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, | |||||||||||||||||||||||
| 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income or loss from equity investees | $ | 60,234 | $ | 222,807 | $ | 227,487 | $ | 189,317 | $ | 165,655 | $ | 134,986 | ||||||||||||
Distributed income of equity investees | 296 | 798 | 348 | 2,701 | 2,781 | 3,287 | ||||||||||||||||||
Fixed charges (excluding capitalized interest) | 26,664 | 114,041 | 96,293 | 112,543 | 105,137 | 118,920 | ||||||||||||||||||
Noncontrolling interests in income of subsidiaries with no fixed charges | (1,259 | ) | (4,952 | ) | (4,432 | ) | (4,204 | ) | (4,691 | ) | (3,995 | ) | ||||||||||||
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Total earnings (A) | $ | 85,935 | $ | 332,694 | $ | 319,696 | $ | 300,357 | $ | 268,882 | $ | 253,198 | ||||||||||||
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Fixed charges: | ||||||||||||||||||||||||
Interest expense | $ | 26,184 | $ | 112,398 | $ | 94,994 | $ | 111,625 | $ | 104,486 | $ | 118,281 | ||||||||||||
Capitalized interest | 6,092 | 25,560 | 18,022 | 18,122 | 20,971 | 16,181 | ||||||||||||||||||
Portion of rents representing interest | 480 | 1,643 | 1,299 | 918 | 651 | 639 | ||||||||||||||||||
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Total fixed charges (B) | $ | 32,756 | $ | 139,601 | $ | 114,315 | $ | 130,665 | $ | 126,108 | $ | 135,101 | ||||||||||||
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Preferred stock dividends | 2,010 | 2,458 | 541 | 541 | 541 | 541 | ||||||||||||||||||
Preferred stock redemption costs | — | — | — | |||||||||||||||||||||
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Total fixed charges and preferred stock dividends (C) | $ | 34,766 | $ | 142,059 | $ | 114,856 | $ | 131,206 | $ | 126,649 | $ | 135,642 | ||||||||||||
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Ratio of earnings to fixed charges (A divided by B) | 2.6 | 2.4 | 2.8 | 2.3 | 2.1 | 1.9 | ||||||||||||||||||
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Ratio of earnings to combined fixed charges and preferred stock dividends (A divided by C) | 2.5 | 2.3 | 2.8 | 2.3 | 2.1 | 1.9 | ||||||||||||||||||
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