EX-12.2 8 a2195137zex-12_2.htm EXHIBIT 12.2

EXHIBIT 12.2

 

VORNADO REALTY L.P.
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE DISTRIBUTION 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

 

331,665

 

698,740

 

661,620

 

432,953

 

305,881

 

247,569

 

Income distributions from partially owned entities

 

15,131

 

44,690

 

24,044

 

35,911

 

40,152

 

16,740

 

Capitalized interest

 

(10,072

)

(63,063

)

(53,648

)

(26,195

)

(15,582

)

(8,718

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Fixed charges - Denominator

 

331,665

 

698,740

 

661,620

 

432,953

 

305,881

 

247,569

 

Preferred unit distributions

 

38,175

 

76,834

 

77,009

 

80,518

 

97,232

 

97,198

 

Combined fixed charges and preference distributions – Denominator

 

$

369,840

 

$

775,574

 

$

738,629

 

$

513,471

 

$

403,113

 

$

344,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.12

(1)

1.25

(1)

1.69

 

2.42

 

2.91

 

3.47

 

Ratio of earnings to combined fixed charges and preference distributions

 

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 1.45 and 1.49, 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 distributions was 1.31 and 1.34, respectively.