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 March 31, 2004		Years ended December 31,
			2003		2002		2001		2000		1999
Net Income	$	24,851	$	86,435	$	78,667	$	67,558	$	54,788	$	46,241
Fixed Charges:
Interest	8,176		25,020		21,466		24,850		29,967		23,367
Amortization of fees	534		1,954		2,070		1,616		1,580		1,106
Interest Capitalized	141		697		511		385		1,048		1,644
Fixed Charges	8,851		27,671		24,047		26,851		32,595		26,117
Net Income before
Fixed Charges	33,561		113,409		102,203		94,024		86,335		70,714
Divided by Fixed Charges	8,851		27,671		24,047		26,851		32,595		26,117
Ratio of Earnings to Fixed Charges	3.8		4.1		4.3		3.5		2.6		2.7
Ratio of earnings to combined fixed charges and preferred stock dividends	3.0		3.0		3.0		2.6		2.0		2.3
Preferred stock dividends	$	2,428	$	9,713	$	9,713	$	9,712	$	9,712	$	5,229