants of
    common stock, employee stock options or restricted stock units
    pursuant to the terms of a plan in effect on the date hereof,
    issuances of common stock pursuant to the exercise of such
    options or the exercise of any other employee stock options
    outstanding on the date hereof or the redemption, repurchase or
    other acquisition by us of any of our outstanding debt
    securities, all for a period of 60&#160;days after the date of
    this prospectus supplement or an earlier date agreed by the
    underwriters. However, if (1)&#160;during the last 17&#160;days
    of the
    <FONT style="white-space: nowrap">60-day</FONT>
    period, we release earnings results or material news or a
    material event relating us occurs or (2)&#160;prior to the
    expiration of the
    <FONT style="white-space: nowrap">60-day</FONT>
    period, we announce that we will release earnings results during
    the <FONT style="white-space: nowrap">16-day</FONT>
    period beginning on the last day of the
    <FONT style="white-space: nowrap">60-day</FONT>
    period, then in each case the period of restriction will be
    extended until the expiration of the
    <FONT style="white-space: nowrap">18-day</FONT>
    period beginning on the date of release of the earnings results
    or the occurrence of the materials news or material event, as
    applicable, unless the underwriters waive the extension. We are
    obligated to provide the underwriters with notice of any
    announcement described in clause&#160;(2) of the preceding
    sentence that gives rise to an extension of the restricted
    period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company&#146;s common shares are listed on the NYSE under
    the symbol &#147;FR.&#148;
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-15
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In connection with this offering, the underwriters may engage in
    stabilizing transactions, which involves making bids for,
    purchasing and selling shares of the Company&#146;s common stock
    in the open market for the purpose of preventing or retarding a
    decline in the market price of the common stock while this
    offering is in progress. These stabilizing transactions may
    include making short sales of the common stock, which involves
    the sale by the underwriters of a greater number of shares of
    the Company&#146;s common stock than they are required to
    purchase in this offering, and purchasing shares of the
    Company&#146;s common stock on the open market to cover
    positions created by short sales. Short sales may be
    &#147;covered&#148; shorts, which are short positions in an
    amount not greater than the underwriters&#146; over-allotment
    option referred to above, or may be &#147;naked&#148; shorts,
    which are short positions in excess of that amount. The
    underwriters may close out any covered short position either by
    exercising their over-allotment option, in whole or in part, or
    by purchasing shares in the open market. In making this
    determination, the underwriters will consider, among other
    things, the price of shares available for purchase in the open
    market compared to the price at which the underwriters may
    purchase shares through the over-allotment option. A naked short
    position is more likely to be created if the underwriters are
    concerned that there may be downward pressure on the price of
    the common stock in the open market that could adversely affect
    investors who purchase in this offering. To the extent that the
    underwriters create a naked short position, they will purchase
    shares in the open market to cover the position.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriters have advised us that, pursuant to
    Regulation&#160;M of the Securities Act, they may also engage in
    other activities that stabilize, maintain or otherwise affect
    the price of the common stock, including the imposition of
    penalty bids. This means that if the representatives of the
    underwriters purchase common stock in the open market in
    stabilizing transactions or to cover short sales, the
    representatives can require the underwriters that sold those
    shares as part of this offering to repay the underwriting
    discount received by them.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    These activities may have the effect of raising or maintaining
    the market price of the common stock or preventing or retarding
    a decline in the market price of the common stock, and, as a
    result, the price of the common stock may be higher than the
    price that otherwise might exist in the open market. If the
    underwriters commence these activities, they may discontinue
    them at any time. The underwriters may carry out these
    transactions on the NYSE, in the over-the-counter market or
    otherwise.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">United
    Kingdom</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Other than in the United States, no action has been taken by us
    or the underwriters that would permit a public offering of the
    securities offered by this prospectus supplement in any
    jurisdiction where action for that purpose is required. The
    securities offered by this prospectus supplement may not be
    offered or sold, directly or indirectly, nor may this prospectus
    supplement or any other offering material or advertisements in
    connection with the offer and sale of any such securities be
    distributed or published in any jurisdiction, except under
    circumstances that will result in compliance with the applicable
    rules and regulations of that jurisdiction. Persons into whose
    possession this prospectus supplement comes are advised to
    inform themselves about and to observe any restrictions relating
    to the offering and the distribution of this prospectus
    supplement. This prospectus supplement does not constitute an
    offer to sell or a solicitation of an offer to buy any
    securities offered by this prospectus supplement in any
    jurisdiction in which such an offer or a solicitation is
    unlawful.
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-16
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This document is only being distributed to and is only directed
    at (i)&#160;persons who are outside the United Kingdom or
    (ii)&#160;to investment professionals falling within
    Article&#160;19(5) of the Financial Services and Markets Act
    2000 (Financial Promotion) Order 2005 (the &#147;Order&#148;) or
    (iii)&#160;high net worth entities, and other persons to whom it
    may lawfully be communicated, falling with Article&#160;49(2)(a)
    to (d)&#160;of the Order (all such persons together being
    referred to as &#147;relevant persons&#148;). The securities are
    only available to, and any invitation, offer or agreement to
    subscribe, purchase or otherwise acquire such securities will be
    engaged in only with, relevant persons. Any person who is not a
    relevant person should not act or rely on this document or any
    of its contents.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">European Economic
    Area</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In relation to each member state of the European Economic Area
    that has implemented the Prospectus Directive (each, a relevant
    member state), with effect from and including the date on which
    the Prospectus Directive is implemented in that relevant member
    state (the relevant implementation date), an offer of shares
    described in this prospectus supplement may not be made to the
    public in that relevant member state prior to the publication of
    a prospectus in relation to the shares that has been approved by
    the competent authority in that relevant member state or, where
    appropriate, approved in another relevant member state and
    notified to the competent authority in that relevant member
    state, all in accordance with the Prospectus Directive, except
    that, with effect from and including the relevant implementation
    date, an offer of securities may be offered to the public in
    that relevant member state at any time:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="3%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    to any legal entity that is authorized or regulated to operate
    in the financial markets or, if not so authorized or regulated,
    whose corporate purpose is solely to invest in securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    to any legal entity that has two or more of (1)&#160;an average
    of at least 250&#160;employees during the last financial year;
    (2)&#160;a total balance sheet of more than &#128;43,000,000 and
    (3)&#160;an annual net turnover of more than &#128;50,000,000,
    as shown in its last annual or consolidated accounts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    to fewer than 100 natural or legal persons (other than qualified
    investors as defined below) subject to obtaining the prior
    consent of the representatives for any such offer; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    in any other circumstances that do not require the publication
    of a prospectus pursuant to Article&#160;3 of the Prospectus
    Directive.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Each purchaser of shares described in this prospectus supplement
    located within a relevant member state will be deemed to have
    represented, acknowledged and agreed that it is a
    &#147;qualified investor&#148; within the meaning of
    Article&#160;2(1)(e) of the Prospectus Directive.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For purposes of this provision, the expression an &#147;offer to
    the public&#148; in any relevant member state means the
    communication in any form and by any means of sufficient
    information on the terms of the offer and the securities to be
    offered so as to enable an investor to decide to purchase or
    subscribe the securities, as the expression may be varied in
    that member state by any measure implementing the Prospectus
    Directive in that member state, and the expression
    &#147;Prospectus Directive&#148; means Directive 2003/71/EC and
    includes any relevant implementing measure in each relevant
    member state.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The sellers of the shares have not authorized and do not
    authorize the making of any offer of shares through any
    financial intermediary on their behalf, other than offers made
    by the underwriters with a view to the final placement of the
    shares as contemplated in this prospectus
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-17
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    supplement. Accordingly, no purchaser of the shares, other than
    the underwriters, is authorized to make any further offer of the
    shares on behalf of the sellers or the underwriters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">France</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Neither this prospectus supplement nor any other offering
    material relating to the shares described in this prospectus
    supplement has been submitted to the clearance procedures of the
    <I>Autorit&#233; des March&#233;s Financiers </I>or of the
    competent authority of another member state of the European
    Economic Area and notified to the <I>Autorit&#233; des
    March&#233;s Financiers. </I>The shares have not been offered or
    sold and will not be offered or sold, directly or indirectly, to
    the public in France. Neither this prospectus supplement nor any
    other offering material relating to the shares has been or will
    be:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="3%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    released, issued, distributed or caused to be released, issued
    or distributed to the public in France; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    used in connection with any offer for subscription or sale of
    the shares to the public in France.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Such offers, sales and distributions will be made in France only:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="3%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    to qualified investors (<I>investisseurs qualifi&#233;s</I>)
    <FONT style="white-space: nowrap">and/or</FONT> to a
    restricted circle of investors (<I>cercle restreint
    d&#146;investisseurs</I>), in each case investing for their own
    account, all as defined in, and in accordance with
    <FONT style="white-space: nowrap">articles&#160;L.411-2,</FONT>
    D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the
    French <I>Code mon&#233;taire et financier;</I>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    to investment services providers authorized to engage in
    portfolio management on behalf of third parties; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">
    in a transaction that, in accordance with article
    L.411-2-II-1&#176;-or-2&#176;-or 3&#176; of the French <I>Code
    mon&#233;taire et financier </I>and
    <FONT style="white-space: nowrap">article&#160;211-2</FONT>
    of the General Regulations (<I>R&#232;glement
    G&#233;n&#233;ral</I>) of the <I>Autorit&#233; des March&#233;s
    Financiers</I>, does not constitute a public offer (<I>appel
    public &#224; l&#146;&#233;pargne</I>).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The shares may be resold directly or indirectly, only in
    compliance with
    <FONT style="white-space: nowrap">articles&#160;L.411-1,</FONT>
    L.411-2, L.412-1 and L.621-8 through L.621-8-3 of the French
    <I>Code mon&#233;taire et financier</I>.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Switzerland</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This product has not been registered or approved for public
    distribution in Switzerland by the Swiss Federal Banking
    Commission under the Swiss Investment Fund&#160;Act. This
    product shall not be offered or sold to the public in or from
    Switzerland, directly or indirectly, and neither this prospectus
    supplement nor the accompanying prospectus may be distributed or
    published to the public in Switzerland and neither this
    prospectus supplement nor the accompanying prospectus shall
    constitute a prospectus in the sense of art. 652a or 1156 of the
    Swiss Code of Obligations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The underwriters and their respective affiliates have from time
    to time provided, and may in the future provide, various
    investment banking, commercial banking, financial advisory and
    other services for us for which they have received or will
    receive customary fees and commissions for these transactions.
    JP Morgan Chase Bank, NA, an affiliate of J.P.&#160;Morgan
    Securities Inc., the sole book-running manager of this offering,
    is the administrative agent and a lender under our unsecured
    line of credit. Wells Fargo Bank National Association and
    Wachovia Bank,
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-18
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    National Association, each an affiliate of Wells Fargo
    Securities, LLC, which is one of the underwriters of this
    offering, are lenders under our unsecured line of credit.
    Regions Bank, an affiliate of Morgan Keegan &#038; Company,
    Inc., one of the underwriters of this offering, is a lender
    under our unsecured line of credit. Comerica Bank, an affiliate
    of Comerica Securities, Inc., which is one of the underwriters
    of this offering, is a lender under our unsecured line of
    credit. PNC Bank, National Association, an affiliate of PNC
    Capital Markets LLC, which is one of the underwriters of this
    offering, is a lender under our unsecured line of credit. As of
    June&#160;30, 2009, we had an aggregate of approximately
    $490&#160;million of borrowings outstanding on our
    $500&#160;million unsecured line of credit at a weighted average
    interest rate of 1.339%. Our unsecured line of credit bears
    interest at the prime rate plus 0.15% or at LIBOR plus 1.00%, at
    our election, and matures September&#160;28, 2012. Because
    affiliates of each of J.P. Morgan Securities Inc., Wells Fargo
    Securities, LLC, Morgan Keegan &#038; Company, Inc., Comerica
    Securities, Inc. and PNC Capital Markets, LLC are lenders under
    our unsecured line of credit, these affiliates may each receive
    a portion of the net proceeds from this offering to the extent
    any net proceeds are used to repay the debt.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus supplement and the accompanying prospectus in
    electronic format may be available on the Internet sites or
    through other online services maintained by one or more of the
    underwriters and selling group members participating in the
    offering, or by their affiliates. In those cases, prospective
    investors may view offering terms online and, depending upon the
    underwriter or the selling group member, prospective investors
    may be allowed to place orders online. The underwriters may
    agree with us to allocate a specific number of shares for sale
    to online brokerage account holders. Any such allocation for
    online distributions will be made by the underwriters on the
    same basis as other allocations.
</DIV>
<A name='608'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Legal
    matters</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Certain legal matters will be passed upon for us by Barack
    Ferrazzano Kirschbaum&#160;&#038; Nagelberg LLP, Chicago,
    Illinois. Barack Ferrazzano Kirschbaum&#160;&#038; Nagelberg LLP
    will rely as to all matters of Maryland law on the opinion of
    McGuireWoods LLP, Baltimore, Maryland. Certain legal matters
    will be passed upon for the underwriter by Clifford Chance US
    LLP, New York, New York.
</DIV>
<A name='609'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Experts</FONT></B><FONT style="font-family: Arial, Helvetica">
    </FONT>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The financial statements and management&#146;s assessment of the
    effectiveness of internal control over financial reporting
    (which is included in Management&#146;s Report on Internal
    Control over Financial Reporting) incorporated in this
    prospectus supplement and the accompanying prospectus by
    reference to the Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of First Industrial Realty Trust, Inc. for the year ended
    December&#160;31, 2008, have been so incorporated in reliance on
    the reports of PricewaterhouseCoopers LLP, an independent
    registered public accounting firm, given on the authority of
    said firm as experts in auditing and accounting.
</DIV>
<P>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    S-19
</DIV>
<P></P>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">$1,500,000,000<BR>
    FIRST INDUSTRIAL REALTY TRUST, INC.<BR>
    and<BR>
    FIRST INDUSTRIAL, L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    First Industrial Realty Trust, Inc. may offer the following
    securities for sale through this prospectus from time to time:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    shares of common stock;
</TD>
</TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    shares of preferred stock; or
</TD>
</TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    shares of preferred stock represented by depositary shares.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    First Industrial, L.P., the operating partnership of First
    Industrial Realty Trust, Inc., may offer unsecured
    non&#150;convertible investment grade debt securities for sale
    through this prospectus from time to time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will provide the specific terms of the securities that we are
    offering in one or more supplements to this prospectus. Any
    supplement may also add, update or change information contained
    in this prospectus. You should read both this prospectus and any
    prospectus supplement together with the additional information
    described under &#147;Where You Can Find More Information&#148;
    before investing in our securities. The aggregate of the
    offering prices of securities covered by this prospectus will
    not exceed $1,500,000,000.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The common stock of First Industrial Realty Trust, Inc. is
    listed on the New York Stock Exchange under the symbol
    &#147;FR.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may sell offered securities through agents, to or through
    underwriters or through dealers, directly to purchasers or
    through a combination of these methods of sale. See &#147;Plan
    of Distribution&#148; for more information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus may not be used to consummate sales of offered
    securities unless accompanied by a prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Investing in the securities of First Industrial Realty Trust,
    Inc. or First Industrial, L.P. involves risks that are described
    in the &#147;Risk Factors&#148; section of our Annual Reports on
    <FONT style="white-space: nowrap">Form&#160;10&#150;K</FONT>
    for the year ended December&#160;31, 2008 and other reports that
    we may file from time to time with the Securities and Exchange
    Commission.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or passed upon the adequacy or accuracy of this
    prospectus. Any representation to the contrary is a criminal
    offense.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The date of this prospectus is September&#160;18, 2009.
</DIV>

