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

Exhibit 12.1

Federal Realty Investment Trust

Computation of Ratio of Earnings to Combined Fixed Charges & Preferred Stock Dividends

(in thousands)

	Six Months Ended June 30,						Year Ended December 31,
	2009			2008			2008			2007			2006			2005			2004
Earnings:
Income from continuing operations before noncontrolling interests and income or loss from equity investees	$	39,415		$	59,006			119,438		$	96,032		$	92,194		$	86,508		$	66,422
Distributed income of equity investees		1,007			1,302			2,367			3,599			2,337			1,874			1,114
Fixed charges (excluding capitalized interest)		51,135			49,941			101,143			113,462			97,332			83,429			79,930
Noncontrolling interests in income of subsidiaries with no fixed charges		(1,811	)		(1,799	)		(3,482	)		(3,593	)		(3,095	)		(3,131	)		(2,372	)
Total earnings (A)	$	89,746		$	108,450		$	219,466		$	209,500		$	188,768		$	168,680		$	145,094
Fixed charges:
Interest expense	$	50,381		$	48,829		$	99,163		$	111,365		$	95,234		$	81,617		$	78,077
Capitalized interest		2,957			3,269			5,301			7,865			4,069			5,691			5,121
Portion of rents representing interest		754			1,112			1,980			2,097			2,098			1,812			1,853
Total fixed charges (B)	$	54,092		$	53,210		$	106,444		$	121,327		$	101,401		$	89,120		$	85,051
Preferred stock dividends		271			271			541			442			10,423			11,475			11,475
Preferred stock redemption costs		—			—			—			—			4,775			—			—
Total fixed charges and preferred stock dividends (C)	$	54,363		$	53,481		$	106,985		$	121,769		$	116,599		$	100,595		$	96,526
Ratio of earnings to fixed charges (A divided by B)		1.7			2.0			2.1			1.7			1.9			1.9			1.7
Ratio of earning to combined fixed charges and preferred stock dividends (A divided by C)		1.7			2.0			2.1			1.7			1.6			1.7			1.5