First Industrial Realty Trust Announces Partial Redemption of
Series J Cumulative Redeemable Preferred Stock
CHICAGO, Nov. 20, 2012 /PRNewswire/ -- First Industrial
Realty Trust, Inc. (NYSE: FR), a leading owner and operator of
industrial real estate and provider of supply chain solutions,
today announced that it will redeem 2 million of its 6 million
outstanding depositary shares relating to its 7.25% Series J
Cumulative Redeemable Preferred Stock. The redemption price
will be $25 per depositary share plus
accrued and unpaid dividends to the date of redemption. For
registered holders, the depositary shares will be redeemed on a pro
rata basis. Holders who hold the depositary shares through
the Depository Trust Company (DTC) or a broker will be redeemed in
accordance with DTC's or their broker's procedures, which may not
be on a pro rata basis. Dividends on the depositary shares to
be redeemed will cease to accumulate after December 21, 2012.
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The depositary shares should be presented and surrendered by
mail at the office of the Paying Agent, Computershare Trust
Company, Attn: Corporate Actions, 250 Royall Street, Canton, MA 02021. The settlement of this
redemption is expected to occur on December
21, 2012. Questions relating to the notice of
redemption and related materials should be directed to
Computershare via telephone at 1-800-546-5141.
Due to the partial redemption of the 7.25% Series J Cumulative
Redeemable Preferred Stock, we expect to write off the pro rata
offering costs associated with its original issuance which will be
reflected as a deduction of approximately $0.02 per share from net income (loss) available
to common stockholders and participating securities in the fourth
quarter of 2012. It is anticipated that this charge will also
be reflected in Funds from Operations.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) is a leading
owner and operator of industrial real estate and provider of supply
chain solutions to multinational corporations and regional
customers. Across major markets in North America, our local market experts
manage, lease, buy, (re)develop, and sell bulk and regional
distribution centers, light industrial, and other industrial
facility types. We have a track record of industry leading
customer service, and in total, we own, manage and have under
development approximately 68.1 million square feet of industrial
space as of September 30, 2012.
For more information, please visit us at www.firstindustrial.com.
We post or otherwise make available on this website from time to
time information that may be of interest to investors.
Forward-Looking Information
This press release contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, and Section 21E of the Securities Exchange Act of 1934. We
intend for 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 provisions. Forward-looking statements,
which are based on certain assumptions and describe future plans,
strategies and expectations of the Company, are generally
identifiable by use of the words "believe," "expect," "intend,"
"anticipate," "estimate," "project," "seek," "target,"
"potential," "focus," "may," "should" 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 effect on our operations and future prospects
include, but are not limited to: changes in national,
international, regional and local economic conditions generally and
real estate markets specifically; 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); our ability to qualify and maintain
our status as a real estate investment trust; the availability and
attractiveness of financing (including both public and private
capital) to us and to our potential counterparties; the
availability and attractiveness of terms of additional debt
repurchases; interest rates; our credit agency ratings; our ability
to comply with applicable financial covenants; competition; 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 the Company's current and proposed
market areas; difficulties in consummating acquisitions and
dispositions; risks related to our investments in properties
through joint ventures; environmental liabilities; slippages in
development or lease-up schedules; tenant creditworthiness;
higher-than-expected costs; changes in asset valuations and related
impairment charges; changes in general accounting principles,
policies and guidelines applicable to real estate investment
trusts; international business risks; and those additional factors
described under the heading "Risk Factors" and elsewhere in the
Company's annual report on Form 10-K for the year ended
December 31, 2011 and in the
Company's subsequent '34 Act reports. 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 press release or
the dates indicated in the statements. We assume no obligation to
update or supplement forward-looking statements. For further
information on these and other factors that could impact the
Company and the statements contained herein, reference should be
made to the Company's filings with the Securities and Exchange
Commission.
SOURCE First Industrial Realty Trust, Inc.