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