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Exhibit 12.1
SL Green Realty Corp.
Ratio of Earnings to Fixed Charge & Preferred Stock Dividends
| | | | Year Ended December 31, | | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Six Months Ended 6/30/2006 | Six Months Ended 6/30/2005 | | | |||||||||||||||||
| 2005 | 2004 | 2003 | 2002 | 2001 | ||||||||||||||||
Earnings | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 43,864 | $ | 29,753 | $ | 62,760 | $ | 46,054 | $ | 45,468 | $ | 38,876 | $ | 33,784 | |||||||
Add: JV cash distributions | 58,457 | 24,643 | 200,857 | 193,144 | 36,469 | 22,482 | 26,909 | ||||||||||||||
Interest | 40,978 | 35,909 | 75,819 | 61,197 | 44,001 | 33,946 | 42,411 | ||||||||||||||
Portion of rent expense representative of interest | 8,966 | 8,614 | 16,915 | 12,788 | 12,546 | 12,637 | 12,702 | ||||||||||||||
Total earnings | $ | 152,265 | $ | 98,919 | $ | 356,351 | $ | 313,183 | $ | 138,484 | $ | 107,941 | $ | 115,806 | |||||||
Fixed Charges and Preferred Stock Dividends | |||||||||||||||||||||
Interest | $ | 40,978 | $ | 35,909 | $ | 75,819 | $ | 61,197 | $ | 44,001 | $ | 33,946 | $ | 42,411 | |||||||
Preferred stock dividends | 9,938 | 9,938 | 19,875 | 16,258 | 7,712 | 9,690 | 9,658 | ||||||||||||||
Interest capitalized | (17 | ) | 1,015 | 6,849 | 433 | — | — | — | |||||||||||||
Portion of rent expense representative of interest | 8,966 | 8,614 | 16,915 | 12,788 | 12,546 | 12,637 | 12,702 | ||||||||||||||
Amortization of loan costs expensed | 1,956 | 1,700 | 4,461 | 3,274 | 3,844 | 3,427 | 3,608 | ||||||||||||||
Total Fixed Charges and Preferred Stock Dividends | $ | 61,821 | $ | 57,176 | $ | 123,919 | $ | 93,950 | $ | 68,103 | $ | 59,700 | $ | 68,379 | |||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 2.46 | 1.73 | 2.88 | 3.33 | 2.03 | 1.81 | 1.69 |
SL Green Realty Corp. Ratio of Earnings to Fixed Charge & Preferred Stock Dividends