CapLease,
      Inc. and SubsidiariesRatio
      of Earnings to Fixed Charges(dollars
      in thousands)
                                                                                                    
                                                                                                    Year
      ended December 31,2010
                                                                                                    
                                                                                                    
                                                                                                    2009
                                                                                                    
                                                                                                    
                                                                                                    2008
                                                                                                    
                                                                                                    
                                                                                                    2007
                                                                                                    
                                                                                                    
                                                                                                    2006Earnings:Net
      income (loss)
                                                                                                    
                                                                                                    $
                                                                                                    (13,140
                                                                                                    )
                                                                                                    
                                                                                                    $
                                                                                                    (13,967
                                                                                                    )
                                                                                                    
                                                                                                    $
                                                                                                    (23,164
                                                                                                    )
                                                                                                    
                                                                                                    $
                                                                                                    (2,505
                                                                                                    )
                                                                                                    
                                                                                                    $
                                                                                                    7,249Interest
      expense
                                                                                                    
                                                                                                    
                                                                                                    84,850
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    90,270
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    98,217
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    96,419
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    62,350Portion
      of rental expense representing interest
                                                                                                    
                                                                                                    
                                                                                                    145
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    182
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    216
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    248
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    140Total
      earnings
                                                                                                    
                                                                                                    $
                                                                                                    71,855
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    76,485
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    75,269
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    94,162
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    69,739Fixed
      Charges:Interest
      expense
                                                                                                    
                                                                                                    $
                                                                                                    84,850
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    90,270
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    98,217
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    96,419
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    62,350Portion
      of rental expense representing interest
                                                                                                    
                                                                                                    
                                                                                                    145
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    182
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    216
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    248
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    140Total
                                                                                                    
                                                                                                    $
                                                                                                    84,995
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    90,452
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    98,433
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    96,667
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    62,490Ratio
      of Earnings to Fixed Charges
                                                                                                    
                                                                                                    
                                                                                                    0.85
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    0.85
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    0.78
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    0.97
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    1.12CapLease,
      Inc. and SubsidiariesRatio
      of Earnings to Combined Fixed Charges and Preferred Stock
      Dividends(dollars
      in thousands)
                                                                                                    
                                                                                                    Year
      ended December 31,2010
                                                                                                    
                                                                                                    
                                                                                                    2009
                                                                                                    
                                                                                                    
                                                                                                    2008
                                                                                                    
                                                                                                    
                                                                                                    2007
                                                                                                    
                                                                                                    
                                                                                                    2006Earnings:Net
      income (loss)
                                                                                                    
                                                                                                    $
                                                                                                    (13,140
                                                                                                    )
                                                                                                    
                                                                                                    $
                                                                                                    (13,967
                                                                                                    )
                                                                                                    
                                                                                                    $
                                                                                                    (23,164
                                                                                                    )
                                                                                                    
                                                                                                    $
                                                                                                    (2,505
                                                                                                    )
                                                                                                    
                                                                                                    $
                                                                                                    7,249Interest
      expense
                                                                                                    
                                                                                                    
                                                                                                    84,850
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    90,270
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    98,217
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    96,419
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    62,350Portion
      of rental expense representing interest
                                                                                                    
                                                                                                    
                                                                                                    145
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    182
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    216
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    248
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    140Total
      earnings
                                                                                                    
                                                                                                    $
                                                                                                    71,855
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    76,485
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    75,269
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    94,162
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    69,739Combined
      Fixed Charges and Preference Dividends:Interest
      expense
                                                                                                    
                                                                                                    $
                                                                                                    84,850
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    90,270
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    98,217
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    96,419
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    62,350Portion
      of rental expense representing interest
                                                                                                    
                                                                                                    
                                                                                                    145
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    182
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    216
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    248
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    140Preferred
      Stock Dividends
                                                                                                    
                                                                                                    
                                                                                                    5,618
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    2,844
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    2,844
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    2,844
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    2,844Total
                                                                                                    
                                                                                                    $
                                                                                                    90,613
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    93,296
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    101,277
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    99,511
                                                                                                    
                                                                                                    
                                                                                                    $
                                                                                                    65,334Ratio
      of Earnings to Combined Fixed Charges and Preferred Stock
      Dividends
                                                                                                    
                                                                                                    
                                                                                                    0.79
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    0.82
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    0.76
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    0.95
                                                                                                    
                                                                                                    
                                                                                                    
                                                                                                    1.07