Exhibit 12.1
SL Green Realty Corp.
Ratio of Earnings to Fixed Charge and Preferred Stock Dividends
| | Six Months Ended
June 30, | | Year Ended December 31, | |
| | 2012 | | 2011 | | 2010 | | 2009 | | 2008 | | 2007 | |
Earnings | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Income from continuing operations | | $ | 60,941 | | $ | 122,561 | | $ | 108,077 | | $ | 1,619 | | $ | 26,028 | | $ | 62,061 | |
Joint Venture cash distributions | | 122,153 | | 133,199 | | 584,564 | | 79,523 | | 525,372 | | 128,305 | |
Interest | | 162,442 | | 286,261 | | 231,163 | | 235,347 | | 295,634 | | 263,663 | |
Amortization of loan costs expensed | | 7,133 | | 14,118 | | 9,046 | | 7,065 | | 6,139 | | 15,893 | |
Portion of rent expense representative of interest | | 13,748 | | 25,547 | | 22,570 | | 22,986 | | 24,346 | | 23,276 | |
| | | | | | | | | | | | | |
Total earnings | | $ | 366,417 | | $ | 581,686 | | $ | 955,421 | | $ | 346,540 | | $ | 877,519 | | $ | 493,198 | |
| | | | | | | | | | | | | |
Fixed Charges and Preferred Stock Dividends | | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Interest capitalized | | $ | 162,442 | | $ | 286,261 | | $ | 231,163 | | $ | 235,347 | | $ | 295,634 | | $ | 263,663 | |
Preferred stock dividends | | 16,051 | | 30,178 | | 29,749 | | 19,875 | | 19,875 | | 19,875 | |
Interest capitalized | | 5,532 | | — | | — | | 98 | | (179 | ) | 5,118 | |
Portion of rent expense representative of interest | | 13,748 | | 25,547 | | 22,570 | | 22,986 | | 24,346 | | 23,276 | |
Amortization of loan costs expensed | | 7,133 | | 14,118 | | 9,046 | | 7,065 | | 6,139 | | 15,893 | |
| | | | | | | | | | | | | |
Total Fixed Charges and Preferred Stock Dividends | | $ | 204,906 | | $ | 356,104 | | $ | 292,529 | | $ | 285,371 | | $ | 345,815 | | $ | 327,825 | |
| | | | | | | | | | | | | |
Ratio of earnings to combined fixed charges and preferred stock dividends | | 1.79 | | 1.63 | | 3.27 | | 1.21 | | 2.54 | | 1.50 | |
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 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 consists 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.
