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 |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| ended |
|
|
| ||||||||||||||
|
| Juine 30, |
| Years ended December 31, |
| ||||||||||||||
|
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Income |
| $ | 51,528 |
| $ | 99,119 |
| $ | 103,397 |
| $ | 86,435 |
| $ | 78,667 |
| $ | 67,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest |
| 23,958 |
| 38,699 |
| 31,993 |
| 24,460 |
| 21,072 |
| 23,981 |
| ||||||
Interest, discontinued operations |
| 1,463 |
| 1,139 |
| 674 |
| 561 |
| 394 |
| 869 |
| ||||||
Amortization of fees |
| 1,169 |
| 2,250 |
| 2,139 |
| 1,953 |
| 2,070 |
| 1,616 |
| ||||||
Interest Capitalized |
| 1,089 |
| 1,886 |
| 531 |
| 697 |
| 511 |
| 385 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fixed Charges |
| 27,679 |
| 43,974 |
| 35,337 |
| 27,671 |
| 24,047 |
| 26,851 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Income before Fixed Charges |
| 78,118 |
| 141,207 |
| 138,203 |
| 113,409 |
| 102,203 |
| 94,024 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Divided by Fixed Charges |
| 27,679 |
| 43,974 |
| 35,337 |
| 27,671 |
| 24,047 |
| 26,851 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of Earnings to Fixed Charges |
| 2.8 |
| 3.2 |
| 3.9 |
| 4.1 |
| 4.3 |
| 3.5 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Ratio of earnings to combined fixed charges and preferred stock dividends |
| 2.4 |
| 2.6 |
| 3.1 |
| 3.0 |
| 3.0 |
| 2.6 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Preferred stock dividends |
| $ | 4,702 |
| $ | 9,403 |
| $ | 9,455 |
| $ | 9,713 |
| $ | 9,713 |
| $ | 9,712 |
|