Exhibit 12.1

SL Green Realty Corp.

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(Dollars in Thousands)

	Year Ended December 31,
	2014			2013			2012			2011			2010
Earnings
Income from continuing operations	$	142,493		$	99,479		$	57,362		$	107,945		$	106,996
Joint venture cash distributions	438,041			86,631			219,021			133,199			584,564
Interest	331,439			329,752			331,969			290,556			234,180
Amortization of interest capitalized	305			44			44			44			44
Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges	(1,109		)	(2,054		)	(1,850		)	(2,031		)	(1,495		)
Amortization of loan costs expensed	22,811			16,695			19,450			14,291			9,929
Portion of rent expense representative of interest	32,522			35,100			32,714			27,375			24,399
Total earnings	$	966,502		$	565,647		$	658,710		$	571,379		$	958,617
Fixed Charges and Preferred Stock Dividends
Interest	$	331,439		$	329,752		$	331,969		$	290,556		$	234,180
Interest capitalized	26,676			11,853			12,218			5,123			—
Amortization of loan costs expensed	22,811			16,695			19,450			14,291			9,929
Preferred stock dividends	14,952			21,881			30,411			30,178			29,749
Portion of rent expense representative of interest	32,522			35,100			32,714			27,375			24,399
Total fixed charges and Preferred Stock dividends	$	428,400		$	415,281		$	426,762		$	367,523		$	298,257
Ratio of earnings to combined fixed charges and Preferred Stock dividends	2.26			1.36			1.54			1.55			3.21

The ratios of earnings to combined fixed charges and preferred stock dividends 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 Realty Corp., fixed charges and preferred stock dividends consist of interest expense including the amortization of debt issuance costs, rental expense deemed to represent interest expense and preferred dividends paid on its 7.625% Series C, its 7.875% Series D and its 6.50% Series I cumulative redeemable Preferred Stock.