<P align="left" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="94%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="5" align="right" valign="bottom">
    <DIV style="font-size: -2pt; margin-left: 0%; width: 100%; border-bottom: 2pt solid #000000"></DIV><!-- callerid=209 iwidth=419 length=0 -->
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="right" valign="bottom">
    <B><FONT style="font-size: 9pt">Page</FONT></B>
</TD>
</TR>
<TR style="font-size: 2pt" valign="bottom" align="center">
<TD colspan="5" align="right" valign="bottom">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><!-- callerid=209 iwidth=419 length=0 -->
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>About this prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>The company and the operating partnership</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>Ratios of earnings to fixed charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>Use of proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>Plan of distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>Description of common stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>Description of preferred stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>Description of depositary shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>Description of debt securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>Certain provisions of Maryland law and the
    company&#146;s charter and bylaws</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>Restrictions on transfer of capital stock</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>Certain U.S. federal income tax considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>Forward&#150;looking statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    63
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>Where you can find more information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>Documents incorporated by reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    64
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>Legal matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have not authorized any dealer, salesperson or other person
    to give you written information other than this prospectus or
    any prospectus supplement or to make representations as to
    matters not stated in this prospectus or any prospectus
    supplement. You must not rely on unauthorized information. This
    prospectus and any prospectus supplement are not an offer to
    sell these securities or our solicitation of your offer to buy
    the securities in any jurisdiction where that would not be
    permitted or legal. The delivery of this prospectus or any
    prospectus supplement at any time does not create an implication
    that the information contained herein or therein is correct as
    of any time subsequent to their respective dates.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">About this
    prospectus</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus is part of a registration statement that First
    Industrial Realty Trust, Inc. (the &#147;Company&#148; or
    &#147;First Industrial&#148;) and First Industrial, L.P. (the
    &#147;Operating Partnership&#148;) filed with the Securities and
    Exchange Commission, (the &#147;SEC&#148; or the
    &#147;Commission&#148;), utilizing the &#147;shelf&#148;
    registration process, relating to the common stock, preferred
    stock, depositary shares and debt securities described in this
    prospectus. Under this shelf registration process, the Company
    and the Operating Partnership may sell any combination of the
    securities described in this prospectus from time to time and in
    one or more offerings up to a total amount of $1,500,000,000.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus provides you with a general description of the
    securities that the Company and the Operating Partnership may
    offer. Each time the Company or the Operating Partnership sells
    securities, it will provide a prospectus supplement that will
    contain specific information about the terms of that offering.
    The prospectus supplement may also add, update or change
    information contained in this prospectus. You should read both
    this prospectus and any prospectus supplement together with the
    additional information described under the headings &#147;Where
    You Can Find More Information&#148; and &#147;Documents
    Incorporated by Reference.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As used in this prospectus, &#147;we,&#148; &#147;us&#148; and
    &#147;our&#148; refer to the Company and its subsidiaries,
    including the Operating Partnership, unless the context
    otherwise requires.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The company and
    the operating partnership</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company is a real estate investment trust, or REIT, subject
    to Sections&#160;856 through 860 of the Internal Revenue Code of
    1986, as amended (the &#147;Code&#148;). We are a
    self&#150;administered and fully integrated real estate company
    which owns, manages, acquires, sells, develops and redevelops
    industrial real estate. As of December&#160;31, 2008, our
    in&#150;service portfolio consisted of 352 light industrial
    properties, 121 R&#038;D/flex properties, 152 bulk warehouse
    properties, 84 regional warehouse properties and 19
    manufacturing properties containing approximately
    60.6&#160;million square feet of gross leasable area located in
    28&#160;states in the United States and one province in Canada.
    As of December&#160;31, 2008, our in&#150;service portfolio
    included all properties other than developed, redeveloped and
    acquired properties that had not yet reached stabilized
    occupancy (generally defined as properties that are 90% leased).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our interests in our properties and land parcels are held
    through partnerships, corporations and limited liability
    companies controlled, directly or indirectly, by the Company,
    including the Operating Partnership, of which we are the sole
    general partner with an approximate 88.5% ownership interest at
    December&#160;31, 2008. At that date, approximately 11.5% of the
    outstanding limited partnership units in the Operating
    Partnership were held by outside investors, including certain
    members of the management of the Company. Each limited
    partnership unit, other than those held by the Company, may be
    exchanged for cash or, at the Company&#146;s option, one share
    of First Industrial common stock, subject to adjustments. Upon
    each exchange, the number of limited partnership units held by
    the Company, and its ownership percentage of the Operating
    Partnership, increase. As of December&#160;31, 2008, the Company
    also owned preferred general partnership interests in the
    Operating Partnership with an aggregate liquidation priority of
    $275,000,000.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We utilize an operating approach which combines the
    effectiveness of decentralized, locally&#150;based property
    management, acquisition, sales and development functions with
    the cost efficiencies of centralized acquisition, sales and
    development support, capital markets expertise, asset management
    and fiscal control systems.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company, a Maryland corporation organized on August&#160;10,
    1993, completed its initial public offering in June 1994. The
    Operating Partnership is a Delaware limited partnership
    organized in November 1993. Our principal executive offices are
    located at 311&#160;S.&#160;Wacker Drive, Suite&#160;4000,
    Chicago, Illinois 60606, telephone number
    <FONT style="white-space: nowrap">(312)&#160;344&#150;4300.</FONT>
    Our website is located at
    <I><FONT style="white-space: nowrap">http://www.firstindustrial.com</FONT></I>.
    The information on or linked to our website is not a part of,
    and is not incorporated by reference into, this prospectus.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Ratios of
    earnings to fixed charges</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company&#146;s ratios of earnings to fixed charges and
    preferred dividend requirements for the years ended
    December&#160;31, 2008, 2007, 2006, 2005 and 2004 were 0.05x,
    0.32x, 0.24x, 0.38x and 0.72x, respectively. For all the years
    presented, the ratio coverage is less than 1:1. Additional
    earnings of $135,958, $106,210, $115,400, $77,398 and $35,734
    for the years ended December&#160;31, 2008, 2007, 2006, 2005 and
    2004, respectively, would have been required to achieve a ratio
    coverage of 1:1. 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 cost, whether expensed or
    capitalized and amortization of deferred financing costs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Operating Partnership&#146;s ratios of earnings to fixed
    charges for the years ended December&#160;31, 2008, 2007, 2006,
    2005 and 2004 were 0.37x, 0.48x, 0.48x, 0.76x and 1.05x,
    respectively. For the years ended December&#160;31, 2008, 2007,
    2006 and 2005, the ratio coverage is less than 1:1. Additional
    earnings of $77,376, $68,033, $67,774 and $27,242 for the years
    ended December&#160;31, 2008, 2007, 2006 and 2005, respectively,
    would have been required to achieve a ratio coverage of 1:1. For
    purposes of computing the ratios of earnings to fixed charges,
    earnings have been calculated by adding fixed charges (excluding
    capitalized interest) to income from continuing operations.
    Fixed charges consist of interest cost, whether expensed or
    capitalized and amortization of deferred financing costs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The ratios set forth above are subject to adjustment as a result
    of the adoption of the Financial Accounting Standards
    Board&#146;s Statement of Financial Accounting Standards
    No.&#160;144, <I>&#147;Accounting for the Impairment or Disposal
    of Long&#150;Lived Assets&#148; </I>(&#147;FAS&#160;144&#148;),
    as described in Note&#160;4 to the consolidated financial
    statements in the Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10&#150;K</FONT>
    of the Company and of the Operating Partnership for the year
    ended December&#160;31, 2008. As a result, the adjustment
    required by FAS&#160;144 will reduce income from continuing
    operations and the ratios reported above will not agree to the
    ratios reported in prior Annual Reports on
    <FONT style="white-space: nowrap">Form&#160;10&#150;K</FONT>
    of the Company and of the Operating Partnership.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Use of
    proceeds</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless otherwise described in the applicable prospectus
    supplement, the Company and the Operating Partnership intend to
    use the net proceeds from the sale of securities offered by this
    prospectus and the applicable prospectus supplement for general
    corporate purposes. Any proceeds from the sale of common stock,
    preferred stock or depositary shares by the Company will be
    invested in the Operating Partnership, which will use the
    proceeds for the same purposes.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    6
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Plan of
    distribution</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership may sell offered securities in any one or
    more of the following ways from time to time:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    through agents;
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to or through underwriters;
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    through dealers;
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    directly to purchasers; or
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    through a combination of these methods of sale.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The prospectus supplement relating to the offered securities
    will set forth the terms of the offering and of the offered
    securities, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the name or names of any underwriters, dealers or agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the purchase price of the offered securities and the proceeds to
    the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership from such sale;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    any underwriting discounts and commission or agency fees and
    other items constituting underwriters&#146; or agents&#146;
    compensation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    any initial public offering price; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    any discounts or concessions allowed or reallowed or paid to
    dealers and any securities exchange on which such offered
    securities may be listed.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Any initial public offering price, discounts or concessions
    allowed or reallowed or paid to dealers may be changed from time
    to time.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The distribution of the offered securities may be effected from
    time to time in one or more transactions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    at a fixed price or prices, which may be changed;
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    at market prices prevailing at the time of sale;
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    at prices related to prevailing market prices; or
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    at negotiated prices.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Offers to purchase offered securities may be solicited by agents
    designated by the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership from time to time. Any agent involved in
    the offer or sale of the offered securities in respect of which
    this prospectus is delivered will be named, and any commissions
    payable by the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership to the agent will be set forth, in the
    applicable prospectus supplement. Underwriters or agents could
    make sales deemed to be an
    <FONT style="white-space: nowrap">&#147;at&#150;the&#150;market&#148;</FONT>
    offering as defined in Rule&#160;415 promulgated under the
    Securities Act of 1933, as amended (the &#147;Securities
    Act&#148;), including sales made directly on the New York Stock
    Exchange (the &#147;NYSE&#148;), the existing trading market for
    our common stock, or sales made to or through a market maker
    other than on an exchange. Unless otherwise indicated in the
    prospectus supplement, any agent will be acting on a reasonable
    best efforts basis for the period of its appointment. Any agent
    may, and if acting as agent in an at&#150;the&#150;market equity
    offering will, be deemed to be an underwriter, as that term is
    defined in the Securities Act, of the offered securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If offered securities are sold by means of an underwritten
    offering, the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership will execute an underwriting agreement
    with an underwriter or
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    underwriters, and the names of the specific managing underwriter
    or underwriters, as well as any other underwriters, and the
    terms of the transaction, including commissions, discounts and
    any other compensation of the underwriters and dealers, if any,
    will be set forth in the prospectus supplement which will be
    used by the underwriters to make resales of the offered
    securities. If underwriters are utilized in the sale of the
    offered securities, the offered securities may be acquired by
    the underwriters for their own account and may be resold from
    time to time in one or more transactions, including negotiated
    transactions, at fixed public offering prices or at varying
    prices determined by the underwriters at the time of sale.
    Offered securities may be offered to the public either through
    underwriting syndicates represented by managing underwriters or
    directly by the managing underwriters. If any underwriter or
    underwriters are utilized in the sale of the offered securities,
    unless otherwise indicated in the prospectus supplement, the
    underwriting agreement will provide that the obligations of the
    underwriters are subject to certain conditions precedent and
    that the underwriters with respect to a sale of offered
    securities will be obligated to purchase all such offered
    securities of a series if any are purchased.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership may grant to the underwriters options to
    purchase additional offered securities to cover
    over&#150;allotments, if any, at the public offering price, with
    additional underwriting discounts or commissions, as may be set
    forth in the prospectus supplement relating thereto. If the
    Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership grant any over&#150;allotment option, the
    terms of the over&#150;allotment option will be set forth in the
    prospectus supplement relating to the offered securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If a dealer is utilized in the sales of offered securities in
    respect of which this prospectus is delivered, the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership will sell the offered securities to the
    dealer as principal. The dealer may then resell the offered
    securities to the public at varying prices to be determined by
    the dealer at the time of resale. Any dealer may be deemed to be
    an underwriter, as that term is defined in the Securities Act,
    of the offered securities so offered and sold. The name of the
    dealer and the terms of the transaction will be set forth in the
    related prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Offers to purchase offered securities may be solicited directly
    by the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership and the sale may be made by the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership directly to institutional investors or
    others, who may be deemed to be underwriters within the meaning
    of the Securities Act with respect to any resale thereof. The
    terms of any such sales will be described in the related
    prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Offered securities may also be offered and sold, if so indicated
    in the applicable prospectus supplement, in connection with a
    remarketing upon their purchase, in accordance with a redemption
    or repayment pursuant to their terms, or otherwise, by one or
    more remarketing firms, acting as principals for their own
    accounts or as agents for the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership. Any remarketing firm will be identified
    and the terms of its agreements, if any, with the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership and its compensation will be described in
    the applicable prospectus supplement. Remarketing firms may be
    deemed to be underwriters, as that term is defined in the
    Securities Act, in connection with the offered securities
    remarketed thereby.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Agents, underwriters, dealers and remarketing firms may be
    entitled under relevant agreements entered into with the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership to indemnification by the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership against certain civil liabilities,
    including liabilities under the Securities Act, that may arise
    from any untrue statement or alleged untrue
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    8
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    statement of a material fact or any omission or alleged omission
    to state a material fact in this prospectus, any supplement or
    amendment hereto, or in the registration statement of which this
    prospectus forms a part, or to contribution with respect to
    payments which the agents, underwriters, dealers or remarketing
    firms may be required to make. The terms of any such
    indemnification or contribution will be described in the related
    prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If so indicated in the prospectus supplement, the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership will authorize underwriters or other
    persons acting as agents to solicit offers by certain
    institutions to purchase offered securities from the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership, pursuant to contracts providing for
    payments and delivery on a future date. Institutions with which
    these contracts may be made include commercial and savings
    banks, insurance companies, pension funds, investment companies,
    educational and charitable institutions and others, but in all
    cases these institutions must be approved by the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership. The obligations of any purchaser under
    any contract will be subject to the condition that the purchase
    of the offered securities shall not at the time of delivery be
    prohibited under the laws of the jurisdiction to which the
    purchaser is subject. The underwriters and other agents will not
    have any responsibility in respect of the validity or
    performance of these contracts.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Each series of offered securities will be a new issue and, other
    than the common stock and certain series of depositary shares of
    the Company, which are listed on the NYSE, will have no
    established trading market. The Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership may elect to list any series of offered
    securities on an exchange or automated quotation system, and in
    the case of the common stock of the Company, on any additional
    exchange, but, unless otherwise specified in the applicable
    prospectus supplement, the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership will not be obligated to do so. No
    assurance can be given as to the liquidity of the trading market
    for any of the offered securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Underwriters, dealers, agents and remarketing firms may engage
    in transactions with, or perform services for, the Company
    <FONT style="white-space: nowrap">and/or</FONT> the
    Operating Partnership and their subsidiaries in the ordinary
    course of business.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    9
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    common stock</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following is a summary of the material terms of our common
    stock. You should read our charter and bylaws, which are
    incorporated by reference to the registration statement of which
    this prospectus is a part.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under our charter, the Company has authority to issue
    100&#160;million shares of its common stock, par value $.01 per
    share. Under Maryland law, stockholders generally are not
    responsible for the corporation&#146;s debts or obligations.
    Stockholders may, however, be liable for contribution if they
    knowingly receive an improper distribution from the Company in
    violation of Maryland law. At February&#160;20, 2009, we had
    outstanding 44,572,578&#160;shares of common stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Terms</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Subject to the preferential rights of any other shares or series
    of stock, including preferred stock outstanding from time to
    time, and to the provisions of our charter regarding excess
    stock, common stockholders will be entitled to receive dividends
    on shares of common stock if, as and when authorized and
    declared by our board of directors out of assets legally
    available for that purpose. Subject to the preferential rights
    of any other shares or series of stock, including preferred
    stock outstanding from time to time, and to the provisions of
    our charter regarding excess stock, common stockholders will
    share ratably in the assets of the Company legally available for
    distribution to its stockholders in the event of its
    liquidation, dissolution or winding up after payment of, or
    adequate provision for, all known debts and liabilities of the
    Company. For a discussion of excess stock, please see
    &#147;Restrictions on Transfer of Capital Stock.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Subject to the provisions of our charter regarding excess stock,
    each outstanding share of common stock entitles the holder to
    one vote on all matters submitted to a vote of stockholders,
    including the election of directors, and, except as otherwise
    required by law or except as provided with respect to any other
    class or series of stock, common stockholders will possess the
    exclusive voting power. There is no cumulative voting in the
    election of directors, which means that the holders of a
    majority of the outstanding shares of common stock can elect all
    of the directors then standing for election, and the holders of
    the remaining shares of common stock will not be able to elect
    any directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Common stockholders have no conversion, sinking fund or
    redemption rights, or preemptive rights to subscribe for any
    securities of the Company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Subject to the provisions of our charter regarding excess stock,
    all shares of common stock will have equal dividend,
    distribution, liquidation and other rights, and will have no
    preference, appraisal or exchange rights.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the Maryland General Corporate Law (the &#147;MGCL&#148;),
    a corporation generally cannot, subject to certain exceptions,
    dissolve, amend its charter, merge, sell all or substantially
    all of its assets, engage in a share exchange or engage in
    similar transactions outside the ordinary course of business
    unless approved by the affirmative vote of stockholders holding
    at least two&#150;thirds of the shares entitled to vote on the
    matter unless the corporation&#146;s charter provides for a
    lesser percentage, which percentage shall not be less than a
    majority of all of
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    10
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    the votes to be cast on the matter. Our charter does not provide
    for a lesser percentage in such situations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Restrictions on
    ownership</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For the Company to qualify as a REIT under the Code, not more
    than 50% in value of its outstanding capital stock may be owned,
    actually or by attribution, by five or fewer individuals, as
    defined in the Code to include certain entities, during the last
    half of a taxable year. To assist us in meeting this
    requirement, we may take certain actions to limit the beneficial
    ownership, directly or indirectly, by individuals of our
    outstanding equity securities. See &#147;Restrictions on
    Transfer of Capital Stock.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Transfer
    agent</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The transfer agent and registrar for the common stock is
    Computershare Trust&#160;Company, N.A.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    11
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    preferred stock</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following is a summary of the material terms of our
    preferred stock. You should also read our charter and bylaws,
    which are incorporated by reference to the registration
    statement of which this prospectus is a part. All material terms
    of the preferred stock, except those disclosed in the applicable
    prospectus supplement, are described in this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">General</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under our charter, the Company has authority to issue
    10&#160;million shares of its preferred stock, par value $.01
    per share. The preferred stock may be issued from time to time,
    in one or more series, as authorized by the Company&#146;s board
    of directors. Prior to issuance of shares of each series, the
    Company&#146;s board of directors is required by the MGCL and
    our charter to fix for each series, subject to the provisions of
    the charter regarding excess stock, par value $.01 per share,
    the terms, preferences, conversion or other rights, voting
    powers, restrictions, limitations as to dividends or other
    distributions, qualifications and terms or conditions of
    redemption of those shares as may be permitted by Maryland law.
    These rights, powers, restrictions and limitations could include
    the right to receive specified dividend payments and payments on
    liquidation prior to any payments to holders of common stock or
    other capital stock of the Company ranking junior to the
    preferred stock. The outstanding shares of preferred stock are,
    and additional shares of preferred stock will be, when issued,
    fully paid and nonassessable and will have no preemptive rights.
    The Company&#146;s board of directors could authorize the
    issuance of shares of preferred stock with terms and conditions
    that could have the effect of discouraging a takeover or other
    transaction that holders of common stock might believe to be in
    their best interests or in which holders of some, or a majority,
    of the shares of common stock might receive a premium for their
    shares over the then market price of those shares of common
    stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Outstanding
    preferred stock</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    At December&#160;31, 2008 the Company had outstanding
    500&#160;shares of Series&#160;F preferred stock,
    250&#160;shares of Series&#160;G preferred stock,
    600&#160;shares of Series&#160;J preferred stock and
    200&#160;shares of Series&#160;K preferred stock, constituting
    all of the Company&#146;s outstanding preferred stock. The terms
    of the Series&#160;F, Series&#160;G, Series&#160;J, and
    Series&#160;K preferred stock provide for a preference as to the
    payment of dividends over shares of common stock and any other
    capital stock ranking junior to the Series&#160;F,
    Series&#160;G, Series&#160;J, and Series&#160;K preferred stock.
    The terms of each of the Series&#160;J and Series&#160;K
    preferred stock provide for cumulative quarterly dividends at
    the rate of $18,125.00 per share per year. Through
    March&#160;31, 2009 and March&#160;31, 2014, respectively, the
    terms of the Series&#160;F and Series&#160;G preferred stock
    provide for cumulative semi&#150;annual dividends at the rate of
    $6,236.00 and $7,236.00, respectively, per share per year. After
    March&#160;31, 2009 and March&#160;31, 2014, respectively, the
    terms of the Series&#160;F and Series&#160;G preferred stock
    provide for the reset of dividend rates, at the Company&#146;s
    option, on a fixed or floating rate basis for fixed or floating
    rate periods. Any such fixed rates and periods will be
    determined through a remarketing procedure, with cumulative
    dividends payable semi&#150;annually. Any such floating rates
    during floating rate periods will equal 2.375% for the
    Series&#160;F preferred stock and 2.500% for the Series&#160;G
    preferred stock (each, the initial credit spread), plus the
    greater of (i)&#160;the
    <FONT style="white-space: nowrap">3&#150;month</FONT>
    LIBOR Rate, (ii)&#160;the
    <FONT style="white-space: nowrap">10&#150;year</FONT>
    Treasury CMT Rate and (iii)&#160;the
    <FONT style="white-space: nowrap">30&#150;year</FONT>
    Treasury CMT Rate (the adjustable rate), reset quarterly, with
    cumulative dividends payable quarterly. On and after
    March&#160;31, 2009, March&#160;31, 2014, January&#160;15, 2011
    and August&#160;15, 2011, respectively, the Series&#160;F,
    Series&#160;G, Series&#160;J, and Series&#160;K preferred stock
    are subject to
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    12
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    redemption, in each case in whole or in part, at the option of
    the Company, at a cash redemption price of $100,000.00 per
    share, $100,000.00 per share, $250,000.00 per share and
    $250,000.00 per share, respectively, plus accrued and unpaid
    dividends. The Series&#160;F, Series&#160;G, Series&#160;J, and
    Series&#160;K preferred stock rank on a parity as to payment of
    dividends and amounts upon liquidation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the event of any voluntary or involuntary liquidation,
    dissolution or winding up of the Company, the holders of the
    Series&#160;F, Series&#160;G, Series&#160;J, and Series&#160;K
    preferred stock will be entitled to receive out of the
    Company&#146;s assets available for distribution to
    stockholders, before any distribution of assets is made to
    holders of common stock or any other shares of capital stock
    ranking, as to distributions, junior to the Series&#160;F,
    Series&#160;G, Series&#160;J, and Series&#160;K preferred stock,
    liquidating distributions in the amount of $100,000.00 per
    share, $100,000.00 per share, $250,000.00 per share and
    $250,000.00 per share, respectively, plus all accrued and unpaid
    dividends.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Except as expressly required by law and in some other limited
    circumstances, the holders of the preferred stock are not
    entitled to vote. The consent of holders of not less than
    two&#150;thirds of the outstanding preferred stock and any other
    series of preferred stock ranking on a parity with the
    outstanding preferred stock, voting as a single class, is
    required to authorize another class of shares senior to the
    outstanding preferred stock. The affirmative vote or consent of
    the holders of not less than two&#150;thirds of the outstanding
    shares of each series of preferred stock is required to amend or
    repeal any provision of, or add any provision to, our charter,
    including the articles supplementary relating to that series of
    preferred stock, if that action would materially and adversely
    alter or change the rights, preferences or privileges of that
    series of preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Future series of
    preferred stock</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following is a description of the general terms and
    provisions of the preferred stock to which any prospectus
    supplement may relate. The statements below describing the
    preferred stock are in all respects subject to and qualified in
    their entirety by reference to the applicable provisions of our
    charter and bylaws and any applicable amendment or articles
    supplementary to our charter designating terms of a series of
    preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Any prospectus supplement relating to a future series of the
    preferred stock may contain specific terms, including:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="82%"></TD>
    <TD width="13%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">
    The title and stated value of the preferred stock;
</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">
    The number of shares of the preferred stock offered, the
    liquidation preference per&#160;share and the offering price of
    the preferred stock;
</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;
</TD>
    <TD align="left">
    The dividend rate(s), period(s)
    <FONT style="white-space: nowrap">and/or</FONT>
    payment date(s) or method(s) of calculation applicable to the
    preferred stock;
</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (4)&#160;
</TD>
    <TD align="left">
    The date from which dividends on the preferred stock shall
    accumulate, if applicable;
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="85%"></TD>
    <TD width="10%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (5)&#160;
</TD>
    <TD align="left">
    The procedures for any auction and remarketing, if any, for the
    preferred stock;
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    13
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="82%"></TD>
    <TD width="13%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (6)&#160;
</TD>
    <TD align="left">
    The provision for a sinking fund, if any, for the preferred
    stock;
</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (7)&#160;
</TD>
    <TD align="left">
    The provision for redemption, if applicable, of the preferred
    stock;
</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (8)&#160;
</TD>
    <TD align="left">
    Any listing of the preferred stock on any securities exchange;
</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (9)&#160;
</TD>
    <TD align="left">
    The terms and conditions, if applicable, upon which the
    preferred stock will be convertible into common stock, including
    the conversion price or manner of calculation of the conversion
    price;
</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (10)&#160;
</TD>
    <TD align="left">
    Any other specific terms, preferences, rights, limitations or
    restrictions of the preferred stock;
</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (11)&#160;
</TD>
    <TD align="left">
    A discussion of federal income tax considerations applicable to
    the preferred stock;
</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (12)&#160;
</TD>
    <TD align="left">
    The relative ranking and preference of the preferred stock as to
    dividend rights and rights upon liquidation, dissolution or
    winding up of the affairs of the Company;
</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (13)&#160;
</TD>
    <TD align="left">
    Any limitations on issuance of any series of preferred stock
    ranking senior to or on a parity with the series of preferred
    stock as to dividend rights and rights upon liquidation,
    dissolution or winding up of the affairs of the Company;&#160;and
</TD>
    <TD>&nbsp;</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>



