Cedar Realty Trust (CDR-PC) 8-K Amendments to Articles of Incorporation or Bylaws

Exhibit 12.1

Cedar Realty Trust, Inc.

Ratio of Earnings to Combined Fixed Charges and Preferred Share Dividends

	March 31, 2012			Year ended December 31,
				2011			2010			2009			2008			2007
Earnings:
Net (loss) income before discontinued operations	$	(7,922,000	)	$	(25,953,000	)	$	(6,256,000	)	$	(21,063,000	)	$	9,971,000		$	13,762,000
Undistributed earnings of equity investees		—			(272,000	)		—			(177,000	)		(122,000	)		(105,000	)
Fixed charges (excluding capitalized interest)		12,911,000			42,422,000			46,037,000			41,931,000			36,897,000			31,136,000
Total earnings (A)	$	4,989,000		$	16,197,000		$	39,781,000		$	20,691,000		$	46,746,000		$	44,793,000
Fixed charges:
Interest expense (including amortization of financing)	$	12,786,000		$	41,870,000		$	45,690,000		$	41,669,000		$	36,667,000		$	30,947,000
Capitalized interest and amortization		295,000			2,629,000			2,309,000			5,906,000			6,228,000			3,697,000
Portion of rents representing interest		125,000			552,000			347,000			262,000			230,000			189,000
Total fixed charges (B)		13,206,000			45,051,000			48,346,000			47,837,000			43,125,000			34,833,000
Preferred stock dividends		3,531,000			14,200,000			10,196,000			7,876,000			7,877,000			7,877,000
Total fixed charges and preferred stock dividends (C)	$	16,737,000		$	59,251,000		$	58,542,000		$	55,713,000		$	51,002,000		$	42,710,000
Ratio of earnings to fixed charges (A divided by B)														1.08			1.29
Ratio of earnings to fixed charges and preferred stock dividends (A divided by C)																	1.05
Deficit - Fixed charges	$	8,217,000		$	28,854,000		$	8,565,000		$	27,146,000
Deficit - Combined fixed charges and preferred stock dividends	$	11,748,000		$	43,054,000		$	18,761,000		$	35,022,000		$	4,256,000