EX-12.2 4 a05-20517_1ex12d2.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

Exhibit 12.2

 

MACK-CALI REALTY CORPORATION

CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(DOLLAR AMOUNTS IN THOUSANDS)

 

Mack-Cali Realty Corporation’s ratios of earnings to combined fixed charges and preferred stock dividends for the nine months ended September 30, 2005 and for each of the five years ended December 31, 2004 were as follows:

 

 

 

Nine Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended September 30,

 

For the Year Ended December 31,

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

2000

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

ADD:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before minority interest and equity in earnings from unconsolidated joint ventures

 

$

85,674

 

$

124,550

 

$

125,001

 

$

144,120

 

$

154,200

 

$

124,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (see calculation below)

 

97,038

 

129,854

 

139,603

 

143,592

 

144,625

 

132,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed income of unconsolidated joint ventures

 

—

 

1,411

 

11,405

 

14,793

 

9,004

 

8,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUBTRACT:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(4,059

)

(3,920

)

(7,285

)

(19,664

)

(16,722

)

(11,524

)

Preferred security dividend requirements of consolidated subsidiaries

 

(3,909

)

(15,636

)

(15,668

)

(15,656

)

(15,644

)

(15,441

)

Minority interest in pre-tax income of consolidated subsidiaries that have not incurred fixed charges

 

—

 

—

 

—

 

—

 

—

 

(5,072

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL EARNINGS:

 

$

174,744

 

$

236,259

 

$

253,056

 

$

267,185

 

$

275,463

 

$

232,891

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (includes amortization of deferred financing costs)

 

$

88,919

 

$

110,104

 

$

116,311

 

$

107,823

 

$

112,003

 

$

105,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

4,059

 

3,920

 

7,285

 

19,664

 

16,722

 

11,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion (33 percent) of ground rents on land leases

 

151

 

194

 

339

 

449

 

256

 

281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred security dividend requirements of consolidated subsidiaries

 

3,909

 

15,636

 

15,668

 

15,656

 

15,644

 

15,441

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL FIXED CHARGES:

 

$

97,038

 

$

129,854

 

$

139,603

 

$

143,592

 

$

144,625

 

$

132,640

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock Dividends

 

1,500

 

2,000

 

1,672

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:

 

$

98,538

 

$

131,854

 

$

141,275

 

$

143,592

 

$

144,625

 

$

132,640

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:

 

1.8

 

1.8

 

1.8

 

1.9

 

1.9

 

1.8