EXHIBIT 12.1

Federal Realty Investment Trust

Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends

(dollars in thousands)

	Three Months Ended March 31,
							Year Ended December 31,
	2006			2005			2005			2004			2003			2002			2001
Earnings:
Income from continuing operations before minority interests and income from equity investees	$	23,265		$	20,586		$	88,672		$	67,714		$	73,063		$	41,848		$	54,838
Distributed income of equity investees		575			140			1,874			1,114			307			—			—
Fixed charges (excluding capitalized interest)		24,812			22,513			90,491			87,023			77,120			66,830			71,200
Minority interest in income of subsidiaries with no fixed charges		(688	)		(683	)		(3,102	)		(2,347	)		(2,558	)		(2,337	)		(2,438	)
Total earnings (A)	$	47,964		$	42,556		$	177,935		$	153,504		$	147,932		$	106,341		$	123,600
Fixed charges:
Interest expense	$	24,280		$	22,063		$	88,566		$	85,058		$	75,232		$	65,058		$	69,313
Capitalized interest		704			965			5,691			5,121			13,459			23,579			17,803
Portion of rents representing interest		532			450			1,925			1,965			1,888			1,772			1,887
Total fixed charges (B)	$	25,516		$	23,478		$	96,182		$	92,144		$	90,579		$	90,409		$	89,003
Preferred stock dividends		2,869			2,869			11,475			11,475			15,084			19,425			9,034
Preferred stock redemption costs		—			—			—			—			3,423			—			—
Total fixed charges and preferred stock dividends (C)	$	28,385		$	26,347		$	107,657		$	103,619		$	109,086		$	109,834		$	98,037
Ratio of earnings to fixed charges (A divided by B)		1.9			1.8			1.8			1.7			1.6			1.2			1.4
Ratio of earnings to combined fixed charges and preferred stock dividends (A divided by C)		1.7			1.6			1.7			1.5			1.4			1.0			1.3