Exhibit 12.1
REALTY INCOME CORPORATION
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
( dollars in thousands )
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| Years ended December 31, |
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| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
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Net Income |
| $ | 103,397 |
| $ | 86,435 |
| $ | 78,667 |
| $ | 67,558 |
| $ | 54,788 |
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Fixed Charges: |
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Interest |
| 31,992 |
| 24,459 |
| 21,072 |
| 23,981 |
| 29,054 |
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Interest, discontinued operatios |
| 674 |
| 561 |
| 394 |
| 869 |
| 913 |
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Amortization of fees |
| 2,140 |
| 1,954 |
| 2,070 |
| 1,616 |
| 1,580 |
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Interest Capitalized |
| 531 |
| 697 |
| 511 |
| 385 |
| 1,048 |
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Fixed Charges |
| 35,337 |
| 27,671 |
| 24,047 |
| 26,851 |
| 32,595 |
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Net Income before |
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Fixed Charges |
| 138,203 |
| 113,409 |
| 102,203 |
| 94,024 |
| 86,335 |
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Divided by Fixed Charges |
| 35,337 |
| 27,671 |
| 24,047 |
| 26,851 |
| 32,595 |
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Ratio of Earnings to |
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Fixed Charges |
| 3.9 |
| 4.1 |
| 4.3 |
| 3.5 |
| 2.6 |
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Ratio of earnings to combined fixed charges and preferred stock dividends |
| 3.1 |
| 3.0 |
| 3.0 |
| 2.6 |
| 2.0 |
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Preferred stock dividends |
| $ | 9,455 |
| $ | 9,713 |
| $ | 9,713 |
| $ | 9,712 |
| $ | 9,712 |
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