Exhibit 12.1

Federal Realty Investment Trust

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

(in thousands)

	3 months ended
	March 31,			Year Ended December 31,
	2018			2017			2016			2015			2014			2013
Earnings:
Income from continuing operations before income or loss from equity investees	$	60,234		$	222,807		$	227,487		$	189,317		$	165,655		$	134,986
Distributed income of equity investees		296			798			348			2,701			2,781			3,287
Fixed charges (excluding capitalized interest)		26,664			114,041			96,293			112,543			105,137			118,920
Noncontrolling interests in income of subsidiaries with no fixed charges		(1,259	)		(4,952	)		(4,432	)		(4,204	)		(4,691	)		(3,995	)
Total earnings (A)	$	85,935		$	332,694		$	319,696		$	300,357		$	268,882		$	253,198
Fixed charges:
Interest expense	$	26,184		$	112,398		$	94,994		$	111,625		$	104,486		$	118,281
Capitalized interest		6,092			25,560			18,022			18,122			20,971			16,181
Portion of rents representing interest		480			1,643			1,299			918			651			639
Total fixed charges (B)	$	32,756		$	139,601		$	114,315		$	130,665		$	126,108		$	135,101
Preferred stock dividends		2,010			2,458			541			541			541			541
Preferred stock redemption costs								—						—			—
Total fixed charges and preferred stock dividends (C)	$	34,766		$	142,059		$	114,856		$	131,206		$	126,649		$	135,642
Ratio of earnings to fixed charges (A divided by B)		2.6			2.4			2.8			2.3			2.1			1.9
Ratio of earnings to combined fixed charges and preferred stock dividends (A divided by C)		2.5			2.3			2.8			2.3			2.1			1.9