Federal Realty Investment Trust (FRT) S-3ASR Automatic shelf registration

Exhibit 12.1

Federal Realty Investment Trust

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

(in thousands)

	3 months ended March 31,			Year Ended December 31,
	2015			2014			2013			2012			2011			2010			2009
Earnings:
Income from continuing operations before income or loss from equity investees	$	47,857		$	165,655		$	134,986		$	139,380		$	126,715		$	122,436		$	97,793
Distributed income of equity investees		500			2,781			3,287			3,792			3,617			2,478			2,712
Fixed charges (excluding capitalized interest)		24,404			105,137			118,920			114,066			98,851			105,700			112,906
Noncontrolling interests in income of subsidiaries with no fixed charges		(1,086	)		(4,691	)		(3,995	)		(3,698	)		(3,519	)		(3,361	)		(3,633	)
Total earnings (A)	$	71,675		$	268,882		$	253,198		$	253,540		$	225,664		$	227,253		$	209,778
Fixed charges:
Interest expense	$	24,168		$	104,486		$	118,281		$	113,336		$	98,169		$	104,683		$	111,420
Capitalized interest		4,721			20,971			16,181			10,105			8,097			6,285			5,549
Portion of rents representing interest		236			651			639			730			682			1,017			1,486
Total fixed charges (B)	$	29,125		$	126,108		$	135,101		$	124,171		$	106,948		$	111,985		$	118,455
Preferred stock dividends		135			541			541			541			541			541			541
Total fixed charges and preferred stock dividends (C)	$	29,260		$	126,649		$	135,642		$	124,712		$	107,489		$	112,526		$	118,996
Ratio of earnings to fixed charges (A divided by B)		2.5			2.1			1.9			2.0			2.1			2.0			1.8
Ratio of earnings to combined fixed charges and preferred stock dividends (A divided by C)		2.4			2.1			1.9			2.0			2.1			2.0			1.8