EXHIBIT 12
VORNADO REALTY L.P.
CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTION
REQUIREMENTS
December 31,
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1998 1997 1996 1995 1994
--------- --------- ---------- --------- ----------
Income from continuing
operations before
income taxes $ 131,164 $ 45,474 $ 61,364 $ 53,008 $ 41,240
Fixed charges 139,765 59,104 17,214 17,333 16,229
--------- --------- --------- --------- ---------
Income from continuing
operations before
income taxes and
fixed charges $ 270,929 $ 104,578 $ 78,578 $ 70,341 $ 57,469
========= ========= ========= ========= =========
Fixed charges:
Interest and debt expense $ 114,686 $ 42,888 $ 16,726 $ 16,426 $ 14,209
Preferred unit distribution 21,690 15,549 -- -- --
1/3 of rent expense--
interest factor 1,979 667 488 465 438
--------- --------- --------- --------- ---------
138,355 59,104 17,214 16,891 14,647
Capitalized interest 1,410 -- -- 442 1,582
--------- --------- --------- --------- ---------
$ 139,765 $ 59,104 $17,214 $ 17,333 $ 16,229
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Ratio of earnings to
fixed charges 1.94 1.76 4.56 4.06 3.54
Note: For purposes of this calculation, earnings before fixed charges
consist of earnings before income taxes plus fixed charges. Fixed
charges consist of interest expense on all indebtedness (including
amortization of deferred debt issuance costs) preferred stock
dividends and the portion of operating lease rental expense that is
representative of the interest factor (deemed to be one third of
operating lease rentals).
Rent Expense $ 5,937 $ 2,001 $ 1,465 $ 1,395 $ 1,313
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