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)

	Year Ended December 31,
	2009			2008			2007			2006			2005
Earnings:
Income from continuing operations before income or loss from equity investees	$	100,193		$	119,334		$	95,812		$	92,194		$	86,508
Distributed income of equity investees		2,712			2,367			3,599			2,337			1,874
Fixed charges (excluding capitalized interest)		112,906			101,143			113,462			97,332			83,429
Noncontrolling interests in income of subsidiaries with no fixed charges		(3,633	)		(3,482	)		(3,593	)		(3,095	)		(3,131	)
Total earnings (A)	$	212,178		$	219,362		$	209,280		$	188,768		$	168,680
Fixed charges:
Interest expense	$	111,420		$	99,163		$	111,365		$	95,234		$	81,617
Capitalized interest		5,549			5,301			7,865			4,069			5,691
Portion of rents representing interest		1,486			1,980			2,097			2,098			1,812
Total fixed charges (B)	$	118,455		$	106,444		$	121,327		$	101,401		$	89,120
Preferred stock dividends		541			541			442			10,423			11,475
Preferred stock redemption costs		—			—			—			4,775			—
Total fixed charges and preferred stock dividends (C)	$	118,996		$	106,985		$	121,769		$	116,599		$	100,595
Ratio of earnings to fixed charges (A divided by B)		1.8			2.1			1.7			1.9			1.9
Ratio of earning to combined fixed charges and preferred stock dividends (A divided by C)		1.8			2.1			1.7			1.6			1.7