Exhibit 12.1

Federal Realty Investment Trust

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

(in thousands)

	Three Months Ended March 31,			Year Ended December 31,
	2012			2011			2010			2009			2008			2007
Earnings:
Income from continuing operations before income or loss from equity investees	$	31,511		$	127,950		$	123,509		$	99,162		$	118,389		$	94,756
Distributed income of equity investees		693			3,617			2,478			2,712			2,367			3,599
Fixed charges (excluding capitalized interest)		28,979			98,851			105,700			112,906			101,143			113,462
Noncontrolling interests in income of subsidiaries with no fixed charges		(892	)		(3,519	)		(3,361	)		(3,633	)		(3,482	)		(3,593	)
Total earnings (A)	$	60,291		$	226,899		$	228,326		$	211,147		$	218,417		$	208,224
Fixed charges:
Interest expense	$	28,793		$	98,169		$	104,683		$	111,420		$	99,163		$	111,365
Capitalized interest		2,457			8,097			6,285			5,549			5,301			7,865
Portion of rents representing interest		186			682			1,017			1,486			1,980			2,097
Total fixed charges (B)	$	31,436		$	106,948		$	111,985		$	118,455		$	106,444		$	121,327
Preferred stock dividends		135			541			541			541			541			442
Total fixed charges and preferred stock dividends (C)	$	31,571		$	107,489		$	112,526		$	118,996		$	106,985		$	121,769
Ratio of earnings to fixed charges (A divided by B)		1.9			2.1			2.0			1.8			2.1			1.7
Ratio of earnings to combined fixed charges and preferred stock dividends (A divided by C)		1.9			2.1			2.0			1.8			2.0			1.7