Exhibit 12.1
REALTY INCOME CORPORATION
STATEMENTS RE COMPUTATION OF RATIOS
( dollars in thousands )
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| Three Months |
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| Ended |
| Years ended December 31, |
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| March 31, 2010 |
| 2009 |
| 2008 |
| 2007 |
| 2006 |
| 2005 |
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Fixed charges: |
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Interest |
| $20,488 |
| $ 81,860 |
| $ 90,083 |
| $ 61,640 |
| $ 48,893 |
| $ 38,699 |
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Amortization of fees |
| 907 |
| 3,668 |
| 3,873 |
| 2,691 |
| 2,470 |
| 2,250 |
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Interest capitalized |
| 2 |
| 5 |
| 92 |
| 993 |
| 2,184 |
| 1,886 |
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Fixed charges |
| $21,397 |
| $ 85,533 |
| $ 94,048 |
| $ 65,324 |
| $ 53,547 |
| $ 42,835 |
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Income from continuing operations |
| $29,451 |
| $122,297 |
| $115,024 |
| $123,332 |
| $101,726 |
| $ 84,231 |
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Plus fixed charges |
| 21,397 |
| 85,533 |
| 94,048 |
| 65,324 |
| 53,547 |
| 42,835 |
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Less interest capitalized |
| (2 | ) | (5 | ) | (92 | ) | (993 | ) | (2,184 | ) | (1,886 | ) |
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Earnings from continuing operations before fixed charges |
| $50,846 |
| $207,825 |
| $208,980 |
| $187,663 |
| $153,089 |
| $125,180 |
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Divided by fixed charges |
| $21,397 |
| $ 85,533 |
| $ 94,048 |
| $ 65,324 |
| $ 53,547 |
| $ 42,835 |
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Ratio of earnings from continuing operations to fixed charges |
| 2.4 |
| 2.4 |
| 2.2 |
| 2.9 |
| 2.9 |
| 2.9 |
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Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends |
| 1.9 |
| 1.9 |
| 1.8 |
| 2.1 |
| 2.4 |
| 2.4 |
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Preferred stock dividends |
| $ 6,063 |
| $ 24,253 |
| $ 24,253 |
| $ 24,253 |
| $ 11,362 |
| $ 9,403 |
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