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)
2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
(Loss) Income from Operations Before Minority Interest from Continuing Operations and Income Taxes from Continuing Operations. | (55,430 | ) | (34,709 | ) | 15,530 | (6,054 | ) | 10,555 | ||||||||||||
Plus: | ||||||||||||||||||||
Interest expense | 121,141 | 108,712 | 99,245 | 95,456 | 90,387 | |||||||||||||||
Rentals Deemed Representative of an Interest Factor | 643 | 577 | 433 | 496 | 572 | |||||||||||||||
Amortization of DFC and IRPA | 2,666 | 2,125 | 1,931 | 1,764 | 1,925 | |||||||||||||||
Net Earnings | 69,020 | 76,705 | 117,139 | 91,662 | 103,439 | |||||||||||||||
Interest Expense | 121,141 | 108,712 | 99,245 | 95,456 | 90,387 | |||||||||||||||
Rentals Deemed Representative of an Interest Factor | 643 | 577 | 433 | 496 | 572 | |||||||||||||||
Capitalized Interest | 5,159 | 3,271 | 1,304 | 761 | 7,792 | |||||||||||||||
Preferred Stock Dividends | 21,424 | 10,688 | 14,488 | 20,176 | 23,432 | |||||||||||||||
Redemption of Preferred Stock | 672 | — | 7,959 | — | 3,707 | |||||||||||||||
Amortization of Deferred Financing Costs and IRPA | 2,666 | 2,125 | 1,931 | 1,764 | 1,925 | |||||||||||||||
Fixed Charges and Preferred Stock Dividends | 151,705 | 125,373 | 125,360 | 118,653 | 127,815 | |||||||||||||||
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 $672, $7,959 and $3,707 for the years ended December 31, 2006, 2004 and 2002, 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 years presented the ratio coverage is less that 1:1. The Company must generate additional earnings of $82,685, $48,668, $8,221, $26,991 and $24,376 for the years ended December 31, 2006, 2005, 2004, 2003 and 2002, respectively, to achieve a ratio coverage of 1:1. |
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