Exhibit 12.1

SL Green Realty Corp.

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

	Year Ended December 31,
	2005		2004		2003		2002		2001
Earnings
Income (loss) from continuing operations	$	69,151	$	51,624	$	52,867	$	45,067	$	40,176
Add: JV cash distributions	200,857		193,144		36,469		22,482		26,909
Interest	75,819		61,197		44,001		33,946		42,411
Portion of rent expense representative of interest	16,807		13,008		12,776		12,875		12,949
Total earnings	$	362,634	$	318,973	$	146,112	$	114,370	$	122,445
Fixed Charges and Preferred Stock Dividends
Interest	$	75,819	$	61,197	$	44,001	$	33,946	$	42,411
Preferred stock dividends	19,875		16,258		7,712		9,690		9,658
Interest capitalized	6,849		433		—		—		—
Portion of rent expense representative of interest	16,807		13,008		12,776		12,875		12,949
Amortization of loan costs expensed	4,461		3,274		3,844		3,427		3,608
Total Fixed Charges and Preferred Stock Dividends	$	123,811	$	94,170	$	68,332	$	59,938	$	68,626
Ratio of earnings to combined fixed charges and preferred stock dividends	2.93		3.39		2.14		1.91		1.78