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

	Year Ended December 31,

	2011		2010		2009		2008			2007
Earnings
Income from continuing operations	$	122,561	$	108,077	$	1,619	$	26,028		$	62,061
Joint Venture cash distributions		133,199		584,564		79,523		525,372			128,305
Interest		286,261		231,163		235,347		295,634			263,663
Amortization of loan costs expensed		14,118		9,046		7,065		6,139			15,893
Portion of rent expense representative of interest		25,547		22,570		22,986		24,346			23,276

Total earnings	$	581,686	$	955,420	$	346,540	$	877,519		$	493,198

Fixed Charges and Preferred Stock Dividends
Interest capitalized	$	286,261	$	231,163	$	235,347	$	295,634		$	263,663
Preferred stock dividends		30,178		29,749		19,875		19,875			19,875
Interest capitalized		—		—		98		(179	)		5,118
Portion of rent expense representative of interest		25,547		22,570		22,986		24,346			23,276
Amortization of loan costs expensed		14,118		9,046		7,065		6,139			15,893

Total Fixed Charges and Preferred Stock Dividends	$	356,104	$	292,528	$	285,371	$	345,815		$	327,825

Ratio of earnings to combined fixed charges and preferred stock dividends		1.63		3.27		1.21		2.54			1.50

The ratios of earnings to combined fixed charges and preferred dividends and 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 marketable securities and the cumulative effect of changes in accounting principles. With respect to SL Green Realty Corp., fixed charges and preferred stock dividends consists 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 and its 7.875% Series D cumulative redeemable preferred stock.