CapLease,
Inc. and Subsidiaries


Ratio
of Earnings to Fixed Charges





Year
      ended December 31,(dollars
      in thousands)
                          
                          2009
                          
                          
                          2008
                          
                          
                          2007
                          
                          
                          2006
                          
                          
                          2005Earnings:Net
      income (loss)
                          
                          $
                          (15,438
                          )
                          
                          $
                          (23,164
                          )
                          
                          $
                          (2,505
                          )
                          
                          $
                          7,249
                          
                          
                          $
                          5,130Interest
      expense
                          
                          
                          90,270
                          
                          
                          
                          98,217
                          
                          
                          
                          96,419
                          
                          
                          
                          62,350
                          
                          
                          
                          31,064Less:
      Interest capitalized during the period Note (A)
                          
                          
                          –
                          
                          
                          
                          –
                          
                          
                          
                          –
                          
                          
                          
                          –
                          
                          
                          
                          (1,589
                          )Portion
      of rental expense representing interest
                          
                          
                          182
                          
                          
                          
                          216
                          
                          
                          
                          248
                          
                          
                          
                          140
                          
                          
                          
                          39Total
      earnings
                          
                          $
                          75,014
                          
                          
                          $
                          76,377
                          
                          
                          $
                          94,162
                          
                          
                          $
                          69,739
                          
                          
                          $
                          34,644Fixed
      Charges:Interest
      expense
                          
                          $
                          90,270
                          
                          
                          $
                          98,217
                          
                          
                          $
                          96,419
                          
                          
                          $
                          62,350
                          
                          
                          $
                          31,064Interest
      capitalized during the period
                          
                          
                          –
                          
                          
                          
                          –
                          
                          
                          
                          –
                          
                          
                          
                          –
                          
                          
                          
                          1,589Portion
      of rental expense representing interest
                          
                          
                          182
                          
                          
                          
                          216
                          
                          
                          
                          248
                          
                          
                          
                          140
                          
                          
                          
                          39Total
                          
                          $
                          90,452
                          
                          
                          $
                          98,138
                          
                          
                          $
                          96,667
                          
                          
                          $
                          62,490
                          
                          
                          $
                          32,692Ratio
      of Earnings to Fixed Charges
                          
                          
                          0.83
                          
                          
                          
                          0.78
                          
                          
                          
                          0.97
                          
                          
                          
                          1.12
                          
                          
                          
                          1.06




CapLease,
Inc. and Subsidiaries


Ratio
of Earnings to Combined Fixed Charges and Preferred Stock Dividends





Year
      ended December 31,(dollars
      in thousands)
                      
                      2009
                      
                      
                      2008
                      
                      
                      2007
                      
                      
                      2006
                      
                      
                      2005Earnings:Net
      income (loss)
                      
                      $
                      (15,438
                      )
                      
                      $
                      (23,164
                      )
                      
                      $
                      (2,505
                      )
                      
                      $
                      7,249
                      
                      
                      $
                      5,130Interest
      expense
                      
                      
                      90,270
                      
                      
                      
                      98,217
                      
                      
                      
                      96,419
                      
                      
                      
                      62,350
                      
                      
                      
                      31,064Less:
      Interest capitalized during the period Note (A)
                      
                      
                      –
                      
                      
                      
                      –
                      
                      
                      
                      –
                      
                      
                      
                      –
                      
                      
                      
                      (1,589
                      )Portion
      of rental expense representing interest
                      
                      
                      182
                      
                      
                      
                      216
                      
                      
                      
                      248
                      
                      
                      
                      140
                      
                      
                      
                      39Total
      earnings
                      
                      $
                      75,014
                      
                      
                      $
                      76,377
                      
                      
                      $
                      94,162
                      
                      
                      $
                      69,739
                      
                      
                      $
                      34,644Combined
      Fixed Charges and Preference Dividends:Interest
      expense
                      
                      $
                      90,270
                      
                      
                      $
                      98,217
                      
                      
                      $
                      96,419
                      
                      
                      $
                      62,350
                      
                      
                      $
                      31,064Interest
      capitalized during the period
                      
                      
                      –
                      
                      
                      
                      –
                      
                      
                      
                      –
                      
                      
                      
                      –
                      
                      
                      
                      1,589Portion
      of rental expense representing interest
                      
                      
                      182
                      
                      
                      
                      216
                      
                      
                      
                      248
                      
                      
                      
                      140
                      
                      
                      
                      39Preferred
      Stock Dividends
                      
                      
                      2,844
                      
                      
                      
                      2,844
                      
                      
                      
                      2,844
                      
                      
                      
                      2,844
                      
                      
                      
                      561Total
                      
                      $
                      93,296
                      
                      
                      $
                      100,982
                      
                      
                      $
                      99,511
                      
                      
                      $
                      65,333
                      
                      
                      $
                      33,253Ratio
      of Earnings to Combined Fixed Charges and Preferred Stock
      Dividends
                      
                      
                      0.80
                      
                      
                      
                      0.76
                      
                      
                      
                      0.95
                      
                      
                      
                      1.07
                      
                      
                      
                      1.04





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.