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SL Green Realty Corp.
Ratio of Earnings to Fixed Charge & Preferred Stock Dividends
| | Year Ended December 31, | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||
Earnings | ||||||||||||||||
Income (loss) from continuing operations | $ | 109,722 | $ | 3,163 | $ | 29,438 | $ | 67,350 | $ | 48,947 | ||||||
Add: JV cash distributions | 584,564 | 79,523 | 525,372 | 128,305 | 112,540 | |||||||||||
Interest | 234,161 | 238,993 | 298,108 | 263,663 | 94,799 | |||||||||||
Amortization of loan costs expensed | 9,928 | 7,947 | 6,436 | 15,893 | 4,424 | |||||||||||
Portion of rent expense representative of interest | 22,570 | 22,986 | 24,346 | 23,276 | 17,850 | |||||||||||
Total earnings | $ | 960,946 | $ | 352,611 | $ | 883,701 | $ | 498,487 | $ | 278,560 | ||||||
Fixed Charges and Preferred Stock Dividends | ||||||||||||||||
Interest | $ | 234,161 | $ | 238,993 | $ | 298,108 | $ | 263,663 | $ | 94,799 | ||||||
Preferred stock dividends | 29,749 | 19,875 | 19,875 | 19,875 | 19,875 | |||||||||||
Interest capitalized | — | 98 | (179 | ) | 5,118 | 8,529 | ||||||||||
Portion of rent expense representative of interest | 22,570 | 22,986 | 24,346 | 23,276 | 17,850 | |||||||||||
Amortization of loan costs expensed | 9,928 | 7,947 | 6,436 | 15,893 | 4,424 | |||||||||||
Total Fixed Charges and Preferred Stock Dividends | $ | 296,409 | $ | 289,898 | $ | 348,587 | $ | 327,825 | $ | 145,477 | ||||||
Ratio of earnings to combined fixed charges and preferred stock dividends | 3.24 | X | 1.22 | X | 2.54 | X | 1.52 | X | 1.91 | X |
The ratios of earnings to combined fixed charges and preferred dividends and distributions were computed by dividing earnings by fixed charges. For the purpose of calculating the ratios, the earnings have been calculated by adding fixed charges to income or loss from continuing operations before adjustment for noncontrolling interests plus distributions from unconsolidated joint ventures, excluding gains or losses from sale of property, loss on equity investment and marketable securities and the cumulative effect of changes in accounting principles. With respect to SL Green Realty Corp., fixed charges and preferred stock dividends consist of interest expense including the amortization of debt issuance costs, rental expense deemed to represent interest expense and preferred dividends paid on its 7.625% Series C and its 7.875% Series D cumulative redeemable preferred stock.
SL Green Realty Corp. Ratio of Earnings to Fixed Charge & Preferred Stock Dividends