EX-12.1 7 a05-16298_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)

 

 

 

Six months
ended
June 30,

 

Years ended December 31,

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income

 

$

48,169

 

$

103,397

 

$

86,435

 

$

78,667

 

$

67,558

 

$

54,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

17,751

 

31,992

 

24,459

 

21,072

 

23,981

 

29,054

 

Interest, discontinued operations

 

310

 

674

 

561

 

394

 

869

 

913

 

Amortization of fees

 

1,100

 

2,140

 

1,954

 

2,070

 

1,616

 

1,580

 

Interest Capitalized

 

625

 

531

 

697

 

511

 

385

 

1,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed Charges

 

19,786

 

35,337

 

27,671

 

24,047

 

26,851

 

32,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income before Fixed Charges

 

67,330

 

138,203

 

113,409

 

102,203

 

94,024

 

86,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Divided by Fixed Charges

 

19,786

 

35,337

 

27,671

 

24,047

 

26,851

 

32,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of Earnings to Fixed Charges

 

3.4

 

3.9

 

4.1

 

4.3

 

3.5

 

2.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to combined fixed charges and preferred stock dividends

 

2.7

 

3.1

 

3.0

 

3.0

 

2.6

 

2.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

$

4,702

 

$

9,455

 

$

9,713

 

$

9,713

 

$

9,712

 

$

9,712