The company's concerted effort in the Southeast and other markets recently earned the firm a strong double-B corporate rating from Standard & Poor's. Analysts who issued the rating, credited First Industrial's historically stable income stream generated from its diverse portfolio of industrial properties. The rating also reflected the strong geographic repositioning, good financial numbers with a 5.2% growth in net income and 8% increase in rental rates.

First Industrial recently sold $432 million worth of its properties in slower-growth non-core markets last year and reinvested the proceeds in southern and northern New Jersey and Los Angeles.

First Industrial is an umbrella partnership that operates properties in 31 markets in 25 states. It owns and operates 1,169 assets that comprise about 84 million sf. Those properties include light industrial, bulk warehouse, R&D/flex, regional warehouse, and manufacturing.