Exhibit 12.1

CapLease, Inc. and Subsidiaries

Ratio of Earnings to Fixed Charges

(dollars in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2013			2012			2013			2012
Earnings:
Net income	$	1,727		$	1,479		$	4,234		$	(2,877	)
Interest expense		16,847			17,166			49,922			51,109
Less: Interest capitalized during the period Note (A)		(51	)		(443	)		(619	)		(443	)
Portion of rental expense representing interest		96			14			221			50
Total earnings	$	18,619		$	18,216		$	53,757		$	47,839
Fixed Charges:
Interest expense		16,796			16,723			49,303			50,666
Interest capitalized during the period		51			443			619		$	443
Portion of rental expense representing interest		96			14			221			50
Total	$	16,942		$	17,180		$	50,143		$	51,159
Ratio of Earnings to Fixed Charges		1.10			1.06			1.07			0.94

CapLease, Inc. and Subsidiaries

Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(dollars in thousands)	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2013			2012			2013			2012
Earnings:
Net income	$	1,727		$	1,479		$	4,234		$	(2,877	)
Interest expense		16,847			17,166			49,922			51,109
Less: Interest capitalized during the period Note (A)		(51	)		(443	)		(619	)		(443	)
Portion of rental expense representing interest		96			14			221			50
Total earnings	$	18,619		$	18,216		$	53,757		$	47,839
Combined Fixed Charges and Preference Dividends:
Interest expense	$	16,796		$	16,723		$	49,303		$	50,666
Interest capitalized during the period		51			443			619			443
Portion of rental expense representing interest		96			14			221			50
Preferred Stock Dividends		3,240			2,731			10,032			6,812
Total	$	20,183		$	19,911		$	60,175		$	57,971
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		0.92			0.91			0.89			0.83

Note (A) Interest capitalized during the period is deducted because fixed charges includes all interest, whether capitalized or expensed.

Only fixed charges that were deducted from income should be added back in the earnings computation.