Forest City Enterprises (FCEPP) 8-K Regulation FD Disclosure

Exhibit 12.1

		000000000000000		000000000000000		000000000000000		000000000000000		000000000000000		000000000000000
	Three Months Ended		Year Ended January 31,
	April 30, 2012		2012		2011		2010		2009		2008
Earnings:
Earnings (loss) from continuing operations before income taxes (excluding equity in earnings of unconsolidated entities and noncontrolling interest)	$	24,162	$	(110,206)	$	199,871	$	(2,005)	$	(101,187)	$	4,372
Adjustments to earnings:
Interest incurred, net of capitalized interest		58,516		259,676		308,319		341,455		354,360		310,826
Amortization of loan procurement costs		2,869		11,789		11,461		13,630		11,590		10,607
Previously capitalized interest amortized into earnings		3,089		11,883		16,469		14,884		12,845		10,920
Cash distributions from unconsolidated entities		16,014		97,048		105,195		93,968		116,801		97,685
Portion of rents representative of interest factor		982		4,767		8,218		11,330		13,461		12,058
Earnings, as adjusted	$	105,632	$	274,957	$	649,533	$	473,262	$	407,870	$	446,468
Fixed charges:
Interest expensed	$	58,516	$	259,676	$	308,319	$	341,455	$	354,360	$	310,826
Interest capitalized		33,571		193,448		172,664		112,887		107,222		96,398
Amortization of loan procurement costs		2,869		11,789		11,461		13,630		11,590		10,607
Portion of rents representative of interest factor		982		4,767		8,218		11,330		13,461		12,058
Total fixed charges	$	95,938	$	469,680	$	500,662	$	479,302	$	486,633	$	429,889
Preferred Dividend Requirements		6,289		25,156		19,287		-		-		-
Total Fixed Charges and Preferred Dividends	$	102,227	$	494,836	$	519,949	$	479,302	$	486,633	$	429,889
Ratio of earnings to fixed charges (1)(2)		1.10		(3)		1.30		(4)		(5)		1.04
Ratio of earnings to fixed charges and preferred dividends (1)(2)		1.03		(3)		1.25		(4)		(5)		1.04

(1) Included in earnings from continuing operations are non-cash charges related to depreciation and amortization of $52.8 million, $217.7 million, $233.9 million, $255.8 million, $255.7 million and $217.2 million for the three months ended April 30, 2012 and fiscal years ending January 31, 2012, 2011, 2010, 2009 and 2008, respectively. Depreciation and amortization reduces earnings from continuing operations, but does not impact our ability to cover our fixed charges.

(2) Included in earnings from continuing operations are non-cash charges related to impairment of real estate of $1.4 million, $119.3 million, $4.8 million, $8.9 million, $1.3 million and $0 for the three months ended April 30, 2012 and fiscal years ending January 31, 2012, 2011, 2010, 2009 and 2008, respectively. Impairment of real estate reduces earnings from continuing operations, but does not impact our ability to cover our fixed charges.

(3) For the fiscal year ended January 31, 2012, the ratios were deficient of achieving a 1:1 ratio by $194.7 million and $219.9 million for the ratio of earnings to fixed charges and the ratio of earnings to fixed charges and preferred dividends, respectively.

(4) For the fiscal year ended January 31, 2010, each ratio was deficient of achieving a 1:1 ratio by $6.0 million.

(5) For the fiscal year ended January 31, 2009, each ratio was deficient of achieving a 1:1 ratio by $78.8 million.