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 )

	Six Months		Years ended December 31,
	ended June 30, 2004		2003		2002		2001		2000		1999
Net Income	$	51,638	$	86,435	$	78,667	$	67,558	$	54,788	$	46,241
Fixed Charges:
Interest	15,918		25,020		21,466		24,850		29,967		23,367
Amortization of fees	1,069		1,954		2,070		1,616		1,580		1,106
Interest Capitalized	274		697		511		385		1,048		1,644
Fixed Charges	17,261		27,671		24,047		26,851		32,595		26,117
Net Income before
Fixed Charges	68,625		113,409		102,203		94,024		86,335		70,714
Divided by Fixed Charges	17,261		27,671		24,047		26,851		32,595		26,117
Ratio of Earnings to Fixed Charges	4.0		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	$	5,410	$	9,713	$	9,713	$	9,712	$	9,712	$	5,229