Exhibit 12.1

SL Green Realty Corp.

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	Year Ended December 31,
	2004		2003		2002		2001		2000
Earnings
Income (loss) from continuing operations	$	52,766	$	53,645	$	45,986	$	41,214	$	32,685
Add: JV cash distributions	193,144		36,469		22,482		26,909		25,550
Interest	61,197		44,001		33,946		42,411		37,729
Portion of rent expense representative of interest	9,069		9,187		9,304		9,394		9,434
Total earnings	$	316,176	$	143,301	$	111,718	$	119,928	$	105,398
Fixed Charges and Preferred Stock Dividends
Interest	61,197		44,001		33,946		42,411		37,729
Preferred stock dividends	16,258		7,712		9,690		9,658		9,626
Interest capitalized	433		—		—		—		—
Portion of rent expense representative of interest	9,060		9,187		9,304		9,394		9,434
Amortization of loan costs expensed	3,274		3,844		3,427		3,608		3,388
Total Fixed Charges and Preferred Stock Dividends	$	90,222	$	64,743	$	56,367	$	65,071	$	60,177
Ratio of earnings to combined fixed charges and preferred stock dividends	3.50		2.21		1.98		1.84		1.75