EX-12.1 5 d689562dex121.htm EX-12.1 EX-12.1

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   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Net Earnings (Loss)

      83,712         74,878        73,579        (44,152 )      81,553   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

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   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges and Preferred Stock Dividends

      89,607         108,432        124,807        130,332        139,642   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

      (a)         (a)        (a)        (a)        (a)   
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

  

 

(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.