Vornado Realty (VNOD) 10-K2009 FY Annual report

Filed: 26 Feb 10, 12:00am

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EXHIBIT 12.1

VORNADO REALTY L.P.
COMPUTATION OF RATIOS

(UNAUDITED)

Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference distributions for each of the fiscal years ended December 31, 2009, 2008, 2007, 2006 and 2005 are as follows:

	Year Ended December 31,
(Amounts in thousands)	2009			2008			2007			2006			2005
Net income from continuing operations	$	24,892		$	190,122		$	481,247		$	602,462		$	557,692
Fixed charges		663,360			708,560			661,620			432,953			305,881
Income distributions from partially owned entities		30,472			44,690			24,044			35,911			40,152
Capitalized interest		(17,256	)		(63,063	)		(53,648	)		(26,195	)		(15,582	)

Earnings - Numerator	$	701,468		$	880,309		$	1,113,263		$	1,045,131		$	888,143

Interest and debt expense	$	634,283		$	635,724		$	599,804		$	400,540		$	284,876
Capitalized interest		17,256			63,063			53,648			26,195			15,582
1/3 of rental expense – interest factor		11,821			9,773			8,168			6,218			5,423
Fixed charges - Denominator		663,360			708,560			661,620			432,953			305,881
Preferred unit distributions		76,734			76,834			77,009			80,518			97,232
Combined fixed charges and preference distributions - Denominator	$	740,094		$	785,394		$	738,629		$	513,471		$	403,113

Ratio of earnings to fixed charges		1.06	⁽¹⁾		1.24	⁽¹⁾		1.68			2.41			2.90
Ratio of earnings to combined fixed charges and preference distributions		0.95	⁽²⁾		1.12	⁽²⁾		1.51			2.04			2.20

_______________________

(1) Excluding non-cash impairment charges recognized in the years ended December 31, 2009 and 2008, the ratios of earnings to fixed charges were 1.48 and 1.44, respectively.

(2) Excluding non-cash impairment charges recognized in the years ended December 31, 2009 and 2008, the ratios of earnings to fixed charges and preference distributions were 1.33 and 1.30, respectively.

Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest. Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest, (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iv) preferred unit distributions. Combined fixed charges and preference distributions equals fixed charges plus preferred unit distributions.