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CHICAGO-At it annual investor meeting Thursday, representatives with Industrial REIT First Industrial Realty Trust Inc. said the company is expecting next year's investment volume to range from $750 million to $850 million with an 8% to 9% average cap rate. In regard to sales, company reps are predicting that number to be approximately $850 million to $950 million with a 7% to 8% average cap rate.

"Development will be an increasingly important part of First Industrial's investment strategy as rising international trade, supply chain reconfigurations and demographic trends drive demand for industrial space in hub markets, inland ports and sea ports," commented Mike Brennan, president and CEO.

First Industrial's FFO from joint ventures in 2007 is expected to fall between $50 million and $55 million, which includes fees, incentive payments and the prorata share of operations and net economic gain. Joint venture investment volume assumptions for 2007, which include both new developments and acquisitions, range from $1.2 billion to $1.3 billion. Joint venture sales volume in 2007 is assumed to be approximately $800 million to $900 million.