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Exhibit 12.1

SL Green Realty Corp.
Ratio of Earnings to Fixed Charge & Preferred Stock Dividends

								Year Ended December 31,
	Six Months Ended 6/30/2006			Six Months Ended 6/30/2005
						2005		2004		2003		2002		2001
Earnings
Income (loss) from continuing operations	$	43,864		$	29,753	$	62,760	$	46,054	$	45,468	$	38,876	$	33,784
Add: JV cash distributions		58,457			24,643		200,857		193,144		36,469		22,482		26,909
Interest		40,978			35,909		75,819		61,197		44,001		33,946		42,411
Portion of rent expense representative of interest		8,966			8,614		16,915		12,788		12,546		12,637		12,702
Total earnings	$	152,265		$	98,919	$	356,351	$	313,183	$	138,484	$	107,941	$	115,806
Fixed Charges and Preferred Stock Dividends
Interest	$	40,978		$	35,909	$	75,819	$	61,197	$	44,001	$	33,946	$	42,411
Preferred stock dividends		9,938			9,938		19,875		16,258		7,712		9,690		9,658
Interest capitalized		(17	)		1,015		6,849		433		—		—		—
Portion of rent expense representative of interest		8,966			8,614		16,915		12,788		12,546		12,637		12,702
Amortization of loan costs expensed		1,956			1,700		4,461		3,274		3,844		3,427		3,608
Total Fixed Charges and Preferred Stock Dividends	$	61,821		$	57,176	$	123,919	$	93,950	$	68,103	$	59,700	$	68,379
Ratio of earnings to combined fixed charges and preferred stock dividends		2.46			1.73		2.88		3.33		2.03		1.81		1.69

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SL Green Realty Corp. Ratio of Earnings to Fixed Charge & Preferred Stock Dividends