Exhibit 12
LEXINGTON CORPORATE PROPERTIES TRUST
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
For the year ended December 31,
($000’s)
Earnings | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||
Income before provision for income taxes, minority interest, equity in earnings of non-consolidated entities and discontinued operations | $ | 41,860 | $ | 25,785 | $ | 24,151 | $ | 14,687 | $ | 21,482 | ||||||||||
Interest expense | 45,279 | 34,595 | 32,863 | 28,727 | 28,579 | |||||||||||||||
Amortization expense — debt cost | 1,158 | 1,198 | 1,163 | 938 | 1,037 | |||||||||||||||
Debt satisfaction charges | — | 7,459 | 345 | 3,993 | — | |||||||||||||||
Cash received from joint ventures | 5,294 | 7,823 | 5,660 | 4,110 | 810 | |||||||||||||||
Total | $ | 93,591 | $ | 76,860 | $ | 64,182 | $ | 52,455 | $ | 51,908 | ||||||||||
Fixed charges | ||||||||||||||||||||
Interest expense | $ | 45,279 | $ | 34,595 | $ | 32,863 | $ | 28,727 | $ | 28,579 | ||||||||||
Debt satisfaction charges | — | 7,459 | 345 | 3,993 | — | |||||||||||||||
Capitalized interest expense | 225 | 142 | 24 | 168 | 241 | |||||||||||||||
Preferred stock dividend | 6,945 | 3,392 | 693 | 2,709 | 2,562 | |||||||||||||||
Amortization expense — debt cost | 1,158 | 1,198 | 1,163 | 938 | 1,037 | |||||||||||||||
Total | $ | 53,607 | $ | 46,786 | $ | 35,088 | $ | 36,535 | $ | 32,419 | ||||||||||
Ratio | 1.75 | 1.64 | 1.83 | 1.44 | 1.60 | |||||||||||||||