Exhibit 12.1

FIRST INDUSTRIAL REALITY TRUST, INC.
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)

	12/31/2005			12/31/2004		12/31/2003
Income from Operations Before Minority Interest from Continuing Operations		(18,979	)		29,842		11,663
Plus:
Interest expense		108,339			98,636		94,895
Amortization of DFC and IRPA		2,125			1,931		1,764
Net Earnings		91,485			130,409		108,322
Interest Expense		108,339			98,636		94,895
Capitalized Interest		3,271			1,304		761
Preferred Stock Dividends		10,688			14,488		20,176
Redemption of Preferred Stock		—			7,959		—
Amortization of deferred financing costs and IRPA		2,125			1,931		1,764
Fixed Charges and Preferred Stock Div		124,423			124,318		117,596
Ratio of Earnings to Fixed Charges		0.74			1.05		0.92

(a)

Included in Fixed Charges and Preferred Stock Dividends is the write-off of initial offering costs associated with the redemption of Preferred Stock in the amount of $7,959 for the year ended December 31, 2004.

(b)

For purposes of computing the ratios of earnings to fixed charges and preferred stock dividends, earnings have been calculated by adding fixed charges (excluding capitalized interest) to income from continuing operations before minority interest allocable to continuing operations. Fixed charges consist of interest costs, whether expensed or capitalized and amortization of deferred financing costs.