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CHICAGO-First Industrial Realty Trust, Inc. may not repeat as the most voracious acquirer of industrial real estate, but the REIT still is aiming to make about $1.5 billion in investments this year. Helped by joint ventures with the California State Teachers Retirement System, First Industrial Realty Trust already has $901 million in deals closed plus developments that are proposed or under construction.

Acquisitions and developments put into service are expected to total more than $600 million on First Industrial's balance sheet. Meanwhile, the joint ventures are expected to rack up more than $800 million in new developments and purchases.

The 2005 acquisition volume of $2.3 billion, both for its own account and joint ventures, was five times the company's 2004 total, noted president and chief executive officer Mike Brennan. "We're very pleased with that accomplishment," he said during the REIT's recent earnings conference call.