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Miley Cyrus is running out of real estate on her body for tattoos!

The 19-year-old star showed off some brand new body art yesterday in Los Angeles -- showing off the ink (and her tight tummy) after leaving a pilates class.

So, what's it say?

The text on her forearm is a quote from a 1910 President Theodore Roosevelt speech-- and reads “So that his place shall never be with those cold and timid souls who knew neither victory nor defeat.”

The tattoo is only one of many Miley has on her body. She also has "VIIXCI" on her right elbow, a heart and evil eye symbol on her fingers and a large dreamcatcher on her rib cage.

See even more of Miley's tatts in the gallery above.

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