EXHIBIT 12.1 Realty Income Corporation Statement of Computation of Ratios of Earnings to Fixed Charges (dollars in thousands) Years ended December 31, 2001 2000 1999 1998 1997 ---- ---- ---- ---- ---- Net income $67,558 $54,788 $46,241 $41,304 $34,770 Fixed charges: Interest 24,850 29,967 23,367 13,044 7,800 Amortization of fees 1,616 1,580 1,106 679 426 Interest capitalized 385 1,048 1,644 660 168 ----------------------------------------------------------------------------- Fixed charges 26,851 32,595 26,117 14,383 8,394 ----------------------------------------------------------------------------- Net income before fixed charges 94,024 86,335 70,714 55,027 42,996 Divided by fixed charges 26,851 32,595 26,117 14,383 8,394 ----------------------------------------------------------------------------- Ratio of earnings to fixed charges 3.5 2.6 2.7 3.8 5.1 ============================================================================= Ratio of earnings to combined fixed charges and preferred stock dividends 2.6 2.0 2.3 3.8 5.1 ============================================================================= Preferred stock dividends 9,712 9,712 5,229 -- -- 1