<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (14)&#160;
</TD>
    <TD align="left">
    Any limitations on direct or beneficial ownership and
    restrictions on transfer, in each case as may be appropriate to
    preserve the status of the Company as a REIT.
</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless otherwise specified in the prospectus supplement, the
    preferred stock will, with respect to dividend rights and rights
    upon liquidation, dissolution or winding up of the Company, rank:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    senior to all classes or series of common stock, and to all
    equity securities ranking junior to the preferred stock with
    respect to dividend rights or rights upon liquidation,
    dissolution or winding up of the Company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    on a parity with all equity securities issued by the Company the
    terms of which specifically provide that those equity securities
    rank on a parity with the preferred stock with respect to
    dividend rights or rights upon liquidation, dissolution or
    winding up of the Company; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    junior to all equity securities issued by the Company the terms
    of which specifically provide that those equity securities rank
    senior to the preferred stock with respect to dividend rights or
    rights upon liquidation, dissolution or winding up of the
    Company.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The term &#147;equity securities&#148; does not include
    convertible debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Dividends</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Holders of the preferred stock of each series will be entitled
    to receive, when, as and if declared by the Company&#146;s board
    of directors, out of the Company&#146;s assets legally available
    for payment, dividends in such form and at rates and on dates as
    will be set forth in the applicable
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    14
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    prospectus supplement. Each dividend shall be payable to holders
    of record as they appear on the share transfer books of the
    Company on the record dates as shall be fixed by the
    Company&#146;s board of directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Dividends on any series of the preferred stock may be cumulative
    or non&#150;cumulative, as provided in the applicable prospectus
    supplement. Dividends, if cumulative, will be cumulative from
    and after the date set forth in the applicable prospectus
    supplement. If the Company&#146;s board of directors fails to
    declare a dividend payable on a dividend payment date on any
    series of the preferred stock for which dividends are
    non&#150;cumulative, then the holders of that series of the
    preferred stock will have no right to receive a dividend in
    respect of the dividend period ending on that dividend payment
    date, and the Company will have no obligation to pay the
    dividend accrued for that period, whether or not dividends on
    that series are declared payable on any future dividend payment
    date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If preferred stock of any series is outstanding, no dividends
    will be declared or paid or set apart for payment on any capital
    stock of the Company of any other series ranking, as to
    dividends, on a parity with or junior to the preferred stock of
    that series for any period unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if that series of preferred stock has a cumulative dividend,
    full cumulative dividends on all outstanding shares of that
    series of preferred stock have been or contemporaneously are
    declared and paid or declared and a sum sufficient for that
    payment is set apart for payment for all past dividend periods
    and the then current dividend period, or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if that series of preferred stock does not have a cumulative
    dividend, full dividends on all outstanding shares of that
    series of preferred stock have been or contemporaneously are
    declared and paid or declared and a sum sufficient for that
    payment is set apart for payment for the then current dividend
    period.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    When dividends are not paid in full, or a sum sufficient for
    full payment is not set apart, upon preferred stock of any
    series and the shares of any other series of preferred stock
    ranking on a parity as to dividends with the preferred stock of
    that series, all dividends declared upon preferred stock of that
    series and any other series of preferred stock ranking on a
    parity as to dividends with that preferred stock will be
    declared <I>pro rata </I>so that the amount of dividends
    declared per share of preferred stock of that series and the
    other series of preferred stock shall in all cases bear to each
    other the same ratio that accrued dividends per share on the
    preferred stock of that series, which shall not include any
    accumulation in respect of unpaid dividends for prior dividend
    periods if that preferred stock does not have a cumulative
    dividend, and the other series of preferred stock bear to each
    other. No interest, or sum of money in lieu of interest, shall
    be payable in respect of any dividend payment or payments on
    preferred stock of that series that may be in arrears.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Except as provided in the immediately preceding paragraph,
    unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if a series of preferred stock has a cumulative dividend, full
    cumulative dividends on all outstanding shares of that series of
    preferred stock have been or contemporaneously are declared and
    paid or declared and a sum sufficient for that payment is set
    apart for payment for all past dividend periods and the then
    current dividend period, or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if a series of preferred stock does not have a cumulative
    dividend, full dividends on all outstanding shares of that
    series of preferred stock have been or contemporaneously are
    declared and paid or declared and a sum sufficient for that
    payment is set apart for payment for the then current dividend
    period,
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    no dividends, other than in shares of common stock or other
    shares of capital stock ranking junior to the preferred stock of
    that series as to dividends and upon liquidation, shall be
    declared or paid or set aside for payment nor shall any other
    distribution be declared or made upon the common stock, or any
    other capital stock of the Company ranking junior to or on a
    parity with the preferred stock of that series as to dividends
    or upon liquidation, nor shall any shares of common stock, or
    any other shares of capital stock of the Company ranking junior
    to or on a parity with the preferred stock of that series as to
    dividends or upon liquidation, be redeemed, purchased or
    otherwise acquired for any consideration, or any moneys be paid
    to or made available for a sinking fund for the redemption of
    any shares, by the Company, except by conversion into or
    exchange for other capital stock of the Company ranking junior
    to the preferred stock of that series as to dividends and upon
    liquidation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Any dividend payment made on shares of a series of preferred
    stock shall first be credited against the earliest accrued but
    unpaid dividends due with respect to shares of that series which
    remain payable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If provided in the applicable prospectus supplement, the
    preferred stock will be subject to mandatory redemption or
    redemption at the option of the Company, as a whole or in part,
    in each case upon the terms, at the times and at the redemption
    prices set forth in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The prospectus supplement relating to a series of preferred
    stock that is subject to mandatory redemption will specify the
    number of shares of the preferred stock that will be redeemed by
    the Company in each year commencing after a date to be
    specified, at a redemption price per share to be specified,
    together with an amount equal to all accrued and unpaid
    dividends, which will not, if that preferred stock does not have
    a cumulative dividend, include any accumulation in respect of
    unpaid dividends for prior dividend periods, to the date of
    redemption. The redemption price may be payable in cash or other
    property, as specified in the applicable prospectus supplement.
    If the redemption price for preferred stock of any series is
    payable only from the net proceeds of the issuance of shares of
    capital stock of the Company, the terms of that preferred stock
    may provide that, if no shares of capital stock shall have been
    issued or to the extent the net proceeds from any issuance are
    insufficient to pay in full the aggregate redemption price then
    due, the preferred stock will automatically and mandatorily be
    converted into the applicable shares of capital stock of the
    Company pursuant to conversion provisions specified in the
    applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">However, unless
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if a series of preferred stock has a cumulative dividend, full
    cumulative dividends on all outstanding shares of that series of
    preferred stock have been or contemporaneously are declared and
    paid or declared and a sum sufficient for that payment is set
    apart for payment for all past dividend periods and the then
    current dividend period, or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if a series of preferred stock does not have a cumulative
    dividend, full dividends on all outstanding shares of that
    series of preferred stock have been or contemporaneously are
    declared and paid or declared and a sum sufficient for that
    payment is set apart for payment for the then current dividend
    period,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    no shares of the series of preferred stock will be redeemed
    unless all outstanding shares of
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    preferred stock of that series are simultaneously redeemed.
    However, the preceding shall not prevent the purchase or
    acquisition of preferred stock of that series to preserve the
    REIT qualification of the Company or pursuant to a purchase or
    exchange offer made on the same terms to holders of all
    outstanding shares of preferred stock of that series.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <FONT style="font-family: Arial, Helvetica">In addition, unless
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if the series of preferred stock has a cumulative dividend, full
    cumulative dividends on all outstanding shares of that series of
    preferred stock have been or contemporaneously are declared and
    paid or declared and a sum sufficient for that payment is set
    apart for payment for all past dividend periods and the then
    current dividend period, or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if the series of preferred stock does not have a cumulative
    dividend, full dividends on all outstanding shares of that
    series of preferred stock have been or contemporaneously are
    declared and paid or declared and a sum sufficient for that
    payment is set apart for payment for the then current dividend
    period,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    the Company will not purchase or otherwise acquire directly or
    indirectly any shares of preferred stock of that series, except
    by conversion into or exchange for capital shares of the Company
    ranking junior to the preferred stock of that series as to
    dividends and upon liquidation. However, the preceding shall not
    prevent the purchase or acquisition of shares of preferred stock
    of that series to preserve the REIT qualification of the Company
    or pursuant to a purchase or exchange offer made on the same
    terms to holders of all outstanding shares of preferred stock of
    that series.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If fewer than all of the outstanding shares of preferred stock
    of any series are to be redeemed, the number of shares to be
    redeemed will be determined by the Company. Those shares may be
    redeemed ratably from the holders of record of those shares in
    proportion to the number of those shares held or for which
    redemption is requested by that holder, with adjustments to
    avoid redemption of fractional shares, or by any other equitable
    manner determined by the Company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Notice of redemption will be mailed at least 30&#160;days but
    not more than 60&#160;days before the redemption date to each
    holder of record of preferred stock of any series to be redeemed
    at the address shown on the stock transfer books of the Company.
    Each notice shall state:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the redemption date;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the number of shares and series of the preferred stock to be
    redeemed;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the redemption price;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the place or places where certificates for the preferred stock
    are to be surrendered for payment of the redemption price;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    that dividends on the shares to be redeemed will cease to accrue
    on the redemption date; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the date upon which the holder&#146;s conversion rights, if any,
    as to those shares shall terminate.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If fewer than all the shares of preferred stock of any series
    are to be redeemed, the notice mailed to each holder of
    preferred stock shall also specify the number of shares of
    preferred stock to be redeemed from each holder. If notice of
    redemption of any preferred stock has
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    been given and if the funds necessary for the redemption have
    been set aside by the Company in trust for the benefit of the
    holders of any preferred stock called for redemption, then from
    and after the redemption date dividends will cease to accrue on
    the preferred stock called for redemption, and all rights of the
    holders of those shares will terminate, except the right to
    receive the redemption price.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Liquidation
    preference</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon any voluntary or involuntary liquidation, dissolution or
    winding up of the affairs of the Company, before any
    distribution or payment shall be made to the holders of any
    common stock or any other class or series of capital stock of
    the Company ranking junior to the preferred stock in the
    distribution of assets upon any liquidation, dissolution or
    winding up of the Company, the holders of each series of
    preferred stock shall be entitled to receive out of assets of
    the Company legally available for distribution to stockholders
    liquidating distributions in the amount of the liquidation
    preference per share, if any, set forth in the applicable
    prospectus supplement, plus an amount equal to all dividends
    accrued and unpaid thereon, which shall not include any
    accumulation in respect of unpaid noncumulative dividends for
    prior dividend periods. After payment of the full amount of the
    liquidating distributions to which they are entitled, the
    holders of preferred stock will have no right or claim to any of
    the Company&#146;s remaining assets. In the event that, upon any
    voluntary or involuntary liquidation, dissolution or winding up,
    the Company&#146;s available assets are insufficient to pay the
    amount of the liquidating distributions on all outstanding
    shares of preferred stock and the corresponding amounts payable
    on all shares of other classes or series of capital stock of the
    Company ranking on a parity with the preferred stock in the
    distribution of assets, then the holders of the preferred stock
    and those other classes or series of capital stock will share
    ratably in the distribution of assets in proportion to the full
    liquidating distributions to which they would otherwise be
    respectively entitled.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If liquidating distributions have been made in full to all
    holders of preferred stock, the Company&#146;s remaining assets
    will be distributed among the holders of any other classes or
    series of capital stock ranking junior to the preferred stock
    upon liquidation, dissolution or winding up, according to their
    respective rights and preferences and in each case according to
    their respective number of shares. For these purposes, the
    consolidation or merger of the Company with or into any other
    corporation, trust or entity, or the sale, lease or conveyance
    of all or substantially all of the property or business of the
    Company, will not be deemed to constitute a liquidation,
    dissolution or winding up of the Company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Voting
    rights</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Holders of the preferred stock will not have any voting rights,
    except as set forth below or as otherwise from time to time
    required by law or as indicated in the applicable prospectus
    supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless provided otherwise for any series of preferred stock, so
    long as any shares of preferred stock of a series remain
    outstanding, the Company will not, without the affirmative vote
    or consent of the holders of at least two&#150;thirds of the
    shares of that series of preferred stock outstanding at the
    time, given in person or by proxy, either in writing or at a
    meeting, each series voting separately as a class:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;</TD>
    <TD align="left">
    authorize or create, or increase the authorized or issued amount
    of, any class or series of capital stock ranking prior to that
    series of preferred stock with respect to payment of
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    18
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    dividends or the distribution of assets upon liquidation,
    dissolution or winding up or reclassify any authorized capital
    stock of the Company into those shares, or create, authorize or
    issue any obligation or security convertible into or evidencing
    the right to purchase any of those shares; or
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;</TD>
    <TD align="left">
    amend, alter or repeal the provisions of our charter or the
    articles supplementary for that series of preferred stock,
    whether by merger, consolidation or otherwise, so as to
    materially and adversely affect any right, preference, privilege
    or voting power of that series of preferred stock or the holders
    of that series of preferred stock.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    However, with respect to the occurrence of any of the events set
    forth in the second subparagraph above, so long as the preferred
    stock remains outstanding with its terms materially unchanged,
    taking into account that upon the occurrence of such an event,
    the Company may not be the surviving entity, the occurrence of
    any such event shall not be deemed to materially and adversely
    affect the rights, preferences, privileges or voting power of
    holders of preferred stock. Further,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    any increase in the amount of the authorized preferred stock or
    the creation or issuance of any other series of preferred stock,
    or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    any increase in the amount of authorized shares of that series
    or any other series of preferred stock, in each case ranking on
    a parity with or junior to the preferred stock of that series
    with respect to payment of dividends or the distribution of
    assets upon liquidation, dissolution or winding up,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    will not be deemed to materially and adversely affect the
    rights, preferences, privileges or voting powers.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    These voting provisions will not apply if, at or prior to the
    time when the act with respect to which that vote would
    otherwise be required shall be effected, all outstanding shares
    of that series of preferred stock shall have been redeemed or
    called for redemption and sufficient funds will have been
    deposited in trust to effect the redemption.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Conversion
    rights</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The terms and conditions, if any, upon which any series of
    preferred stock is convertible into common stock will be set
    forth in the applicable prospectus supplement. The terms will
    include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the number of shares of common stock into which the shares of
    preferred stock are convertible,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the conversion price (or manner of calculating the conversion
    price),
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the conversion period,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    provisions as to whether conversion will be at the option of the
    holders of the preferred stock or the Company,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the events requiring an adjustment of the conversion price, and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    provisions affecting conversion in the event of the redemption
    of that series of preferred stock.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Restrictions on
    ownership</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For us to qualify as a REIT under the Code, not more than 50% in
    value of our outstanding capital stock may be owned, directly or
    indirectly, by five or fewer individuals, as defined in the Code
    to include certain entities, during the last half of a taxable
    year. To assist the Company in meeting this requirement, the
    Company may take certain actions to limit the beneficial
    ownership, directly or indirectly, by individuals of the
    Company&#146;s outstanding equity securities, including any
    preferred stock. Therefore, the articles supplementary for each
    series of preferred stock may contain provisions restricting the
    ownership and transfer of the preferred stock. The applicable
    prospectus supplement will specify any additional ownership
    limitation relating to a series of preferred stock. See
    &#147;Restrictions on Transfers of Capital Stock.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Transfer
    agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The transfer agent and registrar for the preferred stock will be
    set forth in the applicable prospectus supplement.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    depositary shares</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company may, at its option, elect to offer depositary shares
    rather than full shares of preferred stock. In the event that
    option is exercised, each of the depositary shares will
    represent ownership of and entitlement to all rights and
    preferences of a fraction of a share of preferred stock of a
    specified series, including dividend, voting, redemption and
    liquidation rights. The applicable fraction will be specified in
    the prospectus supplement. The shares of preferred stock
    represented by the depositary shares will be deposited with a
    depositary named in the applicable prospectus supplement, under
    a deposit agreement among the Company, the depositary and the
    holders of the depositary receipts. Certificates evidencing
    depositary shares will be delivered to those persons purchasing
    depositary shares in the offering. The depositary will be the
    transfer agent, registrar and dividend disbursing agent for the
    depositary shares. Holders of depositary receipts agree to be
    bound by the deposit agreement, which requires holders to take
    actions such as filing proof of residence and paying charges.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The summary of terms of the depositary shares contained in this
    prospectus does not purport to be complete and is subject to,
    and qualified in its entirety by, the provisions of the deposit
    agreement, our charter and the form of articles supplementary
    for the applicable series of preferred stock. All material terms
    of the depositary shares, except those disclosed in the
    applicable prospectus supplement, are described in this
    prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Dividends</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The depositary will distribute all cash dividends or other cash
    distributions received in respect of the series of preferred
    stock represented by the depositary shares to the record holders
    of depositary receipts in proportion to the number of depositary
    shares owned by those holders on the relevant record date, which
    will be the same date as the record date fixed by the Company
    for the applicable series of preferred stock. The depositary,
    however, will distribute only an amount as can be distributed
    without attributing to any depositary share a fraction of one
    cent, and any balance not so distributed will be added to and
    treated as part of the next sum received by the depositary for
    distribution to record holders of depositary receipts then
    outstanding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the event of a distribution other than in cash, the
    depositary will distribute property received by it to the record
    holders of depositary receipts so entitled, in proportion, as
    nearly as may be practicable, to the number of depositary shares
    owned by those holders on the relevant record date, unless the
    depositary determines, after consultation with the Company, that
    it is not feasible to make the distribution, in which case the
    depositary may, with the Company&#146;s approval, adopt any
    other method for that distribution as it deems equitable and
    appropriate, including the sale of the property, at a place or
    places and upon terms that it may deem equitable and
    appropriate, and distribution of the net proceeds from that sale
    to the holders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    No distribution will be made in respect of any depositary share
    to the extent that it represents any preferred stock converted
    into excess stock.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    21
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Liquidation
    Preference</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the event of the liquidation, dissolution or winding up of
    the affairs of the Company, whether voluntary or involuntary,
    the holders of each depositary share will be entitled to the
    fraction of the liquidation preference accorded each share of
    the applicable series of preferred stock, as set forth in the
    prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If the series of preferred stock represented by the applicable
    series of depositary shares is redeemable, those depositary
    shares will be redeemed from the proceeds received by the
    depositary resulting from the redemption, in whole or in part,
    of preferred stock held by the depositary. Whenever the Company
    redeems any preferred stock held by the depositary, the
    depositary will redeem as of the same redemption date the number
    of depositary shares representing the redeemed preferred stock.
    The depositary will mail the notice of redemption to the record
    holders of the depositary shares promptly upon receipt of notice
    from the Company and not less than 30 nor more than 60&#160;days
    prior to the date fixed for redemption of the preferred stock
    and the depositary shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Voting</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Promptly upon receipt of notice of any meeting at which the
    holders of the series of preferred stock represented by the
    applicable series of depositary shares are entitled to vote, the
    depositary will mail the information contained in the notice of
    meeting to the record holders of the depositary receipts as of
    the record date for the meeting. Each record holder of
    depositary receipts will be entitled to instruct the depositary
    as to the exercise of the voting rights pertaining to the number
    of shares of preferred stock represented by the record
    holder&#146;s depositary shares. The depositary will endeavor,
    insofar as practicable, to vote the preferred stock represented
    by depositary shares in accordance with those instructions, and
    the Company will agree to take all action which may be deemed
    necessary by the depositary in order to enable the depositary to
    do so. The depositary will abstain from voting any of the
    preferred stock to the extent that it does not receive specific
    instructions from the holders of depositary receipts.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Withdrawal of
    preferred stock</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Upon surrender of depositary receipts at the principal office of
    the depositary, upon payment of any unpaid amount due the
    depositary, and subject to the terms of the deposit agreement,
    the owner of the depositary shares evidenced thereby is entitled
    to delivery of the number of whole shares of preferred stock and
    all money and other property, if any, represented by the
    depositary shares. Partial shares of preferred stock will not be
    issued. If the depositary receipts delivered by the holder
    evidence a number of depositary shares in excess of the number
    of depositary shares representing the number of whole shares of
    preferred stock to be withdrawn, the depositary will deliver to
    that holder at the same time a new depositary receipt evidencing
    the excess number of depositary shares. Holders of preferred
    stock that is withdrawn will not thereafter be entitled to
    deposit their shares under the deposit agreement or to receive
    depositary receipts evidencing their depositary shares.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Amendment and
    termination of deposit agreement</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The form of depositary receipt evidencing the depositary shares
    and any provision of the deposit agreement may at any time and
    from time to time be amended by agreement between the Company
    and the depositary. However, any amendment which materially and
    adversely alters the rights of the holders of depositary shares,
    other than any change in fees, will not be effective unless that
    amendment has been approved by at least a majority of the
    depositary shares then outstanding. No amendment to the deposit
    agreement may impair the right, subject to the terms of the
    deposit agreement, of any owner of any depositary shares to
    surrender the depositary receipt evidencing its depositary
    shares with instructions to the depositary to deliver to the
    holder the preferred stock and all money and other property, if
    any, represented thereby, except in order to comply with
    mandatory provisions of applicable law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The deposit agreement will be permitted to be terminated by the
    Company upon not less than 30&#160;days&#146; prior written
    notice to the applicable depositary if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    termination is necessary to preserve the Company&#146;s
    qualification as a REIT,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    a majority of each series of preferred stock affected by
    termination consents to termination,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    whereupon the depositary will be required to deliver or make
    available to each holder of depositary receipts, upon surrender
    of the depositary receipts held by that holder, the number of
    whole or fractional shares of preferred stock as is represented
    by the depositary shares evidenced by those depositary receipts
    together with any other property held by the depositary with
    respect to those depositary receipts.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company will agree that if the deposit agreement is
    terminated to preserve its qualification as a REIT, then the
    Company will use its best efforts to list the preferred stock
    issued upon surrender of the related depositary shares on a
    national securities exchange.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, the deposit agreement will automatically terminate
    if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    all outstanding depositary shares thereunder shall have been
    redeemed,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    there shall have been a final distribution in respect of the
    related preferred stock in connection with any liquidation,
    dissolution or winding up of the Company and that distribution
    shall have been distributed to the holders of depositary
    receipts evidencing the depositary shares representing that
    preferred stock or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    each share of the related preferred stock shall have been
    converted into stock of the Company not represented by
    depositary shares.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Charges of
    depositary</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company will pay all transfer and other taxes and
    governmental charges arising solely from the existence of the
    depositary arrangements. The Company will pay charges of the
    depositary in connection with the initial deposit of the
    preferred stock and initial issuance of the depositary shares,
    and redemption of the preferred stock and all withdrawals of
    preferred stock by owners of depositary shares. Holders of
    depositary receipts will pay transfer, income and other taxes
    and governmental charges and other charges as are provided in
    the deposit agreement to be for their accounts. In certain
    circumstances, the depositary may refuse to transfer depositary
    shares, may withhold dividends and distributions and sell the
    depositary shares evidenced by those depositary receipts if
    those charges are not paid.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Miscellaneous</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The depositary will forward to the holders of depositary
    receipts all reports and communications from the Company that
    are delivered to the depositary and that the Company is required
    to furnish to the holders of the preferred stock. In addition,
    the depositary will make available for inspection by holders of
    depositary receipts at the principal office of the depositary,
    and at other places as it may from time to time deem advisable,
    any reports and communications received from the Company that
    are received by the depositary as the holder of preferred stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Neither the depositary nor the Company assumes any obligation or
    will be subject to any liability under the deposit agreement to
    holders of depositary receipts other than for its negligence or
    willful misconduct. Neither the depositary nor the Company will
    be liable if it is prevented or delayed by law or any
    circumstance beyond its control in performing its obligations
    under the deposit agreement. The obligations of the Company and
    the depositary under the deposit agreement will be limited to
    performance in good faith of their duties under the deposit
    agreement, and they will not be obligated to prosecute or defend
    any legal proceeding in respect of any depositary shares or
    preferred stock unless satisfactory indemnity is furnished. The
    Company and the depositary may rely on written advice of counsel
    or accountants, on information provided by holders of the
    depositary receipts or other persons believed in good faith to
    be competent to give that information and on documents believed
    to be genuine and to have been signed or presented by the proper
    party or parties.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the event the depositary receives conflicting claims,
    requests or instructions from any holders of depositary
    receipts, on the one hand, and the Company, on the other hand,
    the depositary shall be entitled to act on those claims,
    requests or instructions received from the Company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Resignation and
    removal of depositary</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The depositary may resign at any time by delivering to the
    Company notice of its election to do so, and the Company may at
    any time remove the depositary. Any resignation or removal will
    take effect upon the appointment of a successor depositary and
    its acceptance of that appointment. The successor depositary
    must be appointed within 60&#160;days after delivery of the
    notice for resignation or removal and must be a bank or trust
    company having its principal office in the United States and
    having a combined capital and surplus of at least $150,000,000.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Federal income
    tax consequences</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Owners of depositary shares will be treated for
    U.S.&#160;federal income tax purposes as if they were owners of
    the preferred stock represented by depositary shares.
    Accordingly, those owners will be entitled to take into account,
    for federal income tax purposes, income and deductions to which
    they would be entitled if they were holders of the preferred
    stock. In addition,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    no gain or loss will be recognized for U.S.&#160;federal income
    tax purposes upon the withdrawal of preferred stock in exchange
    for depositary shares,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the tax basis of each share of preferred stock to an exchanging
    owner of depositary shares will, upon exchange, be the same as
    the aggregate tax basis of the depositary shares exchanged
    therefor and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the holding period for preferred stock in the hands of an
    exchanging owner of depositary shares will include the period
    during which that person owned those depositary shares.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    24
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Description of
    debt securities</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The debt securities will be issued under an indenture, dated as
    of May&#160;13, 1997, between the Operating Partnership and
    U.S.&#160;Bank National Association (formerly known as First
    Trust&#160;National Association), as trustee, which has been
    incorporated by reference as an exhibit to the registration
    statement of which this prospectus is a part, subject to such
    amendments or supplements as may be adopted from time to time.
    The indenture is subject to and governed by the
    Trust&#160;Indenture Act of 1939, as amended. The statements
    made under this heading relating to the debt securities and the
    indenture are summaries only, do not purport to be complete and
    are qualified in their entirety by reference to the debt
    securities and the indenture. All material terms of the debt
    securities and the indenture, other than those disclosed in the
    applicable prospectus supplement, are described in this
    prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The debt securities to be offered under this prospectus and in
    any applicable prospectus supplement will be &#147;investment
    grade&#148; securities, meaning that at the time of the offering
    of the debt securities, at least one nationally recognized
    statistical rating organization, as defined in the Securities
    Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;),
    will have rated the debt securities in one of its generic rating
    categories that signifies investment grade. Typically the four
    highest rating categories, within which there may be
    <FONT style="white-space: nowrap">sub&#150;categories</FONT>
    or gradations indicating relative standing, signify investment
    grades. An investment grade rating is not a recommendation to
    buy, sell or hold securities, is subject to revision or
    withdrawal at any time by the assigning entity and should be
    evaluated independently of any other rating.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Terms</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>General.</I>&#160;The debt securities will be direct
    unsecured obligations of the Operating Partnership. The
    indebtedness represented by the debt securities will rank
    equally with all other unsecured and unsubordinated indebtedness
    of the Operating Partnership. No partner of the Operating
    Partnership, whether limited or general, including the Company,
    has any obligation for the payment of principal of, or premium,
    if any, or interest, if any, on, or any other amount with
    respect to, the debt securities. The particular terms of the
    debt securities offered by a prospectus supplement, including
    any applicable federal income tax considerations, will be
    described in the applicable prospectus supplement, along with
    any applicable modifications of or additions to the general
    terms of the debt securities as described in this prospectus and
    in the indenture. For a description of the terms of any series
    of debt securities, you should read both the prospectus
    supplement relating to the debt securities and the description
    of the debt securities in this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Except as set forth in any prospectus supplement, the debt
    securities may be issued without limit as to aggregate principal
    amount, in one or more series, in each case as established from
    time to time by the Operating Partnership or as set forth in the
    indenture or in one or more supplemental indentures to the
    indenture. All debt securities of one series need not be issued
    at the same time and, unless otherwise provided, a series may be
    reopened, without the consent of the holders of the debt
    securities of such series, for issuance of additional debt
    securities of such series.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The indenture provides that the Operating Partnership may, but
    need not, designate more than one trustee, each with respect to
    one or more series of debt securities. Any trustee under the
    indenture may resign or be removed with respect to one or more
    series of debt securities, and a successor trustee may be
    appointed to act with respect to the series. In the event that
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    two or more persons are acting as trustee with respect to
    different series of debt securities, each trustee shall be a
    trustee of a trust under the indenture separate and apart from
    the trust administered by any other trustee. In that event and
    except as otherwise indicated in this prospectus, any action
    described in this prospectus to be taken by each trustee may be
    taken by each such trustee with respect to, and only with
    respect to, the one or more series of debt securities for which
    it is trustee under the indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following summaries set forth general terms and provisions
    of the indenture and the debt securities. The prospectus
    supplement relating to the applicable series of debt securities
    will contain further terms of the debt securities, including the
    following specific terms:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    The title of the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    The aggregate principal amount of the debt securities and any
    limit on the aggregate principal amount;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    The price, expressed as a percentage of the principal amount
    thereof, at which the debt securities will be issued and, if
    other than the principal amount thereof, the portion of the
    principal amount thereof payable upon declaration of
    acceleration of maturity;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    The date or dates, or the method for determining the date or
    dates, on which the principal of the debt securities will be
    payable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    The rate or rates, which may be fixed or variable, or the method
    by which the rate or rates shall be determined, at which the
    debt securities will bear interest, if any;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    The date or dates, or the method for determining the date or
    dates, from which any interest will accrue, the dates on which
    any interest will be payable, the record dates for interest
    payment dates, or the method by which the dates shall be
    determined, the persons to whom the interest will be payable,
    and the basis upon which interest shall be calculated if other
    than that of a
    <FONT style="white-space: nowrap">360&#150;day</FONT>
    year of twelve
    <FONT style="white-space: nowrap">30&#150;day</FONT>
    months;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    The place or places where the principal of and premium or
    make&#150;whole amount, if any, and interest, if any, on the
    debt securities will be payable, where the debt securities may
    be surrendered for registration of transfer or exchange and
    where notices or demands to or upon the Operating Partnership in
    respect of the debt securities and the indenture may be served;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    The period or periods, if any, within which, the price or prices
    at which, and the other terms and conditions upon which, the
    debt securities may, under any optional or mandatory redemption
    provisions, be redeemed, as a whole or in part, at the option of
    the Operating Partnership;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    The obligation, if any, of the Operating Partnership to redeem,
    repay or purchase the debt securities under any sinking fund or
