EXHIBIT 12
LEXINGTON CORPORATE PROPERTIES TRUST
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
FOR THE YEAR ENDED DECEMBER 31,
($000'S)
<Table>
<Caption>
2003 2002 2001 2000 1999
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Earnings
Income from continuing operations............ $30,847 $28,504 $17,286 $21,328 $20,682
Interest expense............................. 42,084 33,506 32,906 28,936 28,390
Amortization expense - debt cost............. 1,594 1,210 1,394 1,054 958
Equity in earnings from joint ventures....... (5,391) (4,561) (3,502) (1,428) (61)
Cash received from joint ventures............ 7,823 5,660 4,110 810 --
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Total........................................ $76,957 $64,319 $52,194 $50,700 $49,969
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Fixed Charges
Interest expense............................. $42,084 $33,506 $32,906 $28,936 $28,390
Capitalized interest expense................. 142 24 168 241 --
Preferred stock dividend..................... 3,392 693 2,709 2,562 2,520
Amortization expense - debt cost............. 1,594 1,210 1,394 1,054 958
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Total........................................ $47,212 $35,433 $37,177 $32,793 $31,868
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Ratio........................................ 1.63 1.82 1.40 1.55 1.57
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</Table>