Exhibit 12.1

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

	American Realty Capital Properties, Inc.						ARC Predecessor Companies
	Six Months						January 1, 2011 to			Year Ended						June 5, 2008 to
Period	Ended June 30, 2012			September 6, 2011 to December 31, 2011			September 5, 2011			December 31, 2010			December 31, 2009			December 31, 2008
Earnings
Pre-tax loss from continuing operations	$	(2,271	)	$	(1,759	)	$	(5,302	)	$	(7,421	)	$	(8,614	)	$	(1,182	)
Add:
Fixed charges		1,806			924			7,941			10,805			6,963			1,608
Total Earnings	$	(465	)	$	(835	)	$	2,639		$	3,384		$	(1,651	)	$	426
Fixed charges
Interest expensed and capitalized (1)	$	1,737		$	924		$	7,941		$	10,805		$	6,963		$	1,608
Preference security dividend requirements		69			-			-			-			-			-
Total Fixed Charges	$	1,806		$	924		$	7,941		$	10,805		$	6,963		$	1,608
Ratio of Earnings to Fixed Charges		-0.26	x		-0.90	x		0.33	x		0.31	x		-0.24	x		0.26	x
Deficiency	$	2,271		$	1,759			N/A			N/A		$	8,614			N/A

(1) Interest expensed includes amortization of premiums and discounts on borrowings and amortization of capitalized expenses related to indebtedness.