<PAGE>
Exhibit 12.1
SL GREEN REALTY CORP.
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
<TABLE>
<CAPTION>
SL GREEN REALTY CORP. SL GREEN COMPANY PREDECESSOR
(CONSOLIDATED) (COMBINED)
----------------------------------------------------------------- ----------------------------------------
SIX MONTHS JANUARY 1,
ENDED AUGUST 21, 1997 1997
JUNE 30, YEAR ENDED DECEMBER 31, TO DECEMBER 31, TO AUGUST 20, YEARS ENDED DECEMBER 31,
----------------------------------------------- --------------- ------------- ------------------------
2000 1999 1998 1997 1997 1996 1995
-------------------------------- ------------ --------------- ------------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS
Income (loss) from
continuing
operations......... $15,599 $33,258 $23,482 $ 6,633 $ (100) $(3,470) $(6,923)
Interest............. 18,830 27,191 11,699 1,637 4,874 7,252 7,338
Portion of rent
expense
representative of
interest........... 5,142 10,300 9,903 497 867 1,344 1,323
Amortization of loan
costs.............. 1,734 2,278 1,084 110 143 192 200
------- ------- ------- ------- ------ ------- -------
Total earnings..... $41,305 $73,027 $46,168 $ 8,877 $5,784 $ 5,318 $ 1,938
======= ======= ======= ======= ====== ======= =======
FIXED CHARGES AND
PREFERRED STOCK
DIVIDENDS (1)
Interest............. 18,830 27,191 11,699 $ 1,637 4,874 7,252 7,338
Preferred stock
dividends.......... 4,600 9,200 5,720 -- -- -- --
Interest
capitalized........ -- -- -- -- -- -- --
Portion of rent
expense
representative of
interest........... 5,142 10,300 9,903 497 867 1,344 1,323
Amortization of loan
costs expensed..... 1,734 2,278 1,084 110 143 192 200
------- ------- ------- ------- ------ ------- -------
Total Fixed Charges
and Preferred
Stock
Dividends........ $30,306 $48,969 $28,406 $ 2,244 $5,884 $ 8,788 $ 8,861
======= ======= ======= ======= ====== ======= =======
Ratio of earnings to
combined fixed
charges and
preferred stock
dividends.......... 1.36x 1.49x 1.63x 3.96x (2) (2) (2)
------- ------- ------- ------- ------ ------- -------
</TABLE>
------------------------------
(1) Prior to May 18, 1998, no preferred stock had been issued or was
outstanding.
(2) For the period January 1, 1997 to August 20, 1997 and the years ended
December 31, 1996, and 1995, SL Green Predecessor's fixed charge ratios
were deficits of $100, $3,470, and $6,923 respectively.
