Exhibit 12.1

Federal Realty Investment Trust

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

(in thousands)

	Year Ended December 31,
	2014			2013			2012			2011			2010
Earnings:
Income from continuing operations before income or loss from equity investees	$	165,655		$	134,986		$	139,380		$	126,715		$	122,436
Distributed income of equity investees		2,781			3,287			3,792			3,617			2,478
Fixed charges (excluding capitalized interest)		105,137			118,920			114,066			98,851			105,700
Noncontrolling interests in income of subsidiaries with no fixed charges		(4,691	)		(3,995	)		(3,698	)		(3,519	)		(3,361	)
Total earnings (A)	$	268,882		$	253,198		$	253,540		$	225,664		$	227,253
Fixed charges:
Interest expense	$	104,486		$	118,281		$	113,336		$	98,169		$	104,683
Capitalized interest		20,971			16,181			10,105			8,097			6,285
Portion of rents representing interest		651			639			730			682			1,017
Total fixed charges (B)	$	126,108		$	135,101		$	124,171		$	106,948		$	111,985
Preferred stock dividends		541			541			541			541			541
Total fixed charges and preferred stock dividends (C)	$	126,649		$	135,642		$	124,712		$	107,489		$	112,526
Ratio of earnings to fixed charges (A divided by B)		2.1			1.9			2.0			2.1			2.0
Ratio of earnings to combined fixed charges and preferred stock dividends (A divided by C)		2.1			1.9			2.0			2.1			2.0