    analogous provision or at the option of a holder thereof, and
    the period or periods within which, the price or prices at
    which, and the other terms and conditions upon which, the debt
    securities will be redeemed, repaid or purchased, as a whole or
    in part, pursuant to such obligation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    If other than U.S.&#160;dollars, the currency or currencies in
    which the debt securities are denominated and payable, which may
    be a foreign currency or units of two or more foreign currencies
    or a composite currency or currencies, and the terms and
    conditions relating thereto;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;</TD>
    <TD align="left">
    Whether the amount of payments of principal of and premium or
    make&#150;whole amount, if any, including any amount due upon
    redemption, if any, or interest, if any, on the debt
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    26
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    securities may be determined with reference to an index, formula
    or other method, which index, formula or method may, but need
    not, be based on the yield on or trading price of other
    securities, including United States Treasury securities, or on a
    currency, currencies, currency unit or units, or composite
    currency or currencies, and the manner in which such amounts
    shall be determined;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    Whether the principal of and premium or make&#150;whole amount,
    if any, or interest on the debt securities of the series are to
    be payable, at the election of the Operating Partnership or a
    holder of debt securities, in a currency or currencies, currency
    unit or units or composite currency or currencies other than
    that in which the debt securities are denominated or stated to
    be payable, the period or periods within which, and the terms
    and conditions upon which, that election may be made, and the
    time and manner of, and identity of the exchange rate agent with
    responsibility for, determining the exchange rate between the
    currency or currencies, currency unit or units or composite
    currency or currencies in which the debt securities are
    denominated or stated to be payable and the currency or
    currencies, currency unit or units or composite currency or
    currencies in which the debt securities are to be so payable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    Provisions, if any, granting special rights to the holders of
    debt securities of the series upon the occurrence of such events
    as may be specified;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    Any deletions from, modifications of or additions to the events
    of default or covenants of the Operating Partnership with
    respect to debt securities of the series, whether or not such
    events of default or covenants are consistent with the events of
    default or covenants described herein;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    Whether and under what circumstances the Operating Partnership
    will pay any additional amounts on the debt securities in
    respect of any tax, assessment or governmental charge and, if
    so, whether the Operating Partnership will have the option to
    redeem the debt securities in lieu of making such payment;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    Whether debt securities of the series are to be issuable as
    registered securities, bearer securities (with or without
    coupons) or both, any restrictions applicable to the offer, sale
    or delivery of bearer securities and the terms upon which bearer
    securities of the series may be exchanged for registered
    securities of the series and vice versa, if permitted by
    applicable laws and regulations, whether any debt securities of
    the series are to be issuable initially in temporary global form
    and whether any debt securities of the series are to be issuable
    in permanent global form with or without coupons and, if so,
    whether beneficial owners of interests in any such permanent
    global security may exchange such interests for debt securities
    of such series and of like tenor of any authorized form and
    denomination and the circumstances under which any such
    exchanges may occur, if other than in the manner provided in the
    indenture, and, if registered securities of the series are to be
    issuable as a global security, the identity of the depository
    for such series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    The date as of which any bearer securities of the series and any
    temporary global security representing outstanding debt
    securities of the series shall be dated if other than the date
    of original issuance of the first security of the series to be
    issued;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;</TD>
    <TD align="left">
    The person to whom any interest on any registered security of
    the series shall be payable, if other than the person in whose
    name that security, or one or more predecessor securities, is
    registered at the close of business on the regular record date
    for such interest, the manner in which, or the person to whom,
    any interest on any bearer security of the series shall be
    payable, if otherwise than upon presentation and surrender of
    the coupons appertaining thereto as they severally mature, and
    the extent to which, or the manner in which, any
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    27
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    interest payable on a temporary global security on an interest
    payment date will be paid if other than in the manner provided
    in the indenture;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    Whether the debt securities will be issued in certificated or
    book&#150;entry form;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    The applicability, if any, of the defeasance and covenant
    defeasance provisions of the indenture to the debt securities of
    the series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    If the debt securities of the series are to be issuable in
    definitive form, whether upon original issue or upon exchange of
    a temporary security of the series, only upon receipt of certain
    certificates or other documents or satisfaction of other
    conditions, then the form
    <FONT style="white-space: nowrap">and/or</FONT> terms
    of the certificates, documents or conditions; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    Any other terms of the series, not inconsistent with the
    Trust&#160;Indenture Act of 1939, as amended.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If so provided in the applicable prospectus supplement, the debt
    securities may be issued at a discount below their principal
    amount and provide for less than the entire principal amount
    thereof to be payable upon declaration of acceleration of the
    maturity thereof. In such cases, all material U.S.&#160;federal
    income tax, accounting and other considerations applicable to
    such original issue discount securities will be described in the
    applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Except as may be set forth in any prospectus supplement, the
    indenture does not contain any provisions that would limit the
    ability of the Operating Partnership to incur indebtedness or
    that would afford holders of debt securities protection in the
    event of a highly leveraged or similar transaction involving the
    Operating Partnership or in the event of a change of control.
    Restrictions on ownership and transfers of the common stock and
    preferred stock of the Company under its charter are designed to
    preserve the Company&#146;s qualification as a REIT and,
    therefore, may act to prevent or hinder a change of control. See
    &#147;Restrictions on Transfers of Capital Stock.&#148;
    Reference is made to the applicable prospectus supplement for
    information with respect to any deletions from, modifications
    of, or additions to, the events of default or covenants of the
    Operating Partnership that are described below, including any
    addition of a covenant or other provision providing event risk
    or similar protection.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Denomination,
    interest, registration and transfer</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless otherwise provided in the applicable prospectus
    supplement, the debt securities of any series will be issuable
    in denominations of $1,000 and integral multiples thereof. Where
    debt securities of any series are issued in bearer form, the
    special restrictions and considerations, including special
    offering restrictions and special U.S.&#160;federal income tax
    considerations, applicable to those debt securities and to
    payment on and transfer and exchange of those debt securities
    will be described in the applicable prospectus supplement.
    Bearer debt securities will be transferable by delivery.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless otherwise provided in the applicable prospectus
    supplement, any interest not punctually paid or duly provided
    for on any interest payment date with respect to a debt security
    in registered form, or &#147;defaulted interest,&#148; will
    immediately cease to be payable to the holder on the applicable
    regular record date and may either be paid to the person in
    whose name the debt security is registered at the close of
    business on a special record date for the payment of the
    defaulted interest to be fixed by the trustee, in which case
    notice thereof shall be given to the holder of the debt security
    not less than 10&#160;days prior to the special record date, or
    may be paid at any time in any other lawful manner not
    inconsistent with the requirements of any
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    28
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    securities exchange on which such debt securities are listed,
    all as more completely described in the indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Subject to certain limitations imposed upon debt securities
    issued in book&#150;entry form, the debt securities of any
    series will be exchangeable for any authorized denomination of
    other debt securities of the same series and of a like aggregate
    principal amount and tenor upon surrender of the debt securities
    at the corporate trust office of the applicable trustee or at
    the office of any transfer agent designated by the Operating
    Partnership for such purpose. In addition, subject to certain
    limitations imposed upon debt securities issued in
    book&#150;entry form, the debt securities of any series may be
    surrendered for registration of transfer or exchange thereof at
    the corporate trust office of the applicable trustee or at the
    office of any transfer agent designated by the Operating
    Partnership for that purpose. Every debt security in registered
    form surrendered for registration of transfer or exchange must
    be duly endorsed or accompanied by a written instrument of
    transfer, and the person requesting that action must provide
    evidence of title and identity satisfactory to the applicable
    trustee or transfer agent. No service charge will be made for
    any registration of transfer or exchange of any debt securities,
    but the Operating Partnership may require payment of a sum
    sufficient to cover any tax or other governmental charge payable
    in connection therewith. If the applicable prospectus supplement
    refers to any transfer agent, in addition to the applicable
    trustee, initially designated by the Operating Partnership with
    respect to any series of debt securities, the Operating
    Partnership may at any time rescind the designation of any such
    transfer agent or approve a change in the location through which
    any such transfer agent acts, except that the Operating
    Partnership will be required to maintain a transfer agent in
    each place of payment for that series. The Operating Partnership
    may at any time designate additional transfer agents with
    respect to any series of debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Neither the Operating Partnership nor any trustee shall be
    required to
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    issue, register the transfer of or exchange debt securities of
    any series during a period beginning at the opening of business
    15&#160;days before the selection of any debt securities for
    redemption and ending at the close of business on
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if the debt securities are issuable only as registered
    securities, the day of the mailing of the relevant notice of
    redemption, and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if the debt securities are issuable as bearer securities, the
    day of the first publication of the relevant notice of
    redemption or, if the debt securities are also issuable as
    registered securities and there is no publication, the mailing
    of the relevant notice of redemption;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    register the transfer of or exchange any debt security, or
    portion thereof, so selected for redemption, in whole or in
    part, except the unredeemed portion of any debt security being
    redeemed in part;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    exchange any bearer security selected for redemption except
    that, to the extent provided with respect to the bearer
    security, the bearer security may be exchanged for a registered
    security of that series and of like tenor, provided that the
    registered security shall be simultaneously surrendered for
    redemption; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    issue, register the transfer of or exchange any debt security
    that has been surrendered for repayment at the option of the
    holder, except the portion, if any, of the debt security not to
    be so repaid.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Payment in respect of debt securities in bearer form will be
    made in the currency and in the manner designated in the
    applicable prospectus supplement, subject to any applicable laws
    and regulations, at such paying agencies outside the United
    States as the Operating Partnership may appoint from time to
    time. The paying agents outside the United States, if any,
    initially appointed by the Operating Partnership for a series of
    debt securities will be named in the applicable prospectus
    supplement. Unless otherwise provided in the applicable
    prospectus supplement, the Operating Partnership may at any time
    designate additional paying agents or rescind the designation of
    any paying agents, except that
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if debt securities of a series are issuable in registered form,
    the Operating Partnership will be required to maintain at least
    one paying agent in each place of payment for such series, and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    if debt securities of a series are issuable in bearer form, the
    Operating Partnership will be required to maintain at least one
    paying agent in a place of payment outside the United States
    where debt securities of such series and any coupons
    appertaining thereto may be presented and surrendered for
    payment.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Merger,
    consolidation or sale of assets</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The indenture provides that the Operating Partnership may,
    without the consent of the holders of any outstanding debt
    securities, consolidate with, or sell, lease or convey all or
    substantially all of its assets to, or merge with or into, any
    other entity, <I>provided </I>that
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    either the Operating Partnership shall be the continuing entity,
    or the successor entity, if other than the Operating
    Partnership, formed by or resulting from any such consolidation
    or merger or which shall have received the transfer of such
    assets, shall be organized under the laws of any domestic
    jurisdiction and shall expressly assume the Operating
    Partnership&#146;s obligations to pay principal of and premium
    or make&#150;whole amount, if any, and interest on all of the
    debt securities and the due and punctual performance and
    observance of all of the covenants and conditions contained in
    the indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    immediately after giving effect to such transaction and treating
    any indebtedness that becomes an obligation of the Operating
    Partnership or any subsidiary as a result thereof as having been
    incurred by the Operating Partnership or such subsidiary at the
    time of such transaction, no event of default under the
    indenture, and no event which, after notice or the lapse of
    time, or both, would become an event of default, shall have
    occurred and be continuing; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    an officers&#146; certificate and legal opinion covering those
    conditions shall be delivered to each trustee.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Certain
    covenants</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement will describe any material
    covenants in respect of a series of debt securities that are not
    described in this prospectus. Unless otherwise indicated in the
    applicable prospectus supplement, the debt securities will
    include the following covenants of the Operating Partnership:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Existence.</I>&#160;Except as permitted under
    &#147;&#151;Merger, Consolidation or Sale of Assets,&#148; the
    indenture requires the Operating Partnership to do or cause to
    be done all things necessary to preserve and keep in full force
    and effect its existence, rights and franchises;
    <I>provided</I>, <I>however</I>, that the
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    30
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Operating Partnership shall not be required to preserve any
    right or franchise if it determines that its preservation is no
    longer desirable in the conduct of its business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Maintenance of properties.</I>&#160;The indenture requires
    the Operating Partnership to cause all of its material
    properties used or useful in the conduct of its business or the
    business of any subsidiary to be maintained and kept in good
    condition, repair and working order and supplied with all
    necessary equipment and to cause to be made all necessary
    repairs, renewals, replacements, betterments and improvements
    thereof, all as in the judgment of the Operating Partnership may
    be necessary so that the business carried on may be properly and
    advantageously conducted at all times; <I>provided</I>,
    <I>however</I>, that the Operating Partnership and its
    subsidiaries shall not be prevented from selling or otherwise
    disposing of their properties for value in the ordinary course
    of business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Insurance.</I>&#160;The indenture requires the Operating
    Partnership to cause each of its and its subsidiaries&#146;
    insurable properties to be insured against loss or damage in an
    amount at least equal to their then full insurable value with
    insurers of recognized responsibility. If described in the
    applicable prospectus supplement, such insurer will be required
    to have a specified rating from a recognized insurance rating
    service.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>Payment of taxes and other claims.</I>&#160;The indenture
    requires the Operating Partnership to pay or discharge or cause
    to be paid or discharged, before the same shall become
    delinquent,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    all taxes, assessments and governmental charges levied or
    imposed upon it or any subsidiary or upon the income, profits or
    property of the Operating Partnership or any subsidiary; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    all lawful claims for labor, materials and supplies which, if
    unpaid, might by law become a lien upon the property of the
    Operating Partnership or any subsidiary;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <I>provided</I>, <I>however</I>, that the Operating Partnership
    shall not be required to pay or discharge or cause to be paid or
    discharged any such tax, assessment, charge or claim whose
    amount, applicability or validity is being contested in good
    faith.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Events of
    default, notice and waiver</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless otherwise provided in the applicable prospectus
    supplement, the indenture provides that the following events are
    &#147;events of default&#148; with respect to any series of debt
    securities issued thereunder:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    default in the payment of any interest on any debt security of
    such series, when such interest becomes due and payable, that
    continues for a period of 30&#160;days;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    default in the payment of the principal of, or premium or
    make&#150;whole amount, if any, on, any debt security of such
    series when due and payable;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;
</TD>
    <TD align="left">    default in making any sinking fund payment as required for any
    debt security of such series;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (4)&#160;
</TD>
    <TD align="left">    default in the performance, or breach, of any other covenant or
    warranty of the Operating Partnership in the indenture with
    respect to the debt securities of such series and continuance of
    such default or breach for a period of 60&#160;days after
    written notice as provided in the indenture;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (5)&#160;
</TD>
    <TD align="left">    default under any bond, debenture, note, mortgage, indenture or
    instrument under which there may be issued or by which there may
    be secured or evidenced any indebtedness for money borrowed by
    the Operating Partnership, or by any subsidiary the repayment of
    which the Operating Partnership has guaranteed or for which the
    Operating Partnership is directly responsible or liable as
    obligor or guarantor, having an aggregate principal amount
    outstanding of at least $10,000,000, whether such indebtedness
    now exists or shall hereafter be created, which default shall
    have resulted in such indebtedness becoming or being declared
    due and payable prior to the date on which it would otherwise
    have become due and payable, without such indebtedness having
    been discharged, or such acceleration having been rescinded or
    annulled, within a period of 10&#160;days after written notice
    to the Operating Partnership as provided in the indenture;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (6)&#160;
</TD>
    <TD align="left">    certain events of bankruptcy, insolvency or reorganization, or
    court appointment of a receiver, liquidator or trustee of the
    Operating Partnership or any significant subsidiary;&#160;and
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (7)&#160;
</TD>
    <TD align="left">    any other event of default provided with respect to a particular
    series of debt securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The term &#147;significant subsidiary&#148; has the meaning
    ascribed to that term in
    <FONT style="white-space: nowrap">Regulation&#160;S&#150;X</FONT>
    promulgated under the Securities Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If an event of default under the indenture with respect to debt
    securities of any series at the time outstanding occurs and is
    continuing, then in every such case the applicable trustee or
    the holders of not less than 25% in principal amount of the debt
    securities of that series will have the right to declare the
    principal amount of, or, if the debt securities of that series
    are original issue discount securities or indexed securities,
    such portion of the principal amount as may be specified in the
    terms thereof, and premium or make&#150;whole amount, if any,
    on, all the debt securities of that series to be due and payable
    immediately by written notice thereof to the Operating
    Partnership, and to the applicable trustee if given by the
    holders; <I>provided </I>that in the case of an event of default
    described under the sixth clause of the preceding paragraph,
    acceleration is automatic. However, at any time after such a
    declaration of acceleration with respect to debt securities of
    the series has been made, but before a judgment or decree for
    payment of the money due has been obtained by the applicable
    trustee, the holders of not less than a majority in principal
    amount of outstanding debt securities of the series may rescind
    and annul such declaration and its consequences if
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the Operating Partnership shall have deposited with the
    applicable trustee all required payments of the principal of,
    and premium or make&#150;whole amount, if any, and interest on
    the debt securities of the series, plus certain fees, expenses,
    disbursements and advances of the applicable trustee, and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    all events of default, other than the non&#150;payment of
    accelerated principal of, or a specified portion thereof, and
    the premium or make&#150;whole amount, if any, on, debt
    securities of the series have been cured or waived as provided
    in the indenture.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The indenture also provides that the holders of not less than a
    majority in principal amount of the outstanding debt securities
    of any series may waive any past default with respect to such
    series and its consequences, except a default
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;</TD>
    <TD align="left">
    in the payment of the principal of, or premium or
    make&#150;whole amount, if any, or interest on, any debt
    security of the series, or
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    32
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;</TD>
    <TD align="left">
    in respect of a covenant or provision contained in the indenture
    that cannot be modified or amended without the consent of the
    holder of each outstanding debt security affected thereby.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The indenture requires each trustee to give notice to the
    holders of debt securities within 90&#160;days of a default
    under the indenture unless such default shall have been cured or
    waived; <I>provided</I>, <I>however</I>, that the trustee may
    withhold notice to the holders of any series of debt securities
    of any default with respect to the series, except a default in
    the payment of the principal of, or premium or make&#150;whole
    amount, if any, or interest on, any debt security of the series
    or in the payment of any sinking fund installment in respect of
    any debt security of, the series if specified responsible
    officers of the trustee determine in good faith that such
    withholding is in the interest of such holders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The indenture provides that no holders of debt securities of any
    series may institute any proceedings, judicial or otherwise,
    with respect to the indenture or for any remedy thereunder,
    except in the case of failure of the applicable trustee, for
    60&#160;days, to act after it has received a written request to
    institute proceedings in respect of an event of default from the
    holders of not less than 25% in principal amount of the
    outstanding debt securities of the series, as well as an offer
    of indemnity reasonably satisfactory to it. This provision will
    not prevent, however, any holder of debt securities from
    instituting suit for the enforcement of payment of the principal
    of, and premium or make&#150;whole amount, if any, and interest
    on, the debt securities at their respective due dates or
    redemption dates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The indenture provides that, subject to provisions in the
    indenture relating to its duties in case of default, a trustee
    will be under no obligation to exercise any of its rights or
    powers under the indenture at the request or direction of any
    holders of any series of debt securities then outstanding under
    the indenture, unless such holders shall have offered to the
    trustee thereunder reasonable security or indemnity. The holders
    of not less than a majority in principal amount of the
    outstanding debt securities of any series, or of all debt
    securities then outstanding under the indenture, as the case may
    be, shall have the right to direct the time, method and place of
    conducting any proceeding for any remedy available to the
    applicable trustee, or of exercising any trust or power
    conferred upon such trustee. However, a trustee may refuse to
    follow any direction which is in conflict with any law or the
    indenture, which may involve the trustee in personal liability
    or which may be unduly prejudicial to the holders of debt
    securities of such series not joining therein.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Within 120&#160;days after the close of each fiscal year, the
    Operating Partnership is required to deliver to each trustee a
    certificate, signed by one of several specified officers of the
    Company, stating whether or not such officer has knowledge of
    any default under the indenture and, if so, specifying each
    default and the nature and status thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Modification of
    the indenture</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Modifications and amendments of the indenture are permitted to
    be made only with the consent of the holders of not less than a
    majority in principal amount of all outstanding debt securities
    issued under the indenture affected by such modification or
    amendment. However<I>, </I>no modification or amendment may,
    without the consent of the holder of each such debt security
    affected thereby,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;</TD>
    <TD align="left">
    change the stated maturity of the principal of, or any
    installment of interest, or premium or make&#150;whole amount,
    if any, on, any debt security;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    33
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    reduce the principal amount of, or the rate or amount of
    interest on, or any premium or make&#150;whole amount payable on
    redemption of, any such debt security, or reduce the amount of
    principal of an original issue discount security that would be
    due and payable upon declaration of acceleration of the maturity
    thereof or would be provable in bankruptcy, or adversely affect
    any right of repayment of the holder of any debt security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    change the place of payment, or the coin or currency, for
    payment of principal of or premium or make&#150;whole amount, if
    any, or interest on any debt security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    impair the right to institute suit for the enforcement of any
    payment on or with respect to any debt security;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    reduce the above&#150;stated percentage of outstanding debt
    securities of any series necessary to modify or amend the
    indenture, to waive compliance with certain provisions thereof
    or certain defaults and consequences thereunder or to reduce the
    quorum or voting requirements set forth in the indenture; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    modify any of the foregoing provisions or any of the provisions
    relating to the waiver of certain past defaults or certain
    covenants, except to increase the required percentage to effect
    such action or to provide that certain other provisions may not
    be modified or waived without the consent of the holder of the
    debt security.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The holders of a majority in aggregate principal amount of the
    outstanding debt securities of each series may, on behalf of all
    holders of debt securities of that series, waive, insofar as
    that series is concerned, compliance by the Operating
    Partnership with certain restrictive covenants of the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Modifications and amendments of the indenture are permitted to
    be made by the Operating Partnership and the respective trustee
    thereunder without the consent of any holder of debt securities
    for any of the following purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to evidence the succession of another person to the Operating
    Partnership as obligor under the indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to add to the covenants of the Operating Partnership for the
    benefit of the holders of all or any series of debt securities
    or to surrender any right or power conferred upon the Operating
    Partnership in the indenture;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to add events of default for the benefit of the holders of all
    or any series of debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to add or change any provisions of the indenture to facilitate
    the issuance of, or to liberalize certain terms of, debt
    securities in bearer form, or to permit or facilitate the
    issuance of debt securities in uncertificated form, provided
    that such action shall not adversely affect the interests of the
    holders of the debt securities of any series in any material
    respect;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to change or eliminate any provisions of the indenture, provided
    that any such change or elimination shall become effective only
    when there are no debt securities outstanding of any series
    created prior thereto that are entitled to the benefit of such
    provision;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to secure the debt securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to establish the form or terms of debt securities of any series;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to provide for the acceptance of appointment by a successor
    trustee or facilitate the administration of the trusts under the
    indenture by more than one trustee;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    34
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to cure any ambiguity, defect or inconsistency in the indenture,
    provided that such action shall not adversely affect the
    interests of holders of debt securities of any series issued
    under the indenture in any material respect; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to supplement any of the provisions of the indenture to the
    extent necessary to permit or facilitate defeasance and
    discharge of any series of the debt securities, provided that
    such action shall not adversely affect the interests of the
    holders of the outstanding debt securities of any series in any
    material respect.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The indenture provides that in determining whether the holders
    of the requisite principal amount of outstanding debt securities
    of a series have given any request, demand, authorization,
    direction, notice, consent or waiver thereunder or whether a
    quorum is present at a meeting of holders of debt securities,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the principal amount of an original issue discount security that
    shall be deemed to be outstanding shall be the amount of the
    principal thereof that would be due and payable as of the date
    of such determination upon declaration of acceleration of the
    maturity thereof,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the principal amount of any debt security denominated in a
    foreign currency that shall be deemed outstanding shall be the
    U.S.&#160;dollar equivalent, determined on the issue date of the
    debt security, of the principal amount of the debt security, or,
    in the case of an original issue discount security, the
    U.S.&#160;dollar equivalent on the issue date of the debt
    security of the amount determined as provided in the
    subparagraph immediately above,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the principal amount of an indexed security that shall be deemed
    outstanding shall be the principal face amount of such indexed
    security at original issuance, unless otherwise provided with
    respect to such indexed security pursuant to the indenture, and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    debt securities owned by the Operating Partnership or any other
    obligor upon the debt securities or any affiliate of the
    Operating Partnership or of such other obligor shall be
    disregarded.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The indenture contains provisions for convening meetings of the
    holders of debt securities of a series. A meeting will be
    permitted to be called at any time by the applicable trustee,
    and also, upon request, by the Operating Partnership or the
    holders of at least 25% in principal amount of the outstanding
    debt securities of the series, in any case upon notice given as
    provided in the indenture. Except for any consent that must be
    given by the holder of each debt security affected by certain
    modifications and amendments of the indenture, any resolution
    presented at a meeting or adjourned meeting duly reconvened at
    which a quorum is present may be adopted by the affirmative vote
    of the holders of a majority in principal amount of the
    outstanding debt securities of that series. However, except as
    referred to above, any resolution with respect to any request,
    demand, authorization, direction, notice, consent, waiver or
    other action that may be made, given or taken by the holders of
    a specified percentage, which is less than a majority, in
    principal amount of the outstanding debt securities of a series
    may be adopted at a meeting or adjourned meeting or adjourned
    meeting duly reconvened at which a quorum is present by the
    affirmative vote of the holders of such specified percentage in
    principal amount of the outstanding debt securities of that
    series. Any resolution passed or decision taken at any meeting
    of holders of debt securities of any series duly held in
    accordance with the indenture will be binding on all holders of
    debt securities of that series. The quorum at any meeting called
    to adopt a resolution, and at any reconvened meeting, will be
    persons holding or representing a majority in principal amount
    of the outstanding debt securities of a series. However, if any
    action is to be taken at the meeting with respect to a consent
    or waiver that may be given by the holders of not less than a
    specified percentage in principal amount of the outstanding debt
    securities of a series, the persons holding or
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    35
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    representing such specified percentage in principal amount of
    the outstanding debt securities of the series will constitute a
    quorum.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing provisions, the indenture provides
    that if any action is to be taken at a meeting of holders of
    debt securities of any series with respect to any request,
    demand, authorization, direction, notice, consent, waiver and
    other action that the indenture expressly provides may be made,
    given or taken by the holders of a specified percentage in
    principal amount of all outstanding debt securities affected
    thereby, or of the holders of such series and one or more
    additional series:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    there shall be no minimum quorum requirement for such meeting;
    and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the principal amount of the outstanding debt securities of the
    series that vote in favor of such request, demand,
    authorization, direction, notice, consent, waiver or other
    action shall be taken into account in determining whether such
    request, demand, authorization, direction, notice, consent,
    waiver or other action has been made, given or taken under the
    indenture.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Discharge,
    defeasance and covenant defeasance</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless otherwise provided in the applicable prospectus
    supplement, the Operating Partnership will be permitted, at its
    option, to discharge certain obligations to holders of any
    series of debt securities issued under the indenture that have
    not already been delivered to the applicable trustee for
    cancellation and that either have become due and payable or will
    become due and payable within one year, or scheduled for
    redemption within one year, by irrevocably depositing with the
    applicable trustee, in trust, funds in such currency or
    currencies, currency unit or units or composite currency or
    currencies in which the debt securities are payable in an amount
    sufficient to pay the entire indebtedness on the debt securities
    in respect of principal, and premium or make&#150;whole amount,
    if any, and interest to the date of such deposit, if the debt
    securities have become due and payable, or to the stated
    maturity or redemption date, as the case may be.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The indenture provides that, unless otherwise provided in the
    applicable prospectus supplement, the Operating Partnership may
    elect either
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to defease and be discharged from any and all obligations with
    respect to the debt securities, except for the obligation to pay
    additional amounts, if any, upon the occurrence of certain
    events of tax, assessment or governmental charge with respect to
    payments on the debt securities and the obligations to register
    the transfer or exchange of the debt securities, to replace
    temporary or mutilated, destroyed, lost or stolen debt
    securities, to maintain an office or agency in respect of the
    debt securities, and to hold moneys for payment in trust, or
    &#147;defeasance,&#148; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    to be released from certain obligations with respect to the debt
    securities under the indenture, including the restrictions
    described under &#147;&#151;Certain Covenants&#148; or, if
    provided in the applicable prospectus supplement, its
    obligations with respect to any other covenant, and any omission
    to comply with such obligations shall not constitute an event of
    default with respect to the debt securities, or &#147;covenant
    defeasance,&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    in either case upon the irrevocable deposit by the Operating
    Partnership with the applicable trustee, in trust, of an amount,
    in such currency or currencies, currency unit or units or
    composite currency or currencies in which the debt securities
    are payable at stated maturity, or government obligations as
    defined below, or both, applicable to the debt securities, which
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    36
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    through the scheduled payment of principal and interest in
    accordance with their terms will provide money in an amount
    sufficient to pay the principal of and premium or
    make&#150;whole amount, if any, and interest on the debt
    securities, and any mandatory sinking fund or analogous payments
    thereon, on the scheduled due dates therefor.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Such a trust will only be permitted to be established if, among
    other things, the Operating Partnership has delivered to the
    applicable trustee an opinion of counsel, as specified in the
    indenture, to the effect that the holders of the debt securities
    will not recognize income, gain or loss for U.S.&#160;federal
    income tax purposes as a result of such defeasance or covenant
    defeasance and will be subject to U.S.&#160;federal income tax
    on the same amounts, in the same manner and at the same times as
    would have been the case if such defeasance or covenant
    defeasance had not occurred, and the opinion of counsel, in the
    case of defeasance, will be required to refer to and be based
    upon a ruling received from the Internal Revenue Service (the
    &#147;IRS&#148;) or a change in applicable U.S.&#160;federal
    income tax law occurring after the date of the indenture. In the
    event of such defeasance, the holders of the debt securities
    would thereafter be able to look only to such trust fund for
    payment of principal, and premium or make&#150;whole amount, if
    any, and interest.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;Government obligations&#148; means securities that are
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    direct obligations of the United States or the government which
    issued the foreign currency in which the debt securities of a
    particular series are payable, for the payment of which its full
    faith and credit is pledged, or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    obligations of a person controlled or supervised by and acting
    as an agency or instrumentality of the United States or such
    government which issued the foreign currency in which the debt
    securities of the series are payable, the payment of which is
    unconditionally guaranteed as a full faith and credit obligation
    by the United States or such other government,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    which, in either case, are not callable or redeemable at the
    option of the issuer thereof, and shall also include a
    depository receipt issued by a bank or trust company as
    custodian with respect to any such government obligation or a
    specific payment of interest on or principal of any such
    government obligation held by such custodian for the account of
    the holder of a depository receipt, <I>provided </I>that, except
    as required by law, the custodian is not authorized to make any
    deduction from the amount payable to the holder of such
    depository receipt from any amount received by the custodian in
