Exhibit 12
Lexington Corporate Properties Trust
Ratio of earnings to combined fixed charges and preferred dividends
For the years ended December 31,
($000's)
2002 2001 2000 1999 1998
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Earnings
Income before extraordinary items $ 30,940 $ 21,206 $ 21,952 $ 21,347 $ 15,737
Interest expense 33,502 29,732 29,581 29,099 23,055
Amortization expense - debt cost 1,218 987 1,067 971 933
Equity in earnings from joint ventures (4,561) (3,502) (1,428) (61) (52)
Cash received from joint ventures 5,660 4,110 810 -- 3
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Total $ 66,759 $ 52,533 $ 51,982 $ 51,356 $ 39,676
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Fixed Charges
Interest expense $ 33,502 $ 29,732 $ 29,581 $ 29,099 $ 23,055
Capitalized interest expense 24 168 241 -- --
Preferred stock dividend 693 2,667 2,562 2,520 2,254
Amortization expense - debt cost 1,218 987 1,067 971 933
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Total $ 35,437 $ 33,554 $ 33,451 $ 32,590 $ 26,242
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Ratio 1.88 1.57 1.55 1.58 1.51
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