Exhibit 12.1

CapLease, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(dollars in thousands)	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2012			2011			2012			2011
Earnings:
Net income	$	(6,413	)	$	(3,228	)	$	(4,356	)	$	(4,735	)
Interest expense		16,965			20,015			33,943			40,050
Portion of rental expense representing interest		17			27			36			57
Total earnings	$	10,569		$	16,814		$	29,623		$	35,373
Fixed Charges:
Interest expense	$	16,965		$	20,015		$	33,943		$	40,050
Portion of rental expense representing interest		17			27			36			57
Total	$	16,981		$	20,043		$	33,978		$	40,108
Ratio of Earnings to Fixed Charges		0.62			0.84			0.87			0.88

CapLease, Inc. and Subsidiaries

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(dollars in thousands)	Three Months Ended March 31,						Three Months Ended March 31,
	2012			2011			2012			2011
Earnings:
Net income	$	(6,413	)	$	(3,228	)	$	(4,356	)	$	(4,735	)
Interest expense		16,965			20,015			33,943			40,050
Portion of rental expense representing interest		17			27			36			57
Total earnings	$	10,569		$	16,814		$	29,623		$	35,373
Combined Fixed Charges and Preference Dividends:
Interest expense	$	16,965		$	20,015		$	33,943		$	40,050
Portion of rental expense representing interest		17			27			36			57
Preferred Stock Dividends		2,453			1,627			4,081			3,255
Total	$	19,434		$	21,670		$	38,059		$	43,363
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		0.54			0.78			0.78			0.82