**Exhibit12.1**

**SPIRIT FINANCECORPORATIONSTATEMENT OF 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,** | ** ** |
| ** **                                          | ** ** | **June 30, 2007** | ** ** | **2006**                                    | ** ** | **2005**                      | ** ** | **2004**   | ** ** | **2003 (3)**               | ** ** |
|                                                |       |                        |       |                                        |       |                          |       |       |       |                            |       |
| **Earnings:  (1)**                                  |       |                        |       |                                        |       |                          |       |       |       |                            |       |
| Income from continuing operations:                  |       |                        |       |                                        |       |                          |       |       |       |                            |       |
| Net income (loss)                                   |       | $                           | 30,662     |                                        | $          | 52,360                        |       | $          | 27,819     |                            | $          | 8,972 |   | $ | (1,158 | ) |
| Less: Discontinued operations                       |       | (3,506                      | )          | (12,749                                     | )          | (5,603                        | )          | (833       | )          | —                          |       |
| Income (loss) from continuing operations            |       | 27,156                      |       | 39,611                                      |       | 22,216                        |       | 8,139      |       | (1,158                          | )          |
|                                                |       |                        |       |                                        |       |                          |       |       |       |                            |       |
| Interest expense from continuing operations (2)     |       | 62,372                      |       | 85,155                                      |       | 25,809                        |       | 4,915      |       | 53                              |       |
|                                                |       |                        |       |                                        |       |                          |       |       |       |                            |       |
| Total earnings (loss) (a)                           |       | $                           | 89,528     |                                        | $          | 124,766                       |       | $          | 48,025     |                            | $          | 13,054 |   | $ | (1,105 | ) |
|                                                |       |                        |       |                                        |       |                          |       |       |       |                            |       |
| **Fixed  Charges: (1)**                             |       |                        |       |                                        |       |                          |       |       |       |                            |       |
| Interest expense from continuing operations (2) (b) |       | $                           | 62,372     |                                        | $          | 85,155                        |       | $          | 25,809     |                            | $          | 4,915 |   | $ | 53 |   |
|                                                |       |                        |       |                                        |       |                          |       |       |       |                            |       |
| **Ratio of earnings to fixed  charges (a/b)**       | ** ** | **1.4x**                    | ** ** | **1.5x**                                    | ** ** | **1.9x**                      | ** ** | **2.7x**   | ** ** | **—**                      | ** ** |

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(1)             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.

(2)             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.

(3)             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.

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