Realty Income (O) 10-K 2013 FY Annual report

Exhibit 12.1

REALTY INCOME CORPORATION

STATEMENTS RE COMPUTATION OF RATIOS

( dollars in thousands )

	Years ended December 31,
	2013			2012			2011			2010			2009
Fixed charges:
Interest	$	171,552		$	115,693		$	103,036		$	89,349		$	81,860
Amortization of fees	9,364			6,849			5,265			3,888			3,668
Interest capitalized	537			498			438			10			5
Fixed charges	$	181,453		$	123,040		$	108,739		$	93,247		$	85,533
Income from continuing operations	$179,180			$140,719			$139,622			$111,422			$107,736
Plus fixed charges	181,453			123,040			108,739			93,247			85,533
Less interest capitalized	(537		)	(498		)	(438		)	(10		)	(5		)
Earnings from continuing operations before fixed charges	$	360,096		$	263,261		$	247,923		$	204,659		$	193,264
Divided by fixed charges	$	181,453		$	123,040		$	108,739		$	93,247		$	85,533
Ratio of earnings from continuing operations to fixed charges	2.0			2.1			2.3			2.2			2.3
Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends	1.6			1.6			1.9			1.7			1.8
Preferred stock dividends	$41,930			$40,918			$24,253			$24,253			$24,253