Exhibit 12.1
FIRST INDUSTRIAL, L.P.
Ratio of Earnings to Combined Fixed Charges
(Dollars in Thousands)
Ratio of Earnings to Combined Fixed Charges
(Dollars in Thousands)
6/30/2006 | 12/31/2005 | 12/31/2004 | 12/31/2003 | 12/31/2002 | 12/31/2001 | ||||||||||||||||||||
Income from Continuing Operations Before Income Taxes From Continuing Operations | (15,487 | ) | 2,335 | 32,681 | 20,435 | 53,109 | 85,780 | ||||||||||||||||||
Plus: | |||||||||||||||||||||||||
Interest expense | 59,220 | 108,164 | 98,458 | 94,637 | 87,069 | 78,841 | |||||||||||||||||||
Amortization of DFC and IRPA | 1,221 | 2,122 | 1,928 | 1,761 | 1,858 | 1,742 | |||||||||||||||||||
Net Earnings | 44,954 | 112,621 | 133,067 | 116,833 | 142,036 | 166,363 | |||||||||||||||||||
Interest Expense | 59,220 | 108,164 | 98,458 | 94,637 | 87,069 | 78,841 | |||||||||||||||||||
Capitalized Interest | 3,165 | 3,271 | 1,304 | 761 | 7,792 | 9,950 | |||||||||||||||||||
Amortization of deferred financing costs and IRPA | 1,221 | 2,122 | 1,928 | 1,761 | 1,858 | 1,742 | |||||||||||||||||||
Fixed Charges | 63,606 | 113,557 | 101,690 | 97,159 | 96,719 | 90,533 | |||||||||||||||||||
Ratio of Earnings to Fixed Charges | (b) | (b) | 1.3 | 1.2 | 1.5 | 1.8 | |||||||||||||||||||
(a) | For purposes of computing the ratios of earnings to fixed charges, earnings have been calculated by adding fixed charges (excluding capitalized interest) to income from continuing operations before income taxes allocable to continuing operations. Fixed charges consist of interest costs, whether expensed or capitalized and amortization of deferred financing costs. | |
(b) | Due to First Industrial, L.P.’s (the “Consolidated Operating Partnership”) Loss from continuing operations for six months ended June 30, 2006 and Capitalized Interest for the year ended December 31, 2005, the ratio coverage is less than 1:1. The Consolidated Operating Partnership must generate additional earnings of $18,652 for the six months ended June 30, 2006 and $936 for the year ended December 31, 2005 to achieve a coverage ratio of 1:1. |