Federal Realty Investment Trust (FRT) 8-K Financial Statements and Exhibits

EXHIBIT 12.1

Federal Realty Investment Trust

Computation of Ratio of Earnings to Fixed Charges

(dollars in thousands)

	Six Months Ended June 30						Year Ended December 31,
	2006			2005			2005			2004			2003			2002			2001
Earnings:
Income from continuing operations before minority interests and income or loss from equity investees	$	46,846		$	43,464		$	87,883		$	66,897		$	72,358		$	41,281		$	54,653
Distributed income of equity investees		1,070			628			1,874			1,114			307			—			—
Fixed charges (excluding capitalized interest)		50,127			44,828			90,491			87,023			77,120			66,830			71,200
Minority interest in income of subsidiaries with no fixed charges		(1,450	)		(1,442	)		(3,102	)		(2,347	)		(2,558	)		(2,337	)		(2,438	)
Total earnings (A)	$	96,593		$	87,478		$	177,146		$	152,687		$	147,227		$	105,774		$	123,415
Fixed charges:
Interest expense	$	49,034		$	43,890		$	88,566		$	85,058		$	75,232		$	65,058		$	69,313
Capitalized interest		1,323			2,538			5,691			5,121			13,459			23,579			17,803
Portion of rents representing interest		1,093			938			1,925			1,965			1,888			1,772			1,887
Total fixed charges (B)	$	51,450		$	47,366		$	96,182		$	92,144		$	90,579		$	90,409		$	89,003
Ratio of earnings to fixed charges (A divided by B)		1.9			1.8			1.8			1.7			1.6			1.2			1.4