Simon Property (SPG) 10-K 2014 FY Annual report

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Exhibit 12.1

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

	For the year ended December 31,
	2014			2013			2012			2011			2010
Earnings:
Pre-tax income from continuing operations	$	1,650,250		$	1,406,331		$	1,578,957		$	1,097,478		$	603,978
Add:
Distributions from unconsolidated entities		201,614			177,354			148,927			112,611			108,346
Amortization of capitalized interest		3,925			3,900			999			2,830			1,990
Fixed Charges		1,152,166			1,112,808			1,104,099			948,415			1,332,772
Less:
Income from unconsolidated entities		(226,774	)		(206,380	)		(121,634	)		(255,201	)		(88,581	)
Minority interest in pre-tax (income) loss of subsidiaries that have not incurred fixed charges		(347	)		(1,063	)		(1,286	)		(1,249	)		(1,066	)
Interest capitalization		(16,500	)		(15,585	)		(20,703	)		(5,700	)		(3,707	)
Preferred distributions of consolidated subsidiaries		(1,915	)		(1,915	)		(1,915	)		(1,915	)		(2,315	)
Earnings	$	2,762,419		$	2,475,450		$	2,687,444		$	1,897,269		$	1,951,417
Fixed Charges:
Portion of rents representative of the interest factor		13,577			13,227			13,300			12,600			12,573
Interest on indebtedness (including amortization of debt expense)		992,601			1,082,081			1,068,181			928,200			963,489
Interest capitalized		16,500			15,585			20,703			5,700			3,707
Loss on extinguishment of debt		127,573			—			—			—			350,688
Preferred distributions of consolidated subsidiaries		1,915			1,915			1,915			1,915			2,315
Fixed Charges	$	1,152,166		$	1,112,808		$	1,104,099		$	948,415		$	1,332,772
Preferred Stock Dividends		3,337			3,337			3,337			3,337			6,614
Fixed Charges and Preferred Stock Dividends	$	1,155,503		$	1,116,145		$	1,107,436		$	951,752		$	1,339,386
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends		2.39x			2.22x			2.43x			1.99x			1.46x

            For purposes of calculating the ratio of earnings to fixed charges, the term "earnings" is the amount resulting from adding (a) pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest and (d) distributed income of equity investees, reduced by (a) interest capitalized and (b) the noncontrolling interest in pre-tax income of subsidiaries that have not incurred fixed charges. "Fixed charges" consist of (a) interest expensed and capitalized, (b) amortized premiums, discounts and capitalized expenses related to indebtedness and (c) an estimate of the interest within rental expense.

            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.

            Ratios have been revised for all years presented to reflect the spin-off of Washington Prime Group Inc.

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Exhibit 12.1

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