**Exhibit12.1**

**SPIRITFINANCE CORPORATIONSTATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES**
| ** **                                           | ** ** | **Nine Months** | ** ** | ** **                                  | ** ** | ** **                    | ** ** | **Date of Inception  (August 14, 2003)** | ** ** |
|------------------------------------------------------|------------|----------------------|------------|---------------------------------------------|------------|-------------------------------|------------|--------------------------------------------------------------|------------|
| ** **                                           | ** ** | **Ended**            | ** ** | **Years Ended December 31,** | ** ** | **to December 31,** | ** ** |
| **(Dollars in thousands)**                 | ** ** | **9/30/2006**        | ** ** | **2005**                                    | ** ** | **2004**                      | ** ** | **2003** (1)                                            | ** ** |
|                                                 |       |                 |       |                                        |       |                          |       |                                                         |       |
| **Earnings: (2)**                                    | ** ** | ** **           | ** ** | ** **                                  | ** ** | ** **                    | ** ** | ** **                                                   | ** ** |
| Income from  continuing operations:                  |       |                 |       |                                        |       |                          |       |                                                         |       |
| Net income  (loss)                                   |       | $                    | 36,406     |                                        | $          | 27,819                        |       | $                                                            | 8,972      |   | $ | (1,158 | ) |
| Less:  Discontinued operations                       |       | (6,864               | )          | (3,128                                      | )          | (589                          | )          | —                                                       |       |
| Income (loss)  from continuing operations            |       | 29,542               |       | 24,691                                      |       | 8,383                         |       | (1,158                                                       | )          |
|                                                 |       |                 |       |                                        |       |                          |       |                                                         |       |
| Interest expense  from continuing operations (3)     |       | 59,214               |       | 25,852                                      |       | 4,959                         |       | 53                                                           |       |
|                                                 |       |                 |       |                                        |       |                          |       |                                                         |       |
| Total earnings  (loss) (a)                           |       | $                    | 88,756     |                                        | $          | 50,543                        |       | $                                                            | 13,342     |   | $ | (1,105 | ) |
|                                                 |       |                 |       |                                        |       |                          |       |                                                         |       |
| **Fixed Charges: (2)**                               | ** ** | ** **           | ** ** | ** **                                  | ** ** | ** **                    | ** ** | ** **                                                   | ** ** |
| Interest expense  from continuing operations (3) (b) |       | $                    | 59,214     |                                        | $          | 25,852                        |       | $                                                            | 4,959      |   | $ | 53 |   |
|                                                 |       |                 |       |                                        |       |                          |       |                                                         |       |
| **Ratio of earnings to fixed charges (a/b)**         | ** ** | **1.5x**             | ** ** | **2.0x**                                    | ** ** | **2.7x**                      | ** ** | **—**                                                   | ** ** |

 

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(1)      Earningswere insufficient to meet fixed charges by approximately $1.2 million for theperiod from inception on August 14, 2003 to December 31, 2003.  For theperiod ended December 31, 2003, our operations consisted primarily of start-upand organization activities.

(2)      Periodically,Spirit Finance may sell real estate properties. SFAS No. 144, “Accounting for the Impairment or Disposal of Long-LivedAssets,” requires that gains and losses from any such dispositions ofproperties and all operations from these properties be reclassified as “discontinuedoperations” in the Consolidated Statements of Operations.  As a result of this reporting requirement,each time a property is sold, the operations of such property previouslyreported as part of “income from continuing operations” are reclassified intodiscontinued operations.

(3)      Interestexpense from continuing operations includes interest expense on allindebtedness, including amortization of deferred financing costs, debt insurerpremiums and the amortization of interest rate swap settlement costs, and theportion of the Company’s operating lease rental expense that managementconsiders to be representative of interest.

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