**Exhibit12.1**

**SPIRIT FINANCE CORPORATION**

**STATEMENTOF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES**
| ** **                                           | ** ** | ** **                   | ** ** | ** **                                  | ** ** | ** **                    | ** ** | ** ** | ** ** | **Date of Inception** | ** ** |
|------------------------------------------------------|------------|------------------------------|------------|---------------------------------------------|------------|-------------------------------|------------|------------|------------|---------------------------------|------------|
| ** **                                           | ** ** | **Three Months**        | ** ** | ** **                                  | ** ** | ** **                    | ** ** | ** ** | ** ** | **(August 14, 2003)** | ** ** |
| ** **                                           | ** ** | **Ended**                    | ** ** | **Years Ended December 31,** | ** ** | **to December 31,** | ** ** |
| **(Dollars in thousands)**                 | ** ** | **March 31, 2007** | ** ** | **2006**                                    | ** ** | **2005**                      | ** ** | **2004**   | ** ** | **2003(**3)                     | ** ** |
|                                                 |       |                         |       |                                        |       |                          |       |       |       |                            |       |
| **Earnings: (****1)**                                | ** ** | ** **                   | ** ** | ** **                                  | ** ** | ** **                    | ** ** | ** ** | ** ** | ** **                      | ** ** |
| Income from  continuing operations:                  |       |                         |       |                                        |       |                          |       |       |       |                            |       |
| Net income  (loss)                                   |       | $                            | 13,542     |                                        | $          | 52,360                        |       | $          | 27,819     |                            | $          | 8,972 |   | $ | (1,158 | ) |
| Less:  Discontinued operations                       |       | (567                         | )          | (9,588                                      | )          | (3,412                        | )          | (588       | )          | —                          |       |
| Income (loss)  from continuing operations            |       | 12,975                       |       | 42,772                                      |       | 24,407                        |       | 8,384      |       | (1,158                          | )          |
|                                                 |       |                         |       |                                        |       |                          |       |       |       |                            |       |
| Interest expense  from continuing operations (2)     |       | 29,231                       |       | 85,155                                      |       | 25,835                        |       | 4,934      |       | 53                              |       |
|                                                 |       |                         |       |                                        |       |                          |       |       |       |                            |       |
| Total earnings  (loss) (a)                           |       | $                            | 42,206     |                                        | $          | 127,927                       |       | $          | 50,242     |                            | $          | 13,318 |   | $ | (1,105 | ) |
|                                                 |       |                         |       |                                        |       |                          |       |       |       |                            |       |
| **Fixed Charges: (****1)**                           | ** ** | ** **                   | ** ** | ** **                                  | ** ** | ** **                    | ** ** | ** ** | ** ** | ** **                      | ** ** |
| Interest expense  from continuing operations (2) (b) |       | $                            | 29,231     |                                        | $          | 85,155                        |       | $          | 25,835     |                            | $          | 4,934 |   | $ | 53 |   |
|                                                 |       |                         |       |                                        |       |                          |       |       |       |                            |       |
| **Ratio of earnings to fixed charges (a/b)**         | ** ** | **1.4x**                     | ** ** | **1.5x**                                    | ** ** | **1.9x**                      | ** ** | **2.7x**   | ** ** | **—**                      | ** ** |

 

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(1)      Periodically, Spirit Financemay sell real estate properties.  SFASNo. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,”requires that gains and losses from any such dispositions of properties and alloperations from these properties be reclassified as “discontinued operations”in the Consolidated Statements of Operations. As a result of this reporting requirement, each time a property is sold,the operations of such property previously reported as part of “income fromcontinuing operations” are reclassified into discontinued operations.

(2)      Interest expense fromcontinuing operations includes interest expense on all indebtedness, includingamortization of deferred financing costs, debt insurer premiums and theamortization of interest rate swap settlement costs, and the portion of theCompany’s operating lease rental expense that management considers to berepresentative of interest.

(3)      Earnings were insufficientto meet fixed charges by approximately $1.2 million for the period frominception on August 14, 2003 to December 31, 2003.  For the period endedDecember 31, 2003, our operations consisted primarily of start-up andorganization activities.

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