EXHIBIT 12.1
MACK-CALI REALTY CORPORATION
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
Mack-Cali Realty Corporation
-----------------------------------------------
For the Six For the For the For the
Mos. Ended Yr. Ended Yr. Ended Yr. Ended
6/30/98 12/31/97 12/31/96 12/31/95
------- -------- -------- --------
Income (Loss) before gain on sale of
property, minority interest and
extraordinary item (A) $72,020 $36,367 $31,521 $17,146
Add:
Interest expense 40,265 39,078 13,758 10,117
Interest portion (33 percent) of
ground rents on land leases 94 29 - -
------ ------ ------ ------
Income before gain on sale of
property, minority interest and
extraordinary item,
as adjusted (B) $112,379 $75,474 $45,279 $27,263
------ ------ ------ ------
------ ------ ------ ------
Fixed Charges:
Interest Expense $40,265 $39,078 $13,758 $10,117
Interest portion (33 percent) of
ground rents on land leases 94 29 - -
Capitalized interest costs 1,085 820 118 27
Preferred Dividends 7,896 888 - -
Beneficial conversion feature(C) - 29,361 - -
------ ------ ------ ------
Total fixed charges $49,340 $70,176 $13,876 $10,144
------ ------ ------ ------
------ ------ ------ ------
Ratio of earnings to fixed charges 2.28 1.08 3.26(D) 2.69
------ ------ ------ ------
------ ------ ------ ------
Deficiency of earnings to fixed
charges(F)
Cali Group Combined
---------------------------------------------------------
For the Period For the Period For the
August 31, 1994 to January 1, 1994 to Year Ended
December 31, 1994 August 30, 1994 12/31/93
----------------- --------------- --------
Income (Loss) before gain on sale of
property, minority interest and
extraordinary item (A) $4,990 $ (110) $(1,064)
Add:
Interest expense 2,342 13,829 21,950
Interest portion (33 percent) of
ground rents on land leases - 194 326
------ ------ ------
Income before gain on sale of
property, minority interest and
extraordinary item,
as adjusted (B) $7,332 $13,913 $21,212
------ ------ ------
------ ------ ------
Fixed Charges:
Interest Expense $2,342 $13,829 $21,950
Interest portion (33 percent) of
ground rents on land leases - 194 326
Capitalized interest costs - - -
Preferred Dividends - - -
Beneficial conversion feature(C) - - -
------ ------ ------
Total fixed charges $2,342 $14,023 $22,276
------ ------ ------
------ ------ ------
Ratio of earnings to fixed charges 3.13 (E) (E)
------
------
Deficiency of earnings to fixed charges(F) $ (110) $(1,064)
------ ------
------ ------
- --------------
(A) Represents pre-tax income (loss) before gain on sale of property, minority
interest and extraordinary item.
(B) Represents earnings before fixed charges.
(C) In connection with the funding of the Mack Transaction, the Operating
Partnership issued certain Preferred Units with a conversion rate of $34.65
per common unit, an amount less than the $39.0626 closing stock price on
the date of closing. Accordingly, the Operating Partnership recorded, on
December 11, 1997, the financial value ascribed to this beneficial
conversion feature.
(D) Represents the ratio of earnings to fixed charges, excluding gain on sale
of rental property of $5,658. The ratio of earnings to fixed charges,
including gain on sale of rental property, was 3.67.
(E) The ratio of earnings to fixed charges was less than 1.00 reflecting the
fact that earnings for the period were not adequate to cover fixed charges.
(F) Represents the amounts by which earnings for the period were not adequate
to cover fixed charges.
MACK-CALI REALTY, L.P.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(DOLLAR AMOUNTS IN THOUSANDS)
Mack-Cali Realty Corporation
--------------------------------------------------------
For the Six For the For the For the
Mos. Ended Yr. Ended Yr. Ended Yr. Ended
6/30/98 12/31/97 12/31/96 12/31/95
------- -------- -------- --------
Income (Loss) before gain on
sale of property and
extraordinary item (A) $72,020 $36,367 $31,521 $17,146
Add:
Interest expense 40,265 39,078 13,758 10,117
Interest portion (33 percent)
of ground rents on land leases 94 29 - -
------ ------ ------ -------
Income before gain on sale of
property and extraordinary
item, as adjusted (B) $112,379 $75,474 $45,279 $27,263
------ ------ ------ -------
------ ------ ------ -------
Fixed Charges:
Interest Expense $40,265 $39,078 $13,758 $10,117
Interest portion (33 percent)
of ground rents
on land leases 94 29 - -
Capitalized interest costs 1,085 820 118 27
------ ------ ------ -------
Total fixed charges $41,444 $39,927 $13,876 $10,144
------ ------ ------ -------
------ ------ ------ -------
Ratio of earnings to fixed
charges 2.71 1.89 3.26(C) 2.69
------ ------ ------ -------
------ ------ ------ -------
Deficiency of earnings
to fixed charges(E)
Cali Group Combined
----------------------------------------------------------
For the Period For the Period For the
August 31, 1994 to January 1, 1994 to Year Ended
December 31, 1994 August 30, 1994 12/31/93
----------------- --------------- --------
Income (Loss) before gain on
sale of property and
extraordinary item (A) $4,990 $ (110) $(1,064)
Add:
Interest expense 2,342 13,829 21,950
Interest portion (33 percent)
of ground rents
on land leases - 194 326
------ ------- -------
Income before gain on sale of
property and extraordinary item,
as adjusted (B) $7,332 $13,913 $21,212
------ ------- -------
------ ------- -------
Fixed Charges:
Interest Expense $2,342 $13,829 $21,950
Interest portion (33 percent)
of ground rents
on land leases - 194 326
Capitalized interest costs - - -
------ ------- -------
Total fixed charges $2,342 $14,023 $22,276
------ ------- -------
------ ------- -------
Ratio of earnings to fixed
charges 3.13 (D) (D)
------
------
Deficiency of earnings
to fixed charges(E) (110) $(1,064)
------- -------
------- -------
- --------------
(A) Represents pre-tax income (loss) before gain on sale of property and
extraordinary item.
