Exhibit 12
Lexington Corporate Properties Trust
Ratio of earnings to combined fixed charges and preferred dividends
For the year ended December 31,
2001 2000 1999 1998 1997
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EARNINGS
Income before extraordinary items $ 21,206,125 $ 21,952,267 $ 21,346,854 $ 15,737,265 $ 11,781,810
Interest expense 29,731,703 29,581,324 29,098,915 23,054,531 16,644,044
Amortization expense - debt cost 986,907 1,066,668 970,720 933,021 822,552
Equity in earnings from joint ventures (3,502,058) (1,427,506) (60,959) (52,172) (35,836)
Cash received from joint ventures 4,110,397 809,842 -- 3,385 3,385
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Total $ 52,533,074 $ 51,982,595 $ 51,355,530 $ 39,676,030 $ 29,215,955
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FIXED CHARGES
Interest expense $ 29,731,703 $ 29,581,324 $ 29,098,915 $ 23,054,531 $ 16,644,044
Capitalized interest expense 168,200 240,500 -- -- --
Preferred stock dividend 2,667,000 2,562,000 2,520,000 2,253,697 916,242
Amortization expense - debt cost 986,907 1,066,668 970,720 933,021 822,552
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Total $ 33,553,810 $ 33,450,492 $ 32,589,635 $ 26,241,249 $ 18,382,838
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RATIO 1.57 1.55 1.58 1.51 1.59
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