Realty Income (O) 8-K Other events

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 )

	As of Sept 30, 2003		Years ended December 31,
			2002		2001		2000		1999		1998		1997		1996		1995		1994		1993		1992		1991		1990
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
Fixed Charges:
Interest	17,798		21,466		24,850		29,967		23,367		13,044		7,800		1,987		2,186		354		5		—		—		—
Amortization of fees	1,445		2,070		1,616		1,580		1,106		679		426		380		456		42		—		—		—		—
Interest Capitalized	557		511		385		1,048		1,644		660		168		150		217		—		—		—		—		—
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
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
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
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
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
Preferred stock dividends	$	7,285	$	9,713	$	9,712	$	9,712	$	5,229	—		—		—		—		—		—		—		—		—