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Exhibit 12.1

Simon Property Group, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(in thousands)

			For the year ended December 31,
			2004			2003			2002			2001			2000
Earnings:
	Pre-tax income from continuing operations		$	462,175		$	456,675		$	542,978		$	282,460		$	346,770
	Add:
		Pre-tax income from 50% or greater than 50% owned unconsolidated entities		46,125			59,165			47,939			62,448			50,377
		Minority interest in income of majority owned subsidiaries		9,687			7,277			10,498			10,593			10,370
		Distributed income from less than 50% owned unconsolidated entities		45,909			42,939			37,811			51,740			45,948
		Amortization of capitalized interest		2,533			1,850			1,876			1,706			1,323
	Fixed Charges			778,280			703,947			694,291			726,007			776,347
	Less:
		Income from unconsolidated entities		81,113			(99,645	)		(78,695	)		(67,116	)		(56,773	)
		Interest capitalization		(15,546	)		(11,059	)		(5,507	)		(10,325	)		(20,108	)
		Preferred distributions of consolidated subsidiaries		(21,220	)		(12,044	)		(11,340	)		(26,085	)		(40,602	)
Earnings			$	1,389,056		$	1,149,105		$	1,239,851		$	1,031,428		$	1,113,652
Fixed Charges:
	Portion of rents representative of the interest factor			7,197			5,620			4,298			4,977			5,078
	Interest on indebtedness (including amortization of debt expense)			734,317			675,224			673,146			684,620			710,559
	Interest capitalized			15,546			11,059			5,507			10,325			20,108
	Preferred distributions of consolidated subsidiaries			21,220			12,044			11,340			26,085			40,602
Fixed Charges			$	778,280		$	703,947		$	694,291		$	726,007		$	776,347
	Preferred Stock Dividends			42,346			55,138			64,201			51,360			36,808
Fixed Charges and Preferred Stock Dividends			$	820,626		$	759,085		$	758,492		$	777,367		$	813,155
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends				1.69	x		1.51	x		1.63	x		1.33	x		1.37	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 comply with FASB Statement No. 144 which requires the operating results of the properties sold in the current year to be reclassified to discontinued operations and requires restatement of previous years' operating results of the properties sold to discontinued operations.

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Simon Property Group, Inc. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends (in thousands)