Exhibit 12.1
SL Green Realty Corp.
Ratio of Earnings to Fixed Charges
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| Nine Months Ended |
| Year Ended December 31, |
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| 2012 |
| 2011 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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Earnings |
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Income from continuing operations |
| $ | 76,707 |
| $ | 108,233 |
| $ | 128,350 |
| $ | 108,077 |
| $ | 1,619 |
| $ | 26,028 |
| $ | 62,061 |
|
JV cash distributions |
| 132,692 |
| 117,540 |
| 133,199 |
| 584,564 |
| 79,523 |
| 525,372 |
| 128,305 |
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Interest |
| 248,268 |
| 207,361 |
| 286,299 |
| 231,182 |
| 235,366 |
| 295,652 |
| 263,682 |
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Amortization of loan costs expensed |
| 11,626 |
| 9,469 |
| 14,118 |
| 9,046 |
| 7,065 |
| 6,139 |
| 15,893 |
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Portion of rent expense representative of interest |
| 23,510 |
| 19,513 |
| 27,375 |
| 24,399 |
| 24,815 |
| 26,177 |
| 24,975 |
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Total earnings |
| $ | 492,803 |
| $ | 462,116 |
| $ | 589,341 |
| $ | 957,268 |
| $ | 348,388 |
| $ | 879,368 |
| $ | 494,916 |
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Fixed Charges |
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Interest |
| $ | 248,268 |
| $ | 207,361 |
| $ | 286,299 |
| $ | 231,182 |
| $ | 235,366 |
| $ | 295,652 |
| $ | 263,682 |
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Interest capitalized |
| 8,892 |
| 3,629 |
| 5,123 |
| — |
| 98 |
| (179 | ) | 5,118 |
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Portion of rent expense representative of interest |
| 23,510 |
| 19,513 |
| 27,375 |
| 24,399 |
| 24,815 |
| 26,177 |
| 24,975 |
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Amortization of loan costs expensed |
| 11,626 |
| 9,469 |
| 14,118 |
| 9,046 |
| 7,065 |
| 6,139 |
| 15,893 |
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Total Fixed Charges |
| $ | 292,296 |
| $ | 239,972 |
| $ | 332,915 |
| $ | 264,627 |
| $ | 267,344 |
| $ | 327,789 |
| $ | 309,668 |
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Ratio of earnings to fixed charges |
| 1.69 |
| 1.93 |
| 1.77 |
| 3.62 |
| 1.30 |
| 2.68 |
| 1.60 |
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SL Green Operating Partnership L.P.
Ratio of Earnings to Fixed Charges
|
| Nine Months Ended |
| Year Ended December 31, |
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|
| 2012 |
| 2011 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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Earnings |
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Income from continuing operations |
| $ | 76,707 |
| $ | 108,233 |
| $ | 128,350 |
| $ | 108,077 |
| $ | 1,619 |
| $ | 26,028 |
| $ | 62,061 |
|
JV cash distributions |
| 132,692 |
| 117,540 |
| 133,199 |
| 584,564 |
| 79,523 |
| 525,372 |
| 128,305 |
| |||||||
Interest |
| 248,268 |
| 207,361 |
| 286,299 |
| 231,182 |
| 235,366 |
| 295,652 |
| 263,682 |
| |||||||
Amortization of loan costs expensed |
| 11,626 |
| 9,469 |
| 14,118 |
| 9,046 |
| 7,065 |
| 6,139 |
| 15,893 |
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Portion of rent expense representative of interest |
| 23,510 |
| 19,513 |
| 27,375 |
| 24,399 |
| 24,815 |
| 26,177 |
| 24,975 |
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Total earnings |
| $ | 492,803 |
| $ | 462,116 |
| $ | 589,341 |
| $ | 957,268 |
| $ | 348,388 |
| $ | 879,368 |
| $ | 494,916 |
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Fixed Charges |
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Interest |
| $ | 248,268 |
| $ | 207,361 |
| $ | 286,299 |
| $ | 231,182 |
| $ | 235,366 |
| $ | 295,652 |
| $ | 263,682 |
|
Interest capitalized |
| 8,892 |
| 3,629 |
| 5,123 |
| — |
| 98 |
| (179 | ) | 5,118 |
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Portion of rent expense representative of interest |
| 23,510 |
| 19,513 |
| 27,375 |
| 24,399 |
| 24,815 |
| 26,177 |
| 24,975 |
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Amortization of loan costs expensed |
| 11,626 |
| 9,469 |
| 14,118 |
| 9,046 |
| 7,065 |
| 6,139 |
| 15,893 |
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Total Fixed Charges |
| $ | 292,296 |
| $ | 239,972 |
| $ | 332,915 |
| $ | 264,627 |
| $ | 267,344 |
| $ | 327,789 |
| $ | 309,668 |
|
Ratio of earnings to fixed charges |
| 1.69 |
| 1.93 |
| 1.77 |
| 3.62 |
| 1.30 |
| 2.68 |
| 1.60 |
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Reckson Operating Partnership, L.P.
Ratio of Earnings to Fixed Charges
|
| Nine Months Ended |
| Year Ended December 31, |
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| 2012 |
| 2011 |
| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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Earnings |
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Income from continuing operations before non-controlling interests and fixed charges |
| $ | 111,437 |
| $ | 115,369 |
| $ | 146,459 |
| $ | 152,765 |
| $ | 132,965 |
| $ | 178,793 |
| $ | 171,884 |
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Fixed Charges |
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Interest |
| $ | 70,089 |
| $ | 47,049 |
| $ | 69,245 |
| $ | 59,722 |
| $ | 56,444 |
| $ | 74,167 |
| $ | 69,861 |
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Rent expense |
| 6,039 |
| 6,015 |
| 8,027 |
| 8,057 |
| 8,057 |
| 8,057 |
| 7,636 |
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Amortization of debt issuance costs |
| — |
| — |
| — |
| — |
| 54 |
| (480 | ) | 5,118 |
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Capitalized interest |
| 3,125 |
| 935 |
| 1,937 |
| 339 |
| — |
| — |
| 152 |
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Total Fixed Charges |
| $ | 79,253 |
| $ | 53,999 |
| $ | 79,209 |
| $ | 68,118 |
| $ | 64,555 |
| $ | 81,744 |
| $ | 82,767 |
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Ratio of earnings to fixed charges |
| 1.41 |
| 2.14 |
| 1.85 |
| 2.24 |
| 2.06 |
| 2.19 |
| 2.08 |
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