Exhibit 12 (b)
THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP
Computation of Ratios of Earnings to Fixed Charges and Preferred Distributions
(in thousands, except ratios)
Six Months Ended June 30
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1998 1997
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Net Earnings from Continuing Operations $ 46,282 $ 45,754
Add back:
Fixed charges 75,525 59,255
Amortization of previously
capitalized interest (1) 1,238 953
Equity in net income in excess of
distributions of less than 50% owned
Unconsolidated Joint Ventures (957) 0
Deduct:
Capitalized interest (1) (8,014) (7,167)
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Earnings Available for Fixed Charges
and Preferred Distributions $114,074 $ 98,795
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Fixed Charges
Mortgage notes and other $ 44,586 $ 34,614
Capitalized interest 7,456 4,337
Interest portion of rent expense 3,518 3,749
Proportionate share of Unconsolidated
Joint Ventures' fixed charges 19,965 16,555
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Total Fixed Charges $ 75,525 $ 59,255
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Preferred Distributions 8,300
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Total Fixed Charges and Preferred
Distributions $ 83,825 $ 59,255
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Ratio of Earnings to Fixed Charges
and Preferred Distributions 1.4 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 Unconsolidated Joint
Ventures.