    respect of the government obligation or the specific payment of
    interest on or principal of the government obligation evidenced
    by such depository receipt.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless otherwise provided in the applicable prospectus
    supplement, if after the Operating Partnership has deposited
    funds <FONT style="white-space: nowrap">and/or</FONT>
    government obligations to effect defeasance or covenant
    defeasance with respect to debt securities of any series,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the holder of a debt security of the series is entitled to, and
    does, elect pursuant to the indenture or the terms of the debt
    security to receive payment in a currency, currency unit or
    composite currency other than that in which such deposit has
    been made in respect of the debt security, or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    a conversion event, as defined below, occurs in respect of the
    currency, currency unit or composite currency in which such
    deposit has been made,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    the indebtedness represented by the debt security will be deemed
    to have been, and will be,
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    fully discharged and satisfied through the payment of the
    principal of and premium or make&#150;whole amount, if any, and
    interest on the debt security as they become due out of the
    proceeds yielded by converting the amount so deposited in
    respect of the debt security into the currency, currency unit or
    composite currency in which the debt security becomes payable as
    a result of such election or such cessation of usage based on
    the applicable market exchange rate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    &#147;Conversion event&#148; means the cessation of use of
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    a currency, currency unit or composite currency both by the
    government of the country which issued such currency and for the
    settlement of transactions by a central bank or other public
    institutions of or within the international banking community,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the Euro both within the European Monetary System and for the
    settlement of transactions by public institutions of or within
    the European Communities or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    any currency unit or composite currency other than the Euro for
    the purposes for which it was established.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless otherwise provided in the applicable prospectus
    supplement, all payments of principal of and premium or
    make&#150;whole amount, if any, and interest on any debt
    security that is payable in a foreign currency that ceases to be
    used by its government of issuance shall be made in
    U.S.&#160;dollars.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the event the Operating Partnership effects covenant
    defeasance with respect to any debt securities and the debt
    securities are declared due and payable because of the
    occurrence of any event of default, other than the event of
    default described in clause&#160;(4) under &#147;&#151;Events of
    Default, Notice and Waiver&#148; with respect to specified
    sections of the indenture, which sections would no longer be
    applicable to the debt securities, or described in
    clause&#160;(7) under &#147;&#151;Events of Default, Notice and
    Waiver&#148; with respect to any other covenant as to which
    there has been covenant defeasance, the amount in such currency,
    currency unit or composite currency in which the debt securities
    are payable, and government obligations on deposit with the
    applicable trustee, will be sufficient to pay amounts due on the
    debt securities at the time of their stated maturity but may not
    be sufficient to pay amounts due on the debt securities at the
    time of the acceleration resulting from such event of default.
    However, the Operating Partnership would remain liable to make
    payment of those amounts due at the time of acceleration.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The applicable prospectus supplement may further describe the
    provisions, if any, permitting defeasance or covenant
    defeasance, including any modifications to the provisions
    described above, with respect to the debt securities of or
    within a particular series.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">No conversion
    rights</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The debt securities will not be convertible into or exchangeable
    for any capital stock of the Company or equity interest in the
    Operating Partnership.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Global
    securities</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The debt securities of a series may be issued in whole or in
    part in book&#150;entry form consisting of one or more global
    securities that will be deposited with, or on behalf of, a
    depositary identified in the applicable prospectus supplement
    relating to the series. Global securities may
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    be issued in either registered or bearer form and in either
    temporary or permanent form. The specific terms of the
    depositary arrangement with respect to a series of debt
    securities will be described in the applicable prospectus
    supplement relating to the series.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">The
    trustee</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    U.S.&#160;Bank National Trust is the trustee under the
    indenture. From time to time, we have and may in the future
    enter into other transactions with the trustee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Payment and
    paying agents</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Unless otherwise provided in the applicable prospectus
    supplement, the principal of, and applicable premium or
    make&#150;whole amount, if any, and interest on, any series of
    debt securities will be payable at the corporate trust office of
    the trustee, the address of which will be stated in the
    applicable prospectus supplement. However, at the option of the
    Operating Partnership, payment of interest may be made by check
    mailed to the address of the person entitled thereto as it
    appears in the applicable register for the debt securities or by
    wire transfer of funds to such person at an account maintained
    within the United States.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    All moneys paid by the Operating Partnership to a paying agent
    or a trustee for the payment of the principal of or any premium,
    make&#150;whole amount or interest on any debt security which
    remain unclaimed at the end of two years after such principal,
    premium, make&#150;whole amount or interest has become due and
    payable will be repaid to the Operating Partnership, and the
    holder of the debt security thereafter may look only to the
    Operating Partnership for payment thereof.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Certain
    provisions of Maryland law and the<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">company&#146;s
    charter and bylaws</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following summary of certain provisions of Maryland law is
    not complete and is qualified by reference to Maryland law and
    our charter and bylaws, which are incorporated by reference to
    the registration statement of which this prospectus is a part.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Business
    combinations</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under the MGCL, certain &#147;business combinations&#148; (as
    defined in the MGCL) between a Maryland corporation and an
    interested stockholder are prohibited for five years after the
    most recent date on which the interested stockholder became an
    interested stockholder. Under the MGCL, an &#147;interested
    stockholder&#148; includes a person who is
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the beneficial owner, directly or indirectly, of 10&#160;percent
    or more of the voting power of the outstanding voting stock of
    the corporation; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    an affiliate or associate of the corporation and was the
    beneficial owner, directly or indirectly, of 10&#160;percent or
    more of the voting power of the then outstanding stock of the
    corporation at any time within the two&#150;year period
    immediately prior to the date in question.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Business combinations for the purposes of the preceding
    paragraph are defined by the MGCL to include certain mergers,
    consolidations, share exchanges and asset transfers, some
    issuances and reclassifications of equity securities, the
    adoption of a plan of liquidation or dissolution or the receipt
    by an interested stockholder or its affiliate of any loan
    advance, guarantee, pledge or other financial assistance or tax
    advantage provided by the Company. After the five&#150;year
    moratorium period, any such business combination must be
    recommended by the board of directors of the corporation and
    approved by the affirmative vote of at least
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    80% of the votes entitled to be cast by holders of outstanding
    shares of voting stock of the corporation voting together as a
    single group and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    two&#150;thirds of the votes entitled to be cast by holders of
    voting stock of the corporation other than voting stock held by
    the interested stockholder with whom (or with whose affiliate)
    the business combination is to be effected or by any affiliate
    or associate of the interested stockholder voting together as a
    single voting group.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The super&#150;majority vote requirements will not apply if,
    among other things, the corporation&#146;s stockholders receive
    a minimum price (as defined in the MGCL) for their shares and
    the consideration is received in cash or in the same form as
    previously paid by the interested stockholder for its shares.
    These provisions of Maryland law do not apply, however, to
    business combinations that are approved or exempted by the board
    of directors of the corporation prior to the most recent time
    that the interested stockholder becomes an interested
    stockholder. Our charter exempts from these provisions of the
    MGCL any business combination in which there is no interested
    stockholder other than Jay H. Shidler or any entity controlled
    by Mr.&#160;Shidler unless Mr.&#160;Shidler is an interested
    stockholder without taking into account his ownership of shares
    of our common stock and the right to acquire shares of our
    common stock in an aggregate amount that does not exceed the
    number of shares of our common stock that he owned and had the
    right to acquire, including through the exchange of limited
    partnership units of the Operating Partnership, at the time of
    the consummation of our initial public offering.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    40
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Control share
    acquisitions</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The MGCL provides that &#147;control shares&#148; (as defined in
    the MGCL) of a Maryland corporation acquired in a &#147;control
    share acquisition&#148; (as defined in the MGCL) have no voting
    rights except to the extent approved by a vote of
    two&#150;thirds of the votes entitled to be cast on the matter,
    excluding shares of stock owned by the acquiror or by officers
    or directors who are also employees of the corporation.
    &#147;Control shares&#148; are voting shares of stock that, if
    aggregated with all other shares of stock previously acquired by
    that person, would entitle the acquiror to exercise voting power
    in electing directors within one of the following ranges of
    voting power:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    one&#150;tenth or more but less than one&#150;third,
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    one&#150;third or more but less than a majority, or
</TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    a majority or more of all voting power.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Control shares do not include shares that the acquiring person
    is then entitled to vote as a result of having previously
    obtained stockholder approval. A &#147;control share
    acquisition&#148; means the acquisition of ownership of or power
    to direct the voting power of issued and outstanding control
    shares, subject to certain exceptions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A person who has made or proposes to make a control share
    acquisition may compel the board of directors, upon satisfaction
    of certain conditions, including an undertaking to pay certain
    expenses, to call a special meeting of stockholders to be held
    within 50&#160;days after receiving a demand to consider the
    voting rights of the shares. If no request for a meeting is
    made, the corporation may itself present the question at any
    meeting of stockholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If voting rights are not approved at the meeting or if the
    acquiring person does not deliver an acquiring person statement
    as required by the MGCL, then, subject to certain conditions and
    limitations, the corporation may redeem any or all of the
    control shares, except those for which voting rights have
    previously been approved. The corporation&#146;s redemption of
    the control shares will be for fair value determined, without
    regard to the absence of voting rights, as of the date of the
    last control share acquisition or of any meeting of stockholders
    at which the voting rights of the control shares are considered
    and not approved. If voting rights for control shares are
    approved at a stockholders meeting and the acquiror becomes
    entitled to vote a majority of the shares entitled to vote, all
    other stockholders may exercise appraisal rights. The fair value
    of the shares as determined for purposes of the appraisal rights
    may not be less than the highest price per share paid in the
    control share acquisition. Certain limitations and restrictions
    otherwise applicable to the exercise of dissenters&#146; rights
    do not apply in the context of a control share acquisition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The control share acquisition statute does not apply to
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    shares acquired in a merger, consolidation or share exchange if
    the corporation is a party to the transaction or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    acquisitions approved or exempted by our charter or bylaws.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our bylaws contain a provision exempting any and all
    acquisitions of our shares of capital stock from the control
    share provisions of the MGCL. There can be no assurance that
    this bylaw provision will not be amended or eliminated in the
    future.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Amendment of
    charter</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our charter, including the provisions on classification of the
    board of directors discussed below, may be amended only by the
    affirmative vote of the holders of not less than two&#150;thirds
    of all of the votes entitled to be cast on the matter, except
    that the affirmative vote of a majority of the board of
    directors is required to change the name of the Company or
    change the name or other designation or the par value of any
    class or series of stock of the Company and the aggregate par
    value of the stock of the Company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Meetings of
    stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our bylaws provide for annual meetings of stockholders to be
    held on the third Wednesday in April or on any other day as may
    be established from time to time by our board of directors.
    Special meetings of stockholders may be called by
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    our Chairman of the Board or our President,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    a majority of the board of directors or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    stockholders holding at least a majority of our outstanding
    capital stock entitled to vote at the meeting.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our bylaws provide that any stockholder of record wishing to
    nominate a director or have a stockholder proposal considered at
    an annual meeting must provide written notice and certain
    supporting documentation to the Company relating to the
    nomination or proposal not less than 75&#160;days nor more than
    180&#160;days prior to the anniversary date of the prior
    year&#146;s annual meeting or special meeting in lieu thereof
    (the &#147;Anniversary Date&#148;). In the event that the annual
    meeting is called for a date more than seven calendar days
    before the Anniversary Date, stockholders generally must provide
    written notice within 20 calendar days after the date on which
    notice of the meeting is mailed to stockholders or the date the
    meeting is publicly disclosed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The purpose of requiring stockholders to give us advance notice
    of nominations and other business is to afford our board of
    directors a meaningful opportunity to consider the
    qualifications of the proposed nominees or the advisability of
    the other proposed business and, to the extent deemed necessary
    or desirable by our board of directors, to inform stockholders
    and make recommendations about the qualifications or business,
    as well as to provide a more orderly procedure for conducting
    meetings of stockholders. Although our bylaws do not give our
    board of directors any power to disapprove stockholder
    nominations for the election of directors or proposals for
    action, they may have the effect of precluding a contest for the
    election of directors or the consideration of stockholder
    proposals if the proper procedures are not followed and of
    discouraging or deterring a third party from conducting a
    solicitation of proxies to elect its own slate of directors or
    to approve its own proposal. Our bylaws may have those effects
    without regard to whether consideration of the nominees or
    proposal might be harmful or beneficial to us and our
    stockholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Classification of
    the board of directors</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our bylaws provide that the number of directors may be
    established by the board of directors but may not be fewer than
    the minimum number required by Maryland law nor more than
    twelve. Any vacancy will be filled, at any regular meeting or at
    any special meeting called for that purpose, by a majority of
    the remaining directors, except that a vacancy resulting from an
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    increase in the number of directors will be filled by a majority
    of the entire board of directors. Under the terms of our
    charter, the directors are divided into three classes, each
    class consisting as nearly as possible of one&#150;third of the
    directors. As the term of each class expires, directors in that
    class will be elected for a term of three years and until their
    successors are duly elected and qualified. We believe that
    classification of our board of directors will help to assure the
    continuity and stability of our business strategies and policies
    as determined by our board of directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The classified board provision could have the effect of making
    the removal of incumbent directors more time consuming and
    difficult, which could discourage a third party from making a
    tender offer or otherwise attempting to obtain control of the
    Company, even though such an attempt might be beneficial to us
    and our stockholders. At least two annual meetings of
    stockholders, instead of one, will generally be required to
    effect a change in a majority of our board of directors. Thus,
    the classified board provision could increase the likelihood
    that incumbent directors will retain their positions. Holders of
    shares of common stock will have no right to cumulative voting
    for the election of directors. Consequently, at each annual
    meeting of stockholders, the holders of a majority of the shares
    of common stock will be able to elect all of the successors of
    the class of directors whose term expires at that meeting.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    43
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Restrictions on
    transfer of capital stock</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For the Company to qualify as a REIT under the Code, among other
    things, not more than 50% in value of its outstanding capital
    stock may be owned, actually or by attribution, by five or fewer
    individuals (as defined in the Code to include certain entities)
    during the last half of a taxable year. Our capital stock must
    also be beneficially owned by 100 or more persons during at
    least 335&#160;days of a taxable year of 12&#160;months or
    during a proportionate part of a shorter tax year. See
    &#147;Certain U.S.&#160;Federal Income Tax Considerations.&#148;
    To ensure that we remain a qualified REIT, our charter, subject
    to certain exceptions, provide that no holder may own, or be
    deemed to own by virtue of the attribution provisions of the
    Code, more than an aggregate of 9.9% in value of our capital
    stock. Any transfer of capital stock or any security convertible
    into capital stock that would create a direct or indirect
    ownership of capital stock in excess of the ownership limit or
    that would result in our disqualification as a REIT, including
    any transfer that results in the capital stock being owned by
    fewer than 100&#160;persons or results in us being &#147;closely
    held&#148; within the meaning of Section&#160;856(h) of the
    Code, shall be null and void, and the intended transferee will
    acquire no rights to the capital stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Capital stock owned, or deemed to be owned, or transferred to a
    stockholder in excess of the ownership limit will automatically
    be exchanged for shares of &#147;excess stock,&#148; as defined
    in our charter, that will be transferred, by operation of law,
    to us as trustee of a trust for the exclusive benefit of the
    transferees to whom such capital stock may be ultimately
    transferred without violating the ownership limit. While the
    excess stock is held in trust, it will not be entitled to vote,
    it will not be considered for purposes of any stockholder vote
    or the determination of a quorum for such vote, and it will not
    be entitled to participate in the accumulation or payment of
    dividends or other distributions. A transferee of excess stock
    may, at any time such excess stock is held by us in trust,
    designate as beneficiary of the transferee stockholder&#146;s
    interest in the trust representing the excess stock any
    individual whose ownership of the capital stock exchanged into
    such excess stock would be permitted under the ownership limit,
    and may transfer that interest to the beneficiary at a price not
    in excess of the price paid by the original
    transferee&#150;stockholder for the capital stock that was
    exchanged into excess stock. Immediately upon the transfer to
    the permitted beneficiary, the excess stock will automatically
    be exchanged for capital stock of the class from which it was
    converted.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In addition, we will have the right, for a period of
    90&#160;days during the time any excess stock is held by us in
    trust, and, with respect to excess stock resulting from the
    attempted transfer of our preferred stock, at any time when any
    outstanding shares of preferred stock of the series are being
    redeemed, to purchase all or any portion of the excess stock
    from the original transferee&#150;stockholder at the lesser of
    the price paid for the capital stock by the original
    transferee&#150;stockholder and the market price, as determined
    in the manner set forth in our charter, of the capital stock on
    the date we exercise our option to purchase or, in the case of a
    purchase of excess stock attributed to preferred stock which has
    been called for redemption, at its stated value, plus all
    accumulated and unpaid dividends to the date of redemption. The
    <FONT style="white-space: nowrap">90&#150;day</FONT>
    period begins on the date of the violative transfer if the
    original transferee&#150;stockholder gives notice to us of the
    transfer or, if no such notice is given, the date the board of
    directors determines that a violative transfer has been made.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    44
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Certain U.S.
    federal income tax considerations</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following is a general summary of certain material United
    States federal income tax consequences relating to the purchase,
    ownership, and disposition of common stock and preferred stock
    of the Company, as well as considerations regarding our
    qualification and taxation as a REIT and does not purport to
    deal with federal income tax consequences to investors who
    purchase debt securities of the Operating Partnership (which
    consequences will be described in the applicable prospectus
    supplement).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This summary is for general information only and is not tax
    advice. This discussion is based on the Code, Treasury
    regulations and administrative and judicial interpretations
    thereof, all as in effect as of the date hereof, and all of
    which are subject to change, possibly with retroactive effect.
    This discussion does not purport to deal with all aspects of
    federal income taxation that may be relevant to holders subject
    to special treatment under the U.S.&#160;federal income tax
    laws, such as dealers in securities, insurance companies,
    tax&#150;exempt entities (except as described herein), persons
    who receive their stock as compensation for services,
    expatriates, persons subject to the alternative minimum tax,
    financial institutions and partnerships or other
    pass&#150;through entities. This section applies only to holders
    of securities who hold such securities as capital assets within
    the meaning of Section&#160;1221 of the Code. This summary does
    not discuss any state, local or foreign tax consequences
    associated with the ownership, sale or other disposition of the
    securities or our election to be taxed as a REIT.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>You are urged to consult your tax advisors regarding the
    specific tax consequences to you of:</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    <B>the acquisition, ownership
    <FONT style="white-space: nowrap">and/or</FONT> sale
    or other disposition of the common stock or preferred stock
    offered under this prospectus, including the federal, state,
    local, foreign and other tax consequences;</B>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    <B>our election to be taxed as a REIT for federal income tax
    purposes; and</B>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    <B>potential changes in the applicable tax laws.</B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Taxation of the
    company as a REIT</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    For purposes of this discussion, references to &#147;us,&#148;
    &#147;our, or &#147;we,&#148; and any similar terms, refer to
    First Industrial Realty Trust, Inc. This section is a summary of
    the material U.S.&#160;federal income tax matters of general
    application pertaining to REITs under the Code. This discussion
    is based upon current law, which is subject to change, possibly
    on a retroactive basis. The provisions of the Code pertaining to
    REITs are highly technical and complex and sometimes involve
    mixed questions of fact and law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the opinion of Barack Ferrazzano Kirschbaum&#160;&#038;
    Nagelberg LLP:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    commencing with our taxable year ended December&#160;31, 1994,
    we have been organized and operated in conformity with the
    requirements for qualification and taxation as a REIT under the
    Code; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    our current and proposed method of operation (as represented by
    us to Barack Ferrazzano Kirschbaum&#160;&#038; Nagelberg LLP in
    a written certificate) will enable us to continue to meet the
    requirements for qualification and taxation as a REIT under the
    Code.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    45
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Barack Ferrazzano Kirschbaum&#160;&#038; Nagelberg LLP&#146;s
    opinion is based on various assumptions and is conditioned upon
    certain representations made by us as to factual matters with
    respect to us and certain partnerships, limited liability
    companies and corporations through which we hold substantially
    all of our assets. Moreover, our qualification and taxation as a
    REIT depends upon our ability to meet, as a matter of fact,
    through actual annual operating results, distribution levels,
    diversity of stock ownership and various other qualification
    tests imposed under the Code, as discussed below, the results of
    which will not be reviewed by Barack Ferrazzano
    Kirschbaum&#160;&#038; Nagelberg LLP. No assurance can be given
    that the actual results of our operations for any particular
    taxable year will satisfy those requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    So long as we qualify for taxation as a REIT, we generally will
    not be subject to federal corporate income tax on our net income
    that we distribute currently to our stockholders. This treatment
    substantially eliminates &#147;double taxation&#148; (that is,
    taxation at both the corporate and stockholder levels) that
    generally results from an investment in a regular corporation.
    However, we will be subject to federal income tax as follows:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    1.&#160;
</TD>
    <TD align="left">    We will be taxed at regular corporate rates on any undistributed
    &#147;REIT taxable income.&#148; REIT taxable income is the
    taxable income of the REIT subject to specified adjustments,
    including a deduction for dividends paid;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    2.&#160;
</TD>
    <TD align="left">    Under some circumstances, we may be subject to the
    &#147;alternative minimum tax&#148; on our items of tax
    preference;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    3.&#160;
</TD>
    <TD align="left">    If we have net income from the sale or other disposition of
    &#147;foreclosure property&#148; that is held primarily for sale
    to customers in the ordinary course of business (including
    certain foreign currency gain attributable thereto recognized
    after July&#160;30, 2008), or other nonqualifying income from
    foreclosure property, we will be subject to tax at the highest
    corporate rate on this income;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    4.&#160;
</TD>
    <TD align="left">    Our net income from &#147;prohibited transactions&#148;
    (including certain foreign currency gain attributable thereto
    recognized after July&#160;30, 2008)&#160;will be subject to a
    100% tax. In general, prohibited transactions are sales or other
    dispositions of property held primarily for sale to customers in
    the ordinary course of business other than foreclosure property;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    5.&#160;
</TD>
    <TD align="left">    If we fail to satisfy either the 75% gross income test or the
    95% gross income test discussed below, but nonetheless maintain
    our qualification as a REIT because other requirements are met,
    we will be subject to a tax equal to the gross income
    attributable to the greater of either (1)&#160;the amount by
    which we fail the 75% gross income test for the taxable year or
    (2)&#160;the amount by which we fail the 95% gross income test
    for the taxable year, multiplied by a fraction intended to
    reflect our profitability;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    6.&#160;
</TD>
    <TD align="left">    If we fail to satisfy any of the REIT asset tests, as described
    below, other than a failure by a de minimis amount of the 5% or
    10% assets tests, as described below, but our failure is due to
    reasonable cause and not due to willful neglect and we
    nonetheless maintain our REIT qualification because of specified
    cure provisions, we will be required to pay a tax equal to the
    greater of $50,000 or the product of (x)&#160;the net income
    generated by the nonqualifying assets during the period in which
    we failed to satisfy the asset tests and (y)&#160;the highest
    U.S.&#160;federal income tax rate then applicable to
    U.S.&#160;corporations;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    7.&#160;
</TD>
    <TD align="left">    If we fail to satisfy any provision of the Code that would
    result in our failure to qualify as
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    46
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD></TD>
    <TD align="left">
    a REIT (other than a gross income or asset test requirement) and
    that violation is due to reasonable cause and not due to willful
    neglect, we may retain our REIT qualification, but we will be
    required to pay a penalty of $50,000 for each such failure;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    8.&#160;
</TD>
    <TD align="left">    We may be required to pay monetary penalties to the IRS in
    certain circumstances, including if we fail to meet
    record&#150;keeping requirements intended to monitor our
    compliance with rules relating to the composition of our
    stockholders, as described below in &#147;&#151;Requirements for
    Qualification as a REIT;&#148;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    9.&#160;
</TD>
    <TD align="left">    We will be subject to a 4% excise tax on the excess of the
    required distribution over the sum of amounts actually
    distributed and amounts retained for which federal income tax
    was paid, if we fail to distribute during each calendar year at
    least the sum of 85% of our REIT ordinary income for the year,
    95% of our REIT capital gain net income for the year, and any
    undistributed taxable income from prior taxable years;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    10.&#160;</TD>
    <TD align="left">
    We will be subject to a 100% penalty tax on some payments we
    receive (or on certain expenses deducted by a taxable REIT
    subsidiary) if arrangements among us, our tenants,
    <FONT style="white-space: nowrap">and/or</FONT> our
    taxable REIT subsidiaries are not comparable to similar
    arrangements among unrelated parties;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    11.&#160;
</TD>
    <TD align="left">    If we should acquire any asset from a &#147;C&#148; corporation
    in a carry&#150;over basis transaction and we subsequently
    recognize gain on the disposition of such asset during the
    ten&#150;year period beginning on the date on which we acquired
    the asset (or during the seven&#150;year period beginning on the
    date on which we acquired the asset with respect to any such
    asset disposed of during 2009 or 2010), then, to the extent of
    any built&#150;in gain, such gain will be subject to tax at the
    highest regular corporate tax rate. Built&#150;in gain means the
    excess of (1)&#160;the fair market value of the asset as of the
    beginning of the applicable recognition period over (2)&#160;the
    adjusted basis in such asset as of the beginning of such
    recognition period;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    12.&#160;
</TD>
    <TD align="left">    We may elect to retain and pay income tax on our net
    long&#150;term capital gain. In that case, a stockholder would:
    (1)&#160;include its proportionate share of our undistributed
    long&#150;term capital gain (to the extent we make a timely
    designation of such gain to the stockholder) in its income,
    (2)&#160;be deemed to have paid the tax that we paid on such
    gain and (3)&#160;be allowed a credit for its proportionate
    share of the tax deemed to have been paid with an adjustment
    made to increase the stockholders&#146; basis in our
    stock;&#160;and
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    13.&#160;
</TD>
    <TD align="left">    We may have subsidiaries or own interests in other
    lower&#150;tier entities that are &#147;C&#148; corporations
    that will jointly elect, with us, to be treated as a taxable
    REIT subsidiary, the earnings of which would be subject to
    U.S.&#160;federal corporate income tax.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    No assurance can be given that the amount of any such federal
    income taxes will not be substantial. In addition, we and our
    subsidiaries may be subject to a variety of taxes other than
    U.S.&#160;federal income tax, including payroll taxes and state,
    local, and foreign income, franchise, property and other taxes
    on assets and operations. We could also be subject to tax in
    situations and on transactions not presently contemplated.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Requirements
    for qualification as a REIT</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To qualify as a REIT, we must have met and continue to meet the
    requirements, discussed
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    47
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    below, relating to our organization, the sources of our gross
    income, the nature of our assets, and the level of distributions
    to our stockholders.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Code requires that a REIT be a corporation, trust, or
    association:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    1.&#160;&#160;
</TD>
    <TD align="left">    which is managed by one or more trustees or directors;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    2.&#160;&#160;
</TD>
    <TD align="left">    the beneficial ownership of which is evidenced by transferable
    shares or by transferable certificates of beneficial interest;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    3.&#160;&#160;
</TD>
    <TD align="left">    which would be taxable as a domestic corporation but for
    compliance with the REIT requirements;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    4.&#160;&#160;
</TD>
    <TD align="left">    which is neither a financial institution nor an insurance
    company under the Code;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    5.&#160;&#160;
</TD>
    <TD align="left">    the beneficial ownership of which is held by 100 or more persons;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    6.&#160;&#160;
</TD>
    <TD align="left">    at any time during the last half of each taxable year not more
    than 50% in value of the outstanding stock or shares of
    beneficial interest of which is owned, directly or indirectly
    through the application of attribution rules, by or for five or
    fewer individuals (as defined in the Code to include
    tax&#150;exempt entities other than, in general, qualified
    domestic pension funds);&#160;and
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    7.&#160;&#160;
</TD>
    <TD align="left">    which meets other tests, described below, regarding the nature
    of its income and assets and distribution requirements.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Code provides that the first four conditions above must be
    met during the entire taxable year and that the fifth condition
    must be met during at least 335&#160;days of a taxable year of
    12&#160;months, or during a proportionate part of a taxable year
    of less than 12&#160;months. A corporation may not elect to
    become a REIT unless its taxable year is a calendar year.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To qualify as a REIT, we also cannot have at the end of any
    taxable year any undistributed earnings and profits that are
    attributable to a non&#150;REIT taxable year. We do not believe
    that we have any non&#150;REIT earnings and profits and believe
    that we therefore satisfy this requirement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have issued sufficient shares to enough holders to allow us
    to satisfy the requirement set forth in the fifth condition
    above (the &#147;100 holder&#148; requirement). For purposes of
    determining ongoing compliance with the 100 holder requirement,
    Treasury regulations require us to issue letters to some
    stockholders demanding information regarding the amount of
    shares each such stockholder actually or constructively owns.
    Although any failure by us to comply with the stockholder demand
    letters requirement should not jeopardize our REIT status, such
    failure would subject us to financial penalties. A list of those
    stockholders failing or refusing to comply with this demand must
    be maintained as part of our records. A stockholder who fails or
    refuses to comply with the demand must submit a statement with
    its tax return disclosing the actual ownership of the shares and
    other information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As set forth in the sixth condition above, to qualify as a REIT,
    we must also satisfy the requirement set forth in
    Section&#160;856(a)(6) of the Code that we not be closely held.
    We will not be closely held so long as at all times during the
    last half of any of our taxable years (other
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    than the first taxable year for which the REIT election is made)
    not more than 50% in value of our outstanding shares of
    beneficial interest is owned, directly or constructively under
    the applicable attribution rules of the Code, by five or fewer
    individuals (as defined in the Code to include tax&#150;exempt
    entities, other than, in general, qualified domestic pension
    funds) (the &#147;5/50 Rule&#148;).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Although our charter contains restrictions on the ownership and
    transfer of our shares, the restrictions do not ensure that we
    will be able to satisfy the 5/50&#160;Rule. If we fail to
    satisfy the 5/50&#160;Rule, our status as a REIT will terminate,
    and we will not be able to prevent such termination. However,
    for taxable years beginning after August&#160;5, 1997, if we
    comply with the procedures prescribed in Treasury regulations
    for issuing stockholder demand letters and do not know, or with
    the exercise of reasonable diligence would not have known, that
    the
    <FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">50</FONT>
    Rule was violated, the requirement that we not be closely held
    will be deemed to be satisfied for the year. See
    &#147;&#151;Failure to Qualify as a REIT.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Ownership of
    partnership interests</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A REIT that is a partner in a partnership will be deemed to own
    its proportionate share of the assets of the partnership and
    will be deemed to earn its proportionate share of the
    partnership&#146;s income. The assets and gross income of the
    partnership retain the same character in the hands of the REIT
    for purposes of the gross income and asset tests applicable to
    REITs as described below. Thus, our proportionate share of the
    assets and items of income of the Operating Partnership,
    including the Operating Partnership&#146;s share of the assets
    and liabilities and items of income with respect to any
    partnership in which it holds an interest, will be treated as
    our assets and liabilities and our items of income for purposes
    of applying the requirements described in this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Qualified REIT
    subsidiary</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If a REIT owns a corporate subsidiary that is a &#147;qualified
    REIT subsidiary,&#148; within the meaning of section&#160;856(i)
    of the Code, that subsidiary is disregarded for federal income
    tax purposes, and all assets, liabilities, and items of income,
    deduction, and credit of the subsidiary are treated as assets,
    liabilities and such items of the REIT itself. A &#147;qualified
    REIT subsidiary&#148; is a corporation all of the capital stock
    of which is owned by the REIT. However, if an existing
    corporation is acquired by a REIT and becomes a &#147;qualified
    REIT subsidiary&#148; of such REIT, all of its
    pre&#150;acquisition earnings and profits must be distributed
    before the end of the REIT&#146;s taxable year. A qualified REIT
    subsidiary of ours will not be subject to federal corporate
    income taxation, although it may be subject to state and local
    taxation in some states.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Taxable REIT
    subsidiary</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A &#147;taxable REIT subsidiary&#148; is any corporation (other
    than another REIT and corporations involved in certain lodging,
    health care and franchising activities) owned by a REIT with
    respect to which the REIT and the corporation jointly elect that
    the corporation is treated as a &#147;taxable REIT
    subsidiary.&#148; A taxable REIT subsidiary will pay income tax
    at regular corporate rates on any income that it earns. Other
    than certain activities relating to lodging and health care
    facilities, a taxable REIT subsidiary may generally engage in
    any business, including the provision of customary or
    noncustomary services to tenants of its parent REIT. The Code
    contains provisions intended to ensure that transactions between
    a REIT and its taxable REIT subsidiary occur &#147;at arm&#146;s
    length&#148; and on commercially reasonable terms. These
    requirements
</DIV>

