Exhibit 12.1

 

Mack-Cali Realty, L.P.

Computation of Ratios of Earnings to Fixed Charges

(Dollar Amounts in Thousands)

 

 

 

Nine months

 

For the Year Ended December 31,

 

 

 

September 30, 2012

 

2011

 

2010

 

2009

 

2008

 

2007

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per F/S: Income from continuing operations

 

54,096

 

81,222

 

66,629

 

77,905

 

63,466

 

86,961

 

Add back: Loss of Unconcolidated JVs/(Deduct): Equity in Earnings of Unconsolidated JV’s

 

(4,751

)

(2,022

)

(2,276

)

5,560

 

39,752

 

5,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before noncont int. and equity in earnings of unconsolidated jv’s

 

49,345

 

79,200

 

64,353

 

83,465

 

103,218

 

92,879

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges (see calculation below)

 

94,313

 

125,403

 

150,439

 

140,723

 

131,955

 

129,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of capitalized interest

 

1,458

 

1,913

 

2,070

 

2,028

 

1,950

 

1,849

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed income of equity investees

 

2,680

 

3,301

 

2,311

 

2,637

 

5,784

 

1,875

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal

 

147,796

 

209,817

 

219,173

 

228,853

 

242,907

 

226,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtract:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

(1,427

)

(1,081

)

(1,912

)

(1,401

)

(5,799

)

(5,101

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings

 

$

146,369

 

$

208,736

 

$

217,261

 

$

227,452

 

$

237,108

 

$

221,253

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (includes amortization)

 

92,784

 

124,187

 

148,364

 

139,077

 

125,922

 

124,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest capitalized

 

1,427

 

1,081

 

1,912

 

1,401

 

5,799

 

5,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest portion (1/3) of ground rents on land leases

 

102

 

135

 

163

 

245

 

234

 

221

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

94,313

 

$

125,403

 

$

150,439

 

$

140,723

 

$

131,955

 

$

129,751

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

1.6

 

1.7

 

1.4

 

1.6

 

1.8

 

1.7