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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1996 1997
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Net Earnings from Continuing Operations $20,868 $23,584
Add back:
Fixed charges 27,535 29,262
Amortization of previously capitalized
interest (1) 491 476
Distributions in excess of equity in net
income of 25% owned Joint Venture (576) 0
Deduct:
Capitalized interest (1) (1,773) (3,261)
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Earnings Available for Fixed Charges $46,545 $50,061
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Fixed Charges
Mortgage notes and other $17,102 $17,284
Capitalized interest 1,212 1,994
Interest portion of rent expense 1,272 1,880
Proportionate share of Joint Ventures'
fixed charges 7,949 8,104
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Total Fixed Charges $27,535 $29,262
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Ratio of earnings to fixed charges 1.7 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.