Exhibit 12.1
FIRST INDUSTRIAL REALTY TRUST, INC.
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)
2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||
Income (Loss) from Continuing Operations Before Equity in Income (Loss) of Joint Ventures, Noncontrolling Interest from Continuing Operations and Income Taxes from Continuing Operations | 4,592 | (18,496 | ) | (34,161 | ) | (159,232 | ) | (41,519 | ) | |||||||||||
Distributions from Joint Ventures | 177 | 1,580 | 1,033 | 3,032 | 2,319 | |||||||||||||||
Gain on Sale of Real Estate | 1,100 | 3,777 | 1,370 | 859 | 374 | |||||||||||||||
Interest Expense* | 73,558 | 83,506 | 100,190 | 106,166 | 115,421 | |||||||||||||||
Amortization of Capitalized Interest | 580 | 529 | 532 | 534 | 534 | |||||||||||||||
Amortization of Deferred Financing Costs | 3,225 | 3,460 | 3,963 | 3,473 | 3,030 | |||||||||||||||
Rentals Deemed Representative of an Interest Factor | 480 | 522 | 652 | 1,016 | 1,394 | |||||||||||||||
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Net Earnings (Loss) | 83,712 | 74,878 | 73,579 | (44,152 | ) | 81,553 | ||||||||||||||
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Interest Expense* | 73,558 | 83,506 | 100,190 | 106,166 | 115,421 | |||||||||||||||
Capitalized Interest | 3,611 | 1,997 | 437 | — | 281 | |||||||||||||||
Amortization of Deferred Financing Costs | 3,225 | 3,460 | 3,963 | 3,473 | 3,030 | |||||||||||||||
Rentals Deemed Representative of an Interest Factor | 480 | 522 | 652 | 1,016 | 1,394 | |||||||||||||||
Preferred Stock Dividends | 8,733 | 18,947 | 19,565 | 19,677 | 19,516 | |||||||||||||||
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Fixed Charges and Preferred Stock Dividends | 89,607 | 108,432 | 124,807 | 130,332 | 139,642 | |||||||||||||||
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Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends | (a) | (a) | (a) | (a) | (a) | |||||||||||||||
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(a) | Due to the Company’s loss from continuing operations for the years ended December 31, 2012, 2011, 2010 and 2009, 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 $5,895, $33,554, $51,228, $174,484 and $58,089 for the years ended December 31, 2013, 2012, 2011, 2010 and 2009, respectively, to achieve a ratio coverage of 1:1. |
* | Interest Expense includes Discontinued Operations Interest Expense of $63, $268 and $653 for the years ended December 31, 2011, 2010 and 2009. |