SIMON PROPERTY GROUP, INC.
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
(in thousands)

			For the Year Ended December 31,

			2010			2009			2008			2007			2006
Earnings:
	Pre-tax income from consolidated continuing operations		$	755,248		$	382,042		$	603,141		$	663,283		$	741,097
	Add:
		Pre-tax (loss) income from 50% or greater than 50% owned unconsolidated entities		(2,433	)		(22,914	)		(29,093	)		(9,061	)		45,313
		Distributed income from less than 50% owned unconsolidated entities		60,636			60,877			61,482			51,594			53,000
		Amortization of capitalized interest		3,453			4,367			4,927			2,462			5,027
Fixed Charges				1,648,025			1,259,428			1,271,710			1,218,298			985,797
Less:
		Income from unconsolidated entities		(75,921	)		(40,220	)		(32,246	)		(38,120	)		(110,819	)
		Interest capitalization		(3,833	)		(14,749	)		(28,451	)		(37,270	)		(34,073	)
		Preferred distributions of consolidated subsidiaries		(2,315	)		(11,885	)		(17,599	)		(21,580	)		(26,979	)

Earnings			$	2,382,860		$	1,616,946		$	1,833,871		$	1,829,606		$	1,658,363

Fixed Charges:
	Portion of rents representative of the interest factor			13,683			9,082			8,996			9,032			9,052
	Interest on indebtedness (including amortization of debt expense)			1,277,506			1,223,712			1,196,334			1,150,416			915,693
	Interest capitalized			3,833			14,749			28,451			37,270			34,073
	Loss on extinguishment of debt			350,688			—			20,330			—			—
	Preferred distributions of consolidated subsidiaries			2,315			11,885			17,599			21,580			26,979

Fixed Charges			$	1,648,025		$	1,259,428		$	1,271,710		$	1,218,298		$	985,797
	Add: Preferred Stock Dividends			6,614			26,309			41,119			55,075			77,695

Fixed Charges and Preferred Stock Dividends			$	1,654,639		$	1,285,737		$	1,312,829		$	1,273,373		$	1,063,492

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends				1.44x			1.26x			1.40x			1.44x			1.56x

For purposes of calculating the ratio of earnings to fixed charges, "earnings" have been computed by adding fixed charges, excluding capitalized interest, to pre-tax income from consolidated continuing operations including income from noncontrolling interests and our share of pre-tax (loss) income from 50%, or greater than 50%, owned unconsolidated affiliates which have fixed charges, and our share of distributed operating income from less than 50% owned unconsolidated affiliates instead of income from the less than 50% owned unconsolidated affiliates. There are generally no restrictions on our ability to receive distributions from our unconsolidated joint ventures where no preference in favor of the other owners of the joint venture exists. "Fixed charges" consist of interest costs, whether expensed or capitalized, the interest component of rental expenses, preferred distributions, losses on extinguishment of debt, and amortization of debt issue costs.