<SEC-DOCUMENT>0001193125-12-390562.txt : 20121113
<SEC-HEADER>0001193125-12-390562.hdr.sgml : 20121112
<ACCEPTANCE-DATETIME>20120913131234
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-12-390562
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120913

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:		CORRESP

	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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST INDUSTRIAL LP
		CENTRAL INDEX KEY:			0001033128
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				363924586
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

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

	MAIL ADDRESS:	
		STREET 1:		311 S WACKER DR
		STREET 2:		STE 3900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
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<TYPE>CORRESP
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 </P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:54%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">September&nbsp;13, 2012 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><U>VIA FACSIMILE AND EDGAR </U></B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">U.S. Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">100 F
Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Attention:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Kevin Woody, Branch Chief </FONT></TD></TR></TABLE>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Howard Efron, Staff Accountant </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Telecopier
Number: (703)&nbsp;813-6984 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>First Industrial Realty Trust, Inc. and First Industrial, L.P. (the &#147;Registrants&#148;) </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Form 10-K for the fiscal year ended December&nbsp;31, 2011 for the Registrants </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed February&nbsp;29, 2012 for each of the Registrants </B></FONT></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>File Nos. 1-13102 and 333-21873, respectively </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Dear Messrs. Woody and Efron: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are writing to respond to the comments of the
Staff contained in a letter, dated August&nbsp;29, 2012, relating to the above-referenced filings of First Industrial Realty Trust, Inc. (the &#147;Company&#148;) and First Industrial, L.P. (the &#147;Operating Partnership&#148;). Set forth below
are the comments (in italics) as set forth in the Staff&#146;s letter and immediately below each comment is the response of the Company and Operating Partnership. Unless otherwise noted, the page numbers in our responses refer to the page numbers in
the above-referenced filings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Form 10-K of First Industrial Realty Trust, Inc. for the fiscal year ended December&nbsp;31, 2011
</U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Item&nbsp;2. Properties, pages 15 to 20 </U></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>1.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>In future periodic filings, please expand your disclosure of your leasing activities for the most recent period, including a discussion of the volume of new or
renewed leases, average rents or yields on new and renewed leases, the relationship between new rents and old rents on released space and, where applicable, average tenant improvement costs, leasing commissions and tenant concessions. To the extent
you have material lease expirations in the next year, please include trend disclosure regarding the relationship of rents on expiring leases to market rents. Finally, please apply this comment to the Form 10-K of your operating partnership.
</I></FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Management hereby confirms that it will enhance its disclosure in future filings of the
Registrants with information related to our leasing activities for the most recent period by including a discussion of the volume of new or renewed leases, average rents or yields on new and renewed leases, the relationship between new rents and old
rents on released space and, where applicable, average tenant improvement costs, leasing commissions and tenant concessions. However, we respectfully object to the presentation of current market rents since the inclusion of such information would
require us to include information on leasing activities provided by other property owners or tenants leasing space at other properties. We cannot be assured of the reliability or completeness of such information and, accordingly, do not believe it
is appropriate to include such information in future filings. Additionally, as our properties occupy different competitive positions in each market, we believe the inherent differences among properties in each market make the presentation of market
rents an unreliable measure for investors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Results of Operations, page 28 </U></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>2.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>It appears that properties that are included in the &#147;same store&#148; pool in one year could be moved to the &#147;redeveloped&#148; pool in later years if they
no longer have an occupancy of 90% (i.e. are no longer stabilized). Please confirm our understanding. In future periodic filings, when applicable, please briefly describe the amount of properties removed from the same store pool because they are
designated as &#147;redevelopments&#148; and briefly describe the reasons for the change in designation. Additionally, apply this comment to the Form 10-K of your operating partnership. </I></FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A decrease in occupancy on its own would not cause a property to be moved out of the same store classification. Properties that are
classified as same store are moved out of the same store classification to the redevelopment classification only when capital expenditures for the redevelopment of the property are estimated to exceed 25% of the gross book basis plus accumulated
depreciation and amortization of the property. The property is placed in service upon the earlier of reaching 90% occupancy or one year from the completion of the redevelopment. The redevelopment property will be reclassified into the same store
classification after it has been placed in service for at least two consecutive calendar years. For example, a redevelopment property that is placed in service on November&nbsp;30, 2009 would be reclassified back into the same store pool for
purposes of the 2011 Form 10-K given that the property would have been placed in service for two consecutive calendar years. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At December&nbsp;31, 2011, there was one operating property in the redevelopment
classification. This property was moved from same store to the redevelopment classification during 2011 due to the redevelopment work that was being completed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In future Form 10-K and 10-Q filings, management will include disclosure for both Registrants setting forth the standard for moving properties out of the same store classification to the redevelopment
classification and identify the number of properties transferred between these classifications. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Supplemental Earnings Measure, page 41
</U></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>3.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please tell us whether management considers net operating income a key performance indicator. </I></FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investors in, and analysts following, the real estate industry utilize net operating income (&#147;NOI&#148;), among other measures, as a
supplemental performance measure. We believe net income available to our common stockholders and participating securities is the most appropriate measure of our financial performance and that funds from operations (&#147;FFO&#148;) is the best
single supplemental measure available to capture our financial performance. NOI, given its wide use by investors and analysts, is one of many appropriate supplemental performance measures, but is not a key performance indicator insofar as it
constitutes only a subcomponent of FFO. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Further, we believe our current practice of disclosing revenues and property expenses
(and providing a narrative discussion of significant fluctuations of amounts disclosed) in our Annual Report on Form 10-K and in our subsequent Quarterly Reports on Form 10-Q in Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations provides adequate disclosure of the components that comprise NOI. We believe that our detailed disclosure relating to the components of NOI provides investors and analysts with the relevant information to assess the impact of
NOI. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Therefore, although management believes that NOI is not a key performance indicator, each of the Registrants provides
adequate disclosure of the components of NOI such that the impact of NOI may be assessed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Financial Statements </U></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Investment in Real Estate and Depreciation, page 65 </U></FONT></P>

