SL Green Realty (SLG) 10-K 2012 FY Annual report

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Exhibit 12.1

SL Green Realty Corp.
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in Thousands)

	Year Ended December 31,
	2012		2011		2010		2009		2008
Earnings
Income from continuing operations	$	80,486	$	128,350	$	108,077	$	1,619	$	26,028
Joint venture cash distributions		219,021		133,199		584,564		79,523		525,372
Interest		330,559		286,299		231,182		235,366		295,652
Amortization of loan costs expensed		19,450		14,118		9,046		7,065		6,139
Portion of rent expense representative of interest		32,714		27,375		24,399		24,815		26,177
Total earnings	$	682,230	$	589,341	$	957,268	$	348,388	$	879,368
Fixed Charges and Preferred Stock Dividends
Interest	$	330,559	$	286,299	$	231,182	$	235,366	$	295,652
Preferred stock dividends		30,411		30,178		29,749		19,875		19,875
Interest capitalized		12,218		5,123		—		98		(179	)
Portion of rent expense representative of interest		32,714		27,375		24,399		24,815		26,177
Amortization of loan costs expensed		19,450		14,118		9,046		7,065		6,139
Total Fixed Charges and Preferred Unit Distributions	$	425,352	$	363,093	$	294,376	$	287,219	$	347,664
Ratio of earnings to combined fixed charges and preferred stock dividends		1.60		1.62		3.25		1.21		2.53

        The ratios of earnings to combined fixed charges and preferred stock 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 from continuing operations before adjustment for noncontrolling interests plus distributions from unconsolidated joint ventures, excluding gains or losses from sale of property, purchase price fair value adjustments, gains and losses 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, its 7.875% Series D and its 6.50% Series I cumulative redeemable preferred stock.

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Exhibit 12.1

SL Green Realty Corp. Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (Dollars in Thousands)