SIMON PROPERTY GROUP, INC.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(in thousands)

			For the Year Ended December 31,

			2008			2007			2006			2005			2004
Earnings:
	Pre-tax income from consolidated continuing operations		$	603,141		$	663,283		$	741,097		$	486,532		$	480,805
	Add:
		Pre-tax (loss) income from 50% or greater than 50% owned unconsolidated entities		(29,093	)		(9,061	)		45,313			49,939			46,124
		Distributed income from less than 50% owned unconsolidated entities		61,482			51,594			53,000			66,165			45,909
		Amortization of capitalized interest		4,927			2,462			5,027			2,772			2,533
Fixed Charges				1,271,710			1,218,298			985,797			932,404			769,883
Less:
		Income from unconsolidated entities		(32,246	)		(38,120	)		(110,819	)		(81,807	)		(81,113	)
		Interest capitalization		(28,451	)		(37,270	)		(34,073	)		(15,502	)		(15,546	)
		Preferred distributions of consolidated subsidiaries		(17,599	)		(21,580	)		(26,979	)		(28,080	)		(21,220	)

Earnings			$	1,833,871		$	1,829,606		$	1,658,363		$	1,412,423		$	1,227,375

Fixed Charges:
	Portion of rents representative of the interest factor			8,996			9,032			9,052			8,869			7,092
	Interest on indebtedness (including amortization of debt expense)			1,196,334			1,150,416			915,693			879,953			726,025
	Interest capitalized			28,451			37,270			34,073			15,502			15,546
	Loss on extinguishment of debt			20,330			—			—			—			—
	Preferred distributions of consolidated subsidiaries			17,599			21,580			26,979			28,080			21,220

Fixed Charges			$	1,271,710		$	1,218,298		$	985,797		$	932,404		$	769,883
	Add: Preferred Stock Dividends			41,119			55,075			77,695			73,854			42,346

Fixed Charges and Preferred Stock Dividends			$	1,312,829		$	1,273,373		$	1,063,492		$	1,006,258		$	812,229

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends				1.40x			1.44x			1.56x			1.40x			1.51x

For purposes of calculating the ratio of earnings to fixed charges, "earnings" have been computed by adding fixed charges, excluding capitalized interest, to pre-tax income from consolidated continuing operations including income from noncontrolling interests and our share of pre-tax (loss) income from 50%, or greater than 50%, owned unconsolidated entities which have fixed charges, and including distributed operating income from less than 50% owned unconsolidated joint ventures instead of income from the less than 50% owned 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, preferred distributions, losses on extinguishment of debt, and amortization of debt issue costs.