Exhibit 12.1
LEXINGTON REALTY TRUST
and Consolidated Subsidiaries
For the six months ended June 30, 2012 and the years ended December 31,
($000's)
RATIO OF EARNINGS TO FIXED CHARGES
Six Months | December 31, | |||||||||||||||||||||||
Earnings: | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||
Loss before benefit (provision) for income taxes, noncontrolling interest, equity in earnings (losses) of non-consolidated entities, gains on sale-affiliates and discontinued operations | $ | (6,808 | ) | $ | (54,320 | ) | $ | (27,032 | ) | $ | (5,985 | ) | $ | (1,381 | ) | $ | (49,910 | ) | ||||||
Interest expense | 47,343 | 103,721 | 112,361 | 116,644 | 136,413 | 143,397 | ||||||||||||||||||
Amortization expense - debt cost | 1,700 | 3,749 | 5,237 | 4,516 | 4,020 | 3,988 | ||||||||||||||||||
Cash received from joint ventures | 6,080 | 11,689 | 4,590 | 20,948 | 28,052 | 17,388 | ||||||||||||||||||
Adjusted Earnings | $ | 48,315 | $ | 64,839 | $ | 95,156 | $ | 136,123 | $ | 167,104 | $ | 114,863 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 47,343 | $ | 103,721 | $ | 112,361 | $ | 116,644 | $ | 136,413 | $ | 143,397 | ||||||||||||
Amortization expense - debt cost | 1,700 | 3,749 | 5,237 | 4,516 | 4,020 | 3,988 | ||||||||||||||||||
Capitalized interest expense | 1,194 | 1,792 | 791 | 778 | 350 | 277 | ||||||||||||||||||
Total Fixed Charges | $ | 50,237 | $ | 109,262 | $ | 118,389 | $ | 121,938 | $ | 140,783 | $ | 147,662 | ||||||||||||
Ratio | N/A (1) | N/A (1) | N/A (1) | 1.12 (2) | 1.19 (2) | N/A (1) |
(1) | Ratio is less than 1.0, deficit of $1,922, $44,423, $23,233 and $32,799 exists at June 30, 2012 and December 31, 2011, 2010 and 2007, respectively. |
(2) | Including debt satisfaction (gains) charges in the calculations results in ratios of earnings to fixed charges for the years ended December 31, 2009 and 2008 of 1.14 and 1.32, respectively. |