EX-12.1 5 a04-2630_1ex12d1.htm EX-12.1

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 )

 

 

 

 

Years ended December 31,

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

86,435

 

$

78,667

 

$

67,558

 

$

54,788

 

$

46,241

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

Interest

 

25,020

 

21,466

 

24,850

 

29,967

 

23,367

 

Amortization of fees

 

1,954

 

2,070

 

1,616

 

1,580

 

1,106

 

Interest Capitalized

 

697

 

511

 

385

 

1,048

 

1,644

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

27,671

 

24,047

 

26,851

 

32,595

 

26,117

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income before Fixed Charges

 

113,409

 

102,203

 

94,024

 

86,335

 

70,714

 

 

 

 

 

 

 

 

 

 

 

 

 

Divided by Fixed Charges

 

27,671

 

24,047

 

26,851

 

32,595

 

26,117

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

4.1

 

4.3

 

3.5

 

2.6

 

2.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

3.0

 

3.0

 

2.6

 

2.0

 

2.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

$

9,713

 

$

9,713

 

$

9,712

 

$

9,712

 

$

5,229