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,
	2014			2013			2012			2011			2010			2009
Earnings:
Income from continuing operations before income or loss from equity investees	$	128,957		$	134,986		$	139,380		$	126,715		$	122,436		$	97,793
Distributed income of equity investees		2,034			3,287			3,792			3,617			2,478			2,712
Fixed charges (excluding capitalized interest)		70,260			118,920			114,066			98,851			105,700			112,906
Noncontrolling interests in income of subsidiaries with no fixed charges		(3,442	)		(3,995	)		(3,698	)		(3,519	)		(3,361	)		(3,633	)
Total earnings (A)	$	197,809		$	253,198		$	253,540		$	225,664		$	227,253		$	209,778
Fixed charges:
Interest expense	$	69,772		$	118,281		$	113,336		$	98,169		$	104,683		$	111,420
Capitalized interest		15,968			16,181			10,105			8,097			6,285			5,549
Portion of rents representing interest		488			639			730			682			1,017			1,486
Total fixed charges (B)	$	86,228		$	135,101		$	124,171		$	106,948		$	111,985		$	118,455
Preferred stock dividends		406			541			541			541			541			541
Total fixed charges and preferred stock dividends (C)	$	86,634		$	135,642		$	124,712		$	107,489		$	112,526		$	118,996
Ratio of earnings to fixed charges (A divided by B)		2.3			1.9			2.0			2.1			2.0			1.8
Ratio of earning to combined fixed charges and preferred stock dividends (A divided by C)		2.3			1.9			2.0			2.1			2.0			1.8