Exhibit 12
The Taubman Realty Group Limited Partnership
Computation of Ratios of Earnings to Fixed Charges
(in thousands, except ratios)
Three Months Ended March 31
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1995 1996
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Net Earnings from Continuing
Operations $19,460 $20,868
Add back:
Fixed charges 26,172 27,535
Amortization of previously
capitalized interest (1) 542 491
Distributions in excess of
equity in net income of
25% owned Joint Venture (278) (576)
Deduct:
Capitalized interest (1) (2,806) (1,773)
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Earnings Available for
Fixed Charges $43,090 $46,545
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Fixed Charges
Mortgage notes and other $15,032 $17,102
Capitalized interest 2,265 1,212
Interest portion of rent expense 986 1,272
Proportionate share of Joint
Ventures' fixed charges 7,889 7,949
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Total Fixed Charges $26,172 $27,535
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Ratio of earnings to fixed charges 1.6 1.7
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(1) Amounts include TRG's pro rata share of capitalized interest and
amortization of previously capitalized interest of the Joint Ventures.