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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>4.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please expand your discussion of development costs by discussing the types of indirect costs associated with development and construction in more detail.
Additionally, please disclose the amount of soft costs such as interest and payroll expenditures capitalized for all periods presented with a narrative discussion of significant fluctuations. Reference is made to paragraphs 835-20-25-2 and 3 and
970-340-25-8 of the Financial Accounting Standards Codification. Finally, please apply this comment to the Form 10-K of your operating partnership. </I></FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As noted in Footnote 3 under &#147;Investment in Real Estate and Depreciation&#148; in both Registrants&#146; 2011 Form 10-Ks, interest costs, real estate taxes, compensation costs of development
personnel and other directly related costs during construction periods are capitalized. &#147;Other directly related costs&#148; include travel related expenses and office costs, if applicable. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In Footnote 8 of the Company&#146;s 2011 Form 10-K and Footnote 9 of the Operating Partnership&#146;s 2011 Form 10-K, we disclosed that
each of the Registrants capitalized $437,000, $0 and $281,000 of interest costs for the years ending December&nbsp;31, 2011, 2010 and 2009, respectively. In 2009, the $281,000 of interest capitalized related to four developments that were
substantially completed in 2009. In 2010, each of the Registrants capitalized $0 of interest costs as neither of the Registrants had any developments under construction during this time period. In 2011, the $437,000 of interest capitalized related
to one development the Registrants started in 2011 (which was substantially completed in 2012). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In Footnote 13 of the
Company&#146;s 2011 Form 10-K and Footnote 14 of the Operating Partnership&#146;s 2011 Form 10-K, we disclosed that each of the Registrants capitalized $0, $0 and $45,000 of restricted stock amortization for the years ending December&nbsp;31, 2011,
2010 and 2009, respectively. The difference in amounts capitalized between years is attributable to the same reasons discussed in the preceding paragraph; however, with respect to the year ended December&nbsp;31, 2011, no compensation expense was
capitalized as the amount was immaterial. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We believe we have complied with all disclosure requirements under generally
accepted accounting principles. All other types of capitalized indirect costs not already disclosed by the Registrants were immaterial for all periods presented. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><U>Investment in Real Estate </U></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><U>Impairment Charges, pages 72 to 73 </U></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>5.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Please provide to us your calculation of the gain on reversal of impairment charge that resulted upon the determination that the assets no longer qualified for held
for sale classification. In addition, please cite the authoritative literature relied upon to record this reversal. </I></FONT></TD></TR></TABLE>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At December&nbsp;31, 2010, the Company classified 192 industrial properties comprising
approximately 15.8&nbsp;million square feet and land parcels comprising approximately 695 acres as &#145;held for sale&#146;. In accordance with the accounting for &#145;held for sale&#146; assets (ASC 360-10-35-43), the Company compared the
carrying value of the asset to its estimated fair value less cost to sell and recognized an impairment loss to the extent the carrying value exceeded the fair value less cost to sell amount. During the year ended December&nbsp;31, 2010, the Company
recognized an impairment charge of approximately $185 million related to certain of these assets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During 2011, circumstances
arose that were previously considered unlikely, and, as a result, the Company decided not to sell certain of the properties and land parcels classified as &#145;held for sale&#146; at December&nbsp;31, 2010 or the criteria for held for sale
classification were no longer met. As a result, the Company reclassified such properties and land parcels back to &#145;held and used&#146; throughout 2011. At the time of reclassification, the Company measured the assets at the lower of their
