Exhibit 12.1
FIRST INDUSTRIAL REALTY TRUST, INC.
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Loss from Operations Before Equity in Income of Joint Ventures, Minority Interest from Continuing Operations and Income Taxes from Continuing Operations | (122,283 | ) | (115,250 | ) | (125,880 | ) | (96,855 | ) | (65,189 | ) | ||||||||||
Plus: | ||||||||||||||||||||
Distributions from Joint Ventures | 1,520 | 31,365 | 31,664 | 3,866 | 36,451 | |||||||||||||||
Gain on Sale of Real Estate | 12,008 | 9,425 | 6,071 | 29,550 | 16,755 | |||||||||||||||
Interest expense | 111,559 | 119,314 | 121,141 | 108,712 | 99,245 | |||||||||||||||
Rentals Deemed Representative of an Interest Factor | 1,357 | 1,034 | 912 | 746 | 634 | |||||||||||||||
Amortization of Deferred Financing Costs | 2,879 | 3,210 | 2,666 | 2,125 | 1,931 | |||||||||||||||
Net Earnings | 7,040 | 49,098 | 36,574 | 48,144 | 89,827 | |||||||||||||||
Interest Expense | 111,559 | 119,314 | 121,141 | 108,712 | 99,245 | |||||||||||||||
Rentals Deemed Representative of an Interest Factor | 1,357 | 1,034 | 912 | 746 | 634 | |||||||||||||||
Capitalized Interest | 7,775 | 8,413 | 5,159 | 3,271 | 1,304 | |||||||||||||||
Preferred Stock Dividends | 19,428 | 21,320 | 21,424 | 10,688 | 14,488 | |||||||||||||||
Redemption of Preferred Stock | — | 2,017 | 672 | — | 7,959 | |||||||||||||||
Amortization of Deferred Financing Costs | 2,879 | 3,210 | 2,666 | 2,125 | 1,931 | |||||||||||||||
Fixed Charges and Preferred Stock Dividends | 142,998 | 155,308 | 151,974 | 125,542 | 125,561 | |||||||||||||||
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 $2,017, $672 and $7,959 for the years ended December 31, 2007, 2006 and 2004, 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 the years presented the ratio coverage is less that 1:1. The Company must generate additional earnings of $135,958, $106,210, $115,400, $77,398 and $35,734 for the years ended December 31, 2008, 2007, 2006, 2005 and 2004, respectively, to achieve a ratio coverage of 1:1. |