Exhibit 12.2

 

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 nine months ended September 30, 2008 and for each of the five years ended December 31, 2007 were as follows:

 

 

 

Nine Months
Ended September 30,

 

For the Year Ended December 31,

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

2003

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADD:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

128,966

 

129,854

 

139,603

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference security dividend requirements of consolidated subsidiaries

 

—

 

—

 

—

 

(3,909

)

(15,636

)

(15,668

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL EARNINGS:

 

$

169,399

 

$

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

$

1,500

 

$

2,000

 

2,000

 

2,000

 

2,000

 

1,672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:

 

$

101,347

 

$

134,609

 

$

144,648

 

$

130,966

 

$

131,854

 

$

141,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:

 

1.7

 

1.7

 

1.7

 

1.6

 

1.7

 

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 nine months ended September 30, 2008 and for each of the five years ended December 31, 2007 were as follows:

 

 

 

Nine Months
Ended September 30,

 

For the Year Ended December 31,

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

 

2003

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ADD:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREFERRED UNIT DISTRIBUTIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred unit distributions—Series B

 

$

—

 

—

 

—

 

$

3,909

 

$

15,636

 

$

15,668

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred unit distributions—Series C

 

1,500

 

2,000

 

2,000

 

2,000

 

2,000

 

1,672

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL PREFERRED UNIT DISTRIBUTIONS:

 

$

1,500

 

$

2,000

 

$

2,000

 

$

5,909

 

$

17,636

 

$

17,340

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS

 

$

101,347

 

$

134,609

 

$

144,648

 

$

130,966

 

$

131,854

 

$

141,275

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS:

 

1.7

 

1.7

 

1.7

 

1.6

 

1.5

 

1.9