EX-12.2 6 a2226838zex-12_2.htm EX-12.2

Exhibit 12.2

 

SL Green Operating Partnership L.P.

 

Ratio of Earnings to Combined Fixed Charges and Preferred Unit Distributions

 

(Dollars in Thousands)

 

 

 

Nine Months Ended
September 30,

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2014

 

2013

 

2012

 

2011

 

2010

 

Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

163,199

 

$

110,440

 

$

142,493

 

$

99,479

 

$

57,362

 

$

107,945

 

$

106,996

 

Joint Venture cash distributions

 

158,851

 

354,875

 

438,041

 

86,631

 

219,021

 

133,199

 

584,564

 

Interest

 

237,178

 

248,284

 

331,439

 

329,752

 

331,969

 

290,556

 

234,180

 

Amortization of interest capitalized

 

371

 

184

 

305

 

44

 

44

 

44

 

44

 

Minority interest in pre-tax income of subsidiaries that have not incurred fixed charges

 

1,048

 

1,190

 

(1,109

)

(2,054

)

(1,850

)

(2,031

)

(1,495

)

Amortization of loan costs expensed

 

19,785

 

16,106

 

22,811

 

16,695

 

19,450

 

14,291

 

9,929

 

Portion of rent expense representative of interest

 

22,218

 

25,186

 

32,522

 

35,100

 

32,714

 

27,375

 

24,399

 

Total earnings

 

$

602,650

 

$

755,865

 

$

966,502

 

$

565,647

 

$

658,710

 

$

571,379

 

$

958,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

237,178

 

$

248,284

 

$

331,439

 

$

329,752

 

$

331,969

 

$

290,556

 

$

234,180

 

Interest capitalized

 

23,496

 

18,413

 

26,676

 

11,853

 

12,218

 

5,123

 

 

Amortization of loan costs expensed

 

19,785

 

16,106

 

22,811

 

16,695

 

19,450

 

14,291

 

9,929

 

Preferred stock dividends

 

11,212

 

11,212

 

14,952

 

21,881

 

30,411

 

30,178

 

29,749

 

Portion of rent expense representative of interest

 

22,218

 

25,186

 

32,522

 

35,100

 

32,714

 

27,375

 

24,399

 

Total Fixed Charges

 

$

313,889

 

$

319,201

 

$

428,400

 

$

415,281

 

$

426,762

 

$

367,523

 

$

298,257

 

Ratio of earnings to combined fixed charges and Preferred Unit distributions

 

1.92

 

2.37

 

2.26

 

1.36

 

1.54

 

1.55

 

3.21

 

 

The ratios of earnings to combined fixed charges and preferred stock dividends were computed by dividing earnings by fixed charges. For the purpose of calculating the ratios, the earnings have been calculated by adding fixed charges to income from continuing operations before adjustment for noncontrolling interests plus distributions from unconsolidated joint ventures, excluding purchase price fair value adjustments, gains and losses on equity investment and the cumulative effect of changes in accounting principles. With respect to SL Green Realty Corp., fixed charges and preferred stock dividends consist of interest expense including the amortization of debt issuance costs, rental expense deemed to represent interest expense and preferred dividends paid on its Series I Preferred Stock.