Exhibit 12.1

SL Green Realty Corp.

Ratio of Earnings to Combined Fixed Charge and Preferred Stock Dividends

	Year Ended December 31,
	2007		2006		2005		2004		2003
Earnings
Income from continuing operations	$	112,166	$	73,660	$	48,788	$	33,295	$	31,669
Add: joint venture cash distributions	128,305		112,540		200,857		193,144		36,469
Interest	268,608		94,799		75,819		61,197		44,001
Amortization of loan costs expensed	16,655		4,425		4,461		3,274		3,844
Portion of rent expense representative of interest	23,276		17,850		16,915		12,788		12,546
Total earnings	$	549,010	$	303,274	$	346,840	$	303,698	$	128,528
Fixed Charges and Preferred Stock Dividends
Interest	$	268,608	$	94,799	$	75,819	$	61,197	$	44,001
Preferred stock dividends	19,875		19,875		19,875		16,258		7,712
Interest capitalized	5,118		8,529		6,849		433		—
Portion of rent expense representative of interest	23,276		17,850		16,915		12,788		12,546
Amortization of loan costs expensed	16,655		4,425		4,461		3,274		3,844
Total Fixed Charges and Preferred Stock Dividends	$	333,532	$	145,478	$	123,919	$	93,950	$	68,102
Ratio of earnings to combined fixed charges and preferred stock dividends	1.65		2.08		2.80		3.23		1.89