EXHIBIT 12.2
 
                             FIRST INDUSTRIAL, L.P.
                      COMPUTATION OF RATIO OF EARNINGS TO
                       FIXED CHARGES AND FIXED PREFERRED
                               DISTRIBUTIONS (a)
                             (Dollars in thousands)
 


                                       FOR THE NINE MONTHS
                                              ENDED
                                          SEPTEMBER 30,                 FOR THE YEAR ENDED DECEMBER 31,
                                       --------------------  -----------------------------------------------------
                                         1996       1995       1995       1994       1993       1992       1991
                                       ---------  ---------  ---------  ---------  ---------  ---------  ---------
                                                                                    
Income (loss) before disposition of
 interest rate protection agreement,
 gain on sales of properties
 extraordinary items and minority
 interest............................  $  25,690  $  14,096  $  19,087  $   8,855  $  (3,399) $  (4,048) $  (3,588)
Plus interest expense and
 amortization of deferred financing
 costs and interest rate protection
 agreement ..........................     24,012     24,793     33,029     26,461     19,184     19,994     19,469
                                       ---------  ---------  ---------  ---------  ---------  ---------  ---------
Earnings before extraordinary items,
 minority interest and fixed
 charges.............................     49,702     38,889     52,116     35,316     15,785     15,946     15,881
                                       ---------  ---------  ---------  ---------  ---------  ---------  ---------
                                       ---------  ---------  ---------  ---------  ---------  ---------  ---------
Fixed charges and fixed preferred
 distributions(b)....................     27,202     25,087     33,821     26,511     19,197     20,277     19,756
                                       ---------  ---------  ---------  ---------  ---------  ---------  ---------
                                       ---------  ---------  ---------  ---------  ---------  ---------  ---------
Ratio of earnings to combined fixed
 charges and fixed preferred
 distributions (c)...................      1.83x      1.55x      1.54x      1.33x         --(c)        --(c)        --(c)
                                       ---------  ---------  ---------  ---------  ---------  ---------  ---------
                                       ---------  ---------  ---------  ---------  ---------  ---------  ---------

 
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(a) First Industrial Realty Trust, Inc., the general partner of First
    Industrial, L.P. (the "Operating Partnership"), completed its initial public
    offering on June 30, 1994. Information prior to the initial public offering
    includes the operations and accounts of the Operating Partnership's
    predecessors and information subsequent to the initial public offering
    includes the historical operations and accounts of the Operating
    Partnership.
 
(b) There was no preferred limited partnership interest prior to September 30,
    1995.
 
(c) Earnings represent earnings before extraordinary items, minority interest
    and fixed charges. Fixed charges consist of interest expenses, capitalized
    interest and amortization of interest rate protection agreement and deferred
    financing costs. For the fiscal years ended December 31, 1993, 1992 and
    1991, earnings were not sufficient to cover fixed charges. Additional
    earnings of $3.4 million, $4.3 million and $3.9 million, respectively, would
    have been required to achieve a ratio of 1.0 for such periods.