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CHICAGO-As envious as First Industrial Realty Trust officials may be over other REIT's stock prices, they are resisting temptations to go private. Questions resurfaced this week during Citigroup's 2006 REIT CEO conference, when First Industrial chief Michael W. Brennan expressed both disappointment with his company's stock price as well as a preference for remaining a public company.

"We feel there are many benefits to being a public company," Brennan said. However, if the company's portfolio were valued at a 6% capitalization rate, First Industrial stock would be trading at $50 per share. "We'd like that recognition. We work hard for it."

Brennan concedes $50 per share may be a bit rich. "It ain't 40," added the president and chief executive officer. However, First Industrial stock opened at $39.38 Tuesday, clearing the $39 hurdle with a 2.7% jump Monday.