EX-12.1 7 a06-19817_1ex12d1.htm EX-12

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 )

 

 

Six months

 

 

 

 

 

 

 

 

 

 

 

 

 

ended

 

 

 

 

 

Juine 30,

 

Years ended December 31,

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

51,528

 

$

99,119

 

$

103,397

 

$

86,435

 

$

78,667

 

$

67,558

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

23,958

 

38,699

 

31,993

 

24,460

 

21,072

 

23,981

 

Interest, discontinued operations

 

1,463

 

1,139

 

674

 

561

 

394

 

869

 

Amortization of fees

 

1,169

 

2,250

 

2,139

 

1,953

 

2,070

 

1,616

 

Interest Capitalized

 

1,089

 

1,886

 

531

 

697

 

511

 

385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

27,679

 

43,974

 

35,337

 

27,671

 

24,047

 

26,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income before Fixed Charges

 

78,118

 

141,207

 

138,203

 

113,409

 

102,203

 

94,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Divided by Fixed Charges

 

27,679

 

43,974

 

35,337

 

27,671

 

24,047

 

26,851

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

2.8

 

3.2

 

3.9

 

4.1

 

4.3

 

3.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

2.4

 

2.6

 

3.1

 

3.0

 

3.0

 

2.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

$

4,702

 

$

9,403

 

$

9,455

 

$

9,713

 

$

9,713

 

$

9,712