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                                                                    EXHIBIT 12.1

                             FIRST INDUSTRIAL, L.P.
             COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
                          PREFERRED UNIT DISTRIBUTIONS
                             (DOLLARS IN THOUSANDS)





                                                      12/31/00      12/31/99      12/31/98
                                                     ----------    ----------    ----------
                                                                         
Income From Operations ............................   $104,386      $126,073      $ 83,067

Plus: Interest Expense and Amortization of Interest
Rate Protection Agreements and Deferred
Financing Costs ...................................     82,568        78,094        69,713
                                                      --------      --------      --------

Earnings Before Fixed Charges .....................   $186,954      $204,167      $152,780
                                                      ========      ========      ========

Fixed Charges and Preferred Unit Distributions ....   $ 87,771      $ 83,662      $ 73,356
                                                      ========      ========      ========

Ratio of Earnings to Fixed Charges and
Preferred Unit Distributions(a) ...................       2.13x         2.44x         2.08x
                                                      ========      ========      ========



(a)  For purposes of computing the ratios of earnings to fixed charges and
     preferred unit distributions, earnings have been calculated by adding fixed
     charges (excluding capitalized interest) to income from operations before
     income allocated to minority interest. Fixed charges consist of interest
     costs, whether expensed or capitalized and amortization of interest rate
     protection agreements and deferred financing charges.