EX-12.1 7 a2195137zex-12_1.htm EXHIBIT 12.1

EXHIBIT 12.1

 

VORNADO REALTY TRUST
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DIVIDEND REQUIREMENTS

 

 

 

6 months
ended June 30,

 

Year Ended December 31,

 

(Amounts in thousands)

 

2009

 

2008

 

2007

 

2006

 

2005

 

2004

 

Net income from continuing operations

 

$

35,335

 

$

193,203

 

$

484,423

 

$

603,339

 

$

559,081

 

$

603,596

 

Fixed charges

 

341,302

 

718,483

 

681,452

 

455,960

 

356,612

 

322,847

 

Income distributions from partially owned entities

 

15,131

 

44,690

 

24,044

 

35,911

 

40,152

 

16,740

 

Capitalized interest

 

(10,078

)

(63,063

)

(53,648

)

(26,195

)

(15,582

)

(8,718

)

Preferred unit distributions

 

(9,637

)

(19,743

)

(19,832

)

(23,007

)

(50,731

)

(75,278

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings - Numerator

 

$

372,053

 

$

873,570

 

$

1,116,439

 

$

1,046,008

 

$

889,532

 

$

859,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense

 

$

317,196

 

$

625,904

 

$

599,804

 

$

400,540

 

$

284,876

 

$

233,750

 

Capitalized interest

 

10,078

 

63,063

 

53,648

 

26,195

 

15,582

 

8,718

 

1/3 of rent expense–interest factor

 

4,391

 

9,773

 

8,168

 

6,218

 

5,423

 

5,101

 

Preferred unit distributions

 

9,637

 

19,743

 

19,832

 

23,007

 

50,731

 

75,278

 

Fixed charges - Denominator

 

341,302

 

718,483

 

681,452

 

455,960

 

356,612

 

322,847

 

Preferred share dividends

 

28,538

 

57,091

 

57,177

 

57,511

 

46,501

 

21,920

 

Combined fixed charges and preference dividends - Denominator

 

$

369,840

 

$

775,574

 

$

738,629

 

$

513,471

 

$

403,113

 

$

344,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.09

(1)

1.21

(1)

1.64

 

2.29

 

2.49

 

2.66

 

Ratio of earnings to combined fixed charges and preference dividends

 

1.01

(2)

1.12

(2)

1.51

 

2.04

 

2.21

 

2.49

 

 

(1)          Excluding non-cash impairment charges recognized in the year ended December 31, 2008 and the six months ended June 30, 2009, the ratio of earnings to fixed charges was 1.41 and 1.45, respectively.

 

(2)          Excluding non-cash impairment charges recognized in the year ended December 31, 2008 and the six months ended June 30, 2009, the ratio of earnings to combined fixed charges and preference dividends was 1.31 and 1.34, respectively.