Exhibit 12.2
FIRST INDUSTRIAL, LP
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
Loss from Continuing Operations before Equity in Income of Other Real Estate Partnerships, Equity in Income of Joint Ventures and Income Taxes from Continuing Operations | (132,941 | ) | (125,113 | ) | (134,101 | ) | (104,735 | ) | (73,264 | ) | ||||||||||
Plus: | ||||||||||||||||||||
Distributions from Joint Ventures | 51,279 | 57,614 | 65,195 | 52,078 | 64,193 | |||||||||||||||
Gain on Sale of Real Estate | 12,061 | 7,879 | 6,195 | 28,686 | 15,112 | |||||||||||||||
Interest expense | 111,559 | 119,314 | 121,130 | 108,537 | 99,067 | |||||||||||||||
Rentals Deemed Representative of an Interest Factor | 1,357 | 1,034 | 912 | 746 | 634 | |||||||||||||||
Amortization of Deferred Financing Costs | 2,879 | 3,210 | 2,664 | 2,122 | 1,928 | |||||||||||||||
Net Earnings | 46,194 | 63,938 | 61,995 | 87,434 | 107,670 | |||||||||||||||
Interest Expense | 111,559 | 119,314 | 121,130 | 108,537 | 99,067 | |||||||||||||||
Rentals Deemed Representative of an Interest Factor | 1,357 | 1,034 | 912 | 746 | 634 | |||||||||||||||
Capitalized Interest | 7,775 | 8,413 | 5,063 | 3,271 | 1,304 | |||||||||||||||
Amortization of Deferred Financing Costs | 2,879 | 3,210 | 2,664 | 2,122 | 1,928 | |||||||||||||||
Fixed Charges | 123,570 | 131,971 | 129,769 | 114,676 | 102,933 | |||||||||||||||
Ratio of Earnings to Fixed Charges | (b) | (b) | (b) | (b) | 1.05 | |||||||||||||||
(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, portion of rent expense representative of interest factor, and amortization of deferred financing costs. | |
(b) | For the years ended December 31, 2008, 2007, 2006 and 2005, the ratio coverage is less that 1:1. The Consolidated Operating Partnership must generate additional earnings of $77,376, $68,033, $67,774 and $27,242 for the years ended December 31, 2008, 2007, 2006 and 2005, respectively, to achieve a ratio coverage of 1:1. |