Federal Realty Investment Trust (FRT) 8-K Other Events

Exhibit 12.1

Federal Realty Investment Trust

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

(in thousands)

	Nine Months Ended September 30,			Year Ended December 31,
	2013			2012			2011			2010			2009			2008
Earnings:
Income from continuing operations before income or loss from equity investees	$	105,775		$	139,380		$	126,715		$	122,436		$	97,793		$	116,822
Distributed income of equity investees		2,389			3,792			3,617			2,478			2,712			2,367
Fixed charges (excluding capitalized interest)		84,190			114,066			98,851			105,700			112,906			101,143
Noncontrolling interests in income of subsidiaries with no fixed charges		(3,106	)		(3,698	)		(3,519	)		(3,361	)		(3,633	)		(3,482	)
Total earnings (A)	$	189,248		$	253,540		$	225,664		$	227,253		$	209,778		$	216,850
Fixed charges:
Interest expense	$	83,713		$	113,336		$	98,169		$	104,683		$	111,420		$	99,163
Capitalized interest		10,894			10,105			8,097			6,285			5,549			5,301
Portion of rents representing interest		477			730			682			1,017			1,486			1,980
Total fixed charges (B)	$	95,084		$	124,171		$	106,948		$	111,985		$	118,455		$	106,444
Preferred stock dividends		406			541			541			541			541			541
Total fixed charges and preferred stock dividends (C)	$	95,490		$	124,712		$	107,489		$	112,526		$	118,996		$	106,985
Ratio of earnings to fixed charges (A divided by B)		2.0			2.0			2.1			2.0			1.8			2.0
Ratio of earning to combined fixed charges and preferred stock dividends (A divided by C)		2.0			2.0			2.1			2.0			1.8			2.0