Exhibit 12.2
MACK-CALI REALTY CORPORATION
CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
(DOLLAR AMOUNTS IN THOUSANDS)
Mack-Cali Realty Corporation's ratios of earnings to combined fixed charges and preferred stock dividends for each of the five years ended December 31, 2011 were as follows:
For the Year Ended December 31, | |||||
2011 | 2010 | 2009 | 2008 | 2007 | |
EARNINGS: | |||||
ADD: | |||||
Income from continuing operations before | |||||
noncontrolling interest and equity in | |||||
earnings from unconsolidated joint ventures | $ 79,365 | $ 56,474 | $ 85,868 | $ 105,142 | $ 94,708 |
Fixed charges (see calculation below) | 127,191 | 151,404 | 141,714 | 132,970 | 130,789 |
Amortization of capitalized interest | 1,913 | 2,070 | 2,028 | 1,950 | 1,849 |
Distributed income of unconsolidated joint ventures | 3,301 | 2,311 | 2,637 | 5,784 | 1,875 |
SUBTRACT: | |||||
Capitalized interest | (1,081) | (1,912) | (1,401) | (5,799) | (5,101) |
TOTAL EARNINGS: | $ 210,689 | $ 210,347 | $ 230,846 | $ 240,047 | $ 224,120 |
FIXED CHARGES: | |||||
Interest expense (includes amortization of deferred financing costs) | $ 125,975 | $ 149,329 | $ 140,068 | $ 126,937 | $ 125,467 |
Capitalized interest | 1,081 | 1,912 | 1,401 | 5,799 | 5,101 |
Interest portion (33 percent) of ground rents on land leases | 135 | 163 | 245 | 234 | 221 |
TOTAL FIXED CHARGES: | $ 127,191 | $ 151,404 | $ 141,714 | $ 132,970 | $ 130,789 |
Preferred stock dividends | 1,736 | 2,000 | 2,000 | 2,000 | 2,000 |
TOTAL COMBINED FIXED CHARGES AND PREFERRED | |||||
STOCK DIVIDENDS: | $ 128,927 | $ 153,404 | $ 143,714 | $ 134,970 | $ 132,789 |
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND | |||||
PREFERRED STOCK DIVIDENDS: | 1.6 | 1.4 | 1.6 | 1.8 | 1.7 |