Realty Income (O) 8-K Other Events

Exhibit 12.1

REALTY INCOME CORPORATION

STATEMENTS RE COMPUTATION OF RATIOS

( dollars in thousands )

	Three Months
	Ended		Years ended December 31,
	March 31, 2011		2010		2009		2008		2007		2006
Fixed charges:
Interest	$23,950		$ 89,349		$ 81,860		$ 90,083		$ 61,640		$ 48,893
Amortization of fees	1,172		3,888		3,668		3,873		2,691		2,470
Interest capitalized	71		10		5		92		993		2,184
Fixed charges	$25,193		$ 93,247		$ 85,533		$ 94,048		$  65,324		$  53,547
Income from continuing operations	$35,603		$121,213		$120,418		$109,918		$121,712		$ 99,421
Plus fixed charges	25,193		93,247		85,533		94,048		65,324		53,547
Less interest capitalized	(71	)	(10	)	(5	)	(92	)	(993	)	(2,184	)
Earnings from continuing operations before fixed charges	$60,725		$214,450		$205,946		$203,874		$186,043		$150,784
Divided by fixed charges	$25,193		$ 93,247		$ 85,533		$ 94,048		$  65,324		$ 53,547
Ratio of earnings from continuing operations to fixed charges	2.4		2.3		2.4		2.2		2.8		2.8
Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends	1.9		1.8		1.9		1.7		2.1		2.3
Preferred stock dividends	$  6,063		$ 24,253		$ 24,253		$ 24,253		$ 24,253		$ 11,362