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) --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- - ------------------------------ (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.