Exhibit 12.1

CEDAR REALTY TRUST, INC.

Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Stock Dividends

	June 30,		Year ended December 31,
	2017		2016		2015		2014		2013		2012
Earnings:
Net income before discontinued operations	$	7,556,000	$	8,764,000	$	21,616,000	$	17,611,000	$	4,519,000	$	24,094,000
Undistributed earnings of equity investees		—		—		—		—		—		—
Fixed charges (excluding capitalized interest)		11,303,000		29,672,000		28,886,000		33,634,000		35,397,000		41,424,000
Total earnings (A)	$	18,859,000	$	38,436,000	$	50,502,000	$	51,245,000	$	39,916,000	$	65,518,000
Fixed charges:
Interest expense (including amortization of financing)	$	11,094,000	$	29,152,000	$	28,377,000	$	33,126,000	$	34,868,000	$	40,896,000
Capitalized interest and amortization		285,000		743,000		409,000		757,000		915,000		1,314,000
Portion of rents representing interest		209,000		520,000		509,000		508,000		529,000		528,000
Total fixed charges (B)	$	11,588,000	$	30,415,000	$	29,295,000	$	34,391,000	$	36,312,000	$	42,738,000
Preferred stock dividends	$	7,204,000	$	14,408,000	$	14,408,000	$	14,408,000	$	14,413,000	$	14,819,000
Total fixed charges and preferred stock dividends (C)	$	18,792,000	$	44,823,000	$	43,703,000	$	48,799,000	$	50,725,000	$	57,557,000
Ratio of earnings to fixed charges (A divided by B)(x)		1.63		1.26		1.72		1.49		1.10		1.53
Ratio of earnings to fixed charges and preferred stock dividends (A divided by C)(y)		1.00		(z)		1.16		1.05		(z)		1.14
Deficit - Fixed charges
Deficit - Combined fixed charges and preferred stock dividends			$	6,387,000					$	10,809,000

^(x)  The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. In computing the ratio of earnings to fixed charges: (a) earnings consist of (loss) income before discontinued operations plus distributed income of equity investees and fixed charges (excluding capitalized interest) and (b) fixed charges consist of interest expense including amortization of debt discounts and issuance costs (including capitalized interest) and the estimated portion of rents payable by us representing interest.

^(y)  The ratio of earnings to combined fixed charges and preferred stock dividends is computed by dividing earnings by the total of fixed charges and preferred stock dividends. In computing the ratio of earnings to combined fixed charges and preferred stock dividends: (a) earnings consist of (loss) income before discontinued operations plus distributed income of equity investees and fixed charges (excluding capitalized interest), (b) fixed charges consist of interest expense including amortization of debt discounts and issuance costs (including capitalized interest) and the estimated portion of rents payable by us representing interest; and (c) preferred stock dividends consists of preferred stock dividends.

^(z)  During the fiscal years ended December 31, 2016 and 2013, earnings were insufficient to cover fixed charges and preferred stock dividends by $6.4 million and $10.8 million, respectively.