EX-12.2 6 d689562dex122.htm EX-12.2 EX-12.2

Exhibit 12.2

FIRST INDUSTRIAL, LP

Ratio of Earnings to Fixed Charges

(Dollars in Thousands)

 

     2013     2012     2011     2010     2009  

Income (Loss) from Continuing Operations Before Equity in Income of Other Real Estate Partnerships, Equity in Income (Loss) of Joint Ventures and Income Taxes from Continuing Operations

      (4,973 )      (26,126 )      (43,757 )      (162,794 )      (56,525 ) 

Distributions from Other Real Estate Partnerships

      11,603        7,756        11,891        3,494        18,516   

Distributions from Joint Ventures

      177        1,580        1,033        3,032        2,319   

Gain (Loss) on Sale of Real Estate

      1,030        3,777        1,370        859        313   

Interest Expense*

      68,857        77,794        95,166        102,953        114,786   

Amortization of Capitalized Interest

      563        517        520        522        522   

Amortization of Deferred Financing Costs

      3,038        3,252        3,785        3,342        3,006   

Rentals Deemed Representative of an Interest Factor

      480        522        652        1,016        1,394   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Earnings (Loss)

      80,775        69,072        70,660        (47,576 )      84,331   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Interest Expense*

      68,857        77,794        95,166        102,953        114,786   

Capitalized Interest

      2,813        1,768        437        —          281   

Amortization of Deferred Financing Costs

      3,038        3,252        3,785        3,342        3,006   

Rentals Deemed Representative of an Interest Factor

      480        522        652        1,016        1,394   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Fixed Charges

      75,188        83,336        100,040        107,311        119,467   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      1.07        (a)        (a)        (a)        (a)   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(a) Due to First Industrial L.P.’s (“the Consolidated Operating Partnership”) loss from continuing operations for the years ended December 31, 2012, 2011, 2010 and 2009, the ratio coverage is less than 1:1. The Consolidated Operating Partnership must generate additional earnings of $14,264, $29,380, $154,887 and $35,136 for the years ended December 31, 2012, 2011, 2010 and 2009 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.