Exhibit 12.1
REALTY INCOME CORPORATION
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
( dollars in thousands )
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| As of |
| Years ended December 31, |
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| 2002 |
| 2001 |
| 2000 |
| 1999 |
| 1998 |
| 1997 |
| 1996 |
| 1995 |
| 1994 |
| 1993 |
| 1992 |
| 1991 |
| 1990 |
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Net Income |
| $ | 58,952 |
| $ | 78,667 |
| $ | 67,558 |
| $ | 54,788 |
| $ | 46,241 |
| $ | 41,304 |
| $ | 34,770 |
| $ | 32,223 |
| $ | 25,600 |
| $ | 15,224 |
| $ | 29,318 |
| $ | 28,053 |
| $ | 27,803 |
| $ | 29,958 |
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Fixed Charges: |
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Interest |
| 17,798 |
| 21,466 |
| 24,850 |
| 29,967 |
| 23,367 |
| 13,044 |
| 7,800 |
| 1,987 |
| 2,186 |
| 354 |
| 5 |
| — |
| — |
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Amortization of fees |
| 1,445 |
| 2,070 |
| 1,616 |
| 1,580 |
| 1,106 |
| 679 |
| 426 |
| 380 |
| 456 |
| 42 |
| — |
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Interest Capitalized |
| 557 |
| 511 |
| 385 |
| 1,048 |
| 1,644 |
| 660 |
| 168 |
| 150 |
| 217 |
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Fixed Charges |
| 19,800 |
| 24,047 |
| 26,851 |
| 32,595 |
| 26,117 |
| 14,383 |
| 8,394 |
| 2,517 |
| 2,859 |
| 396 |
| 5 |
| 0 |
| 0 |
| 0 |
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Net Income before Fixed Charges |
| 78,195 |
| 102,203 |
| 94,024 |
| 86,335 |
| 70,714 |
| 55,027 |
| 42,996 |
| 34,590 |
| 28,242 |
| 15,620 |
| 29,323 |
| 28,053 |
| 27,803 |
| 29,958 |
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Divided by Fixed Charges |
| 19,800 |
| 24,047 |
| 26,851 |
| 32,595 |
| 26,117 |
| 14,383 |
| 8,394 |
| 2,517 |
| 2,859 |
| 396 |
| 5 |
| 0 |
| 0 |
| 0 |
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Ratio of Earnings to Fixed Charges |
| 3.9 |
| 4.3 |
| 3.5 |
| 2.6 |
| 2.7 |
| 3.8 |
| 5.1 |
| 13.7 |
| 9.9 |
| 39.4 |
| 5,864.6 |
| N/A |
| N/A |
| N/A |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
| 2.9 |
| 3.0 |
| 2.6 |
| 2.0 |
| 2.3 |
| 3.8 |
| 5.1 |
| 13.7 |
| 9.9 |
| 39.4 |
| 5,864.6 |
| N/A |
| N/A |
| N/A |
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Preferred stock dividends |
| $ | 7,285 |
| $ | 9,713 |
| $ | 9,712 |
| $ | 9,712 |
| $ | 5,229 |
| — |
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