Exhibit 12.2
MACK-CALI REALTY CORPORATION
CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED SECURITY DIVIDENDS
(DOLLAR AMOUNTS IN THOUSANDS)
Mack-Cali Realty Corporation's ratios of earnings to combined fixed charges and preferred security dividends for each of the five years ended December 31, 2015 were as follows:
For the Year Ended December 31, | |||||
2015 | 2014 | 2013 | 2012 | 2011 | |
EARNINGS: | |||||
ADD: | |||||
Income (loss) from continuing operations before | |||||
noncontrolling interest and equity in | |||||
earnings from unconsolidated joint ventures | $ (138,880) | $ 33,814 | $ ( 87,359) | $ 33,477 | $ 57,477 |
Fixed charges (see calculation below) | 119,403 | 128,483 | 136,721 | 126,516 | 125,074 |
Amortization of capitalized interest | 2,774 | 2,440 | 2,154 | 1,981 | 1,913 |
Distributed income of unconsolidated joint ventures | 5,644 | 11,213 | 8,485 | 3,990 | 3,301 |
SUBTRACT: | |||||
Capitalized interest | (16,217) | (15,470) | (12,885) | (4,342) | (1,081) |
TOTAL EARNINGS: | $ (27,276) | $ 160,480 | $ 47,116 | $ 161,622 | $ 186,684 |
FIXED CHARGES: | |||||
Interest expense (includes amortization of deferred financing costs) | $ 103,051 | $ 112,878 | $ 123,701 | $ 122,039 | $ 123,858 |
Capitalized interest | 16,217 | 15,470 | 12,885 | 4,342 | 1,081 |
Interest portion (33 percent) of ground rents on land leases | 135 | 135 | 135 | 135 | 135 |
TOTAL FIXED CHARGES: | $ 119,403 | $ 128,483 | $ 136,721 | $ 126,516 | $ 125,074 |
Preferred stock dividends | - | - | - | - | 1,736 |
TOTAL COMBINED FIXED CHARGES AND PREFERRED | |||||
SECURITY DIVIDENDS: | $ 119,403 | $ 128,483 | $ 136,721 | $ 126,516 | $ 126,810 |
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND | |||||
PREFERRED SECURITY DIVIDENDS: | (a) | 1.2 | (a) | 1.3 | 1.5 |
(a) Deficiency of earnings to cover combined fixed charges and preferred security dividends for the years ended December 31, 2015 and 2013, respectively. | $ (146,679) | - | $ (89,605) | - | - |