(i)&nbsp;carrying amount before the asset was classified as held for sale adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as &#145;held and used&#146; or
(ii)&nbsp;fair value. Reference is made to paragraph 360-10-35-44 of the Financial Accounting Standards Codification. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">When
either of those two amounts (the carrying amount of the asset, adjusted for depreciation and amortization expense, or fair value) was greater than the carrying value of the asset while reported as &#145;held for sale&#146;, a reversal of impairment
was recorded (to the extent an impairment charge had been recorded in a previous period while the property was classified as &#145;held for sale&#146;). In this regard, please note that estimated closing costs are no longer deducted from the fair
value amount when assets are classified as held and used, therefore, to the extent the fair value of the asset continued to be less than the carrying value before held for sale classification (adjusted for depreciation and amortization), a reversal
of impairment would be recorded. Similarly, if the fair value of an asset increased from a previous reporting period, yet fair value continued to be less than the carrying value before held for sale classification (adjusted for depreciation and
amortization), a reversal of some or all of the impairment would be recorded. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At the time of reclassification, the Company
recorded $2.1 million of a net impairment reversal related to certain of the reclassified assets. The impairment reversal includes $1.2 million of impairment reversal relating to land parcels comprising approximately 385 acres. The impairment
reversal relating to these land parcels was primarily caused by reversing the deduction for closing costs since the land parcels had been previously recorded at fair value less costs to sell while classified as &#145;held for sale&#146;. The
remaining impairment reversal of $0.9 million is a net amount which includes impairment reversal of $1.8 million related to 19 operating properties comprising 1.5&nbsp;million square feet, offset by $1.0 million of an impairment charge related to
four operating properties comprising 0.1&nbsp;million square feet. The impairment reversal and the impairment charge </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
relating to the 23 operating properties was primarily caused by fluctuations in fair value of the assets as well as the reversal of closing costs. The Company recorded an additional net
impairment reversal of $6.7 million during the year ended December&nbsp;31, 2011 relating to land parcels and operating properties classified as &#145;held for use&#146; as of December&nbsp;31, 2011. This additional reversal was recorded during
quarters while the assets were classified as &#145;held for sale&#146; (i.e. not during the period of reclassification from &#145;held for sale&#146; to &#145;held and used&#146; as described previously). </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Please note that while the amounts recorded by the Operating Partnership differ from the Company&#146;s reported amounts due to
differences in ownership of the legal entities, the same methodology as described above was applied by the Operating Partnership. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In connection with responding to the above comments, each of the Company and the Operating Partnership hereby acknowledges that it is responsible for the adequacy and accuracy of the disclosures in the
filings; staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filings; and the Company and Operating Partnership may not assert staff comments as a defense
in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If you
have any questions about any of the Company&#146;s and/or Operating Partnership&#146;s responses to your comments or require further explanation, please do not hesitate to telephone me at (312)&nbsp;344-4380. </FONT></P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s/ Scott A. Musil</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Scott A. Musil</FONT></TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Bruce W. Duncan </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">John W. Lee </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">William E. Turner II </FONT></TD></TR></TABLE>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
