Exhibit 12

TAUBMAN CENTERS, INC.
Computation of Ratios of Earnings to Combined Fixed Charges and Preferred Dividends
(in thousands, except ratios)

	Year Ended December 31
	2004			2003			2002			2001			2000
Earnings from Continuing Operations before
income from equity investees	$	19,900		$	(5,448	)	$	14,103		$	29,619		$	119,772	(1)
Add:
Fixed charges		116,584			104,626			95,280			97,184			87,602
Amortization of previously capitalized interest		3,612			3,256			2,601			1,630			1,295
Distributed income of Unconsolidated Joint Ventures		40,070			36,740			27,912			21,861			28,479
Deduct:
Capitalized interest		(5,995	)		(9,134	)		(6,317	)		(23,701	)		(25,011	)
Preferred distributions		(12,244	)		(9,000	)		(9,000	)		(9,000	)		(9,000	)
Earnings available for fixed charges and preferred dividends	$	161,927		$	121,040		$	124,579		$	117,593		$	203,137
Fixed charges:
Interest expense	$	95,934		$	84,194		$	77,479		$	61,959		$	51,049
Capitalized interest		5,995			9,134			6,317			23,701			25,011
Interest portion of rent expense		2,411			2,298			2,484			2,524			2,542
Preferred distributions		12,244			9,000			9,000			9,000			9,000
Total fixed charges	$	116,584		$	104,626		$	95,280		$	97,184		$	87,602
Preferred dividends		17,444			16,600			16,600			16,600			16,600
Total fixed charges and preferred dividends	$	134,028		$	121,226		$	111,880		$	113,784		$	104,202
Ratio of earnings to fixed charges and preferred
dividends		1.2			1.0	(2)		1.1			1.0			1.9

(1) Earnings from continuing operations in 2000 include the Company’s $85.3 million gain on the disposition of Lakeside.

(2) Earnings available for fixed charges and preferred dividends were less than total fixed charges and preferred dividends by $0.2 million.