Exhibit 12.1
REALTY INCOME CORPORATION
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
( dollars in thousands )
Years ended December 31,
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Proforma
1996(1) 1996 1995 1994 1993 1992
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Net Income $26,289 $32,223 $25,600 $15,224 $29,318 $28,053
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Fixed Charges:
Interest 8,206 1,987 2,186 354 5 --
Amortization of fees 95 380 456 42 -- --
Interest Capitalized 167 150 217 -- -- --
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Fixed Charges 8,468 2,517 2,859 396 5 --
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Net Income before
Fixed Charges 34,590 34,590 28,242 15,620 29,323 28,053
Divded by Fixed Charges 8,468 2,517 2,859 396 5 --
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Ratio of Earnings to
Fixed Charges 4:1 14:1 10:1 39:1 5865:1 N/A
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(1) PRO FORMA NET INCOME AND FIXED CHARGES WERE CALCULATED ASSUMING THE
INTEREST RATE LOCK AGREEMENT WAS IN EFFECT AND AS IF THE ISSUANCE OF THE 7
3/4 NOTES DUTE 2007 IN AN AGGREGATE PRINCIPAL AMOUNT OF $110,000,000 HAD
OCCURED ON JANUARY 1, 1996, AND THAT ACQUISITION CREDIT FACILITY BALANCE WAS
ZERO THROUGHOUT 1996.