QuickLinks -- Click here to rapidly navigate through this document

Exhibit 12.1

SIMON PROPERTY GROUP, INC.

Restated Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(in thousands)

			For the year ended December 31,
			2002			2001			2000			1999			1998
Earnings:
	Pre-tax income from continuing operations		$	561,655		$	282,460		$	346,770		$	294,021		$	243,376
	Add:
		Pre-tax income from 50% or greater than 50% owned unconsolidated entities		67,365			62,448			50,377			60,940			35,029
		Minority interest in income of majority owned subsidiaries		10,498			10,593			10,370			10,719			7,335
		Distributed income from less than 50% owned unconsolidated entities		37,811			51,740			45,948			30,169			29,903
		Amortization of capitalized interest		1,890			1,706			1,323			724			380
	Fixed Charges			700,286			726,007			776,347			692,984			499,645
	Less:
		Income from unconsolidated entities		(78,695	)		(67,116	)		(56,773	)		(51,140	)		(20,840	)
		Interest capitalization		(5,540	)		(10,325	)		(20,108	)		(24,377	)		(13,792	)
		Preferred distributions of consolidated subsidiaries		(11,340	)		(26,085	)		(40,602	)		(32,252	)		(7,816	)
Earnings			$	1,283,930		$	1,031,428		$	1,113,652		$	981,788		$	773,220
Fixed Charges:
	Portion of rents representative of the interest factor			5,030			4,977			5,078			4,913			4,831
	Interest on indebtedness (including amortization of debt expense)			678,376			684,620			710,559			631,442			473,206
	Interest capitalized			5,540			10,325			20,108			24,377			13,792
	Preferred distributions of consolidated subsidiaries			11,340			26,085			40,602			32,252			7,816
Fixed Charges			$	700,286		$	726,007		$	776,347		$	692,984		$	499,645
	Preferred Stock Dividends			64,201			51,360			36,808			37,071			33,655
Fixed Charges and Preferred Stock Dividends			$	764,487		$	777,367		$	813,155		$	730,055		$	533,300
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends				1.68	x		1.33	x		1.37	x		1.34	x		1.45	x

            For purposes of calculating the ratio of earnings to fixed charges, "earnings" have been computed by adding fixed charges, excluding capitalized interest, to income (loss) from continuing operations including income from minority interests and our share of income (loss) from 50%-owned affiliates which have fixed charges, and including distributed operating income from unconsolidated joint ventures instead of income from unconsolidated joint ventures. There are generally no restrictions on our ability to receive distributions from our joint ventures where no preference in favor of the other owners of the joint venture exists. "Fixed charges" consist of interest costs, whether expensed or capitalized, the interest component of rental expenses and amortization of debt issue costs.

            The computation of ratio of earnings to fixed charges has been restated to adopt SFAS No. 145, "Rescission of FASB Statements No. 4, 44, and 64, Amendment of SFAS No. 13, and Technical Corrections." Among other items, SFAS No. 145 rescinds SFAS No. 4, "Reporting of Gains and Losses from Extinguishment of Debt" and "Extinguishments of Debt Made to Satisfy Sinking-Fund Requirements." As a result, gains and losses from extinguishment of debt should be classified as extraordinary items only if they meet the criteria of APB Opinion No. 30. Debt extinguishments as part of a company's risk management strategy would not meet the criteria for classification as extraordinary items. Therefore, we are required to reclassify all of the extraordinary items related to debt transactions recorded in prior periods, including those recorded in the current period, to income from continuing operations.

QuickLinks

Exhibit 12.1