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Exhibit 12.1

SL Green Realty Corp.
Statements Regarding Computation of Ratios of Earnings to Combined Fixed Charge and Preferred Stock Dividends

	Pro forma Nine Months Ended 9/30/2006				Year Ended December 31,
			Nine Months Ended 9/30/2006
					2005		2004		2003		2002		2001
Earnings
Income (loss) from continuing operations	$	31,609	$	64,328	$	62,760	$	46,054	$	45,468	$	38,876	$	33,784
Add: JV cash distributions		70,212		70,212		200,857		193,144		36,469		22,482		26,909
Interest		204,614		65,353		75,819		61,197		44,001		33,946		42,411
Portion of rent expense representative of interest		21,051		13,419		16,915		12,788		12,546		12,637		12,702
Amortization of loan costs expensed		6,373		3,096		4,461		3,274		3,844		3,427		3,608
Total earnings		333,859	$	216,408	$	360,812	$	316,457	$	142,328	$	111,368	$	119,414
Fixed Charges and Preferred Stock Dividends
Interest	$	204,614	$	65,353	$	75,819	$	61,197	$	44,001	$	33,946	$	42,411
Preferred stock dividends		14,906		14,906		19,875		16,258		7,712		9,690		9,658
Interest capitalized		13,613		9,812		6,849		433		—		—		—
Portion of rent expense representative of interest		21,051		13,419		16,915		12,788		12,546		12,637		12,702
Amortization of loan costs expensed		6,373		3,096		4,461		3,274		3,844		3,427		3,608
Total Fixed Charges and Preferred Stock Dividends	$	260,557	$	106,586	$	123,919	$	93,950	$	68,103	$	59,700	$	68,379
Ratio of earnings to combined fixed charges and preferred stock dividends		1.28		2.03		2.91		3.37		2.09		1.87		1.75

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SL Green Realty Corp. Statements Regarding Computation of Ratios of Earnings to Combined Fixed Charge and Preferred Stock Dividends