Exhibit 12.1

Lexington Realty Trust
Ratio of earnings to fixed charges

	For the year ended December 31,
	($000’s)
	Nine months
	ended
	September
	30, 2008			2007			2006			2005			2004		2003
Earnings
Income (loss) before benefit (provision) for income taxes, minority interest, equity in earnings of non-consolidated entities, gains on sale of properties-affiliate and discontinued operations	$	3,864		$	(74,392	)	$	(11,794	)	$	12,918		$	22,389	$	11,963
Interest expense		116,935			159,098			63,451			54,897			35,533		24,832
Amortization expense – debt cost		3,584			4,530			1,646			1,280			915		777
Debt satisfaction charges (gains)		(39,020	)		1,209			(7,228	)		(4,409	)		56		2,994
Cash received from joint ventures		26,575			17,388			22,239			14,663			5,294		8,128
Total	$	111,938		$	107,833		$	68,314		$	79,349		$	64,187	$	48,694
Fixed Charges
Interest expense	$	116,935		$	159,098		$	63,451		$	54,897		$	35,533	$	24,832
Amortization expense – debt cost		3584			4,530			1,646			1,280			915		777
Debt satisfaction charges (gains)		(39,020	)		1,209			(7,228	)		(4,409	)		56		2,994
Capitalized interest expense		229			277			513			816			225		142
Total	$	81,728		$	165,114		$	58,382		$	52,584		$	36,729	$	28,745
Ratio		1.37			N/A			1.17			1.51			1.75		1.69

N/A – Ratio is less than 1.0, deficit of $57,281 exists at December 31, 2007.