First Industrial, L.P.: Update to credit analysis
Our credit view of this issuer reflects its moderate leverage and solid fixed charge coverage, against its high appetite for speculative development.First Industrial Realty Trust is a self-administered and fully integrated real estate company which owns, manages, acquires, sells, develops and redevelops industrial real estate. The company is a real estate investment trust. The company's in-service portfolio includes all properties that have reached stabilized occupancy (defined as properties that are 90% leased), (re)developed properties upon the earlier of reaching 90% occupancy or one year from the date construction is completed and acquired properties that are at least 75% occupied at acquisition. The company's operations are conducted primarily through First Industrial, L.P., of which the company is the sole general partner.
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