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Exhibit 12.1

SIMON PROPERTY GROUP, INC (SPG) AND
SRC REALTY CONSULTANTS, INC. (SRC) COMBINED
Computation of Combined Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(in thousands)

 
   SPG and SRC
   SPG AND SRC
   Simon DeBartolo Group, Inc.
  
 
   For the six months ended June 30,
   For the year ended December 31,
  
 
   2001
   2000
   2000
   1999
   1998
   1997
   1996
  
Earnings:                                            
  Income before extraordinary items   $ 145,661   $ 166,994   $ 393,696   $ 361,666   $ 272,349   $ 220,434   $ 134,663  
  Add:                                            
    Minority interest in income of majority owned subsidiaries     5,231     4,717     10,370     10,719     7,335     5,270     4,300  
    Distributed income from unconsolidated entities     25,490     22,459     45,948     30,169     29,903     15,619     5,538  
    Amortization of capitalized interest     782     606     1,323     724     380     0     0  
  Fixed Charges     377,334     381,978     776,347     692,984     499,645     322,685     210,913  
  Less:                                            
    Income from unconsolidated entities     (17,337 )   (20,244 )   (52,921 )   (51,140 )   (22,293 )   (8,690 )   (4,060 )
    Interest capitalization     (5,863 )   (10,393 )   (20,108 )   (24,377 )   (13,792 )   (11,932 )   (5,831 )
    Preferred distributions of consolidated subsidiaries     (20,415 )   (20,302 )   (40,602 )   (32,252 )   (7,816 )   0     0  
   
 
 
 
 
 
 
 
Earnings   $ 510,883   $ 525,815   $ 1,114,053   $ 988,493   $ 765,302   $ 543,386   $ 345,523  
   
 
 
 
 
 
 
 
Fixed Charges:                                            
  Portion of rents representative of the interest factor     2,435     2,460     5,078     4,913     4,831     3,732     2,900  
  Interest on indebtedness (including amortization of debt expense)     348,621     348,823     710,559     631,442     473,206     307,021     202,182  
  Interest capitalized     5,863     10,393     20,108     24,377     13,792     11,932     5,831  
  Preferred distributions of consolidated subsidiaries     20,415     20,302     40,602     32,252     7,816     0     0  
   
 
 
 
 
 
 
 
Fixed Charges   $ 377,334   $ 381,978   $ 776,347   $ 692,984   $ 499,645   $ 322,685   $ 210,913  
   
 
 
 
 
 
 
 
  Preferred Stock Dividends     18,362     18,438     36,808     37,071     33,655     29,248     12,694  
   
 
 
 
 
 
 
 
Fixed Charges and Preferred Stock Dividends   $ 395,696   $ 400,416   $ 813,155   $ 730,055   $ 533,300   $ 351,933   $ 223,607  
   
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends     1.29     1.31     1.37     1.35     1.44     1.54     1.55  
   
 
 
 
 
 
 
 


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SIMON PROPERTY GROUP, INC (SPG) AND SRC REALTY CONSULTANTS, INC. (SRC) COMBINED Computation of Combined Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (in thousands)