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, 2012 were as follows:
For the Year Ended December 31, | |||||
2012 | 2011 | 2010 | 2009 | 2008 | |
EARNINGS: | |||||
ADD: | |||||
Income from continuing operations before | |||||
noncontrolling interest and equity in | |||||
earnings from unconsolidated joint ventures | $ 42,192 | $ 75,780 | $ 63,395 | $ 82,564 | $ 101,931 |
Fixed charges (see calculation below) | 126,845 | 125,403 | 150,438 | 140,723 | 131,955 |
Amortization of capitalized interest | 1,981 | 1,913 | 2,070 | 2,028 | 1,950 |
Distributed income of unconsolidated joint ventures | 3,990 | 3,301 | 2,311 | 2,637 | 5,784 |
SUBTRACT: | |||||
Capitalized interest | (4,342) | (1,081) | (1,912) | (1,401) | (5,799) |
TOTAL EARNINGS: | $ 170,666 | $ 205,316 | $ 216,302 | $ 226,551 | $ 235,821 |
FIXED CHARGES: | |||||
Interest expense (includes amortization of deferred financing costs) | $ 122,368 | $ 124,187 | $ 146,363 | $ 139,077 | $ 125,922 |
Capitalized interest | 4,342 | 1,081 | 1,912 | 1,401 | 5,799 |
Interest portion (33 percent) of ground rents on land leases | 135 | 135 | 163 | 245 | 234 |
TOTAL FIXED CHARGES: | $ 126,845 | $ 125,403 | $ 150,438 | $ 140,723 | $ 131,955 |
Preferred stock dividends | - | 1,736 | 2,000 | 2,000 | 2,000 |
TOTAL COMBINED FIXED CHARGES AND PREFERRED | |||||
STOCK DIVIDENDS: | $ 126,845 | $ 127,139 | $ 152,438 | $ 142,723 | $ 133,955 |
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND | |||||
PREFERRED STOCK DIVIDENDS: | 1.3 | 1.6 | 1.4 | 1.6 | 1.8 |