Exhibit 12.1
MACK-CALI REALTY CORPORATION
CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
Mack-Cali Realty Corporation's ratios of earnings to fixed charges for the five years ended December 31, 2004 were as follows:
| For the Year Ended December 31 |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2004 |
2003 |
2002 |
2001 |
2000 | |||||||||||||||
| EARNINGS: | |||||||||||||||||||
| ADD: | |||||||||||||||||||
| Income from continuing operations before | |||||||||||||||||||
| minority interest and equity in earnings from | |||||||||||||||||||
| unconsolidated joint ventures | 129,992 | 129,662 | 150,464 | 159,083 | 129,346 | ||||||||||||||
| Fixed charges (see calculation below) | 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 | (3,920 | ) | (7,285 | ) | (19,664 | ) | (16,722 | ) | (11,524 | ) | |||||||||
| Preferred security dividend requirements of | |||||||||||||||||||
| consolidated subsidiaries | (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: | $ 241,701 | $ 257,717 | $ 273,529 | $ 280,346 | $ 238,004 | ||||||||||||||
| FIXED CHARGES: | |||||||||||||||||||
| Interest expense (includes amortization of deferred financing costs) | 110,104 | 116,311 | 107,823 | 112,003 | 105,394 | ||||||||||||||
| Capitalized interest | 3,920 | 7,285 | 19,664 | 16,722 | 11,524 | ||||||||||||||
| Interest portion (33 percent) of ground rents on land leases | 194 | 339 | 449 | 256 | 281 | ||||||||||||||
| Preferred security dividend requirements of consolidated subsidiaries | 15,636 | 15,668 | 15,656 | 15,644 | 15,441 | ||||||||||||||
| TOTAL FIXED CHARGES: | $ 129,854 | $ 139,603 | $ 143,592 | $ 144,625 | $ 132,640 | ||||||||||||||
| RATIO OF EARNINGS TO FIXED CHARGES: | 1.9 | 1.8 | 1.9 | 1.9 | 1.8 | ||||||||||||||