CapLease,
Inc. and Subsidiaries


Ratio
of Earnings to Fixed Charges




(dollars
      in thousands)
                        
                        Year ended December 31,2008
                        
                        
                        2007
                        
                        
                        2006
                        
                        
                        2005
                        
                        
                        2004Earnings:Net
      income (loss)
                        
                        $
                        (21,761
                        )
                        
                        $
                        (2,261
                        )
                        
                        $
                        7,249
                        
                        
                        $
                        5,130
                        
                        
                        $
                        1,369Interest
      expense
                        
                        
                        97,922
                        
                        
                        
                        97,036
                        
                        
                        
                        63,212
                        
                        
                        
                        32,987
                        
                        
                        
                        2,768Less:
      Interest capitalized during the period Note (A)
                        
                        
                        –
                        
                        
                        
                        –
                        
                        
                        
                        –
                        
                        
                        
                        (1,589
                        )
                        
                        
                        –Portion
      of rental expense representing interest
                        
                        
                        216
                        
                        
                        
                        248
                        
                        
                        
                        140
                        
                        
                        
                        39
                        
                        
                        
                        77Total
      earnings
                        
                        $
                        76,377
                        
                        
                        $
                        95,023
                        
                        
                        $
                        70,600
                        
                        
                        $
                        36,567
                        
                        
                        $
                        4,214Fixed
      Charges:Interest
      expense
                        
                        $
                        97,922
                        
                        
                        $
                        97,036
                        
                        
                        $
                        63,212
                        
                        
                        $
                        31,398
                        
                        
                        $
                        2,768Interest
      capitalized during the period
                        
                        
                        –
                        
                        
                        
                        –
                        
                        
                        
                        –
                        
                        
                        
                        1,589
                        
                        
                        
                        –Portion
      of rental expense representing interest
                        
                        
                        216
                        
                        
                        
                        248
                        
                        
                        
                        140
                        
                        
                        
                        39
                        
                        
                        
                        77Total
                        
                        $
                        98,138
                        
                        
                        $
                        97,284
                        
                        
                        $
                        63,351
                        
                        
                        $
                        33,026
                        
                        
                        $
                        2,845Ratio
      of Earnings to Fixed Charges
                        
                        
                        0.78
                        
                        
                        
                        0.98
                        
                        
                        
                        1.11
                        
                        
                        
                        1.11
                        
                        
                        
                        1.48





CapLease,
Inc. and Subsidiaries


Ratio
of Earnings to Combined Fixed Charges and Preferred Stock Dividends




(dollars
      in thousands)
                        
                        Year ended December 31,2008
                        
                        
                        2007
                        
                        
                        2006
                        
                        
                        2005
                        
                        
                        2004Earnings:Net
      income (loss)
                        
                        $
                        (21,761
                        )
                        
                        $
                        (2,261
                        )
                        
                        $
                        7,249
                        
                        
                        $
                        5,130
                        
                        
                        $
                        1,369Interest
      expense
                        
                        
                        97,922
                        
                        
                        
                        97,036
                        
                        
                        
                        63,212
                        
                        
                        
                        32,987
                        
                        
                        
                        2,768Less:
      Interest capitalized during the period Note (A)
                        
                        
                        –
                        
                        
                        
                        –
                        
                        
                        
                        –
                        
                        
                        
                        (1,589
                        )
                        
                        
                        –Portion
      of rental expense representing interest
                        
                        
                        216
                        
                        
                        
                        248
                        
                        
                        
                        140
                        
                        
                        
                        39
                        
                        
                        
                        77Total
      earnings
                        
                        $
                        76,377
                        
                        
                        $
                        95,023
                        
                        
                        $
                        70,600
                        
                        
                        $
                        36,567
                        
                        
                        $
                        4,214Combined
      Fixed Charges and Preference Dividends:Interest
      expense
                        
                        $
                        97,922
                        
                        
                        $
                        97,036
                        
                        
                        $
                        63,212
                        
                        
                        $
                        31,398
                        
                        
                        $
                        2,768Interest
      capitalized during the period
                        
                        
                        –
                        
                        
                        
                        –
                        
                        
                        
                        –
                        
                        
                        
                        1,589
                        
                        
                        
                        –Portion
      of rental expense representing interest
                        
                        
                        216
                        
                        
                        
                        248
                        
                        
                        
                        140
                        
                        
                        
                        39
                        
                        
                        
                        77Preferred
      Stock Dividends
                        
                        
                        2,844
                        
                        
                        
                        2,844
                        
                        
                        
                        2,844
                        
                        
                        
                        561
                        
                        
                        
                        –Total
                        
                        $
                        100,982
                        
                        
                        $
                        100,128
                        
                        
                        $
                        66,195
                        
                        
                        $
                        33,587
                        
                        
                        $
                        2,845Ratio
      of Earnings to Combined Fixed Charges and Preferred Stock
      Dividends
                        
                        
                        0.76
                        
                        
                        
                        0.95
                        
                        
                        
                        1.07
                        
                        
                        
                        1.09
                        
                        
                        
                        1.48





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.