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, | ||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income or loss from equity investees | $ | 165,655 | $ | 134,986 | $ | 139,380 | $ | 126,715 | $ | 122,436 | ||||||||||
Distributed income of equity investees | 2,781 | 3,287 | 3,792 | 3,617 | 2,478 | |||||||||||||||
Fixed charges (excluding capitalized interest) | 105,137 | 118,920 | 114,066 | 98,851 | 105,700 | |||||||||||||||
Noncontrolling interests in income of subsidiaries with no fixed charges | (4,691 | ) | (3,995 | ) | (3,698 | ) | (3,519 | ) | (3,361 | ) | ||||||||||
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Total earnings (A) | $ | 268,882 | $ | 253,198 | $ | 253,540 | $ | 225,664 | $ | 227,253 | ||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 104,486 | $ | 118,281 | $ | 113,336 | $ | 98,169 | $ | 104,683 | ||||||||||
Capitalized interest | 20,971 | 16,181 | 10,105 | 8,097 | 6,285 | |||||||||||||||
Portion of rents representing interest | 651 | 639 | 730 | 682 | 1,017 | |||||||||||||||
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Total fixed charges (B) | $ | 126,108 | $ | 135,101 | $ | 124,171 | $ | 106,948 | $ | 111,985 | ||||||||||
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Preferred stock dividends | 541 | 541 | 541 | 541 | 541 | |||||||||||||||
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Total fixed charges and preferred stock dividends (C) | $ | 126,649 | $ | 135,642 | $ | 124,712 | $ | 107,489 | $ | 112,526 | ||||||||||
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Ratio of earnings to fixed charges (A divided by B) | 2.1 | 1.9 | 2.0 | 2.1 | 2.0 | |||||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends (A divided by C) | 2.1 | 1.9 | 2.0 | 2.1 | 2.0 | |||||||||||||||
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