Exhibit 12
The Taubman Realty Group Limited Partnership
Computation of Ratios of Earnings to Fixed Charges
(in thousands of dollars, except ratios)
Year Ended December 31
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1992 1993 1994 1995 1996
---- ---- ---- ---- ----
Net Earnings from Continuing Operations $ 62,926 $ 69,326 $ 72,203 $ 79,699 $ 84,094
Add back:
Fixed charges 149,449 77,230 88,198 110,541 113,480
Amortization of previously capitalized
interest (1) 1,798 1,818 2,035 2,185 1,969
Distributions in excess of equity in net
income of 25% owned Joint Venture 316 298 (100) (344) 122
Deduct:
Capitalized interest (1) (1,719) (4,316) (8,899) (8,651) (8,869)
-------- -------- -------- -------- --------
Earnings Available for Fixed Charges $212,770 $144,356 $153,437 $183,430 $190,796
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Fixed Charges
Interest expense GM Loan $ 81,613
Mortgage notes and other 36,041 $ 45,337 $ 47,732 $ 65,858 $ 70,454
Capitalized interest 297 2,640 7,098 6,852 5,682
Interest portion of rent expense 4,465 4,276 4,101 4,762 5,556
Proportionate share of Joint Ventures' fixed
charges 27,033 24,977 29,267 33,069 31,788
-------- -------- -------- ------- --------
Total Fixed Charges $149,449 $ 77,230 $ 88,198 $110,541 $113,480
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 1.4 1.9 1.7 1.7 1.7
(1)Amounts include TRG's pro rata share of capitalized interest and amortization
of previously capitalized interest of the Joint Ventures.