Exhibit 12

TAUBMAN CENTERS, INC.

Computation of Ratio of Earnings to Combined Fixed Charges and
Preferred Dividends
(in thousands, except ratios)

				Year Ended December 31
	Nine Months Ended
	September 30 2004			2003			2002			2001			2000			1999
Earnings from continuing operations before income from equity investees	$	16,594		$	(5,448	)	$	14,103		$	29,619		$	119,772	(1)	$	12,406
Add:
Fixed charges		83,783			104,626			95,280			97,184			87,602			68,384
Amortization of previously capitalized interest		2,667			3,256			2,601			1,630			1,295			1,263
Distributed income of Unconsolidated Joint
Ventures		26,663			39,780			27,903			21,827			28,479			27,904
Deduct:
Capitalized interest		(4,044	)		(9,134	)		(6,317	)		(23,701	)		(25,011	)		(14,555	)
Preferred distributions		(7,604	)		(9,000	)		(9,000	)		(9,000	)		(9,000	)		(2,444	)
Earnings available for fixed charges and preferred dividends	$	118,059		$	124,080		$	124,570		$	117,559		$	203,137		$	92,958
Fixed charges:
Interest expense		70,377			84,194			77,479			61,959			51,049			48,600
Capitalized interest		4,044			9,134			6,317			23,701			25,011			14,555
Interest portion of rent expense		1,758			2,298			2,484			2,524			2,542			2,785
Preferred distributions		7,604			9,000			9,000			9,000			9,000			2,444
Total fixed charges	$	83,783		$	104,626		$	95,280		$	97,184		$	87,602		$	68,384
Preferred dividends		12,450			16,600			16,600			16,600			16,600			16,600
Total fixed charges and preferred dividends	$	96,233		$	121,226		$	111,880		$	113,784		$	104,202		$	84,984
Ratio of earnings to fixed charges and preferred dividends		1.2			1.0			1.1			1.0			1.9			1.1

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