EXHIBIT 12.2
VORNADO REALTY L.P.
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DISTRIBUTION 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 | | 331,665 | | 698,740 | | 661,620 | | 432,953 | | 305,881 | | 247,569 | |
Income distributions from partially owned entities | | 15,131 | | 44,690 | | 24,044 | | 35,911 | | 40,152 | | 16,740 | |
Capitalized interest | | (10,072 | ) | (63,063 | ) | (53,648 | ) | (26,195 | ) | (15,582 | ) | (8,718 | ) |
| | | | | | | | | | | | | |
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 | |
Fixed charges - Denominator | | 331,665 | | 698,740 | | 661,620 | | 432,953 | | 305,881 | | 247,569 | |
Preferred unit distributions | | 38,175 | | 76,834 | | 77,009 | | 80,518 | | 97,232 | | 97,198 | |
Combined fixed charges and preference distributions – Denominator | | $ | 369,840 | | $ | 775,574 | | $ | 738,629 | | $ | 513,471 | | $ | 403,113 | | $ | 344,767 | |
| | | | | | | | | | | | | |
Ratio of earnings to fixed charges | | 1.12 | (1) | 1.25 | (1) | 1.69 | | 2.42 | | 2.91 | | 3.47 | |
Ratio of earnings to combined fixed charges and preference distributions | | 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 1.45 and 1.49, 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 distributions was 1.31 and 1.34, respectively.
