Exhibit 12.1
Federal Realty Investment Trust
Computation of Ratio of Earnings to Combined Fixed Charges
(in thousands)
| 9 Months Ended | ||||||||||||||||||||||||
| September 30, | Year Ended December 31, | |||||||||||||||||||||||
| 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income or loss from equity investees | $ | 177,450 | $ | 227,487 | $ | 189,317 | $ | 165,655 | $ | 134,986 | $ | 139,380 | ||||||||||||
Distributed income of equity investees | 641 | 348 | 2,701 | 2,781 | 3,287 | 3,792 | ||||||||||||||||||
Fixed charges (excluding capitalized interest) | 75,116 | 96,293 | 112,543 | 105,137 | 118,920 | 114,066 | ||||||||||||||||||
Noncontrolling interests in income of subsidiaries with no fixed charges | (3,668 | ) | (4,432 | ) | (4,204 | ) | (4,691 | ) | (3,995 | ) | (3,698 | ) | ||||||||||||
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Total earnings (A) | $ | 249,539 | $ | 319,696 | $ | 300,357 | $ | 268,882 | $ | 253,198 | $ | 253,540 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 73,952 | $ | 94,994 | $ | 111,625 | $ | 104,486 | $ | 118,281 | $ | 113,336 | ||||||||||||
Capitalized interest | 18,568 | 18,022 | 18,122 | 20,971 | 16,181 | 10,105 | ||||||||||||||||||
Portion of rents representing interest | 1,164 | 1,299 | 918 | 651 | 639 | 730 | ||||||||||||||||||
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Total fixed charges (B) | $ | 93,684 | $ | 114,315 | $ | 130,665 | $ | 126,108 | $ | 135,101 | $ | 124,171 | ||||||||||||
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Ratio of earnings to fixed charges (A divided by B) | 2.7 | 2.8 | 2.3 | 2.1 | 1.9 | 2.0 | ||||||||||||||||||
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