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CHICAGO-As envious as First Industrial Realty Trust officialsmay be over other REIT's stock prices, they are resistingtemptations to go private. Questions resurfaced this week duringCitigroup's 2006 REIT CEO conference, when First Industrial chiefMichael W. Brennan expressed both disappointment with his company'sstock price as well as a preference for remaining a publiccompany.
"We feel there are many benefits to being a public company,"Brennan said. However, if the company's portfolio were valued at a6% capitalization rate, First Industrial stock would be trading at$50 per share. "We'd like that recognition. We work hard forit."
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