EX-12.1 12 a04-3127_1ex12d1.htm EX-12.1

Exhibit 12.1

 

SL Green Realty Corp.

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

 

 

SL Green Realty Corp.’s ratios of earnings to combined fixed charges and preferred stock dividends for the five years ended December 31, 2003 were as follows:

 

 

 

 

Year Ended December 31,

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

60,505

 

$

53,558

 

$

49,005

 

$

45,988

 

$

44,394

 

Add: JV cash distributions

 

36,469

 

22,482

 

26,909

 

25,550

 

—

 

Interest

 

44,001

 

33,946

 

42,411

 

37,729

 

26,626

 

Portion of rent expense representative of interest

 

9,187

 

9,304

 

9,394

 

9,434

 

9,461

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

150,161

 

$

119,290

 

$

127,719

 

$

118,701

 

$

80,481

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges and Preferred Stock Dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

44,001

 

33,946

 

42,411

 

37,729

 

26,626

 

Preferred stock dividends

 

7,712

 

9,690

 

9,658

 

9,626

 

9,598

 

Interest capitalized

 

—

 

—

 

—

 

—

 

—

 

Portion of rent expense representative of interest

 

9,187

 

9,304

 

9,394

 

9,434

 

9,461

 

Amortization of loan costs expensed

 

3,844

 

3,427

 

3,608

 

3,388

 

2,268

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Fixed Charges and Preferred Stock Dividends

 

$

64,743

 

$

56,367

 

$

65,071

 

$

60,177

 

$

47,953

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

2.32

 

2.12

 

1.96

 

1.97

 

1.68

 

 

The ratios of earnings to combined fixed charges and preferred stock dividends were computed by dividing earnings by fixed charges. For the purpose of calculating the ratios, our (x) earnings consist of income or loss from continuing operations plus distributions from unconsolidated joint ventures, and exclude gains or losses from sale of property, cumulative effect of changes in accounting principles plus fixed charges and (y) fixed charges consist of interest expense including the amortization of debt issuance costs, rental expense deemed to represent interest expense, preferred dividends paid on our 8.0% Series A preferred income equity redeemable shares and preferred dividends on our 7.625% series C cumulative redeemable preferred stock. We converted our 8.0% Series A preferred income equity redeemable shares on September 30, 2003.