Exhibit 12.1
REALTY INCOME CORPORATION
STATEMENTS RE COMPUTATION OF RATIOS
( dollars in thousands )
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| Years ended December 31, |
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| 2011 |
| 2010 |
| 2009 |
| 2008 |
| 2007 |
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Fixed charges: |
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Interest |
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| $ | 103,229 |
| $ | 89,349 |
| $ | 81,860 |
| $ | 90,083 |
| $ | 61,640 |
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Amortization of fees |
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| 5,072 |
| 3,888 |
| 3,668 |
| 3,873 |
| 2,691 |
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Interest capitalized |
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| 438 |
| 10 |
| 5 |
| 92 |
| 993 |
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Fixed charges |
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| $ | 108,739 |
| $ | 93,247 |
| $ | 85,533 |
| $ | 94,048 |
| $ | 65,324 |
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Income from continuing operations |
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| $149,181 |
| $118,676 |
| $116,699 |
| $106,123 |
| $118,879 |
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Plus fixed charges |
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| 108,739 |
| 93,247 |
| 85,533 |
| 94,048 |
| 65,324 |
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Less interest capitalized |
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| (438 | ) | (10 | ) | (5 | ) | (92 | ) | (993 | ) | |||||
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Earnings from continuing operations before fixed charges |
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| $ | 257,482 |
| $ | 211,913 |
| $ | 202,227 |
| $ | 200,079 |
| $ | 183,210 |
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Divided by fixed charges |
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| $ | 108,739 |
| $ | 93,247 |
| $ | 85,533 |
| $ | 94,048 |
| $ | 65,324 |
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Ratio of earnings from continuing operations to fixed charges |
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| 2.4 |
| 2.3 |
| 2.4 |
| 2.1 |
| 2.8 |
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Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends |
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| 1.9 |
| 1.8 |
| 1.8 |
| 1.7 |
| 2.0 |
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Preferred stock dividends |
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| $24,253 |
| $24,253 |
| $24,253 |
| $24,253 |
| $24,253 |
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