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
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