Exhibit 12.1

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

	Year Ended December 31,
	2006		2005		2004		2003		2002
Earnings
Income (loss) from continuing operations	$	89,411	$	62,760	$	46,054	$	45,468	$	38,876
Add: JV cash distributions	112,540		200,857		193,144		36,469		22,482
Interest	94,799		75,819		61,197		44,001		33,946
Amortization of loan costs expensed	4,425		4,461		3,274		3,844		3,427
Portion of rent expense representative of interest	17,850		16,915		12,788		12,546		12,637
Total earnings	$	319,025	$	360,812	$	316,457	$	142,327	$	111,368
Fixed Charges and Preferred Stock Dividends
Interest	$	94,799	$	75,819	$	61,197	$	44,001	$	33,946
Preferred stock dividends	19,875		19,875		16,258		7,712		9,690
Interest capitalized	8,529		6,849		433		—		—
Portion of rent expense representative of interest	17,850		16,915		12,788		12,546		12,637
Amortization of loan costs expensed	4,425		4,461		3,274		3,844		3,427
Total Fixed Charges and Preferred Stock Dividends	$	145,478	$	123,919	$	93,950	$	68,102	$	59,700
Ratio of earnings to combined fixed charge and preferred stock dividends	2.19		2.91		3.37		2.09		1.87