Exhibit 12.1
Realty Income Corporation
Statements re computation of ratios
( dollars in thousands )
	Years ended December 31,
	2007		2006		2005		2004		2003
Net Income	$	140,409	$	110,781	$	99,119	$	103,397	$	86,435
Fixed Charges:
Interest		61,640		48,893		38,699		31,993		24,460
Interest, discontinued operations		6,201		3,708		1,139		674		561
Amortization of fees		2,691		2,470		2,250		2,139		1,953
Interest Capitalized		993		2,184		1,886		531		697
Fixed Charges		71,525		57,255		43,974		35,337		27,671
Net Income before
Fixed Charges		210,941		165,852		141,207		138,203		113,409
Divided by Fixed Charges		71,525		57,255		43,974		35,337		27,671
Ratio of Earnings to
Fixed Charges		2.9		2.9		3.2		3.9		4.1
Ratio of earnings to combined
fixed charges and preferred
stock dividends		2.2		2.4		2.6		3.1		3.0
Preferred stock dividends	$	24,253	$	11,362	$	9,403	$	9,455	$	9,713