Brookfield Property Preferred (BPYPM) F-4 Registration of securities (foreign)

Exhibit 12.1

GGP Inc.

Consolidated Earnings to Fixed Charges

(Includes Distributions from Unconsolidated Real Estate Affiliates in excess of income)

	Year Ended December 31, 2017			Year Ended December 31, 2016			Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
	(Dollars in millions)
Earnings
Income from continuing operations(1)	$	667		$	1,308		$	1,394		$	398		$	329
Less: Provision for income taxes		(11	)		1			(38	)		7			—
Less: Equity in (income) of Unconsolidated Real Estate Affiliates		(165	)		(283	)		(400	)		(61	)		(69	)
Plus: Fixed Charges(2)		508			540			577			695			746
Plus: Amortization of capitalized interest		1			1			—			—			—
Plus: Distributions received from Unconsolidated Real Estate Affiliates(3)		405			204			233			434			276
Less: Capitalized interest		(11	)		(5	)		(13	)		(17	)		(11	)
Less: Preferred unit distributions		(2	)		(9	)		(9	)		(9	)		(9	)
Earnings	$	1,392		$	1,757		$	1,744		$	1,447		$	1,262
Net Interest
Interest expense	$	487		$	571		$	608		$	699		$	759
Interest income		(62	)		(60	)		(49	)		(29	)		(8	)
Amortization of deferred finance costs		(11	)		(12	)		(12	)		(13	)		(9	)
Debt extinguishment costs including gains/(losses)		55			—			—			—			(36	)
Amortization of market rate adjustments		4			3			—			(3	)		(9	)
Write-off of market rate adjustments		—			2			(14	)		(10	)		6
Othernon-cash interest expense		—			—			—			—			—
Net interest	$	473		$	504		$	533		$	644		$	703

	Year Ended December 31, 2017		Year Ended December 31, 2016		Year Ended December 31, 2015		Year Ended December 31, 2014		Year Ended December 31, 2013
	(Dollars in millions)
Fixed Charges
Net Interest		473		504		533		644		703
Ground rent expense		6		6		6		9		9
Capitalized interest		11		5		13		17		11
Preferred unit distributions		2		9		9		9		9
Total fixed charges		492		524		561		679		732
Preferred stock distributions		16		16		16		16		14
Combined fixed charges and preferred stock distributions	$	508	$	540	$	577	$	695	$	746
Ratio of consolidated earnings to total fixed charges		2.83		3.35		3.11		2.13		1.72
Ratio of consolidated earnings to combined fixed charges and preferred stock distributions		2.74		3.25		3.02		2.08		1.69

(1) - Income from continuing operations component of earnings includesnon-cash charges for depreciation and amortization expense and provisions for impairment. Depreciation and amortization expense included in Income from continuing operations was $693.3 million, $660.7 million, $643.7 million, $708.4 million, $749.7 million for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively. Provisions for impairment included in Income from continuing operations was $0.0 million, $73.0 million, $8.6 million, $5.3 million and $0.0 million for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively.

(2) - Earnings exceeded fixed charges by $899.7 million, $1,232.1 million, $1,182.1 million, $768.2 million and $529.8 million for the years ended December 31, 2017, 2016, 2015, 2014 and 2013, respectively.

(3) - Includes both operating and investing distributions.