(B) Represents earnings before fixed charges.
(C) Represents the ratio of earnings to fixed charges, excluding gain on sale
of rental property of $5,658. The ratio of earnings to fixed charges,
including gain on sale of rental property, was 3.67.
(D) The ratio of earnings to fixed charges was less than 1.00 reflecting the
fact that earnings for the period were not adequate to cover fixed charges.
(E) Represents the amounts by which earnings for the period were not adequate
to cover fixed charges.
MACK-CALI REALTY, L.P.
COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED UNIT DISTRIBUTION REQUIREMENT
(DOLLAR AMOUNTS IN THOUSANDS)
Mack-Cali Realty, L.P.
----------------------------------------------------------
For the Six For the For the For the
Mos. Ended Yr. Ended Yr. Ended Yr. Ended
6/30/98 12/31/97 12/31/96 12/31/95
------- -------- -------- --------
Income (Loss) before gain on
sale of property and
extraordinary item (A) $72,020 $36,367 $31,521 $17,146
Add:
Interest expense 40,265 39,078 13,758 10,117
Interest portion (33 percent)
of ground rents
on land leases 94 29 - -
------ ------ ------ ------
Income before gain on sale of
property and extraordinary item,
as adjusted (B) $112,379 $75,474 $45,279 $27,263
------ ------ ------ ------
------ ------ ------ ------
Fixed Charges:
Interest Expense $40,265 $39,078 $13,758 $10,117
Interest portion (33 percent) of
ground rents
on land leases 94 29 - -
Capitalized interest costs 1,085 820 118 27
------ ------ ------ ------
Total fixed charges $41,444 $39,927 $13,876 $10,144
------ ------ ------ ------
------ ------ ------ ------
Preferred unit distribution
requirement $7,896 $888 - -
Beneficial conversion feature(C) - 29,361 - -
Ratio of pre-tax income to
net income 1.00 1.00 - -
------ ------ ------ ------
Preferred unit distribution factor 7,896 30,249 - -
Total fixed charges 41,444 39,927 $13,876 $10,144
------ ------ ------ ------
Total fixed charges and
preferred unit distribution requirement $49,340 $70,176 $13,876 $10,144
------ ------ ------ ------
------ ------ ------ ------
Ratio of earnings to combined
fixed charges and preferred
unit distribution requirement 2.28 1.08 3.26(D) 2.69
------ ------ ------ ------
------ ------ ------ ------
Deficiency of earnings
to fixed charges(F)
Cali Group Combined
--------------------------------------------------------
For the Period For the Period For the
August 31, 1994 to January 1, 1994 to Year Ended
December 31, 1994 August 30, 1994 12/31/93
----------------- --------------- --------
Income (Loss) before gain on
sale of property and
extraordinary item (A) $4,990 $ (110) $(1,064)
Add:
Interest expense 2,342 13,829 21,950
Interest portion (33 percent)
of ground rents
on land leases - 194 326
------ ------ ------
Income before gain on sale of
property and extraordinary item,
as adjusted (B) $7,332 $13,913 $21,212
------ ------ ------
------ ------ ------
Fixed Charges:
Interest Expense $2,342 $13,829 $21,950
Interest portion (33 percent) of
ground rents
on land leases - 194 326
Capitalized interest costs - - -
------ ------ ------
Total fixed charges $2,342 $14,023 $22,276
------ ------ ------
------ ------ ------
Preferred unit distribution
requirement - - -
Beneficial conversion feature(C) - - -
Ratio of pre-tax income to net
income - - -
Preferred unit distribution factor - - -
Total fixed charges $2,342 $14,023 $22,276
------ ------ ------
------ ------ ------
Total fixed charges and
preferred unit distribution
requirement $2,342 $14,023 $22,276
------ ------ ------
------ ------ ------
Ratio of earnings to combined
fixed charges and preferred
unit distribution requirement 3.13 (E) (E)
------
------
Deficiency of earnings
to fixed charges(F) $ (110) $(1,064)
------ ------
------ ------
- --------------
(A) Represents pre-tax income (loss) before gain on sale of property and
extraordinary item.
(B) Represents earnings before fixed charges.
(C) In connection with the funding of the Mack Transaction, the Operating
Partnership issued certain Preferred Units with a conversion rate of $34.65
per common unit, an amount less than the $39.0626 closing stock price on
the date of closing. Accordingly, the Operating Partnership recorded, on
December 11, 1997, the financial value ascribed to this beneficial
conversion feature.
(D) Represents the ratio of earnings to fixed charges, excluding gain on sale
of rental property of $5,658. The ratio of earnings to fixed charges,
including gain on sale of rental property, was 3.67.
(E) The ratio of earnings to fixed charges was less than 1.00 reflecting the
fact that earnings for the period were not adequate to cover fixed charges.
(F) Represents the amounts by which earnings for the period were not adequate
to cover fixed charges.