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 three months ended March 31, 2004 and for each of the five years ended December 31, 2003 were as follows:
| |
|
For the Year Ended December 31, |
||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
Three Months Ended March 31, 2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
||||||||||||||
| EARNINGS: | ||||||||||||||||||||
ADD: |
||||||||||||||||||||
Income from continuing operations before minority interest and equity in earnings from unconsolidated joint ventures |
$ |
33,265 |
$ |
136,583 |
$ |
157,432 |
$ |
167,236 |
$ |
136,278 |
$ |
146,680 |
||||||||
Fixed charges (see calculation below) |
34,105 |
139,603 |
143,592 |
144,625 |
132,640 |
125,550 |
||||||||||||||
Distributed income of unconsolidated joint ventures |
— |
11,405 |
14,793 |
9,004 |
8,055 |
2,263 |
||||||||||||||
SUBTRACT: |
||||||||||||||||||||
Capitalized interest |
(914 |
) |
(7,285 |
) |
(19,664 |
) |
(16,722 |
) |
(11,524 |
) |
(6,840 |
) |
||||||||
Preference security dividend requirements of consolidated subsidiaries |
(3,909 |
) |
(15,668 |
) |
(15,656 |
) |
(15,644 |
) |
(15,441 |
) |
(15,476 |
) |
||||||||
Minority interest in pre-tax income of consolidated subsidiaries that have not incurred fixed charges |
— |
— |
— |
— |
(5,072 |
) |
(79 |
) |
||||||||||||
TOTAL EARNINGS: |
$ |
62,547 |
$ |
264,638 |
$ |
280,497 |
$ |
288,499 |
$ |
244,936 |
$ |
252,098 |
||||||||
FIXED CHARGES: |
||||||||||||||||||||
Interest expense (includes amortization of deferred financing costs) |
$ |
29,196 |
$ |
116,311 |
$ |
107,823 |
$ |
112,003 |
$ |
105,394 |
$ |
102,960 |
||||||||
Capitalized interest |
914 |
7,285 |
19,664 |
16,722 |
11,524 |
6,840 |
||||||||||||||
Interest portion (33 percent) of ground rents on land leases |
86 |
339 |
449 |
256 |
281 |
274 |
||||||||||||||
Preferred security dividend requirements of consolidated subsidiaries |
3,909 |
15,668 |
15,656 |
15,644 |
15,441 |
15,476 |
||||||||||||||
TOTAL FIXED CHARGES: |
$ |
34,105 |
$ |
139,603 |
$ |
143,592 |
$ |
144,625 |
$ |
132,640 |
$ |
125,550 |
||||||||
Preferred stock dividends |
$ |
500 |
$ |
1,672 |
— |
— |
— |
— |
||||||||||||
TOTAL COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS: |
$ |
34,605 |
$ |
141,275 |
$ |
143,592 |
$ |
144,625 |
$ |
132,640 |
$ |
125,550 |
||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS: |
1.8 |
1.9 |
2.0 |
2.0 |
1.8 |
2.0 |
||||||||||||||
MACK-CALI REALTY, L.P.
CALCULATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED SECURITY DIVIDENDS
(DOLLAR AMOUNTS IN THOUSANDS)
Mack-Cali Realty, L.P.'s ratios of earnings to combined fixed charges and preferred security dividends for the three months ended March 31, 2004 and for each of the five years ended December 31, 2003 were as follows:
| |
|
For the Year Ended December 31, |
||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
Three Months Ended March 31, 2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
||||||||||||||
| EARNINGS: | ||||||||||||||||||||
ADD: |
||||||||||||||||||||
Income from continuing operations before minority interest and equity in earnings from unconsolidated joint ventures |
$ |
33,265 |
$ |
136,583 |
$ |
157,432 |
$ |
167,236 |
$ |
136,278 |
$ |
146,680 |
||||||||
Fixed charges (see calculation below) |
30,196 |
123,935 |
127,936 |
128,981 |
117,199 |
110,074 |
||||||||||||||
Distributed income of unconsolidated joint ventures |
— |
11,405 |
14,793 |
9,004 |
8,055 |
2,263 |
||||||||||||||
SUBTRACT: |
||||||||||||||||||||
Capitalized interest |
(914 |
) |
(7,285 |
) |
(19,664 |
) |
(16,722 |
) |
(11,524 |
) |
(6,840 |
) |
||||||||
Minority interest in pre-tax income of consolidated subsidiaries that have not incurred fixed charges |
— |
— |
— |
— |
(5,072 |
) |
(79 |
) |
||||||||||||
TOTAL EARNINGS: |
$ |
62,547 |
$ |
264,638 |
$ |
280,497 |
$ |
288,499 |
$ |
244,936 |
$ |
252,098 |
||||||||
FIXED CHARGES: |
||||||||||||||||||||
Interest expense (includes amortization of deferred financing costs) |
$ |
29,196 |
$ |
116,311 |
$ |
107,823 |
$ |
112,003 |
$ |
105,394 |
$ |
102,960 |
||||||||
Capitalized interest |
914 |
7,285 |
19,664 |
16,722 |
11,524 |
6,840 |
||||||||||||||
Interest portion (33 percent) of ground rents on land leases |
86 |
339 |
449 |
256 |
281 |
274 |
||||||||||||||
TOTAL FIXED CHARGES: |
$ |
30,196 |
$ |
123,935 |
$ |
127,936 |
$ |
128,981 |
$ |
117,199 |
$ |
110,074 |
||||||||
PREFERRED UNIT DISTRIBUTIONS: |
||||||||||||||||||||
Preferred unit distributions—Series B |
$ |
3,909 |
$ |
15,668 |
$ |
15,656 |
$ |
15,644 |
$ |
15,441 |
$ |
15,476 |
||||||||
Preferred unit distributions—Series C |
500 |
1,672 |
— |
— |
— |
— |
||||||||||||||
TOTAL PREFERRED UNIT DISTRIBUTIONS: |
$ |
4,409 |
$ |
17,340 |
$ |
15,656 |
$ |
15,644 |
$ |
15,441 |
$ |
15,476 |
||||||||
TOTAL COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS |
$ |
34,605 |
$ |
141,275 |
$ |
143,592 |
$ |
144,625 |
$ |
132,640 |
$ |
125,550 |
||||||||
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS: |
1.8 |
1.9 |
2.0 |
2.0 |
1.8 |
2.0 |
||||||||||||||