Exhibit 12

RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS
OF DEVELOPERS DIVERSIFIED REALTY CORPORATION
(Amounts in Thousands)

			Year Ended December 31,
			1998			1999			2000			2001			2002
Pretax income from continuing operations			$	77,394		$	85,116		$	99,388		$	89,649		$	100,908
Fixed charges:
Interest expense including amortization of deferred costs and capitalized interest			$	67,096		$	81,423		$	95,230		$	94,697		$	86,365
Ground Rent 33%			$	120		$	176		$	244		$	234		$	252
Preferred Dividends			$	20,139		$	32,419		$	42,563		$	46,343		$	45,396
Proportionate share of fixed charges of 50 % owned joint ventures
	accounted for using equity method of accounting		$	—		$	—		$	—		$	—		$	—
		Total fixed Costs	$	87,355		$	114,018		$	138,037		$	141,274		$	132,013
Capitalized interest during the period				($9,900	)		($13,400	)		($18,200	)		($12,927	)		($9,157	)
Preferred Dividends				($20,139	)		($32,419	)		($42,563	)		($46,343	)		($45,396	)
Amortization of capitalized interest during the period			$	826		$	1,272		$	1,879		$	2,310		$	2,616
Majority-owned subsidiary adjustments			$	3,312		$	11,809		$	19,593		$	21,502		$	21,570
Equity Company Adjustments				($13,351	)		($24,713	)		($23,296	)		($18,560	)		($32,769	)
Equity Company Adjustments Distributed Income			$	12,903		$	24,713		$	23,296		$	18,560		$	32,769
Earnings before income taxes and fixed charges			$	138,400		$	166,396		$	198,134		$	195,465		$	202,554
Ratio of earnings to Combined Fixed charges			$	1.58		$	1.46		$	1.44		$	1.38		$	1.53