Exhibit 12.1
Federal Realty Investment Trust
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands)
| Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income or loss from equity investees | $ | 81,541 | $ | 165,655 | $ | 134,986 | $ | 139,380 | $ | 126,715 | $ | 122,436 | ||||||||||||
Distributed income of equity investees | 1,089 | 2,781 | 3,287 | 3,792 | 3,617 | 2,478 | ||||||||||||||||||
Fixed charges (excluding capitalized interest) | 67,155 | 105,137 | 118,920 | 114,066 | 98,851 | 105,700 | ||||||||||||||||||
Noncontrolling interests in income of subsidiaries with no fixed charges | (2,013 | ) | (4,691 | ) | (3,995 | ) | (3,698 | ) | (3,519 | ) | (3,361 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total earnings (A) | $ | 147,772 | $ | 268,882 | $ | 253,198 | $ | 253,540 | $ | 225,664 | $ | 227,253 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 66,685 | $ | 104,486 | $ | 118,281 | $ | 113,336 | $ | 98,169 | $ | 104,683 | ||||||||||||
Capitalized interest | 9,543 | 20,971 | 16,181 | 10,105 | 8,097 | 6,285 | ||||||||||||||||||
Portion of rents representing interest | 470 | 651 | 639 | 730 | 682 | 1,017 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges (B) | $ | 76,698 | $ | 126,108 | $ | 135,101 | $ | 124,171 | $ | 106,948 | $ | 111,985 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratio of earnings to fixed charges (A divided by B) | 1.9 | 2.1 | 1.9 | 2.0 | 2.1 | 2.0 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
