Exhibit 12.1

Forest City Enterprises, Inc.
Statement regarding the Computation of Ratio of Earnings to Fixed Charges
(in thousands)

	October 31,		January 31,
	2006		2006		2005		2004		2003		2002
Earnings:
Earnings from continuing operations before income taxes and extraordinary gain (excluding equity in earnings of unconsolidated entities and minority interest)	$	6,441	$	64,771	$	58,752	$	44,050	$	50,744	$	110,629
Adjustments to earnings:
Interest incurred, net of capitalized interest		214,508		264,655		230,557		172,231		147,877		143,735
Amortization of loan procurement costs		8,260		10,048		10,557		7,535		6,301		5,205
Previously capitalized interest amortized into earnings		6,865		8,477		7,254		6,582		6,002		5,466
Cash distributions from unconsolidated entities		61,637		68,696		86,338		70,335		103,734		69,213
Portion of rents representative of interest factor		7,011		8,014		9,616		7,987		7,366		8,155
Earnings, as adjusted	$	304,722	$	424,661	$	403,074	$	308,720	$	322,024	$	342,403
Fixed charges:
Interest incurred, net of capitalized interest		214,508		264,655		230,557		172,231		147,877		143,735
Interest capitalized		67,167		66,172		42,143		32,941		30,212		31,716
Amortization of loan procurement costs		8,260		10,048		10,557		7,535		6,301		5,205
Portion of rents representative of interest factor		7,011		8,014		9,616		7,987		7,366		8,155
Total fixed charges	$	296,946	$	348,889	$	292,873	$	220,694	$	191,756	$	188,811
Ratio of earnings to fixed charges (a)		1.03		1.22		1.38		1.40		1.68		1.81

(a) The Company has other earnings from operations, principally from depreciation and amortization, that are available to cover fixed charges.