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)

	2016		2015		2014		2013			2012
Income (Loss) from Continuing Operations Before Equity in Income of Joint Ventures, Noncontrolling Interest from Continuing Operations and Income Taxes from Continuing Operations	$	126,773	$	76,767	$	19,921	$	4,723		$	(17,323	)
Distributions from Joint Ventures		—		—		1,881		177			1,580
Interest Expense		59,430		67,424		72,178		73,558			83,506
Amortization of Capitalized Interest		847		763		722		580			529
Amortization of Deferred Financing Costs		3,219		3,159		3,098		3,225			3,460
Rentals Deemed Representative of an Interest Factor		460		427		433		480			522
Net Earnings		190,729		148,540		98,233		82,743			72,274
Interest Expense		59,430		67,424		72,178		73,558			83,506
Capitalized Interest		3,523		2,453		1,411		3,611			1,997
Amortization of Deferred Financing Costs		3,219		3,159		3,098		3,225			3,460
Rentals Deemed Representative of an Interest Factor		460		427		433		480			522
Preferred Stock Dividends		—		—		1,019		8,733			18,947
Fixed Charges and Preferred Stock Dividends	$	66,632	$	73,463	$	78,139	$	89,607		$	108,432
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		2.86		2.02		1.26		(a	)		(a	)

(a) Due to the Company’s loss from continuing operations for the year ended December 31, 2012, as well as preferred stock dividends for the year ended December 31, 2013, the ratio coverage is less than 1:1. The Company must generate additional earnings of $6,864 and $36,158 for the years ended December 31, 2013 and 2012, respectively, to achieve a ratio coverage of 1:1.