Exhibit 12

LEXINGTON CORPORATE PROPERTIES TRUST

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

For the year ended December 31,

($000’s)

Earnings	2004		2003		2002		2001		2000
Income before provision for income taxes, minority interest, equity in earnings of non-consolidated entities and discontinued operations	$	41,860	$	25,785	$	24,151	$	14,687	$	21,482
Interest expense		45,279		34,595		32,863		28,727		28,579
Amortization expense — debt cost		1,158		1,198		1,163		938		1,037
Debt satisfaction charges		—		7,459		345		3,993		—
Cash received from joint ventures		5,294		7,823		5,660		4,110		810
Total	$	93,591	$	76,860	$	64,182	$	52,455	$	51,908
Fixed charges
Interest expense	$	45,279	$	34,595	$	32,863	$	28,727	$	28,579
Debt satisfaction charges		—		7,459		345		3,993		—
Capitalized interest expense		225		142		24		168		241
Preferred stock dividend		6,945		3,392		693		2,709		2,562
Amortization expense — debt cost		1,158		1,198		1,163		938		1,037
Total	$	53,607	$	46,786	$	35,088	$	36,535	$	32,419
Ratio		1.75		1.64		1.83		1.44		1.60