EX-12.1 7 exhibit121.htm EXHIBIT EXHIBIT 12.1

Exhibit 12.1

LEXINGTON REALTY TRUST
and Consolidated Subsidiaries
For the six months ended June 30, 2012 and the years ended December 31,
($000's)
RATIO OF EARNINGS TO FIXED CHARGES

 
 
Six Months
 
December 31,
Earnings:
 
2012
 
2011
 
2010
 
2009
 
2008
 
2007
Loss before benefit (provision) for income taxes, noncontrolling interest, equity in earnings (losses) of non-consolidated entities, gains on sale-affiliates and discontinued operations
 
$
(6,808
)
 
$
(54,320
)
 
$
(27,032
)
 
$
(5,985
)
 
$
(1,381
)
 
$
(49,910
)
Interest expense
 
47,343

 
103,721

 
112,361

 
116,644

 
136,413

 
143,397

Amortization expense - debt cost
 
1,700

 
3,749

 
5,237

 
4,516

 
4,020

 
3,988

Cash received from joint ventures
 
6,080

 
11,689

 
4,590

 
20,948

 
28,052

 
17,388

Adjusted Earnings
 
$
48,315

 
$
64,839

 
$
95,156

 
$
136,123

 
$
167,104

 
$
114,863

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
$
47,343

 
$
103,721

 
$
112,361

 
$
116,644

 
$
136,413

 
$
143,397

Amortization expense - debt cost
 
1,700

 
3,749

 
5,237

 
4,516

 
4,020

 
3,988

Capitalized interest expense
 
1,194

 
1,792

 
791

 
778

 
350

 
277

Total Fixed Charges
 
$
50,237

 
$
109,262

 
$
118,389

 
$
121,938

 
$
140,783

 
$
147,662

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio
 
N/A (1)

 
N/A (1)

 
N/A (1)

 
1.12 (2)

 
1.19 (2)

 
N/A (1)



(1)
Ratio is less than 1.0, deficit of $1,922, $44,423, $23,233 and $32,799 exists at June 30, 2012 and December 31, 2011, 2010 and 2007, respectively.

(2)
Including debt satisfaction (gains) charges in the calculations results in ratios of earnings to fixed charges for the years ended December 31, 2009 and 2008 of 1.14 and 1.32, respectively.