Exhibit 12.1
SL Green Realty Corp.
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
SL Green Realty Corp.’s ratios of earnings to combined fixed charges and preferred stock dividends for the five years ended December 31, 2003 were as follows:
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| Year Ended December 31, |
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| 2003 |
| 2002 |
| 2001 |
| 2000 |
| 1999 |
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Earnings |
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Income from continuing operations |
| $ | 60,505 |
| $ | 53,558 |
| $ | 49,005 |
| $ | 45,988 |
| $ | 44,394 |
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Add: JV cash distributions |
| 36,469 |
| 22,482 |
| 26,909 |
| 25,550 |
| — |
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Interest |
| 44,001 |
| 33,946 |
| 42,411 |
| 37,729 |
| 26,626 |
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Portion of rent expense representative of interest |
| 9,187 |
| 9,304 |
| 9,394 |
| 9,434 |
| 9,461 |
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Total earnings |
| $ | 150,161 |
| $ | 119,290 |
| $ | 127,719 |
| $ | 118,701 |
| $ | 80,481 |
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Fixed Charges and Preferred Stock Dividends |
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Interest |
| 44,001 |
| 33,946 |
| 42,411 |
| 37,729 |
| 26,626 |
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Preferred stock dividends |
| 7,712 |
| 9,690 |
| 9,658 |
| 9,626 |
| 9,598 |
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Interest capitalized |
| — |
| — |
| — |
| — |
| — |
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Portion of rent expense representative of interest |
| 9,187 |
| 9,304 |
| 9,394 |
| 9,434 |
| 9,461 |
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Amortization of loan costs expensed |
| 3,844 |
| 3,427 |
| 3,608 |
| 3,388 |
| 2,268 |
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Total Fixed Charges and Preferred Stock Dividends |
| $ | 64,743 |
| $ | 56,367 |
| $ | 65,071 |
| $ | 60,177 |
| $ | 47,953 |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
| 2.32 |
| 2.12 |
| 1.96 |
| 1.97 |
| 1.68 |
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The ratios of earnings to combined fixed charges and preferred stock dividends were computed by dividing earnings by fixed charges. For the purpose of calculating the ratios, our (x) earnings consist of income or loss from continuing operations plus distributions from unconsolidated joint ventures, and exclude gains or losses from sale of property, cumulative effect of changes in accounting principles plus fixed charges and (y) fixed charges consist of interest expense including the amortization of debt issuance costs, rental expense deemed to represent interest expense, preferred dividends paid on our 8.0% Series A preferred income equity redeemable shares and preferred dividends on our 7.625% series C cumulative redeemable preferred stock. We converted our 8.0% Series A preferred income equity redeemable shares on September 30, 2003.