Exhibit 12.1
SL Green Realty Corp.
Ratio of Earnings to Combined Fixed Charge and Preferred Stock Dividends
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| Year Ended December 31, |
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| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
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Earnings |
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Income (loss) from continuing operations |
| $ | 89,411 |
| $ | 62,760 |
| $ | 46,054 |
| $ | 45,468 |
| $ | 38,876 |
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Add: JV cash distributions |
| 112,540 |
| 200,857 |
| 193,144 |
| 36,469 |
| 22,482 |
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Interest |
| 94,799 |
| 75,819 |
| 61,197 |
| 44,001 |
| 33,946 |
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Amortization of loan costs expensed |
| 4,425 |
| 4,461 |
| 3,274 |
| 3,844 |
| 3,427 |
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Portion of rent expense representative of interest |
| 17,850 |
| 16,915 |
| 12,788 |
| 12,546 |
| 12,637 |
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Total earnings |
| $ | 319,025 |
| $ | 360,812 |
| $ | 316,457 |
| $ | 142,327 |
| $ | 111,368 |
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Fixed Charges and Preferred Stock Dividends |
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Interest |
| $ | 94,799 |
| $ | 75,819 |
| $ | 61,197 |
| $ | 44,001 |
| $ | 33,946 |
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Preferred stock dividends |
| 19,875 |
| 19,875 |
| 16,258 |
| 7,712 |
| 9,690 |
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Interest capitalized |
| 8,529 |
| 6,849 |
| 433 |
| — |
| — |
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Portion of rent expense representative of interest |
| 17,850 |
| 16,915 |
| 12,788 |
| 12,546 |
| 12,637 |
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Amortization of loan costs expensed |
| 4,425 |
| 4,461 |
| 3,274 |
| 3,844 |
| 3,427 |
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Total Fixed Charges and Preferred Stock Dividends |
| $ | 145,478 |
| $ | 123,919 |
| $ | 93,950 |
| $ | 68,102 |
| $ | 59,700 |
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Ratio of earnings to combined fixed charge and preferred stock dividends |
| 2.19 |
| 2.91 |
| 3.37 |
| 2.09 |
| 1.87 |
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