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
	ended
	Juine 30,		Years ended December 31,
	2007		2006		2005		2004		2003		2002
Net Income	$	73,260	$	110,781	$	99,119	$	103,397	$	86,435	$	78,667
Fixed Charges:
Interest	24,178		48,893		38,699		31,993		24,460		21,072
Interest, discontinued operations	3,877		3,708		1,139		674		561		394
Amortization of fees	1,271		2,470		2,250		2,139		1,953		2,070
Interest Capitalized	470		2,184		1,886		531		697		511
Fixed Charges	29,796		57,255		43,974		35,337		27,671		24,047
Net Income before Fixed Charges	102,586		165,852		141,207		138,203		113,409		102,203
Divided by Fixed Charges	29,796		57,255		43,974		35,337		27,671		24,047
Ratio of Earnings to Fixed Charges	3.4		2.9		3.2		3.9		4.1		4.3
Ratio of earnings to combined fixed charges and preferred stock dividends	2.4		2.4		2.6		3.1		3.0		3.0
Preferred stock dividends	$	12,127	$	11,362	$	9,403	$	9,455	$	9,713	$	9,713