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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,
  
 
   2006
   2005
   2004
   2003
   2002
  
Earnings:                                
  Pre-tax income from continuing operations   $ 574,813   $ 369,636   $ 362,600   $ 341,795   $ 399,484  
  Add:                                
    Pre-tax income from 50% or greater than 50% owned unconsolidated entities     45,313     49,939     46,124     59,165     47,939  
    Limited partners' interest in the Operating Partnership     128,661     75,841     87,891     89,722     119,457  
    Minority interest in income of majority owned subsidiaries     11,524     13,743     9,687     7,277     10,498  
    Distributed income from less than 50% owned unconsolidated entities     53,000     66,165     45,909     42,939     37,811  
    Amortization of capitalized interest     5,027     2,772     2,533     1,850     1,876  
  Fixed Charges     985,797     932,404     769,883     696,289     684,955  
  Less:                                
    Income from unconsolidated entities     (110,819 )   (81,807 )   (81,113 )   (99,645 )   (78,695 )
    Interest capitalization     (34,073 )   (15,502 )   (15,546 )   (11,059 )   (5,507 )
   
 
 
 
 
 
Earnings   $ 1,659,243   $ 1,413,191   $ 1,227,968   $ 1,128,333   $ 1,217,818  
   
 
 
 
 
 
Fixed Charges:                                
  Portion of rents representative of the interest factor     9,052     8,869     7,092     5,507     4,185  
  Interest on indebtedness (including amortization of debt expense)     915,693     879,953     726,025     667,679     663,923  
  Interest capitalized     34,073     15,502     15,546     11,059     5,507  
  Preferred distributions of consolidated subsidiaries     26,979     28,080     21,220     12,044     11,340  
   
 
 
 
 
 
Fixed Charges   $ 985,797   $ 932,404   $ 769,883   $ 696,289   $ 684,955  
   
 
 
 
 
 
  Add: Preferred Stock Dividends     77,695     73,854     42,346     55,138     64,201  
   
 
 
 
 
 
Fixed Charges and Preferred Stock Dividends   $ 1,063,492   $ 1,006,258   $ 812,229   $ 751,427   $ 749,156  
   
 
 
 
 
 
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends     1.56 x   1.40 x   1.51 x   1.50 x   1.63 x
   
 
 
 
 
 

            For purposes of calculating the ratio of earnings to fixed charges, "earnings" have been computed by adding fixed charges, excluding capitalized interest, to pre-tax income from continuing operations including income from minority interests and our share of pre-tax income from 50%, or greater than 50%, owned unconsolidated entities which have fixed charges, and including distributed operating income from less than 50% owned unconsolidated joint ventures instead of income from the less than 50% owned 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, preferred distributions, and amortization of debt issue costs.

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