The Macerich Company (MAC) S-3ASR Automatic shelf registration

EXHIBIT 12.1

THE MACERICH COMPANY

RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS (Dollar amounts in thousands)

	Nine Months Ended September		For the Years Ended December 31,
	30, 2008		2007		2006		2005		2004		2003
Earnings:
Pretax (loss) income from continuing operations (1)	(18,551	)	662		(15,415	)	(11,429	)	28,765		43,574
Adjustments Added:
Distributions from unconsolidated joint ventures and the management companies	137,990		278,421		191,375		164,547		93,031		59,825
Fixed charges (see below)	316,185		385,129		377,405		326,140		212,650		197,264
Adjustments Subtracted:
Interest Capitalized	(28,696	)	(34,619	)	(16,974	)	(16,286	)	(9,637	)	(13,818	)
Total Earnings	406,928		629,593		536,391		462,972		324,809		286,845
Fixed Charges:
Interest expense (2)	287,489		350,510		360,431		309,854		203,013		183,446
Capitalized interest	28,696		34,619		16,974		16,286		9,637		13,818
Preferred dividend requirements of consolidated subsidiaries	—		—		—		—		—		—
Total Fixed Charges	316,185		385,129		377,405		326,140		212,650		197,264
Preferred share distributions	4,124		10,058		10,083		9,649		9,140		14,816
Total Combined Fixed Charges and Preferred Share Distributions	320,309		395,187		387,488		335,789		221,790		212,080
Ratio of Earnings to Fixed Charges	1.29		1.63		1.42		1.42		1.53		1.45
Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions	1.27		1.59		1.38		1.38		1.46		1.35

(1)	Earnings consist of pretax income from continuing operations before minority interest, equity in income of unconsolidated entities, gain (loss) on sale or write-down of assets and loss on early extinguishment of debt.
(2)	Includes amortization of deferred loan costs and amortization of premiums and discounts related to indebtedness.

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