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    <BR>
    49
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    include a provision that prevents a taxable REIT subsidiary from
    deducting interest on direct or indirect indebtedness to its
    parent REIT if, under a specified series of tests, the taxable
    REIT subsidiary is considered to have an excessive interest
    expense level or debt to equity ratio. In some cases a 100% tax
    is also imposed on the REIT if its rental, service
    <FONT style="white-space: nowrap">and/or</FONT> other
    agreements with its taxable REIT subsidiary are not on
    arm&#146;s length terms.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A parent REIT is not treated as holding the assets of a taxable
    REIT subsidiary or as receiving any income that the subsidiary
    earns. Rather, the stock issued by the taxable REIT subsidiary
    is an asset in the hands of the parent REIT, and the REIT
    recognizes as income any dividends that it receives from the
    subsidiary. This treatment can affect the income and asset test
    calculations that apply to the REIT, as described below. Because
    a parent REIT does not include the assets and income of taxable
    REIT subsidiaries in determining the parent&#146;s compliance
    with the REIT requirements, such entities may be used by the
    parent REIT to indirectly undertake activities that the REIT
    rules might otherwise preclude it from doing directly or through
    pass&#150;through subsidiaries.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Income
    tests</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To qualify as a REIT, we must satisfy two gross income tests on
    an annual basis. First, at least 75% of our gross income,
    excluding gross income from prohibited transactions, for each
    taxable year must be derived directly or indirectly from
    investments relating to real property or mortgages on real
    property, including &#147;rents from real property,&#148; gains
    on the disposition of real estate, dividends paid by another
    REIT, and interest on obligations secured by mortgages on real
    property or on interests in real property, or from some types of
    temporary investments. Second, at least 95% of our gross income
    for each taxable year, excluding gross income from prohibited
    transactions, must be derived from any combination of income
    qualifying under the 75% test and dividends, interest, some
    payments under certain hedging instruments, and gain from the
    sale or disposition of stock or securities and some hedging
    instruments.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Income and gain from certain hedging transactions entered into
    after July&#160;30, 2008 will not constitute gross income for
    purposes of both the 75% and 95% gross income tests. See
    &#147;&#151;Hedging Transactions.&#148; In addition, certain
    foreign currency gains recognized after July&#160;30, 2008 will
    be excluded from gross income for purposes of one or both of the
    gross income tests.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Rents we receive will qualify as rents from real property in
    satisfying the gross income requirements for a REIT described
    above only if several conditions are met. First, the amount of
    rent must not be based in whole or in part on the income or
    profits of any person. However, an amount received or accrued
    generally will not be excluded from the term &#147;rents from
    real property&#148; solely by reason of being based on a fixed
    percentage or percentages of receipts or sales. Second, rents
    received from a &#147;related party tenant&#148; will not
    qualify as rents from real property in satisfying the gross
    income tests unless the tenant is a taxable REIT subsidiary and
    either (i)&#160;at least 90% of the property is leased to
    unrelated tenants and the rent paid by the taxable REIT
    subsidiary is substantially comparable to the rent paid by the
    unrelated tenants for comparable space, or (ii)&#160;the
    property leased is a &#147;qualified lodging facility,&#148; as
    defined in Section&#160;856(d)(9)(D) of the Code, or a qualified
    health care property, as defined in
    Section&#160;856(e)(6)(D)(i), and certain other conditions are
    satisfied. A tenant is a related party tenant if the REIT, or an
    actual or constructive owner of 10% or more of the REIT,
    actually or constructively owns 10% or more of the tenant.
    Third, if rent attributable to personal property, leased in
    connection with a lease of real property, is greater than 15% of
    the total rent
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    received under the lease, then the portion of rent attributable
    to the personal property will not qualify as rents from real
    property.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Generally, for rents to qualify as rents from real property for
    the purpose of satisfying the gross income tests, we may provide
    directly only an insignificant amount of services, unless those
    services are &#147;usually or customarily rendered&#148; in
    connection with the rental of real property and not otherwise
    considered &#147;rendered to the occupant.&#148; Accordingly, we
    may not provide &#147;impermissible services&#148; to tenants
    (except through an independent contractor from whom we derive no
    revenue and that meets other requirements or through a taxable
    REIT subsidiary) without giving rise to &#147;impermissible
    tenant service income.&#148; Impermissible tenant service income
    is deemed to be at least 150% of the direct cost to us of
    providing the service. If the impermissible tenant service
    income exceeds 1% of our total income from a property, then all
    of the income from that property will fail to qualify as rents
    from real property. If the total amount of impermissible tenant
    service income from a property does not exceed 1% of our total
    income from the property, the services will not disqualify any
    other income from the property that qualifies as rents from real
    property, but the impermissible tenant service income will not
    qualify as rents from real property.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We have not charged, and do not anticipate charging, significant
    rent that is based in whole or in part on the income or profits
    of any person. We have not derived, and do not anticipate
    deriving, significant rents from related party tenants. We have
    not derived, and do not anticipate deriving, rent attributable
    to personal property leased in connection with real property
    that exceeds 15% of the total rents from that property. We have
    not derived, and do not anticipate deriving, impermissible
    tenant service income that exceeds 1% of our total income from
    any property.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    If we fail to satisfy one or both of the 75% or 95% gross income
    tests for any taxable year, we may nevertheless qualify as a
    REIT for that year if we are entitled to relief under the Code.
    These relief provisions generally will be available if our
    failure to meet the tests is due to reasonable cause and not due
    to willful neglect, we attached a schedule of the sources of our
    income to our federal income tax return, and any incorrect
    information on the schedule is not due to fraud with intent to
    evade tax. It is not possible, however, to state whether in all
    circumstances we would be entitled to the benefit of these
    relief provisions. For example, if we fail to satisfy the gross
    income tests because nonqualifying income that we intentionally
    incur unexpectedly exceeds the limits on nonqualifying income,
    the IRS could conclude that the failure to satisfy the tests was
    not due to reasonable cause. If these relief provisions are
    inapplicable to a particular set of circumstances involving us,
    we will fail to qualify as a REIT. As discussed under
    &#147;&#151;Taxation of the Company as a REIT,&#148; even if
    these relief provisions apply, a tax would be imposed based on
    the amount of nonqualifying income.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Asset
    tests</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    At the close of each quarter of our taxable year, we must
    satisfy four tests relating to the nature of our assets:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;&#160;</TD>
    <TD align="left">
    at least 75% of the value of our total assets must be
    represented by real estate assets, cash, cash items and
    government securities. Real estate assets include, for this
    purpose, stock or debt instruments held for less than one year
    purchased with the proceeds of an offering of shares of our
    stock or certain debt;
</TD>
</TR>

