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