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MACK-CALI REALTY CORPORATION
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
Mack-Cali Realty Corporation's ratios of earnings to fixed charges for each of the five years ended December 31, 2008 were as follows:
| For the Year Ended December 31, | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||
EARNINGS: | |||||||||||||||||
ADD: | |||||||||||||||||
Income from continuing operations before minority interest and equity in earnings from unconsolidated joint ventures | $ | 104,631 | $ | 94,530 | $ | 110,138 | $ | 92,051 | $ | 107,277 | |||||||
Fixed charges (see calculation below) | 134,178 | 132,609 | 142,648 | 128,966 | 129,854 | ||||||||||||
Distributed income of unconsolidated joint ventures | 5,784 | 1,875 | 2,302 | — | 1,411 | ||||||||||||
SUBTRACT: | |||||||||||||||||
Capitalized interest | (5,799 | ) | (5,101 | ) | (6,058 | ) | (5,518 | ) | (3,920 | ) | |||||||
Preferred security dividend requirements of consolidated subsidiaries | — | — | — | (3,909 | ) | (15,636 | ) | ||||||||||
TOTAL EARNINGS: | $ | 238,794 | $ | 223,913 | $ | 249,030 | $ | 211,590 | $ | 218,986 | |||||||
FIXED CHARGES: | |||||||||||||||||
Interest expense (includes amortization of deferred financing costs) | $ | 128,145 | $ | 127,287 | $ | 136,357 | $ | 119,337 | $ | 110,104 | |||||||
Capitalized interest | 5,799 | 5,101 | 6,058 | 5,518 | 3,920 | ||||||||||||
Interest portion (33 percent) of ground rents on land leases | 234 | 221 | 233 | 202 | 194 | ||||||||||||
Preferred security dividend requirements of consolidated subsidiaries | — | — | — | 3,909 | 15,636 | ||||||||||||
TOTAL FIXED CHARGES: | $ | 134,178 | $ | 132,609 | $ | 142,648 | $ | 128,966 | $ | 129,854 | |||||||
RATIO OF EARNINGS TO FIXED CHARGES: | 1.8 | 1.7 | 1.7 | 1.6 | 1.7 | ||||||||||||
MACK-CALI REALTY CORPORATION CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES (DOLLAR AMOUNTS IN THOUSANDS)