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Exhibit 12.1

SL Green Realty Corp.
Ratio of Earnings to Fixed Charge & Preferred Stock Dividends

	Year Ended December 31,
	2008			2007		2006		2005		2004
Earnings
Income (loss) from continuing operations	$	74,472		$	106,101	$	62,159	$	40,544	$	24,021
Add: JV cash distributions		525,372			128,305		112,540		200,857		193,144
Interest		279,990			255,072		94,799		75,819		61,197
Amortization of loan costs expensed		6,436			15,893		4,424		4,461		3,274
Portion of rent expense representative of interest		24,346			23,276		17,850		16,915		12,788
Total earnings	$	910,616		$	528,647	$	291,772	$	338,596	$	294,424
Fixed Charges and Preferred Stock Dividends
Interest	$	279,990		$	255,072	$	94,799	$	75,819	$	61,197
Preferred stock dividends		19,875			19,875		19,875		19,875		16,258
Interest capitalized		(179	)		5,118		8,529		6,849		433
Portion of rent expense representative of interest		24,346			23,276		17,850		16,915		12,788
Amortization of loan costs expensed		6,436			15,893		4,424		4,461		3,274
Total Fixed Charges and Preferred Stock Dividends	$	330,468		$	319,234	$	145,477	$	123,919	$	93,950
Ratio of earnings to combined fixed charges and preferred stock dividends		2.76			1.66		2.01		2.73		3.13

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Exhibit 12.1

SL Green Realty Corp. Ratio of Earnings to Fixed Charge & Preferred Stock Dividends