Simon Property 10-K 2004 FY Annual report

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Exhibit 12

Simon Property Group, L.P. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(in thousands)

			For the year ended December 31,
			2004			2003			2002			2001			2000
Earnings:
	Pre-tax income from continuing operations		$	456,592		$	454,674		$	539,439		$	281,196		$	352,709
	Add:
		Pre-tax income from 50% or greater than 50% owned unconsolidated entities		46,124			60,614			46,633			62,611			51,799
		Minority interest in income of majority owned subsidiaries		9,687			7,277			10,498			10,715			10,725
		Distributed income from less than 50% owned unconsolidated entities		45,909			42,939			37,811			51,740			45,948
		Amortization of capitalized interest		2,525			1,845			1,872			1,702			1,323
	Fixed Charges			757,040			691,884			682,899			699,751			735,662
	Less:
		Income from unconsolidated entities		(81,113	)		(101,093	)		(77,389	)		(67,291	)		(57,328	)
		Interest capitalization		(15,546	)		(10,916	)		(5,507	)		(10,325	)		(18,513	)
Earnings			$	1,221,218		$	1,147,224		$	1,236,256		$	1,030,099		$	1,122,325
Fixed Charges:
	Portion of rents representative of the interest factor			7,182			5,602			4,350			4,932			4,951
	Interest on indebtedness (including amortization of debt expense)			734,312			675,366			673,042			684,494			712,198
	Interest capitalized			15,546			10,916			5,507			10,325			18,513
Fixed Charges			$	757,040		$	691,884		$	682,899		$	699,751		$	735,662
Ratio of Earnings to Fixed Charges				1.61	x		1.66	x		1.81	x		1.47	x		1.53	x

            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 comply with FASB Statement No. 144 which requires the operating results the operating results of the properties sold in the current year to be reclassified to discontinued operations and requires restatement of previous years' operating results of the properties sold to discontinued operations.

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Simon Property Group, L.P. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (in thousands)