First Industrial Realty Trust (FR) 8-K Other Events

Exhibit 12.1

FIRST INDUSTRIAL REALTY TRUST, INC.

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	12/31/2005			12/31/2004			12/31/2003			12/31/2002			12/31/2001
	(Dollars in thousands)
Income from Operations Before Minority Interest from Continuing Operations and Income Taxes from Continuing Operations		(31,726	)		19,429			(2,247	)		14,715			72,510
Plus:
Interest expense		108,339			98,636			94,895			90,017			82,580
Amortization of DFC and IRPA		2,125			1,931			1,764			1,925			1,809
Net Earnings		78,738			119,996			94,412			106,657			156,899
Interest Expense		108,339			98,636			94,895			90,017			82,580
Capitalized Interest		3,271			1,304			761			7,792			9,950
Preferred Stock Dividends		10,688			14,488			20,176			23,432			30,001
Redemption of Preferred Stock		—			7,959			—			3,707			4,577
Amortization of deferred financing costs and IRPA		2,125			1,931			1,764			1,925			1,809
Fixed Charges and Preferred Stock Dividends		124,423			124,318			117,596			126,873			128,917
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends			(c)			(c)			(c)			(c)		1.2

(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 $7,959, $3,707 and $4,577 for the year ended December 31, 2004, the year ended December 31, 2002 and the year ended December 31, 2001, 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 allocable to continuing operations. Fixed charges consist of interest costs, whether expensed or capitalized and amortization of deferred financing costs.
(c)	Due to the First Industrial Realty Trust, Inc.’s (the “Company”) loss from continuing operations for the years ended December 31, 2005 and 2003, as well as preferred stock dividends and the redemption of preferred stock for the years ended December 31, 2004 and 2002, the ratio coverage is less than 1:1. The Company must generate additional earnings of $45,685, $4,322, $23,184 and $20,216 for the years ended December 31, 2005, 2004, 2003 and 2002, respectively to achieve a coverage ratio of 1:1.

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