"First Industrial does not need fixing anymore," the trust's CEOMike Brennan told a group of analysts gathered for a conferencecall. Calling the asset realignment strategy he has implemented asuccess, Brennan says First Industrial is now focused on delivering"sector leading earnings and return on asset growth."

After First Industrial embarked on a dubious acquisition tearseveral years ago, Brennan was elevated by the trust's board toclean up the mess. He implemented a strategy of exiting underperforming markets, with plans to concentrate on 25 marketsidentified as exceptional, including Los Angeles, Dallas, Denver,Chicago, Northern New Jersey and Atlanta.

"They met expectations," says Prudential real estate analyst LouTaylor, who says he continues to see annual FFO growth for FirstIndustrial in the 8% to 10% range, about average for industrialREITs. For First Industrial to be among the top performers asexecutives are now predicting, "a lot of things would have to goright", Taylor says.