EXHIBIT 12.1 VORNADO REALTY L.P.COMPUTATION OF RATIOS (UNAUDITED)  Our consolidated ratios of earnings to fixed charges and earnings to combined fixed charges and preference distributions for each of the fiscal years ended December 31, 2009, 2008, 2007, 2006 and 2005 are as follows:  Year Ended December 31,(Amounts in thousands)
     
     2009
     
     2008
     
     2007
     
     2006
     
     2005Net income from continuing operations
     
     $
     24,892
     
     $
     190,122
     
     $
     481,247
     
     $
     602,462
     
     $
     557,692Fixed charges
     
     
     663,360
     
     
     708,560
     
     
     661,620
     
     
     432,953
     
     
     305,881Income distributions from partially owned entities
     
     
     30,472
     
     
     44,690
     
     
     24,044
     
     
     35,911
     
     
     40,152Capitalized interest
     
     
     (17,256
     )
     
     (63,063
     )
     
     (53,648
     )
     
     (26,195
     )
     
     (15,582
     )Earnings - Numerator
     
     $
     701,468
     
     $
     880,309
     
     $
     1,113,263
     
     $
     1,045,131
     
     $
     888,143Interest and debt expense
     
     $
     634,283
     
     $
     635,724
     
     $
     599,804
     
     $
     400,540
     
     $
     284,876Capitalized interest
     
     
     17,256
     
     
     63,063
     
     
     53,648
     
     
     26,195
     
     
     15,5821/3 of rental expense  interest factor
     
     
     11,821
     
     
     9,773
     
     
     8,168
     
     
     6,218
     
     
     5,423Fixed charges - Denominator
     
     
     663,360
     
     
     708,560
     
     
     661,620
     
     
     432,953
     
     
     305,881Preferred unit distributions
     
     
     76,734
     
     
     76,834
     
     
     77,009
     
     
     80,518
     
     
     97,232Combined fixed charges and preference distributions - Denominator
     
     $
     740,094
     
     $
     785,394
     
     $
     738,629
     
     $
     513,471
     
     $
     403,113Ratio of earnings to fixed charges
     
     
     1.06
     (1)
     
     1.24
     (1)
     
     1.68
     
     
     2.41
     
     
     2.90Ratio of earnings to combined fixed charges and preference distributions
     
     
     0.95
     (2)
     
     1.12
     (2)
     
     1.51
     
     
     2.04
     
     
     2.20
   _______________________ (1)Excluding non-cash impairment charges recognized in the years ended December 31, 2009 and 2008, the ratios of earnings to fixed charges were 1.48 and 1.44, respectively.  (2)Excluding non-cash impairment charges recognized in the years ended December 31, 2009 and 2008, the ratios of earnings to fixed charges and preference distributions were 1.33 and 1.30, respectively.   Earnings equals (i) income from continuing operations before income taxes and income from partially owned entities, plus, (ii) fixed charges, (iii) income distributions from partially owned entities, minus (iv) capitalized interest.  Fixed charges equals (i) interest and debt expense, plus (ii) capitalized interest, (iii) the portion of operating lease rental expense that is representative of the interest factor, which is one-third of operating lease rentals and (iv) preferred unit distributions. Combined fixed charges and preference distributions equals fixed charges plus preferred unit distributions.


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