EX-12.2 6 d349856dex122.htm EX-12.2 EX-12.2

Exhibit 12.2

FIRST INDUSTRIAL, LP

Ratio of Earnings to Fixed Charges

(Dollars in Thousands)

 

     2016      2015      2014      2013      2012  

Income (Loss) from Continuing Operations Before Equity in Income of Joint Ventures, Noncontrolling Interest from Continuing Operations and Income Taxes from Continuing Operations

   $ 126,773      $ 76,882      $ 20,173      $ 4,769      $ (17,179

Distributions from Joint Ventures

     —          —          1,881        177        1,580  

Interest Expense

     59,430        67,424        72,178        73,558        83,506  

Amortization of Capitalized Interest

     847        763        722        580        529  

Amortization of Deferred Financing Costs

     3,219        3,159        3,098        3,225        3,460  

Rentals Deemed Representative of an Interest Factor

     460        427        433        480        522  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Earnings

     190,729        148,655        98,485        82,789        72,418  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Interest Expense

     59,430        67,424        72,178        73,558        83,506  

Capitalized Interest

     3,523        2,453        1,411        3,611        1,997  

Amortization of Deferred Financing Costs

     3,219        3,159        3,098        3,225        3,460  

Rentals Deemed Representative of an Interest Factor

     460        427        433        480        522  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed Charges

   $ 66,632      $ 73,463      $ 77,120      $ 80,874      $ 89,485  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of Earnings to Fixed Charges

     2.86        2.02        1.28        1.02        (a
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

(a) Due to First Industrial L.P.’s (“the Operating Partnership”) loss from continuing operations for the year ended December 31, 2012, the ratio coverage is less than 1:1. The Operating Partnership must generate additional earnings of $17,067 for the year ended December 31, 2012 to achieve a ratio coverage of 1:1.