EXHIBIT 12.1

SIMON PROPERTY GROUP, INC.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(in thousands)

		For the year ended December 31,
		2003			2002			2001			2000			1999
Earnings:
Pre-tax income from continuing operations		$	459,497		$	545,148		$	282,460		$	346,770		$	294,021
Add:
Pre-tax income from 50% or greater than 50% owned unconsolidated entities		59,165			47,939			62,448			50,377			60,940
Minority interest in income of majority owned subsidiaries		7,277			10,498			10,593			10,370			10,719
Distributed income from less than 50% owned unconsolidated entities		42,939			37,811			51,740			45,948			30,169
Amortization of capitalized interest		1,850			1,876			1,706			1,323			724
Fixed Charges		703,948			695,209			726,007			776,347			692,984
Less:
Income from unconsolidated entities		(99,645		)	(78,695		)	(67,116		)	(56,773		)	(51,140		)
Interest capitalization		(11,059		)	(5,507		)	(10,325		)	(20,108		)	(24,377		)
Preferred distributions of consolidated subsidiaries		(12,044		)	(11,340		)	(26,085		)	(40,602		)	(32,252		)
Earnings		$	1,151,928		$	1,242,939		$	1,031,428		$	1,113,652		$	981,788
Fixed Charges:
Portion of rents representative of the interest factor		5,620			4,298			4,977			5,078			4,913
Interest on indebtedness (including amortization of debt expense)		675,225			674,064			684,620			710,559			631,442
Interest capitalized		11,059			5,507			10,325			20,108			24,377
Preferred distributions of consolidated subsidiaries		12,044			11,340			26,085			40,602			32,252
Fixed Charges		$	703,948		$	695,209		$	726,007		$	776,347		$	692,984
Preferred Stock Dividends		55,138			64,201			51,360			36,808			37,071
Fixed Charges and Preferred Stock Dividends		$	759,086		$	759,410		$	777,367		$	813,155		$	730,055
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		1.52x			1.64x			1.33x			1.37x			1.34x

For purposes of calculating the ratio of earnings to fixed charges, “earnings” have been computed by adding fixed charges, excluding capitalized interest, to income (loss) from continuing operations including income from minority interests and our share of income (loss) from 50%-owned affiliates which have fixed charges, and including distributed operating income from unconsolidated joint ventures instead of income from unconsolidated joint ventures. There are generally no restrictions on our ability to receive distributions from our joint ventures where no preference in favor of the other owners of the joint venture exists. “Fixed charges” consist of interest costs, whether expensed or capitalized, the interest component of rental expenses and amortization of debt issue costs.

The computation of ratio of earnings to fixed charges has been restated to adopt SFAS No. 145, “Rescission of FASB Statements No. 4, 44, and 64, Amendment of SFAS No. 13, and Technical Corrections.” Among other items, SFAS No. 145 rescinds SFAS No. 4, “Reporting of Gains and Losses from Extinguishment of Debt” and “Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements.” As a result, gains and losses from extinguishment of debt should be classified as extraordinary items only if they meet the criteria of APB Opinion No. 30. Debt extinguishments as part of a company’s risk management strategy would not meet the criteria for classification as extraordinary items. Therefore, we are required to reclassify all of the extraordinary items related to debt transactions recorded in prior periods, including those recorded in the current period, to income from continuing operations.