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