First Industrial Realty Trust Inc. wants to sell about a fourth of its portfolio as a way of reducing its current debt. According to ChicagoRealEstateDaily.com, the Chicago, Illinois-based First Industrial said it has 195 properties totaling 16.4 million square feet along with 724 acres that it calls “non-strategic,” all of which were unidentified. First Industrial, a real estate investment trust, took a non-cash impairment charge of $164 million in the third quarter of 2010.
The company expects to take another $14 million in the fourth quarter after determining that most of the assets in the group for sale are impaired, but CEO Bruce W. Duncan on Wednesday said “we are not engaging in a fire sale” with the non-strategic assets, according to a transcript of a conference call with analysts. According to Duncan, the REIT is hoping to complete $250 million to $300 million in sales by September 2012.
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