EX-12 3 y57650ex12.txt STATEMENT OF COMPUTATION OF RATIO OF EARNINGS 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 ---- ---- ---- ---- ---- 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 ------------ ------------ ------------ ------------ ------------ Total $ 52,533,074 $ 51,982,595 $ 51,355,530 $ 39,676,030 $ 29,215,955 ============ ============ ============ ============ ============ 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 ------------ ------------ ------------ ------------ ------------ Total $ 33,553,810 $ 33,450,492 $ 32,589,635 $ 26,241,249 $ 18,382,838 ============ ============ ============ ============ ============ RATIO 1.57 1.55 1.58 1.51 1.59 ============ ============ ============ ============ ============