EX-12.1 2 c12587exv12w1.htm COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES exv12w1
 

Exhibit 12.1
FIRST INDUSTRIAL REALTY TRUST, INC.
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)
                                         
    2006     2005     2004     2003     2002  
(Loss) Income from Operations Before Minority Interest from Continuing Operations and Income Taxes from Continuing Operations.
     (55,430 )     (34,709 )     15,530       (6,054 )     10,555  
Plus:
                                        
Interest expense
     121,141       108,712       99,245       95,456       90,387  
Rentals Deemed Representative of an Interest Factor
     643       577       433       496       572  
Amortization of DFC and IRPA
     2,666       2,125       1,931       1,764       1,925  
 
                              
Net Earnings
     69,020       76,705       117,139       91,662       103,439  
 
                              
Interest Expense
     121,141       108,712       99,245       95,456       90,387  
Rentals Deemed Representative of an Interest Factor
     643       577       433       496       572  
Capitalized Interest
     5,159       3,271       1,304       761       7,792  
Preferred Stock Dividends
     21,424       10,688       14,488       20,176       23,432  
Redemption of Preferred Stock
     672       —       7,959       —       3,707  
Amortization of Deferred Financing Costs and IRPA
     2,666       2,125       1,931       1,764       1,925  
 
                              
Fixed Charges and Preferred Stock Dividends
     151,705       125,373       125,360       118,653       127,815  
 
                              
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
     (c )     (c )     (c )     (c )     (c )
 
(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 $672, $7,959 and $3,707 for the years ended December 31, 2006, 2004 and 2002, respectively.
 
(b)   For purposes of computing the ratios of earnings to combined 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 and income taxes from continuing operations. Fixed charges consist of interest costs, whether expensed or capitalized, portion of rent expense representative of interest factor, and amortization of deferred financing costs.
 
(c)   For all years presented the ratio coverage is less that 1:1. The Company must generate additional earnings of $82,685, $48,668, $8,221, $26,991 and $24,376 for the years ended December 31, 2006, 2005, 2004, 2003 and 2002, respectively, to achieve a ratio coverage of 1:1.

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