Exhibit 12.2
FIRST INDUSTRIAL, LP
Ratio of Earnings to Fixed Charges
(Dollars in Thousands)
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Income (Loss) from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income (Loss) of Joint Ventures and Income Taxes from Continuing Operations | (4,973 | ) | (26,126 | ) | (43,757 | ) | (162,794 | ) | (56,525 | ) | ||||||||||
Distributions from Other Real Estate Partnerships | 11,603 | 7,756 | 11,891 | 3,494 | 18,516 | |||||||||||||||
Distributions from Joint Ventures | 177 | 1,580 | 1,033 | 3,032 | 2,319 | |||||||||||||||
Gain (Loss) on Sale of Real Estate | 1,030 | 3,777 | 1,370 | 859 | 313 | |||||||||||||||
Interest Expense* | 68,857 | 77,794 | 95,166 | 102,953 | 114,786 | |||||||||||||||
Amortization of Capitalized Interest | 563 | 517 | 520 | 522 | 522 | |||||||||||||||
Amortization of Deferred Financing Costs | 3,038 | 3,252 | 3,785 | 3,342 | 3,006 | |||||||||||||||
Rentals Deemed Representative of an Interest Factor | 480 | 522 | 652 | 1,016 | 1,394 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Earnings (Loss) | 80,775 | 69,072 | 70,660 | (47,576 | ) | 84,331 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Interest Expense* | 68,857 | 77,794 | 95,166 | 102,953 | 114,786 | |||||||||||||||
Capitalized Interest | 2,813 | 1,768 | 437 | — | 281 | |||||||||||||||
Amortization of Deferred Financing Costs | 3,038 | 3,252 | 3,785 | 3,342 | 3,006 | |||||||||||||||
Rentals Deemed Representative of an Interest Factor | 480 | 522 | 652 | 1,016 | 1,394 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fixed Charges | 75,188 | 83,336 | 100,040 | 107,311 | 119,467 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of Earnings to Fixed Charges | 1.07 | (a) | (a) | (a) | (a) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Due to First Industrial L.P.’s (“the Consolidated Operating Partnership”) loss from continuing operations for the years ended December 31, 2012, 2011, 2010 and 2009, the ratio coverage is less than 1:1. The Consolidated Operating Partnership must generate additional earnings of $14,264, $29,380, $154,887 and $35,136 for the years ended December 31, 2012, 2011, 2010 and 2009 to achieve a ratio coverage of 1:1. |
* | Interest Expense includes Discontinued Operations Interest Expense of $63, $268 and $653 for the years ended December 31, 2011, 2010 and 2009. |