EXHIBIT 12.1
VORNADO REALTY TRUST
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDEND REQUIREMENTS
| | 6 months
ended June 30, | | Year Ended December 31, | |
(Amounts in thousands) | | 2009 | | 2008 | | 2007 | | 2006 | | 2005 | | 2004 | |
Net income from continuing operations | | $ | 35,335 | | $ | 193,203 | | $ | 484,423 | | $ | 603,339 | | $ | 559,081 | | $ | 603,596 | |
Fixed charges | | 341,302 | | 718,483 | | 681,452 | | 455,960 | | 356,612 | | 322,847 | |
Income distributions from partially owned entities | | 15,131 | | 44,690 | | 24,044 | | 35,911 | | 40,152 | | 16,740 | |
Capitalized interest | | (10,078 | ) | (63,063 | ) | (53,648 | ) | (26,195 | ) | (15,582 | ) | (8,718 | ) |
Preferred unit distributions | | (9,637 | ) | (19,743 | ) | (19,832 | ) | (23,007 | ) | (50,731 | ) | (75,278 | ) |
| | | | | | | | | | | | | |
Earnings - Numerator | | $ | 372,053 | | $ | 873,570 | | $ | 1,116,439 | | $ | 1,046,008 | | $ | 889,532 | | $ | 859,187 | |
| | | | | | | | | | | | | |
Interest and debt expense | | $ | 317,196 | | $ | 625,904 | | $ | 599,804 | | $ | 400,540 | | $ | 284,876 | | $ | 233,750 | |
Capitalized interest | | 10,078 | | 63,063 | | 53,648 | | 26,195 | | 15,582 | | 8,718 | |
1/3 of rent expense–interest factor | | 4,391 | | 9,773 | | 8,168 | | 6,218 | | 5,423 | | 5,101 | |
Preferred unit distributions | | 9,637 | | 19,743 | | 19,832 | | 23,007 | | 50,731 | | 75,278 | |
Fixed charges - Denominator | | 341,302 | | 718,483 | | 681,452 | | 455,960 | | 356,612 | | 322,847 | |
Preferred share dividends | | 28,538 | | 57,091 | | 57,177 | | 57,511 | | 46,501 | | 21,920 | |
Combined fixed charges and preference dividends - Denominator | | $ | 369,840 | | $ | 775,574 | | $ | 738,629 | | $ | 513,471 | | $ | 403,113 | | $ | 344,767 | |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges | | 1.09 | (1) | 1.21 | (1) | 1.64 | | 2.29 | | 2.49 | | 2.66 | |
Ratio of earnings to combined fixed charges and preference dividends | | 1.01 | (2) | 1.12 | (2) | 1.51 | | 2.04 | | 2.21 | | 2.49 | |
(1) Excluding non-cash impairment charges recognized in the year ended December 31, 2008 and the six months ended June 30, 2009, the ratio of earnings to fixed charges was 1.41 and 1.45, respectively.
(2) Excluding non-cash impairment charges recognized in the year ended December 31, 2008 and the six months ended June 30, 2009, the ratio of earnings to combined fixed charges and preference dividends was 1.31 and 1.34, respectively.
