Realty Income (O) 10-K 2016 FY Annual report

Exhibit 12.1

REALTY INCOME CORPORATION

STATEMENTS RE COMPUTATION OF RATIOS

( dollars in thousands )

	Years ended December 31,
	2016		2015		2014		2013		2012
Fixed charges:
Interest	$	208,328	$	221,484	$	205,486	$	172,078	$	116,294
Amortization of fees	11,646		11,595		10,880		9,364		6,849
Interest capitalized	469		594		444		537		498
Fixed charges	$	220,443	$	233,673	$	216,810	$	181,979	$	123,641
Income from continuing operations	$316,477		$284,855		$269,140		$180,613		$141,895
Plus fixed charges	220,443		233,673		216,810		181,979		123,641
Less interest capitalized	(469)		(594)		(444)		(537)		(498)
Earnings from continuing operations before fixed charges	$	536,451	$	517,934	$	485,506	$	362,055	$	265,038
Divided by fixed charges	$	220,443	$	233,673	$	216,810	$	181,979	$	123,641
Ratio of earnings from continuing operations to fixed charges	2.4		2.2		2.2		2.0		2.1
Ratio of earnings from continuing operations to combined fixed charges and preferred stock dividends	2.2		2.0		1.9		1.6		1.6
Preferred stock dividends	$27,080		$27,080		$37,062		$41,930		$40,918