**Exhibit12.1**

**SPIRITFINANCE CORPORATION**

**STATEMENTOF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES**

 
| ** **                                           | ** ** | ** **          | ** ** | ** **                                  | ** ** | ** **                    | ** ** | **Date of Inception** | ** ** |
|------------------------------------------------------|------------|---------------------|------------|---------------------------------------------|------------|-------------------------------|------------|---------------------------------|------------|
| ** **                                           | ** ** | **Six Months** | ** ** | ** **                                  | ** ** | ** **                    | ** ** | **(August 14, 2003)** | ** ** |
| **(Dollars in thousands)**                 | ** ** | **Ended**           | ** ** | **Years Ended December 31,** | ** ** | **to December 31,** | ** ** |
| ** **                                           | ** ** | **6/30/2006**       | ** ** | **2005**                                    | ** ** | **2004**                      | ** ** | **2003 (1)**               | ** ** |
|                                                 |       |                |       |                                        |       |                          |       |                            |       |
| **Earn****ings: (2)**                                |       |                |       |                                        |       |                          |       |                            |       |
| Income from  continuing operations:                  |       |                |       |                                        |       |                          |       |                            |       |
| Net income  (loss)                                   |       | $                   | 19,357     |                                        | $          | 27,819                        |       | $                               | 8,972      |   | $ | (1,158 | ) |
| Less:  Discontinued operations                       |       | (1,801              | )          | (2,606                                      | )          | (567                          | )          | —                          |       |
| Income (loss)  from continuing operations            |       | 17,556              |       | 25,213                                      |       | 8,405                         |       | (1,158                          | )          |
|                                                 |       |                |       |                                        |       |                          |       |                            |       |
| Interest expense  from continuing operations (3)     |       | 33,348              |       | 25,866                                      |       | 4,978                         |       | 53                              |       |
|                                                 |       |                |       |                                        |       |                          |       |                            |       |
| Total earnings  (loss) (a)                           |       | $                   | 50,904     |                                        | $          | 51,079                        |       | $                               | 13,383     |   | $ | (1,105 | ) |
|                                                 |       |                |       |                                        |       |                          |       |                            |       |
| **Fixed Charges: (2)**                               |       |                |       |                                        |       |                          |       |                            |       |
| Interest expense  from continuing operations (3) (b) |       | $                   | 33,348     |                                        | $          | 25,866                        |       | $                               | 4,978      |   | $ | 53 |   |
|                                                 |       |                |       |                                        |       |                          |       |                            |       |
| **Ratio of earnings to fixed charges (a/b)**         | ** ** | **1.5x**            | ** ** | **2.0x**                                    | ** ** | **2.7x**                      | ** ** | **—**                      | ** ** |

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(1)          Earnings wereinsufficient to meet fixed charges by approximately $1.2 million for the periodfrom inception on August 14, 2003 to December 31, 2003.  For the periodended December 31, 2003, our operations consisted primarily of start-up andorganization activities. 

 

(2)          Periodically, SpiritFinance 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“discontinued operations” in the Consolidated Statements of Operations.  As a result of this reporting requirement,each time a property is sold, previously reported “income from continuingoperations” will be restated to reclassify the operations of such property intodiscontinued operations.  

 

(3)          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.

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