Exhibit 12.1
REALTY INCOME CORPORATION
STATEMENTS RE COMPUTATION OF RATIOS
( dollars in thousands )
	Years ended December 31,
	2010			2009			2008			2007			2006
Fixed charges:
Interest	$	89,349		$	81,860		$	90,083		$	61,640		$	48,893
Amortization of fees		3,888			3,668			3,873			2,691			2,470
Interest capitalized		10			5			92			993			2,184
Fixed charges	$	93,247		$	85,533		$	94,048		$	65,324		$	53,547
Income from continuing operations	$	121,416		$	120,775		$	110,301		$	121,871		$	99,551
Plus fixed charges		93,247			85,533			94,048			65,324			53,547
Less interest capitalized		(10	)		(5	)		(92	)		(993	)		(2,184	)
Earnings from continuing operations
before fixed charges	$	214,653		$	206,303		$	204,257		$	186,202		$	150,914
Divided by fixed charges	$	93,247		$	85,533		$	94,048		$	65,324		$	53,547
Ratio of earnings from continuing
operations to fixed charges		2.3			2.4			2.2			2.9			2.8
Ratio of earnings from continuing
operations to combined fixed charges
and preferred stock dividends		1.8			1.9			1.7			2.1			2.3
Preferred stock dividends	$	24,253		$	24,253		$	24,253		$	24,253		$	11,362