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 each of the five years ended December 31, 2008 were as follows:
| |
For the Year Ended December 31, | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| |
2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||
EARNINGS: |
|||||||||||||||||
ADD: |
|||||||||||||||||
Income from continuing operations before minority interest and equity in earnings from unconsolidated joint ventures |
$ |
104,631 |
$ |
94,530 |
$ |
110,138 |
$ |
92,051 |
$ |
107,277 |
|||||||
Fixed charges (see calculation below) |
134,178 |
132,609 |
142,648 |
128,966 |
129,854 |
||||||||||||
Distributed income of unconsolidated joint ventures |
5,784 |
1,875 |
2,302 |
— |
1,411 |
||||||||||||
SUBTRACT: |
|||||||||||||||||
Capitalized interest |
(5,799 |
) |
(5,101 |
) |
(6,058 |
) |
(5,518 |
) |
(3,920 |
) |
|||||||
Preferred security dividend requirements of consolidated subsidiaries |
— |
— |
— |
(3,909 |
) |
(15,636 |
) |
||||||||||
TOTAL EARNINGS: |
$ |
238,794 |
$ |
223,913 |
$ |
249,030 |
$ |
211,590 |
$ |
218,986 |
|||||||
FIXED CHARGES: |
|||||||||||||||||
Interest expense (includes amortization of deferred financing costs) |
$ |
128,145 |
$ |
127,287 |
$ |
136,357 |
$ |
119,337 |
$ |
110,104 |
|||||||
Capitalized interest |
5,799 |
5,101 |
6,058 |
5,518 |
3,920 |
||||||||||||
Interest portion (33 percent) of ground rents on land leases |
234 |
221 |
233 |
202 |
194 |
||||||||||||
Preferred security dividend requirements of consolidated subsidiaries |
— |
— |
— |
3,909 |
15,636 |
||||||||||||
TOTAL FIXED CHARGES: |
$ |
134,178 |
$ |
132,609 |
$ |
142,648 |
$ |
128,966 |
$ |
129,854 |
|||||||
RATIO OF EARNINGS TO FIXED CHARGES: |
1.8 |
1.7 |
1.7 |
1.6 |
1.7 |
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