Exhibit 12 (b)
THE TAUBMAN REALTY GROUP LIMITED PARTNERSHIP
Computation of Ratios of Earnings to Fixed Charges and Preferred Distributions
(in thousands, except ratios)
Nine Months Ended September 30
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1998 1997
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Net Earnings from Continuing Operations (1) $ 1,150,385 $ 68,795
Add back:
Fixed charges 115,094 91,710
Amortization of previously
capitalized interest (2) 1,842 1,487
Deduct:
Capitalized interest (2) (13,699) (10,649)
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Earnings Available for Fixed Charges
and Preferred Distributions $ 1,253,622 $ 151,343
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Fixed Charges
Mortgage notes and other $ 66,662 $ 54,002
Capitalized interest 12,830 6,798
Interest portion of rent expense 5,258 5,595
Proportionate share of Unconsolidated
Joint Ventures' fixed charges 30,344 25,315
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Total Fixed Charges $ 115,094 $ 91,710
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Preferred Distributions 12,450
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Total Fixed Charges and Preferred
Distributions $ 127,544 $ 91,710
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Ratio of Earnings to Fixed Charges and
Preferred Distributions 9.8 1.7
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(1) Amount includes the approximately $1.1 billion gain on the GMPT Exchange
that was recognized during the nine months ended September 30, 1998.
(2) Amounts include TRG's pro rata share of capitalized interest and
amortization of previously capitalized interest of the Unconsolidated Joint
Ventures.