Attached files
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, | ||||||||||||||||||||
| 2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
| Earnings: |
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| Income from continuing operations before income or loss from equity investees |
$ | 100,193 | $ | 119,334 | $ | 95,812 | $ | 92,194 | $ | 86,508 | ||||||||||
| Distributed income of equity investees |
2,712 | 2,367 | 3,599 | 2,337 | 1,874 | |||||||||||||||
| Fixed charges (excluding capitalized interest) |
112,906 | 101,143 | 113,462 | 97,332 | 83,429 | |||||||||||||||
| Noncontrolling interests in income of subsidiaries with no fixed charges |
(3,633 | ) | (3,482 | ) | (3,593 | ) | (3,095 | ) | (3,131 | ) | ||||||||||
| Total earnings (A) |
$ | 212,178 | $ | 219,362 | $ | 209,280 | $ | 188,768 | $ | 168,680 | ||||||||||
| Fixed charges: |
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| Interest expense |
$ | 111,420 | $ | 99,163 | $ | 111,365 | $ | 95,234 | $ | 81,617 | ||||||||||
| Capitalized interest |
5,549 | 5,301 | 7,865 | 4,069 | 5,691 | |||||||||||||||
| Portion of rents representing interest |
1,486 | 1,980 | 2,097 | 2,098 | 1,812 | |||||||||||||||
| Total fixed charges (B) |
$ | 118,455 | $ | 106,444 | $ | 121,327 | $ | 101,401 | $ | 89,120 | ||||||||||
| Preferred stock dividends |
541 | 541 | 442 | 10,423 | 11,475 | |||||||||||||||
| Preferred stock redemption costs |
— | — | — | 4,775 | — | |||||||||||||||
| Total fixed charges and preferred stock dividends (C) |
$ | 118,996 | $ | 106,985 | $ | 121,769 | $ | 116,599 | $ | 100,595 | ||||||||||
| Ratio of earnings to fixed charges (A divided by B) |
1.8 | 2.1 | 1.7 | 1.9 | 1.9 | |||||||||||||||
| Ratio of earning to combined fixed charges and preferred stock dividends (A divided by C) |
1.8 | 2.1 | 1.7 | 1.6 | 1.7 | |||||||||||||||