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 Nine months ended September 30, 2008 and for each of the five years ended December 31, 2007 were as follows:
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|
|
Nine Months |
|
For the Year Ended December 31, |
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|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
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EARNINGS: |
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|
|
|
|
|
|
|
|
|
|
|
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ADD: |
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|
|
|
|
|
|
|
|
|
|
|
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|
Income from continuing operations before minority interest and equity in earnings from unconsolidated joint ventures |
|
$ |
70,360 |
|
$ |
94,530 |
|
$ |
110,138 |
|
$ |
92,051 |
|
$ |
107,277 |
|
$ |
154,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Fixed charges (see calculation below) |
|
99,847 |
|
132,609 |
|
142,648 |
|
128,966 |
|
129,854 |
|
139,603 |
|
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|
|
|
|
|
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|
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|
|
|
|
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|
Distributed income of unconsolidated joint ventures |
|
3,841 |
|
1,875 |
|
2,302 |
|
— |
|
1,411 |
|
11,405 |
|
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|
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SUBTRACT: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Capitalized interest |
|
(4,709 |
) |
(5,101 |
) |
(6,058 |
) |
(5,518 |
) |
(3,920 |
) |
(7,285 |
) |
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Preferred security dividend requirements of consolidated subsidiaries |
|
— |
|
— |
|
— |
|
(3,909 |
) |
(15,636 |
) |
(15,668 |
) |
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|
|
|
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|
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|
TOTAL EARNINGS: |
|
$ |
169,399 |
|
$ |
223,913 |
|
$ |
249,030 |
|
$ |
211,590 |
|
$ |
218,986 |
|
$ |
282,671 |
|
|
|
|
|
|
|
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|
FIXED CHARGES: |
|
|
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|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
Interest expense (includes amortization of deferred financing costs) |
|
$ |
94,963 |
|
$ |
127,287 |
|
$ |
136,357 |
|
$ |
119,337 |
|
$ |
110,104 |
|
$ |
116,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Capitalized interest |
|
4,709 |
|
5,101 |
|
6,058 |
|
5,518 |
|
3,920 |
|
7,285 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Interest portion (33 percent) of ground rents on land leases |
|
175 |
|
221 |
|
233 |
|
202 |
|
194 |
|
339 |
|
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|
|
|
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|
|
|
|
|
|
|
||||||
|
Preferred security dividend requirements of consolidated subsidiaries |
|
— |
|
— |
|
— |
|
3,909 |
|
15,636 |
|
15,668 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
TOTAL FIXED CHARGES: |
|
$ |
99,847 |
|
$ |
132,609 |
|
$ |
142,648 |
|
$ |
128,966 |
|
$ |
129,854 |
|
$ |
139,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
RATIO OF EARNINGS TO FIXED CHARGES: |
|
1.7 |
|
1.7 |
|
1.7 |
|
1.6 |
|
1.7 |
|
2.0 |
|
||||||
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, 2008 and for each of the five years ended December 31, 2007 were as follows:
|
|
|
Nine Months |
|
For the Year Ended December 31, |
|
||||||||||||||||||||
|
|
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
||||||||||||
|
EARNINGS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
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|
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|
|
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|
ADD: |
|
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|
|
|
|
|
|
|
|
|
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||||||||||||
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
||||||
|
Income from continuing operations before minority interest and equity in earnings from unconsolidated joint ventures |
|
$ |
70,360 |
|
$ |
94,530 |
|
$ |
110,138 |
|
$ |
92,051 |
|
$ |
107,277 |
|
$ |
154,616 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Fixed charges (see calculation below) |
|
99,847 |
|
132,609 |
|
142,648 |
|
125,057 |
|
119,218 |
|
123,935 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Distributed income of unconsolidated joint ventures |
|
3,841 |
|
1,875 |
|
2,302 |
|
— |
|
1,411 |
|
11,405 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
SUBTRACT: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Capitalized interest |
|
(4,709 |
) |
(5,101 |
) |
(6,058 |
) |
(5,518 |
) |
(3,920 |
) |
(7,285 |
) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
TOTAL EARNINGS: |
|
$ |
169,339 |
|
$ |
223,913 |
|
$ |
249,030 |
|
$ |
211,590 |
|
$ |
218,986 |
|
$ |
282,671 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
FIXED CHARGES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense (includes amortization of deferred financing costs) |
|
$ |
94,963 |
|
$ |
127,287 |
|
$ |
136,357 |
|
$ |
119,337 |
|
$ |
110,104 |
|
$ |
116,311 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Capitalized interest |
|
4,709 |
|
5,101 |
|
6,058 |
|
5,518 |
|
3,920 |
|
7,285 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest portion (33 percent) of ground rents on land leases |
|
175 |
|
221 |
|
233 |
|
202 |
|
194 |
|
339 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
TOTAL FIXED CHARGES: |
|
$ |
99,847 |
|
$ |
132,609 |
|
$ |
142,648 |
|
$ |
125,057 |
|
$ |
114,218 |
|
$ |
123,935 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
RATIO OF EARNINGS TO FIXED CHARGES: |
|
1.7 |
|
1.7 |
|
1.7 |
|
1.7 |
|
1.9 |
|
2.3 |
|
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