EX-12.1 3 w95629exv12w1.htm EXHIBIT 12.1 exv12w1
 

Exhibit 12.1

Federal Realty Investment Trust
Computation of Ratios of Earnings to Fixed Charges and of Ratios of
Earnings to Combined Fixed Charges and Preferred Share Dividends
(in thousands)

                                         
    For the fiscal year ended
   
    2003   2002   2001   2000   1999
   
Income before gain on sale of real estate
     74,444       45,833       59,571       56,842       55,493  
Add:
                                        
Portion of rents representing interest
     1,589       1,476       1,477       1,409       1,619  
Interest on indebtedness, including amortization of debt costs
     75,232       65,058       69,313       66,418       61,492  
   
Income as adjusted
     151,265       112,367       130,361       124,669       118,604  
   
Fixed charges
                                        
Portion of rents representing interest
     1,589       1,476       1,477       1,409       1,619  
Interest on indebtedness, including amortization of debt costs
     75,232       65,054       69,313       66,418       61,492  
Interest on discontinued operations
     —       4       —       —       —  
Capitalized interest
     13,723       23,579       17,803       13,249       6,867  
   
Fixed charges
     90,544       90,113       88,593       81,076       69,978  
Plus preferred dividends
     15,084       19,425       9,034       7,950       7,950  
   
Fixed charges and preferred dividends
     105,628       109,538       97,627       89,026       77,928  
   
Ratio of earnings to fixed charges
     1.7       1.3       1.5       1.5       1.7  
Ratio of earnings to combined fixed charges and preferred dividends
     1.4       1.0       1.3       1.4       1.5