</TABLE>

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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;&#160;
</TD>
    <TD align="left">    not more than 25% of our total assets may be represented by
    securities other than those in the 75% asset class;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;&#160;
</TD>
    <TD align="left">    except for equity investments in REITs, qualified REIT
    subsidiaries, other securities that qualify as &#147;real estate
    assets&#148; for purposes of the test described in
    clause&#160;(1) or securities of our taxable REIT subsidiaries,
    the value of any one issuer&#146;s securities owned by us may
    not exceed 5% of the value of our total assets; we may not own
    more than 10% of any one issuer&#146;s outstanding voting
    securities; and we may not own more than 10% of the value of the
    outstanding securities of any one issuer;&#160;and
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (4)&#160;&#160;
</TD>
    <TD align="left">    not more than 20% (25% for taxable years beginning after
    July&#160;30, 2008)&#160;of our total assets may be represented
    by securities of one or more taxable REIT subsidiaries.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Securities for purposes of the asset tests may include debt
    securities. However, the 10% value test does not apply to
    certain &#147;straight debt&#148; and other excluded securities,
    as described in the Code including, but not limited to, any loan
    to an individual or estate, any obligation to pay rents from
    real property and any security issued by a REIT. In addition,
    (a)&#160;a REIT&#146;s interest as a partner in a partnership is
    not considered a security for purposes of applying the 10% value
    test to securities issued by the partnership; (b)&#160;any debt
    instrument issued by a partnership (other than straight debt or
    another excluded security) will not be considered a security
    issued by the partnership if at least 75% of the
    partnership&#146;s gross income is derived from sources that
    would qualify for the 75% REIT gross income test; and
    (c)&#160;any debt instrument issued by a partnership (other than
    straight debt or another excluded security) will not be
    considered a security issued by the partnership to the extent of
    the REIT&#146;s interest as a partner in the partnership. In
    general, straight debt is defined as a written, unconditional
    promise to pay on demand or at a specific date a fixed principal
    amount, and the interest rate and payment dates on the debt must
    not be contingent on profits or the discretion of the debtor. In
    addition, straight debt may not contain a convertibility feature.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    With respect to each issuer in which we currently own an
    interest that does not qualify as a REIT, a qualified REIT
    subsidiary, or a taxable REIT subsidiary, we believe that our
    pro rata share of the value of the securities, including debt,
    of any such issuer does not exceed 5% of the total value of our
    assets and that we comply with the 10% voting securities
    limitation and 10% value limitation with respect to each such
    issuer. In this regard, however, we cannot provide any assurance
    that the IRS might not disagree with our determinations. In
    addition, the securities that we own in our taxable REIT
    subsidiaries do not, in the aggregate, exceed 20% of the total
    value of our assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    After initially meeting the asset tests at the close of any
    quarter, we will not lose our status as a REIT if we fail to
    satisfy the 25%, 20% and 5% asset tests and the 10% value
    limitation at the end of a later quarter solely by reason of
    changes in the relative values of our assets (including changes
    in relative values as a result of fluctuations in foreign
    currency exchange rates). If the failure to satisfy the 25%, 20%
    or 5% asset tests or the 10% value limitation results from an
    acquisition of securities or other property during a quarter,
    the failure can be cured by disposition of sufficient
    non&#150;qualifying assets within 30&#160;days after the close
    of that quarter. We intend to maintain adequate records of the
    value of our assets to ensure compliance with the asset tests
    and to take any available actions within 30&#160;days after the
    close of any quarter as may be required to cure any
    noncompliance with the 25%, 20%, or 5% asset tests or 10% value
    limitation. If we fail the 5% asset test or the 10% asset test
    at the end of any quarter, and such failure is not cured within
    30&#160;days thereafter, we may dispose of
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    sufficient assets or otherwise satisfy the requirements of such
    asset tests within six months after the last day of the quarter
    in which our identification of the failure to satisfy those
    asset tests occurred to cure the violation, provided that the
    non&#150;permitted assets do not exceed the lesser of 1% of the
    total value of our assets at the end of the relevant quarter or
    $10,000,000. If we fail any of the other asset tests, or our
    failure of the 5% and 10% asset tests is in excess of this
    amount, as long as the failure is due to reasonable cause and
    not willful neglect and, following our identification of the
    failure, we file a schedule in accordance with the Treasury
    regulations describing each asset that caused the failure, we
    are permitted to avoid disqualification as a REIT, after the
    <FONT style="white-space: nowrap">thirty&#150;day</FONT>
    cure period, by taking steps to satisfy the requirements of the
    applicable asset test within six months after the last day of
    the quarter in which our identification of the failure to
    satisfy the REIT asset test occurred, including the disposition
    of sufficient assets to meet the asset tests and paying a tax
    equal to the greater of $50,000 or the product of (x)&#160;the
    net income generated by the nonqualifying assets during the
    period in which we failed to satisfy the relevant asset test and
    (y)&#160;the highest U.S.&#160;federal income tax rate then
    applicable to U.S.&#160;corporations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Distribution
    requirements</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To qualify as a REIT, we are required to distribute dividends,
    other than capital gain dividends, to our stockholders each year
    in an amount at least equal to (1)&#160;the sum of (a)&#160;90%
    of our REIT taxable income, computed without regard to the
    dividends paid deduction and our net capital gain and
    (b)&#160;90% of the net income, after tax, from foreclosure
    property, minus (2)&#160;the sum of certain specified items of
    noncash income. In addition, if we recognize any built&#150;in
    gain, we will be required, under Treasury regulations, to
    distribute at least 90% of the built&#150;in gain, after tax,
    recognized on the disposition of the applicable asset. See
    &#147;&#151;Taxation of the Company as a REIT&#148; for a
    discussion of the possible recognition of built&#150;in gain.
    These distributions must be paid either in the taxable year to
    which they relate, or in the following taxable year if declared
    before we timely file our tax return for the prior year and if
    paid with or before the first regular dividend payment date
    after the declaration is made.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We believe that we have made and intend to continue to make
    timely distributions sufficient to satisfy the annual
    distribution requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Our REIT taxable income has been and is expected to be less than
    our cash flow due to the allowance of depreciation and other
    noncash charges in computing REIT taxable income. Accordingly,
    we anticipate that we will generally have sufficient cash or
    liquid assets to enable us to satisfy the 90% distribution
    requirement. It is possible, however, that we, from time to
    time, may not have sufficient cash or other liquid assets to
    meet this distribution requirement or to distribute such greater
    amount as may be necessary to avoid income and excise taxation,
    due to timing differences between (a)&#160;the actual receipt of
    income and the actual payment of deductible expenses and
    (b)&#160;the inclusion of such income and the deduction of such
    expenses in arriving at our taxable income, or as a result of
    nondeductible expenses such as principal amortization or capital
    expenditures in excess of noncash deductions. In the event that
    such timing differences occur, we may find it necessary to
    arrange for borrowings or, if possible, pay taxable stock
    dividends in order to meet the dividend requirement. Under a
    recently issued revenue procedure, the IRS will allow us to
    treat a stock distribution to our stockholders declared after
    December&#160;31, 2007, for 2008 or 2009, under a
    <FONT style="white-space: nowrap">stock&#150;or&#150;cash</FONT>
    election that meets specified conditions, including a minimum
    10% cash distribution component, as a distribution qualifying
    for the dividends paid deduction.
</DIV>

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    <BR>
    53
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Under some circumstances, we may be able to rectify a failure to
    meet the distribution requirement for a year by paying dividends
    to stockholders in a later year, which may be included in our
    deduction for dividends paid for the earlier year. We will refer
    to such dividends as &#147;deficiency dividends.&#148; Thus, we
    may be able to avoid being taxed on amounts distributed as
    deficiency dividends. We will, however, be required to pay
    interest based upon the amount of any deduction taken for
    deficiency dividends.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    To the extent that we do not distribute (and are not deemed to
    have distributed) all of our net capital gain or distribute at
    least 90%, but less than 100%, of our REIT taxable income, as
    adjusted, we are subject to tax on these retained amounts at
    regular corporate tax rates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will be subject to a 4% excise tax on the excess of the
    required distribution over the sum of amounts actually
    distributed and amounts retained for which federal income tax
    was paid, if we fail to distribute during each calendar year at
    least the sum of:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (1)&#160;85% of our REIT ordinary income for the year;
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (2)&#160;95% of our REIT capital gain net income for the year;
    and
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    (3)&#160;any undistributed taxable income from prior taxable
    years.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A REIT may elect to retain rather than distribute all or a
    portion of its net capital gains and pay the tax on the gains.
    In that case, a REIT may elect to have its stockholders include
    their proportionate share of the undistributed net capital gains
    in income as long&#150;term capital gains and receive a credit
    for their share of the tax paid by the REIT. For purposes of the
    4% excise tax described above, any retained amounts would be
    treated as having been distributed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Prohibited
    transactions</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Net income derived from prohibited transactions (including
    certain foreign currency gain recognized after July&#160;30,
    2008)&#160;is subject to 100% tax. The term &#147;prohibited
    transactions&#148; generally includes a sale or other
    disposition of property (other than foreclosure property) that
    is held primarily for sale to customers in the ordinary course
    of a trade or business. Whether property is held &#147;primarily
    for sale to customers in the ordinary course of a trade or
    business&#148; depends on the specific facts and circumstances.
    The Code provides a safe harbor pursuant to which sales of
    properties held for at least two years and meeting certain
    additional requirements will not be treated as prohibited
    transactions, but compliance with the safe harbor may not always
    be practical. Moreover the character of REIT dividends
    attributable to gain from assets that comply with the foregoing
    safe harbor as ordinary income or capital gain must still be
    determined pursuant to the specific facts and circumstances. We
    intend to engage in the business of owning and operating
    properties and to make sales of properties that are consistent
    with our investment objectives, however, no assurance can be
    given that any particular property in which we hold a direct or
    indirect interest will not be treated as property held for sale
    to customers, or that the safe&#150;harbor provisions will
    apply. The 100% tax will not apply to gains from the sale of
    property held through a taxable REIT subsidiary or other taxable
    corporation, although such income will be subject to tax at
    regular corporate income tax rates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Foreclosure
    property</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Foreclosure property is real property (including interests in
    real property) and any personal property incident to such real
    property (1)&#160;that is acquired by a REIT as a result of the
    REIT
</DIV>

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    <BR>
    54
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    having bid on the property at foreclosure, or having otherwise
    reduced the property to ownership or possession by agreement or
    process of law, after there was a default (or default was
    imminent) on a lease of the property or a mortgage loan held by
    the REIT and secured by the property, (2)&#160;for which the
    related loan or lease was made, entered into or acquired by the
    REIT at a time when default was not imminent or anticipated and
    (3)&#160;for which such REIT makes an election to treat the
    property as foreclosure property. REITs generally are subject to
    tax at the maximum corporate rate (currently 35%) on any net
    income from foreclosure property, including any gain from the
    disposition of the foreclosure property and certain foreign
    currency gain attributable to foreclosure property recognized
    after July&#160;30, 2008, other than income that would otherwise
    be qualifying income for purposes of the 75% gross income test.
    Any gain from the sale of property for which a foreclosure
    property election has been made will not be subject to the 100%
    tax on gains from prohibited transactions described above, even
    if the property is held primarily for sale to customers in the
    ordinary course of a trade or business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Hedging
    transactions</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may enter into hedging transactions with respect to one or
    more of our assets or liabilities. Hedging transactions could
    take a variety of forms, including interest rate swaps or cap
    agreements, options, futures contracts, forward rate agreements
    or similar financial instruments. Except to the extent provided
    by Treasury regulations, any income from a hedging transaction
    (i)&#160;made in the normal course of our business primarily to
    manage risk of interest rate or price changes or currency
    fluctuations with respect to borrowings made or to be made, or
    ordinary obligations incurred or to be incurred by us to acquire
    or own real estate assets or (ii)&#160;entered into after
    July&#160;30, 2008 primarily to manage the risk of currency
    fluctuations with respect to any item of income or gain that
    would be qualifying income under the 75% or 95% income tests (or
    any property which generates such income or gain), which is
    clearly identified as such before the close of the day on which
    it was acquired, originated or entered into, including gain from
    the disposition of such a transaction, will not constitute gross
    income for purposes of the 95% gross income test and, in respect
    of hedges entered into after July&#160;30, 2008, the 75% gross
    income test. To the extent we enter into other types of hedging
    transactions, the income from those transactions is likely to be
    treated as non&#150;qualifying income for purposes of both the
    75% and 95% gross income tests. We intend to structure any
    hedging transactions in a manner that does not jeopardize our
    ability to qualify as a REIT.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Failure to
    qualify as a REIT</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In the event we violate a provision of the Code that would
    result in our failure to qualify as a REIT, specified relief
    provisions will be available to us to avoid such
    disqualification if (1)&#160;the violation is due to reasonable
    cause and not willful neglect, (2)&#160;we pay a penalty of
    $50,000 for each failure to satisfy the provision and
    (3)&#160;the violation does not include a violation under the
    gross income or asset tests described above (for which other
    specified relief provisions are available). This cure provision
    reduces the instances that could lead to our disqualification as
    a REIT for violations due to reasonable cause. If we fail to
    qualify for taxation as a REIT in any taxable year, and the
    relief provisions of the Code do not apply, we will be subject
    to tax, including any applicable alternative minimum tax, on our
    taxable income at regular corporate rates. Distributions to our
    stockholders in any year in which we are not a REIT will not be
    deductible by us, nor will they be required to be made. In this
    situation, to the extent of current and accumulated earnings and
    profits, and, subject to limitations of the Code, distributions
    to our stockholders through 2010 will generally be taxable to
    stockholders who are
</DIV>

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    55
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    individual U.S.&#160;stockholders at a maximum rate of 15%, and
    dividends received by our corporate U.S.&#160;stockholders may
    be eligible for the dividends received deduction. Unless we are
    entitled to relief under specific statutory provisions, we will
    also be disqualified from re&#150;electing to be taxed as a REIT
    for the four taxable years following a year during which
    qualification was lost. It is not possible to state whether, in
    all circumstances, we will be entitled to this statutory relief.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Taxation of our
    stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Taxable U.S.
    stockholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    When we use the term &#147;U.S.&#160;stockholder&#148; we mean a
    holder of our common stock or preferred stock who, for United
    States federal income tax purposes is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    an individual citizen or resident of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    a corporation (or other entity treated as a corporation for
    U.S.&#160;federal income tax purposes) created or organized in
    or under the laws of the United States or any political
    subdivision thereof;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    an estate whose income is subject to U.S.&#160;federal income
    taxation regardless of its source; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    a trust if a U.S.&#160;court is able to exercise primary
    supervision over the administration of that trust and one or
    more U.S.&#160;persons have the authority to control all
    substantial decisions of the trust, or it has a valid election
    in place to be treated as a U.S.&#160;person.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    As used herein, the term
    <FONT style="white-space: nowrap">&#147;non&#150;U.S.&#160;stockholder&#148;</FONT>
    means a holder of our common stock or preferred stock that for
    U.S.&#160;federal income tax purposes is either a nonresident
    individual alien or a corporation, estate or trust that is not a
    U.S.&#160;stockholder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The U.S.&#160;federal income tax treatment of a partner in a
    partnership holding common stock will depend on the activities
    of the partnership and the status of the partner. A partner in
    such partnership should consult its own tax advisor regarding
    the federal income treatment to the partner of such partnership
    holding our stock.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Distributions.</I></B>&#160;Except as discussed below, so
    long as we qualify for taxation as a REIT, distributions with
    respect to our stock made out of current or accumulated earnings
    and profits (and not designated as capital gain dividends) will
    be includible by a U.S.&#160;stockholder as ordinary income.
    Distributions on our preferred stock will be treated as made out
    of any available earnings and profits in priority to
    distributions on our common stock. None of these distributions
    will be eligible for the dividends received deduction for a
    corporate stockholder. Distributions in excess of current and
    accumulated earnings and profits will not be taxable to a
    U.S.&#160;stockholder to the extent that they do not exceed the
    adjusted tax basis of the holder&#146;s stock (as determined on
    a share by share basis), but rather will be treated as a return
    of capital and reduce the adjusted tax basis of such stock. To
    the extent that such distributions exceed the adjusted tax basis
    of a U.S.&#160;stockholder&#146;s stock, they will be included
    in income as long&#150;term capital gain if the stockholder has
    held its shares for more than one year and otherwise as
    short&#150;term capital gain. Any dividend declared by us in
    October, November or December of any year payable to a
    stockholder of record on a specified date in any such month
    shall be treated as both paid by us and received by the
    stockholder on December 31 of such year, provided that the
    dividend is actually paid by us during January of the following
    calendar year.
</DIV>

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    <BR>
    56
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Dividends paid to a U.S.&#160;stockholder generally will not
    qualify for the 15% tax rate applicable to &#147;qualified
    dividend income.&#148; Qualified dividend income generally
    includes dividends paid by domestic C corporations and certain
    qualified foreign corporations to most noncorporate
    U.S.&#160;stockholders. Because we are not generally subject to
    U.S.&#160;federal income tax on the portion of our REIT taxable
    income that we distribute to our stockholders, our dividends
    generally will not be eligible for the 15% tax rate (for years
    through 2010)&#160;on qualified dividend income. As a result,
    our ordinary REIT dividends will continue to be taxed at the
    higher tax rate applicable to ordinary income. Currently, the
    highest marginal individual income tax rate on ordinary income
    is 35%. However, the 15% tax rate for qualified dividend income
    will apply to our ordinary REIT dividends, if any, that are
    (i)&#160;attributable to dividends received by us from
    non&#150;REIT corporations, such as our taxable REIT
    subsidiaries, or (ii)&#160;attributable to income upon which we
    have paid corporate income tax (e.g., to the extent that we
    distribute less than 100% of our REIT taxable income) provided
    certain holding period requirements are met.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions that are designated as capital gain dividends will
    generally be taxed as long&#150;term capital gains (to the
    extent they do not exceed our actual net capital gain for the
    taxable year) without regard to the period for which the holder
    has held our common stock. However, corporate holders may be
    required to treat up to 20% of certain capital gain dividends as
    ordinary income.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may elect to retain and pay income tax on our net capital
    gain received during the taxable year. If we so elect for a
    taxable year, our U.S.&#160;stockholders would include in income
    as long&#150;term capital gains their proportionate share of
    such portion of our undistributed net capital gains for the
    taxable year as we may designate. A U.S.&#160;stockholder would
    be deemed to have paid its share of the tax paid by us on such
    undistributed net capital gain, which would be credited or
    refunded to the stockholder. The U.S.&#160;stockholder&#146;s
    basis in our stock would be increased by the amount of
    undistributed net capital gain included in such
    U.S.&#160;stockholder&#146;s income, less the capital gains tax
    paid by us.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Except as noted below, the maximum tax rate on long&#150;term
    capital gain applicable to non&#150;corporate taxpayers is 15%
    for sales and exchanges of assets held for more than one year
    occurring in tax years beginning on or before December&#160;31,
    2010. The maximum tax rate on long&#150;term capital gain from
    the sale or exchange of &#147;section&#160;1250 property,&#148;
    or depreciable real property, is 25% to the extent that such
    gain would have been treated as ordinary income if the property
    were &#147;section&#160;1245 property&#148; (i.e., to the extent
    of depreciation recapture). With respect to distributions that
    we designate as capital gain dividends and any retained capital
    gain that we are deemed to distribute, we generally may
    designate whether such a distribution is taxable to our
    non&#150;corporate U.S.&#160;stockholders at a 15% or 25% tax
    rate. Thus, the tax rate differential between capital gain and
    ordinary income for non&#150;corporate taxpayers may be
    significant. In addition, the characterization of income as
    capital gain or ordinary income may affect the deductibility of
    capital losses. A non&#150;corporate taxpayer may deduct capital
    losses not offset by capital gains against its ordinary income
    only up to a maximum annual amount of $3,000. A
    non&#150;corporate taxpayer may carry forward unused capital
    losses indefinitely. A corporate taxpayer must pay tax on its
    net capital gain at ordinary corporate rates. A corporate
    taxpayer may deduct capital losses only to the extent of capital
    gains, with unused losses being carried back three years and
    forward five years.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Stockholders may not include in their individual income tax
    returns any of our net operating losses or capital losses.
    Instead, such losses would be carried over by us for potential
    offset
</DIV>

