EX-12.2 3 slg-20131231x10kex122.htm EX-12.2 SLG-2013.12.31-10K EX12.2


Exhibit 12.2

SL Green Operating Partnership, L.P.
Ratio of Earnings to Combined Fixed Charges and Preferred Unit Distributions
(Dollars in Thousands)
 
 
Year Ended December 31,
 
 
2013
 
2012
 
2011
 
2010
 
2009
Earnings
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
121,136

 
$
76,983

 
$
125,570

 
$
112,047

 
$
2,967

Joint venture cash distributions
 
86,631

 
219,021

 
133,199

 
584,564

 
79,523

Interest
 
329,290

 
329,887

 
285,630

 
230,512

 
234,696

Amortization of loan costs expensed
 
16,695

 
19,450

 
14,108

 
9,037

 
7,056

Portion of rent expense representative of interest
 
34,509

 
32,714

 
27,375

 
24,399

 
24,815

Total earnings
 
$
588,261

 
$
678,055

 
$
585,882

 
$
960,559

 
$
349,057

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges and Preferred Unit Distributions
 
 
 
 
 
 
 
 
 
 
Interest
 
$
329,290

 
$
329,887

 
$
285,630

 
$
230,512

 
$
234,696

Preferred unit dividends
 
21,881

 
30,411

 
30,178

 
29,749

 
19,875

Interest capitalized
 
11,475

 
12,218

 
5,123

 

 
98

Portion of rent expense representative of interest
 
34,509

 
32,714

 
27,375

 
24,399

 
24,815

Amortization of loan costs expensed
 
16,695

 
19,450

 
14,108

 
9,037

 
7,056

Total fixed charges and Preferred Unit distributions
 
$
413,850

 
$
424,680

 
$
362,414

 
$
293,697

 
$
286,540

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and Preferred Unit distributions
 
1.42

 
1.60

 
1.62

 
3.27

 
1.22

The ratios of earnings to combined fixed charges and preferred unit distributions were computed by dividing earnings by fixed charges. For the purpose of calculating the ratios, the earnings have been calculated by adding fixed charges to income from continuing operations before adjustment for noncontrolling interests plus distributions from unconsolidated joint ventures, excluding gains or losses from sale of property, purchase price fair value adjustments, gains and losses on equity investment and the cumulative effect of changes in accounting principles. With respect to SL Green Operating Partnership, L.P., fixed charges and preferred stock distributions consist of interest expense including the amortization of debt issuance costs, rental expense deemed to represent interest expense and preferred distributions paid on its 7.625% Series C, its 7.875% Series D and its 6.50% Series I cumulative redeemable Preferred Units.