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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950123-10-060383.txt : 20100624
<SEC-HEADER>0000950123-10-060383.hdr.sgml : 20100624
<ACCEPTANCE-DATETIME>20100623185638
ACCESSION NUMBER:		0000950123-10-060383
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100621
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
FILED AS OF DATE:		20100624
DATE AS OF CHANGE:		20100623

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13102
		FILM NUMBER:		10913527

	BUSINESS ADDRESS:	
		STREET 1:		311 S WACKER DRIVE
		STREET 2:		SUITE 3900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3123444300

	MAIL ADDRESS:	
		STREET 1:		311 S WACKER DRIVE
		STREET 2:		SUITE 3900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c58771e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Current Report</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>June&nbsp;23, 2010 (June&nbsp;21, 2010)<BR>
Date of Report (Date of earliest event reported)</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>FIRST INDUSTRIAL REALTY TRUST, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland</B><BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1-13102</B><BR>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>36-3935116</B><BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>311 S. Wacker Drive, Suite&nbsp;3900<BR>

Chicago, Illinois 60606</B><BR>

(Address of principal executive offices, zip code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
<B>(312)&nbsp;344-4300</B><BR>

(Registrant&#146;s telephone number, including area code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Not Applicable<BR>

(Former name or former address, if changed since last report)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
</DIV>

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<TR>
    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</TD>
</TR>
</TABLE>
</DIV>

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<TR>
    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
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    <TD></TD>
</TR>

<TR>
    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</TD>
</TR>
</TABLE>
</DIV>

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</TR>

<TR>
    <TD valign="top"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</TD>
</TR>
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







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<DIV style="font-family: 'Helvetica',Arial,sans-serif">








<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;2.05</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Costs Associated with Exit or Disposal Activities.</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously reported, on October&nbsp;24, 2008, the Compensation Committee (the &#147;Committee&#148;) of the
Board of Directors of First Industrial Realty Trust, Inc. (the &#147;Company&#148;) committed the Company to
a plan to reduce organizational and overhead costs (the &#147;Plan&#148;). Also as previously reported, the
Committee and/or the Board of Directors of the Company made certain modifications to the Plan
consisting of further organizational and overhead cost reductions on December&nbsp;12, 2008,
February&nbsp;25, 2009, and September&nbsp;25, 2009. On June&nbsp;21, 2010, the Committee committed the Company
to certain additional modifications to the Plan consisting of further organizational and overhead
cost reductions that the Company believes will be necessary to offset the loss of income expected
to result from the anticipated transfer of the Company&#146;s interests in certain of its joint ventures
to one of its joint venture partners (the &#147;Transfer&#148;). These further organizational and overhead
cost reductions would be implemented following the Transfer, which the Company expects to occur in
the third quarter of 2010. However, the Company continues to negotiate with its joint venture
partner over the terms of the Transfer and there can be no assurance as to the timing or occurrence
of the Transfer. In the event the Transfer does not occur, the Committee could revoke the
modifications to the Plan contemplated herein.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The cost reductions associated with the original Plan and its December&nbsp;12, 2008, February&nbsp;25, 2009
and September&nbsp;25, 2009 modifications resulted in pre-tax charge to earnings through March&nbsp;31, 2010
of approximately $35.4&nbsp;million, consisting primarily of approximately $30.0&nbsp;million in one-time
termination benefits and approximately $5.4&nbsp;million in office closing costs and other costs. These
cost reductions resulted in cash expenditures of approximately $20.4&nbsp;million, which were paid
during the fourth quarter of 2008, the year ended 2009 and the first quarter 2010, and non-cash
charges of approximately $12.5&nbsp;million due to the accelerated vesting of restricted stock. In
connection with the 2008 and 2009 modifications to the Plan, the Company expects to have cash
expenditures of $3.0&nbsp;million paid out over subsequent periods,
which includes $0.5 million of restructuring costs which will be
recognized in future periods.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company estimates that the additional pre-tax charge to earnings associated with the third
quarter 2010 modifications to the Plan will range between $1.0&nbsp;million and $1.2&nbsp;million, consisting
primarily of between approximately $0.8&nbsp;million and $0.9&nbsp;million in one-time termination benefits
and between approximately $0.2&nbsp;million and $0.3&nbsp;million in office closing costs and other costs. Of
those additional pre-tax charges to earnings associated with the third quarter 2010 modifications
to the Plan, between approximately $0.9&nbsp;million and $1.0&nbsp;million are expected to be cash
expenditures, approximately $0.6&nbsp;million and $0.7&nbsp;million of which will be paid by the end of the
third quarter of 2010, with the balance paid over subsequent periods. The balance of those
additional pre-tax charges to earnings (between approximately $0.1&nbsp;million and $0.2&nbsp;million) are
expected to be non-cash charges due to the accelerated vesting of restricted stock.</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Helvetica',Arial,sans-serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">FIRST INDUSTRIAL REALTY TRUST, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Scott A. Musil
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Scott A. Musil&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: June 23, 2010&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Acting Chief Financial Officer<BR>
(Principal Financial Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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