Exhibit 12.1

FIRST INDUSTRIAL REALTY TRUST, INC.
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)

	2008			2007			2006			2005			2004
Loss from Operations Before Equity in Income of Joint Ventures, Minority Interest from Continuing Operations and Income Taxes from Continuing Operations		(122,283	)		(115,250	)		(125,880	)		(96,855	)		(65,189	)
Plus:
Distributions from Joint Ventures		1,520			31,365			31,664			3,866			36,451
Gain on Sale of Real Estate		12,008			9,425			6,071			29,550			16,755
Interest expense		111,559			119,314			121,141			108,712			99,245
Rentals Deemed Representative of an Interest Factor		1,357			1,034			912			746			634
Amortization of Deferred Financing Costs		2,879			3,210			2,666			2,125			1,931
Net Earnings		7,040			49,098			36,574			48,144			89,827
Interest Expense		111,559			119,314			121,141			108,712			99,245
Rentals Deemed Representative of an Interest Factor		1,357			1,034			912			746			634
Capitalized Interest		7,775			8,413			5,159			3,271			1,304
Preferred Stock Dividends		19,428			21,320			21,424			10,688			14,488
Redemption of Preferred Stock		—			2,017			672			—			7,959
Amortization of Deferred Financing Costs		2,879			3,210			2,666			2,125			1,931
Fixed Charges and Preferred Stock Dividends		142,998			155,308			151,974			125,542			125,561
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends			(c)			(c)			(c)			(c)			(c)

(a)	Included in Fixed Charges and Preferred Stock Dividends is the write-off of initial offering costs associated with the redemption of Preferred Stock in the amount of $2,017, $672 and $7,959 for the years ended December 31, 2007, 2006 and 2004, respectively.
(b)	For purposes of computing the ratios of earnings to combined fixed charges and preferred stock dividends, earnings have been calculated by adding fixed charges (excluding capitalized interest) to income from continuing operations before minority interest allocable to continuing operations and income taxes from continuing operations. Fixed charges consist of interest costs, whether expensed or capitalized, portion of rent expense representative of interest factor, and amortization of deferred financing costs.
(c)	For all the years presented the ratio coverage is less that 1:1. The Company must generate additional earnings of $135,958, $106,210, $115,400, $77,398 and $35,734 for the years ended December 31, 2008, 2007, 2006, 2005 and 2004, respectively, to achieve a ratio coverage of 1:1.