Exhibit 12.3

 

MACK-CALI REALTY, L.P.

CALCULATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(DOLLAR AMOUNTS IN THOUSANDS)

 

Mack-Cali Realty, L.P.’s ratios of earnings to fixed charges for the nine months ended September 30, 2005 and for each of the five years ended December 31, 2004 were as follows:

 

 

 

Nine Months

 

 

 

 

 

 

 

 

 

 

 

 

 

Ended September 30,

 

For the Year Ended December 31,

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

2000

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

ADD:

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before minority interest and equity in earnings from unconsolidated joint ventures

 

$

85,674

 

$

124,550

 

$

125,001

 

$

144,120

 

$

154,200

 

$

124,233

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (see calculation below)

 

93,129

 

114,218

 

123,935

 

127,936

 

128,981

 

117,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed income of unconsolidated joint ventures

 

 

1,411

 

11,405

 

14,793

 

9,004

 

8,055

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUBTRACT:

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(4,059

)

(3,920

)

(7,285

)

(19,664

)

(16,722

)

(11,524

)

Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

 

 

 

 

 

(5,072

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL EARNINGS:

 

$

174,744

 

$

236,259

 

$

253,056

 

$

267,185

 

$

275,463

 

$

232,891

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (includes amortization of deferred financing costs)

 

$

88,919

 

$

110,104

 

$

116,311

 

$

107,823

 

$

112,003

 

$

105,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

4,059

 

3,920

 

7,285

 

19,664

 

16,722

 

11,524

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion (33 percent) of ground rents on land leases

 

151

 

194

 

339

 

449

 

256

 

281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL FIXED CHARGES:

 

$

93,129

 

$

114,218

 

$

123,935

 

$

127,936

 

$

128,981

 

$

117,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES:

 

1.9

 

2.1

 

2.0

 

2.1

 

2.1

 

2.0