First Industrial Realty Trust (FR) S-3ASR Automatic shelf registration

Exhibit 12.1

FIRST INDUSTRIAL REALTY TRUST, INC.

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Dollars in Thousands)

	2011			2010			2009			2008			2007
Loss from Continuing Operations Before Equity in Income of Joint Ventures, Noncontrolling Interest from Continuing Operations and Income Taxes from Continuing Operations		(32,731	)		(153,411	)		(39,042	)		(128,528	)		(126,410	)
Plus:
Distributions from Joint Ventures		1,033			3,032			2,319			1,520			31,365
Gain on Sale of Real Estate		1,370			859			374			12,008			9,425
Interest expense*		100,190			106,166			115,421			113,139			120,894
Rentals Deemed Representative of an Interest Factor		652			1,016			1,394			1,357			1,034
Amortization of Deferred Financing Costs		3,963			3,473			3,030			2,840			3,171
Net Earnings (Loss)		74,477			(38,865	)		83,496			2,336			39,479
Interest expense*		100,190			106,166			115,421			113,139			120,894
Rentals Deemed Representative of an Interest Factor		652			1,016			1,394			1,357			1,034
Capitalized Interest		437			—			281			7,775			8,413
Preferred Stock Dividends		19,565			19,677			19,516			19,428			21,320
Redemption of Preferred Stock		—			—			—			—			2,017
Amortization of Deferred Financing Costs		3,963			3,473			3,030			2,840			3,171
Fixed Charges and Preferred Stock Dividends		124,807			130,332			139,642			144,539			156,849
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, for the year ended December 31, 2007.

(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 and preferred stock dividends) to income from continuing operations before noncontrolling 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 Company’s loss from continuing operations for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, as well as preferred stock dividends and the redemption of preferred stock for the year ended December 31, 2007, the ratio coverage is less than 1:1. The Company must generate additional earnings of $50,330, $169,197, $56,146, $142,203 and $117,370 for the years ended December 31, 2011, 2010, 2009, 2008 and 2007, respectively, to achieve a ratio coverage of 1:1.

* Interest Expense includes Discontinued Operations Interest Expense of $63, $268, $653, $713 and $746 for the years ended December 31, 2011, 2010, 2009, 2008 and 2007.