Exhibit 12 (b)
The Taubman Realty Group Limited Partnership
Computation of Ratios of Earnings to Fixed Charges
and Preferred Distributions
(in thousands of dollars, except ratios)
Year Ended December 31
----------------------------------------------------
1997 1996 1995 1994 1993
---- ---- ---- ---- ----
Net Earnings from Continuing Operations $ 95,294 $ 84,094 $ 79,699 $ 72,203 $ 69,326
Add back:
Fixed charges 125,123 113,480 110,541 88,198 77,230
Amortization of previously capitalized
interest (1) 2,166 1,969 2,185 2,035 1,818
Equity in net income in excess of
distributions of less than 50% owned
Unconsolidated Joint Ventures 0 0 (344) (100) 0
Deduct:
Capitalized interest (1) (13,840) (8,869) (8,651) (8,899) (4,316)
-------- -------- -------- -------- --------
Earnings Available for Fixed Charges
and Preferred Distributions $208,743 $190,674 $183,430 $153,437 $144,058
======== ======== ======== ======== ========
Fixed Charges
Interest expense $ 73,639 $ 70,454 $ 65,858 $ 47,732 $ 45,337
Capitalized interest 9,469 5,682 6,852 7,098 2,640
Interest portion of rent expense 7,389 5,556 4,762 4,101 4,276
Proportionate share of Unconsolidated
Joint Ventures' fixed charges 34,626 31,788 33,069 29,267 24,977
-------- -------- -------- -------- --------
Total Fixed Charges $125,123 $113,480 $110,541 $ 88,198 $ 77,230
======== ======== ======== ======== ========
Preferred Distributions 4,058 0 0 0 0
-------- -------- -------- -------- --------
Total Fixed Charges and Preferred
Distributions $129,181 $113,480 $110,541 $ 88,198 $ 77,230
======== ======== ======== ======== ========
Ratio of Earnings to Fixed Charges
and Preferred Distributions 1.6 1.7 1.7 1.7 1.9
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(1) Amounts include TRG's pro rata share of capitalized interest and
amortization of previously capitalized interest of the Unconsolidated Joint
Ventures.