COMMERCIAL NET LEASE REALTY, INC. AND SUBSIDIARIES
EXHIBIT 12.1

CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

The following table sets forth the Company’s consolidated ratios of earnings to fixed charges for the periods as shown.

	2005			2004			2003			2002			2001
Net Earnings, before Extraordinary Item	$	74,615,024		$	64,933,739		$	53,472,592		$	48,058,349		$	28,963,548
Fixed Charges:
Interest on Indebtedness		37,034,923			33,453,678			28,356,201			27,239,152			25,522,640
Amortization of Discount Relating to Indebtedness		104,463			122,859			146,195			127,375			107,201
Amortization of Treasury Lock Gain		(325,945	)		(456,669	)		(596,741	)		(554,527	)		(515,299	)
Amortization of Deferred Charges		1,507,466			1,260,198			1,334,224			963,438			817,170
		38,320,906			34,380,066			29,239,879			27,775,438			25,931,712
Net Earnings Before Fixed Charges	$	112,935,930		$	99,313,805		$	82,712,471		$	75,833,787		$	54,895,260
Divided by Fixed Charges
Fixed Charges	$	38,320,906		$	34,380,066		$	29,239,879		$	27,775,438		$	25,931,712
Capitalized and Deferred Interest		2,563,035			270,879			102,544			(599,902	)		451,624
	$	40,883,941		$	34,650,945		$	29,342,423		$	27,175,536		$	26,383,336
Ratio of Net Earnings to Fixed Charges		2.76			2.87			2.82			2.79			2.08
Preferred Stock Dividends
Series A Preferred Stock	$	4,008,575		$	4,008,378		$	4,007,532		$	4,009,554		$	—
Series B Convertible Preferred Stock		1,675,000			1,675,000			502,500			—			—
Total Preferred Stock Dividends	$	5,683,575		$	5,683,378		$	4,510,032		$	4,009,554		$	—
Combined Fixed Charges and Preferred Stock Dividends	$	46,567,517		$	40,334,323		$	33,852,455		$	31,185,090		$	26,383,336
Ratio of Net Earnings to Combined Fixed Charges and Preferred Stock Dividends		2.43			2.46			2.44			2.43			2.08