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    <BR>
    57
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    against our future income (subject to certain limitations).
    Taxable distributions from us and gain from the disposition of
    stock will not be treated as passive activity income and,
    therefore, stockholders generally will not be able to apply any
    &#147;passive activity losses&#148; (such as losses from certain
    types of limited partnerships in which the stockholder is a
    limited partner) against such income. In addition, taxable
    distributions from us generally will be treated as investment
    income for purposes of the investment interest limitations.
    Capital gains from the disposition of stock (or distributions
    treated as such) will be treated as investment income only if
    the stockholder so elects, in which case such capital gains will
    be taxed at ordinary income rates. We will notify stockholders
    after the close of our taxable year as to the portions of the
    distributions attributable to that year that constitute each of
    (i)&#160;distributions taxable at ordinary income tax rates,
    (ii)&#160;capital gains dividends, (iii)&#160;qualified dividend
    income, if any, and (iv)&#160;nondividend distributions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Sale or exchange of stock.</I></B>&#160;Upon the sale,
    exchange or other taxable disposition of stock to or with a
    person other than us, a stockholder generally will recognize
    gain or loss equal to the difference between (i)&#160;the amount
    of cash and the fair market value of any property received (less
    any portion thereof attributable to accumulated and declared but
    unpaid dividends, which will be taxable as a dividend to the
    extent of our current and accumulated earnings and profits
    attributable thereto) and (ii)&#160;the stockholder&#146;s
    adjusted tax basis in such stock. Such gain or loss will be
    capital gain or loss and will be long&#150;term capital gain or
    loss if such stock has been held for more than one year. In
    general, any loss upon a sale or exchange of stock by a holder
    who has held such stock for six months or less (after applying
    certain holding period rules) will be treated by such holder as
    long&#150;term capital loss to the extent of distributions from
    us required to be treated by such stockholder as long&#150;term
    capital gain. All or a portion of any loss realized upon a
    taxable disposition of stock may be disallowed if substantially
    identical stock is purchased within 30&#160;days before or after
    the disposition.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    A redemption by us of any redeemable preferred stock we may
    issue could be treated either as a taxable disposition of shares
    or as a dividend, depending on the applicable facts and
    circumstances. In the event we issue any redeemable preferred
    stock, the applicable prospectus supplement will address the tax
    consequences of owning such securities in more detail.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Information Reporting and Backup
    Withholding.</I></B>&#160;Information reporting (to the IRS)
    will apply to dividends paid on our stock (and the amount of tax
    withheld, if any) and to the proceeds received from the sale or
    other disposition of our stock. Under the
    <FONT style="white-space: nowrap">back&#150;up</FONT>
    withholding rules, a stockholder may be subject to backup
    withholding tax at a current rate of 28% (subject to increase to
    31% after 2010)&#160;with respect to dividends paid and with
    respect to any proceeds for the sale or other disposition of
    stock unless such stockholder (a)&#160;is a corporation or comes
    within certain other exempt categories and, when required,
    demonstrates this fact or (b)&#160;provides a taxpayer
    identification number and otherwise complies with applicable
    requirements of the backup withholding rules. A stockholder that
    does not provide us with its correct taxpayer identification
    number may also be subject to penalties imposed by the IRS. Any
    amount paid as backup withholding will be creditable against
    such stockholder&#146;s U.S.&#160;federal income tax liability,
    and may entitle such stockholder to a refund, provided the
    stockholder timely furnishes the required information to the IRS.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Tax&#150;exempt
    U.S. stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions by us to a tax&#150;exempt U.S.&#160;stockholder
    generally should not constitute unrelated business taxable
    income (&#147;UBTI&#148;) provided that (i)&#160;the
    U.S.&#160;stockholder has not financed the
</DIV>

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    <BR>
    58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    acquisition of its common stock with &#147;acquisition
    indebtedness&#148; within the meaning of the Code and
    (ii)&#160;our stock is not otherwise used in an unrelated trade
    or business of such tax&#150;exempt U.S.&#160;stockholder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Notwithstanding the preceding paragraph, under certain
    circumstances, qualified trusts that hold more than 10% (by
    value) of our shares of stock may be required to treat a certain
    percentage of dividends as UBTI. This requirement will only
    apply if we are treated as a &#147;pension&#150;held REIT.&#148;
    The restrictions on ownership of shares of stock in our charter
    should prevent us from being treated as a pension&#150;held
    REIT, although there can be no assurance that this will be the
    case.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica"><FONT style="white-space: nowrap">Non&#150;U.S.</FONT>
    stockholders</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The following discussion addresses the rules governing the
    U.S.&#160;federal income taxation of the ownership and
    disposition of stock by
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholders.</FONT>
    These rules are complex, and no attempt is made herein to
    provide more than a brief summary of such rules. Accordingly,
    the discussion does not address all aspects of U.S.&#160;federal
    income taxation and does not address U.S.&#160;estate and gift
    tax consequences or state, local or foreign tax consequences
    that may be relevant to a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    in light of its particular circumstances.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Distributions.</I></B>&#160;Distributions to a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    that are neither attributable to gain from sales or exchanges by
    us of &#147;U.S.&#160;real property interests&#148; nor
    designated as capital gains dividends will be treated as
    dividends of ordinary income to the extent that they are made
    out of current or accumulated earnings and profits. These
    distributions ordinarily will be subject to withholding of
    U.S.&#160;federal income tax on a gross basis at a rate of 30%,
    or a lower rate as permitted under an applicable income tax
    treaty, unless the dividends are treated as effectively
    connected with the conduct by the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    of a U.S.&#160;trade or business. Under some treaties, however,
    lower withholding rates generally applicable to dividends do not
    apply to dividends from REITs. Applicable certification and
    disclosure requirements must be satisfied to be exempt from
    withholding under the effectively connected income exemption.
    Dividends that are effectively connected with a trade or
    business generally will be subject to tax on a net basis, that
    is, after allowance for deductions, at graduated rates, in the
    same manner as U.S.&#160;stockholders are taxed with respect to
    these dividends, and are generally not subject to withholding.
    Any dividends received by a corporate
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    that is engaged in a U.S.&#160;trade or business also may be
    subject to an additional branch profits tax at a 30% rate, or
    lower applicable treaty rate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions in excess of current and accumulated earnings and
    profits that exceed the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder&#146;s</FONT>
    adjusted tax basis in its stock (as determined on a share by
    share basis) will be taxable to a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    as gain from the sale of stock, which is discussed below.
    Distributions in excess of current or accumulated earnings and
    profits that do not exceed the adjusted tax basis of the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    in its stock will reduce the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder&#146;s</FONT>
    adjusted tax basis in its stock and will not be subject to
    U.S.&#160;federal income tax, but will be subject to
    U.S.&#160;withholding tax as described below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We expect to withhold U.S.&#160;income tax at the rate of 30% on
    any ordinary dividend distributions (including distributions
    that later may be determined to have been in excess of current
    and accumulated earnings and profits) made to a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    unless: (i)&#160;a lower treaty rate applies and the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    files an IRS
    <FONT style="white-space: nowrap">Form&#160;W&#150;8BEN</FONT>
    evidencing eligibility for that reduced treaty rate; or
    (ii)&#160;the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    files an IRS
    <FONT style="white-space: nowrap">Form&#160;W&#150;8ECI</FONT>
</DIV>

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    <BR>
    59
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    claiming that the distribution is income effectively connected
    with the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder&#146;s</FONT>
    trade or business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We may be required to withhold at least 10% of any distribution
    in excess of our current and accumulated earnings and profits,
    even if a lower treaty rate applies and the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    is not liable for tax on the receipt of that distribution.
    Moreover, because of the uncertainty in estimating earnings and
    profits, we may choose to withhold 30% on all distributions.
    However, a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    may seek a refund of these amounts from the IRS if the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder&#146;s</FONT>
    U.S.&#160;tax liability with respect to the distribution is less
    than the amount withheld.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Distributions to a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    that are designated at the time of the distribution as capital
    gain dividends, other than those arising from the disposition of
    a U.S.&#160;real property interest, generally should not be
    subject to U.S.&#160;federal income taxation unless:
    (i)&#160;the investment in our stock is effectively connected
    with the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder&#146;s</FONT>
    U.S.&#160;trade or business, in which case the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    generally will be subject to the same treatment as
    U.S.&#160;stockholders with respect to any gain, except that a
    stockholder that is a foreign corporation also may be subject to
    the 30% branch profits tax, as discussed above, or (ii)&#160;the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    is a nonresident alien individual who is present in the United
    States for 183&#160;days or more during the taxable year and has
    a &#147;tax home&#148; in the United States, in which case the
    nonresident alien individual will be subject to a 30% tax on the
    individual&#146;s capital gains.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Except as hereinafter discussed, under the Foreign Investment in
    Real Property Tax Act (&#147;FIRPTA&#148;), distributions to a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    that are attributable to gain from sales or exchanges by us of
    U.S.&#160;real property interests, whether or not designated as
    a capital gain dividend, will cause the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    to be treated as recognizing gain that is income effectively
    connected with a U.S.&#160;trade or business.
    <FONT style="white-space: nowrap">Non&#150;U.S.&#160;stockholders</FONT>
    generally will be taxed on this gain at the same rates
    applicable to U.S.&#160;stockholders, subject to a special
    alternative minimum tax in the case of nonresident alien
    individuals. Also, this gain may be subject to a 30% branch
    profits tax in the hands of a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    that is a corporation. However, even if a distribution is
    attributable to a sale or exchange of U.S.&#160;real property
    interests, the distribution will not be treated as gain
    recognized from the sale or exchange of U.S.&#160;real property
    interests, but as an ordinary dividend subject to the general
    withholding regime discussed above, if:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (i)&#160;
</TD>
    <TD align="left">    the distribution is made with respect to a class of stock that
    is considered regularly traded under applicable Treasury
    regulations on an established securities market located in the
    United States, such as the New York Stock Exchange; and
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (ii)&#160;
</TD>
    <TD align="left">    the stockholder owns 5% or less of that class of stock at all
    times during the one&#150;year period ending on the date of the
    distribution.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will be required to withhold and remit to the IRS 35% of any
    distributions to
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholders</FONT>
    that are, or, if greater, could have been, designated as capital
    gain dividends and are attributable to gain recognized from the
    sale or exchange of U.S.&#160;real property interests.
    Distributions can be designated as capital gains to the extent
    of our net capital gain for the taxable year of the
    distribution. The amount withheld, which for individual
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholders</FONT>
    may substantially exceed the actual tax liability, is creditable
    against the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder&#146;s</FONT>
    U.S.&#160;federal income tax liability and is refundable to the
    extent such
</DIV>

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    <BR>
    60
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    amount exceeds the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder&#146;s</FONT>
    actual U.S.&#160;federal income tax liability, and the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    timely files an appropriate claim for refund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Retention of net capital gains.</I></B>&#160;Although the
    law is not clear on the matter, we believe that amounts
    designated as undistributed capital gains in respect of the
    common stock held by U.S.&#160;stockholders generally should be
    treated with respect to
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholders</FONT>
    in the same manner as actual distributions by the Company of
    capital gain dividends. Under that approach, the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholders</FONT>
    would be able to offset as a credit against their
    U.S.&#160;federal income tax liability resulting therefrom an
    amount equal to their proportionate share of the tax paid by us
    on the undistributed capital gains, and to receive from the IRS
    a refund to the extent their proportionate share of this tax
    paid were to exceed their actual U.S.&#160;federal income tax
    liability, and the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    timely files an appropriate claim for refund.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Sale of stock.</I></B>&#160;A
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    generally will not incur tax under FIRPTA with respect to gain
    on a sale of our common stock or preferred stock as long as at
    all times during the testing period
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;persons</FONT>
    hold, directly or indirectly, less than 50% in value of our
    stock. We cannot assure you that that test will be met. Even if
    we meet this test, pursuant to &#147;wash sale&#148; rules under
    FIRPTA, a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    may incur tax under FIRPTA to the extent such stockholder
    disposes of common stock within a certain period prior to a
    capital gain distribution and directly or indirectly (including
    through certain affiliates) reacquires our common stock within
    certain prescribed periods. However, a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    will not incur tax under FIRPTA on a disposition of the shares
    of our common or preferred stock if: (i)&#160;such
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    owned, actually or constructively, at all times during a
    specified testing period, 5% or less of the total fair market
    value of a class of our stock that is &#147;regularly
    traded&#148; on an established securities market; (ii)&#160;such
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    owned shares of a class of our stock that is not publicly traded
    on an established securities market if the fair market value of
    the shares acquired by such
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    on the date of acquisition did not exceed 5% of the regularly
    traded class of stock with the lowest fair market value; or
    (iii)&#160;such
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    owned shares of a class of our stock that is convertible into a
    class of our stock that is regularly traded if the fair market
    value of the shares acquired by such
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    on the date of acquisition did not exceed 5% of the total fair
    market value of the regularly traded class of stock into which
    such shares are convertible. For as long as our common stock is
    regularly traded on an established securities market, a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    should not incur tax under FIRPTA with respect to gain on a sale
    of our common stock unless it owns, actually or constructively,
    more than 5% of our common stock. If the gain on the sale of our
    stock were taxed under FIRPTA, a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    would be taxed on that gain in the same manner as
    U.S.&#160;stockholders subject to applicable alternative minimum
    tax and a special alternative minimum tax in the case of
    nonresident alien individuals. Furthermore, a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    generally will incur tax on gain not subject to FIRPTA if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the gain is effectively connected with the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder&#146;s</FONT>
    United States trade or business, in which case the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    will be subject to the same treatment as U.S.&#160;stockholders
    with respect to such gain; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    is a nonresident alien individual who was present in the United
    States for 183&#160;days or more during the taxable year and has
    a &#147;tax home&#148; in the United States, in which case the
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    will incur a 30% tax on his or her capital gains derived from
    sources within the United States.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    In general, a wash sale of common stock occurs if a stockholder
    owning more than 5% of the shares of a domestically controlled
    REIT (at any time during the one&#150;year period preceding the
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    61
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    taxable distribution discussed in this paragraph) avoids a
    taxable distribution of gain recognized from the sale or
    exchange of U.S.&#160;real property interests by selling common
    stock before the ex&#150;dividend date of the distribution and
    then, within a designated period, acquires or enters into an
    option or contract to acquire common stock. If a wash sale
    occurs, then the seller/repurchaser will be treated as having
    gain recognized from the sale or exchange of U.S.&#160;real
    property interests in the same amount as if the avoided
    distribution had actually been received.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><I>Information reporting and backup
    withholding.</I></B>&#160;Information reporting (to the IRS)
    will apply to dividends paid on our common stock (and the amount
    of tax withheld, if any) and to the proceeds of a sale or other
    disposition of our common stock. Backup withholding tax, at a
    current rate of 28% (subject to increase to 31% after
    2010)&#160;generally will not apply to payments of dividends
    made by us or our paying agents to a
    <FONT style="white-space: nowrap">non&#150;U.S.&#160;stockholder</FONT>
    or to the proceeds of a sale or other disposition of our stock
    if the holder has provided the required certification that it is
    not a U.S.&#160;person (generally a properly&#150;executed IRS
    <FONT style="white-space: nowrap">Form&#160;W&#150;8BEN).</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">State, local and
    foreign taxes</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We <FONT style="white-space: nowrap">and/or</FONT>
    holders of our stock may be subject to state, local and foreign
    taxation in various state or local or foreign jurisdictions,
    including those in which we or they transact business or reside.
    The foreign, state and local tax treatment of us and of holders
    of our stock may not conform to the United States federal income
    tax consequences discussed above. Consequently, prospective
    investors should consult their own tax advisors regarding the
    effect of state, local and foreign tax laws on an investment in
    our common stock or preferred stock.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    62
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Forward-looking
    statements</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    This prospectus contains certain forward&#150;looking statements
    within the meaning of Section&#160;27A of the Securities Act,
    and Section&#160;21E of the Exchange Act. We intend such
    forward&#150;looking statements to be covered by the safe harbor
    provisions for forward&#150;looking statements contained in the
    Private Securities Litigation Reform Act of 1995 and are
    including this statement for the purposes of complying with
    those safe harbor provisions. Forward&#150;looking statements,
    which are based on certain assumptions and describe our future
    plans, strategies and expectations, are generally identifiable
    by use of the words &#147;believe,&#148; &#147;expect,&#148;
    &#147;intend,&#148; &#147;anticipate,&#148;
    &#147;estimate,&#148; &#147;project&#148; or similar
    expressions. Our ability to predict results or the actual effect
    of future plans or strategies is inherently uncertain. Factors
    which could have a material adverse effect on our operations and
    future prospects on a consolidated basis include, but are not
    limited to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    changes in international, national, regional and local economic
    conditions generally and the real estate market specifically,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    legislative/regulatory changes (including changes to laws
    governing the taxation of real estate investment trusts),
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    availability of financing,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    interest rates,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    competition,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    supply and demand for industrial properties in our current and
    proposed market areas,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    potential environmental liabilities,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    slippage in development or
    <FONT style="white-space: nowrap">lease&#150;up</FONT>
    schedules,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    tenant credit risks,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    higher than expected costs,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    changes in general accounting principles, policies and
    guidelines applicable to real estate investment trusts, and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="font-size: 6pt">&#149; </FONT>&#160;&#160;
</TD>
    <TD align="left">    risks related to doing business internationally (including
    foreign currency exchange risks).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    These risks and uncertainties should be considered in evaluating
    forward&#150;looking statements and undue reliance should not be
    placed on such statements. Further information concerning us and
    our business, including additional factors that could materially
    affect our financial results, is included elsewhere in this
    prospectus and in the documents we incorporate by reference,
    including the Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10&#150;K</FONT>
    of the Company for the year ended December&#160;31, 2008 and the
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10&#150;K</FONT>
    of the Operating Partnership for the year ended
    December&#160;31, 2008.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    63
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Where you can
    find more information</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company and the Operating Partnership are subject to the
    informational requirements of the Exchange Act and file reports
    and other information with the SEC. You may read and copy any of
    the Company&#146;s and the Operating Partnership&#146;s reports
    and other materials filed with the SEC at the Public Reference
    Room of the SEC at 100&#160;F&#160;Street, N.E.,
    Washington,&#160;D.C.&#160;20549. Please call the SEC at
    <FONT style="white-space: nowrap">1&#150;800&#150;SEC&#150;0330</FONT>
    for further information on the Public Reference Room. In
    addition, the SEC maintains a website that contains reports and
    other information regarding registrants that file electronically
    with the SEC at
    <I><FONT style="white-space: nowrap">http://www.sec.gov</FONT></I>.
    The Company&#146;s common stock is listed on the NYSE and its
    filings with the SEC can also be inspected and copied at the
    offices of the NYSE at 20&#160;Broad Street, New York, New York
    10005. Our website is located at
    <I><FONT style="white-space: nowrap">http://www.firstindustrial.com</FONT></I>.
    The information on or linked to our website is not a part of,
    and is not incorporated by reference into, this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Whenever a reference is in made in this prospectus to any of our
    agreements or other documents, please be aware that the
    reference herein is only a summary and that you should refer to
    the exhibits that are part of the registration statement of
    which this prospectus is a part for a copy of such agreement or
    other document.
</DIV>
<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Documents
    incorporated by reference</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We incorporate by reference information we file with the SEC,
    which means that we can disclose important information to you by
    referring you to those documents. The information incorporated
    by reference is an important part of this prospectus and more
    recent information automatically updates and supersedes more
    dated information contained or incorporated by reference in this
    prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Company (file no. 1&#150;13102) filed the following
    documents with the SEC and incorporates them by reference into
    this prospectus:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10&#150;K</FONT>
    for the year ended December&#160;31, 2008, filed March&#160;2,
    2009;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    Quarterly Reports on
    <FONT style="white-space: nowrap">Form&#160;10&#150;Q</FONT>
    for the quarter ended March&#160;31, 2009, filed May&#160;11,
    2009, and for the quarter ended June&#160;30, 2009, filed
    August&#160;7, 2009;
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;
</TD>
    <TD align="left">    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8&#150;K</FONT>
    filed January&#160;12, 2009, February&#160;11, 2009,
    March&#160;3, 2009, May&#160;13, 2009, July&#160;16, 2009 and
    September&#160;29, 2009 (in each case, excluding the portions
    that were furnished and not filed in accordance with SEC rules);
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (4)&#160;
</TD>
    <TD align="left">    Definitive Proxy Statement on Schedule&#160;14A, filed
    April&#160;9, 2009;&#160;and
</TD>
</TR>


<TR style="line-height: 12pt; font-size: 1pt"><TD>&nbsp;</TD></TR>




<TR valign="top" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <TD>    (5)&#160;
</TD>
    <TD align="left">    the description of the common stock of the Company included in
    the Company&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;8&#150;A,</FONT>
    dated June&#160;23, 1994.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The Operating Partnership (file no.
    <FONT style="white-space: nowrap">333&#150;21873)</FONT>
    filed its Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10&#150;K</FONT>
    for the year ended December&#160;31, 2008 with the SEC on
    March&#160;2, 2009 and incorporates it by reference into this
    prospectus.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    64
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    All documents filed by the Company and the Operating Partnership
    under Section&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act
    subsequent to the date of this prospectus and prior to the
    termination of this offering shall be deemed to be incorporated
    by reference in this prospectus and made a part hereof from the
    date of the filing of such documents, except that we are not
    incorporating, in each case, any documents or information deemed
    to have been furnished and not filed in accordance with SEC
    rules. Any statement contained herein or in a document
    incorporated or deemed to be incorporated by reference herein
    shall be deemed to be modified or superseded for purposes of
    this prospectus to the extent that a statement contained herein
    (in the case of a previously filed document incorporated or
    deemed to be incorporated by reference herein) or in any other
    document subsequently filed with the SEC which also is
    incorporated or deemed to be incorporated by reference herein
    modifies or supersedes such statement. Any such statement so
    modified or superseded shall not be deemed, except as so
    modified or superseded, to constitute a part of this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    We will provide, without charge, to each person to whom this
    prospectus is delivered a copy of these filings upon written or
    oral request to First Industrial Realty Trust, Inc.,
    311&#160;S.&#160;Wacker Drive, Suite&#160;4000, Chicago,
    Illinois 60606, Attention: Investor Relations, telephone
    <FONT style="white-space: nowrap">number&#160;(312)&#160;344-4300.</FONT>
</DIV>
<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Experts</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    The financial statements and management&#146;s assessment of the
    effectiveness of internal control over financial reporting
    (which is included in Management&#146;s Report on Internal
    Control over Financial Reporting) incorporated in this
    prospectus by reference to the Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of the Company for the year ended December&#160;31, 2008 and the
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of the Operating Partnership for the year ended
    December&#160;31, 2008 have been so incorporated in reliance on
    the reports of PricewaterhouseCoopers LLP, an independent
    registered public accounting firm, given on the authority of
    said firm as experts in auditing and accounting.
</DIV>
<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: Arial, Helvetica">Legal
    matters</FONT></B>
</DIV>
</A>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    Certain legal matters will be passed upon for us by Barack
    Ferrazzano Kirschbaum&#160;&#038; Nagelberg LLP, Chicago,
    Illinois. Barack Ferrazzano Kirschbaum&#160;&#038; Nagelberg LLP
    will rely as to all matters of Maryland law on the opinion of
    McGuireWoods LLP, Baltimore, Maryland. If counsel for any
    underwriter, dealer or agent passes on legal matters in
    connection with an offering made by this prospectus, we will
    name that counsel in the prospectus supplement relating to the
    offering.
</DIV>

<P align="center" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <BR>
    65
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">12,500,000&#160;shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <IMG src="c53739bbc5373900.gif" alt="(FIRST INDUSTRIAL LOGO)"><FONT style="font-size: 14pt">
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: Arial, Helvetica">Common
    shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 16pt">Prospectus Supplement
    </FONT>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Sole Book-Running Manager</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">J.P.&#160;Morgan</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Lead Manager</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Wells Fargo
    Securities</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    <B>Co-Managers</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">Morgan
    Keegan &#038; Company, Inc.</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">
    Piper Jaffray &#038; Co.</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">Comerica
    Securities</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">
    Macquarie Capital</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">PNC
    Capital Markets LLC</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 14pt; font-family: Arial, Helvetica">
    Raymond James</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    September&#160;29, 2009
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>



<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    You should rely only on the information contained or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus. We have not, and the underwriters have
    not, authorized anyone to provide you with information different
    from that contained or incorporated by reference in this
    prospectus supplement and the accompanying prospectus. We are
    not, and the underwriters are not, offering to sell, and seeking
    offers to buy, common stock in jurisdictions where offers and
    sales are not permitted. The information appearing in this
    prospectus supplement and the accompanying prospectus and the
    documents incorporated by reference herein or therein is
    accurate only as of their respective dates or on other dates
    which are specified in those documents. Our business, financial
    condition, results of operation and prospects may have changed
    since those dates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">
    No action is being taken in any jurisdiction outside the United
    States to permit a public offering of the common stock or
    possession or distribution of this prospectus supplement and the
    accompanying prospectus in that jurisdiction. Persons who come
    into possession of this prospectus supplement and the
    accompanying prospectus in jurisdictions outside the United
    States are required to inform themselves about and to observe
    any restrictions as to this offering and the distribution of
    this prospectus supplement and the accompanying prospectus
    supplement and the accompanying prospectus applicable to that
    jurisdiction.
</DIV>

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