Exhibit 12.1

Rouse Properties, Inc.

Statement of Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends*

	Historical
										Successor						Predecessor
	Year Ended December 31,												November 10 -  December 31			January 1 -  November 9
	2014			2013			2012			2011			2010
	(Dollars in thousands)
Earnings:
Pre-tax loss from continuing operations	$	(51,148	)	$	(44,738	)	$	(62,323	)	$	(21,516	)	$	(1,960	)	$	(32,870	)
Add:
Fixed Charges	85,457			86,759			96,889			70,984			10,394			88,654
Amortization of capitalized interest	—			—			—			—			—			—
Less:
Interest capitalized	2,548			998			—			—			—			—
Preference security dividend requirements of consolidated subsidiaries	—			—			—			—			—			—
Total earnings	$	31,761		$	41,023		$	34,566		$	49,468		$	8,434		$	55,784
Fixed Charges:
Interest expense (including amortization of finance charges and market rate adjustments)	$	82,909		$	85,761		$	96,889		$	70,984		$	10,394		$	88,654
Interest capitalized	2,548			998			—			—			—			—
Interest within rental expense	—			—			—			—			—			—
Preference security dividend requirements of consolidated subsidiaries	—			—			—			—			—			—
Total fixed charges	$	85,457		$	86,759		$	96,889		$	70,984		$	10,394		$	88,654
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends	0.37			0.47			0.36			0.70			0.81			0.63
Coverage deficiency for total fixed charges to arrive at a one-to-one ratio	$	53,696		$	45,736		$	62,323		$	21,516		$	1,960		$	32,870

* As of the date hereof, there are no shares of preferred stock issued and outstanding and, therefore, there are no amounts for preferred stock dividends included in these calculations.