Exhibit 12
THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP
Computation of Ratios of Earnings to Fixed Charges
(in thousands, except ratios)
Nine Months Ended September 30
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1996 1997
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Net Earnings from Continuing Operations $ 60,308 $ 68,795
Add back:
Fixed charges 84,133 91,710
Amortization of previously capitalized
interest (1) 1,472 1,487
Distributions in excess of equity in net
income of 25% owned Joint Venture 122
Deduct:
Capitalized interest (1) (6,112) (10,649)
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Earnings Available for Fixed Charges $139,923 $151,343
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Fixed Charges
Mortgage notes and other $ 52,714 $ 54,002
Capitalized interest 3,602 6,798
Interest portion of rent expense 3,746 5,595
Proportionate share of Joint Ventures'
fixed charges 24,071 25,315
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Total Fixed Charges $ 84,133 $ 91,710
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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.