Exhibit 12
TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends and Distributions
(in thousands, except ratios)
Nine Months Ended September 30
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2001 2000
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Net Earnings from Continuing Operations $ 41,754 $ 45,610
Add back:
Fixed charges 107,085 92,116
Amortization of previously capitalized interest (1) 1,842 1,644
Deduct:
Capitalized interest (1) (27,868) (20,719)
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Earnings Available for Fixed Charges
and Preferred Dividends and Distributions $ 122,813 $ 118,651
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Fixed Charges
Interest expense $ 47,363 $ 41,566
Capitalized interest 22,234 16,962
Interest portion of rent expense 2,896 2,917
Proportionate share of Unconsolidated Joint
Ventures' fixed charges 34,592 30,671
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Total Fixed Charges $ 107,085 $ 92,116
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Preferred Dividends and Distributions 19,200 19,200
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Total Fixed Charges and Preferred
Dividends and Distributions $ 126,285 $ 111,316
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Ratio of Earnings to Fixed Charges and
Preferred Dividends and Distributions 0.97 (2) 1.07
(1) Amounts include TRG's pro rata share of the Unconsolidated Joint Ventures.
(2) Earnings available for fixed charges and preferred dividends and distributions are less than the total
of fixed charges and preferred dividends and distributions by approximately $3.5 million.