Exhibit 12.2

DDR Corp.

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS

(Amounts in Thousands)

																Nine Months Ended
	Year Ended December 31,															September 30,
	2008(a)			2009			2010			2011			2012			2012			2013
Pretax (loss) income from continuing operations	$	(51,052	)	$	(217,009	)	$	(112,993	)	$	218		$	(7,753	)	$	29,075		$	(11,725	)
Fixed charges:
Interest expense including amortization of deferred costs and capitalized interest	$	300,679		$	266,843		$	248,586		$	249,907		$	236,716		$	177,107		$	176,367
Appropriate portion of rentals representative of the interest factor		1,175			1,589			1,610			1,407			1,405			1,049			990
Write-off of preferred share original issuance costs		—			—			—			6,402			5,804			5,804			5,246
Preferred Dividends		42,269			42,269			42,269			31,587			28,645			21,616			21,113
Total fixed charges	$	344,123		$	310,701		$	292,465		$	289,303		$	272,570		$	205,576		$	203,716
Capitalized interest during the period	$	(41,062	)	$	(21,814	)	$	(12,232	)	$	(12,693	)	$	(13,327	)	$	(9,942	)	$	(6,768	)
Write-off of preferred share original issuance costs		—			—			—			(6,402	)		(5,804	)		(5,804	)		(5,246	)
Preferred Dividends		(42,269	)		(42,269	)		(42,269	)		(31,587	)		(28,645	)		(21,616	)		(21,113	)
Amortization of capitalized interest during the period		6,720			7,447			7,855			8,278			8,722			6,458			6,711
Equity Company Adjustments		(17,719	)		9,733			(5,600	)		(13,734	)		(35,250	)		(16,966	)		(5,543	)
Equity Company Adjustments Distributed Income		17,719			10,889			7,334			9,424			13,165			9,391			10,533
Earnings before income taxes and fixed charges	$	216,460		$	57,678		$	134,560		$	242,807		$	203,678		$	196,172		$	170,565
Ratio of earnings to combined fixed charges and preferred dividends		(b)			(c)			(d)			(e)			(f)			(g)			(h)

(a) This period has been adjusted to reflect the retrospective application of ASC 470-20, previously referred to as FSP APB 14-1, for interest expense related to our convertible debt.

(b) Due to the pretax loss from continuing operations for the year ended December 31, 2008, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $127.7 million to achieve a coverage of 1:1.

The pretax loss from continuing operations for the year ended December 31, 2008, includes consolidated impairment charges of $16.0 million and impairment charges of joint venture investments of $107.0 million, which together aggregate $123.0 million.

(c) Due to the pretax loss from continuing operations for the year ended December 31, 2009, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $253.0 million to achieve a coverage of 1:1.

The pretax loss from continuing operations for the year ended December 31, 2009 includes consolidated impairment charges of $12.2 million, impairment charges of joint venture investments of $184.6 million and losses on equity derivative instruments of $199.8 million, which together aggregate $396.6 million.

(d) Due to the pretax loss from continuing operations for the year ended December 31, 2010, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $157.9 million to achieve a coverage of 1:1.

The pretax loss from continuing operations for the year ended December 31, 2010 includes consolidated impairment charges of $84.9 million and losses on equity derivative instruments of $40.2 million, which together aggregate $125.1 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2012, as amended.

(e) For the year ended December 31, 2011, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $46.5 million to achieve a coverage of 1:1.

The pretax income from continuing operations for the year ended December 31, 2011 includes consolidated impairment charges of $67.9 million and impairment charges of joint venture investments of $2.9 million, which together aggregate $70.8 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2012, as amended.

(f) Due to the pretax loss from continuing operations for the year ended December 31, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $68.9 million to achieve a coverage of 1:1.

The pretax loss from continuing operations for the year ended December 31, 2012 includes consolidated impairment charges of $105.4 million and impairment charges of joint venture investments of $26.7 million, which together aggregate $132.1 million, that are discussed in our Annual Report on Form 10-K for the year ended December 31, 2012, as amended.

(g) For the nine months ended September 30, 2012, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $9.4 million to achieve a coverage of 1:1.

The pretax income from continuing operations for the nine months ended September 30, 2012 includes consolidated impairment charges of $44.7 million and impairment charges of joint venture investments of $26.7 million, which together aggregate $71.4 million, that are discussed in our Quarterly Report on Form 10-Q for the nine months ended September 30, 2013.

(h) Due to the pretax loss from continuing operations for the nine months ended September 30, 2013, the ratio coverage was less than 1:1. We would have needed to generate additional earnings of $33.2 million to achieve a coverage of 1:1.

The pretax loss from continuing operations for the nine months ended September 30, 2013 includes consolidated impairment charges of $54.1 million, that are discussed in our Quarterly Report on Form 10-Q for the nine months ended September 30, 2013.