Exhibit 12.1

 

MACK-CALI REALTY CORPORATION

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SECURITY DIVIDENDS

(DOLLAR AMOUNTS IN THOUSANDS)

 

Mack-Cali Realty Corporation’s ratios of earnings to fixed charges and of earnings to combined fixed charges and preferred security dividends for each of the five years ended December 31, 2018 were as follows:

 

 

 

For the Year Ended December 31,

 

 

 

2018

 

2017

 

2016

 

2015

 

2014

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

ADD:

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before noncontrolling interest and equity in earnings from unconsolidated joint ventures

 

$

106,528

 

$

39,799

 

$

111,506

 

$

(138,880

)

$

33,814

 

Fixed charges (see calculation below)

 

111,568

 

114,495

 

114,705

 

119,403

 

128,483

 

Amortization of capitalized interest

 

4,164

 

3,608

 

3,165

 

2,774

 

2,440

 

Distributed income of unconsolidated joint ventures

 

9,182

 

8,186

 

6,120

 

5,644

 

11,213

 

SUBTRACT:

 

 

 

 

 

 

 

 

 

 

 

Capitalized interest

 

(27,047

)

(20,240

)

(19,316

)

(16,217

)

(15,470

)

TOTAL EARNINGS

 

$

204,395

 

$

145,848

 

$

216,180

 

$

(27,276

)

$

160,480

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

Interest expense (includes amortization of deferred financing costs)

 

$

83,754

 

$

93,388

 

$

103,051

 

$

94,889

 

$

103,051

 

Capitalized interest

 

27,047

 

20,240

 

19,316

 

16,217

 

15,470

 

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

 

767

 

867

 

500

 

135

 

135

 

TOTAL FIXED CHARGES

 

$

111,568

 

$

114,495

 

$

114,705

 

$

119,403

 

$

128,483

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred unit distributions

 

13,979

 

8,840

 

 

 

 

TOTAL COMBINED FIXED CHARGES AND PREFERRED SECURITY DIVIDENDS

 

$

125,547

 

$

123,335

 

$

114,705

 

$

119,403

 

$

128,483

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

1.8

 

1.3

 

1.9

 

 

(a)

1.2

 

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SECURITY DIVIDENDS

 

1.6

 

1.2

 

1.9

 

 

(b)

1.2

 


(a)   Deficiency of earnings to cover fixed charges

 

 

 

 

 

 

 

$

(146,679

)

 

 

(b)   Deficiency of earnings to cover combined fixed charges and preferred security dividends

 

 

 

 

 

 

 

$

(146,679

)