Exhibit 12.2

DEVELOPERS DIVERSIFIED REALTY CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Amounts in Thousands)

	Year Ended December 31,
	2001			2002			2003			2004			2005
Pretax income from continuing operations	$	83,974		$	91,695		$	232,487		$	256,845		$	264,176
Fixed charges:
Interest expense including amortization of deferred costs and capitalized interest	$	88,467		$	79,211		$	95,307		$	134,425		$	194,951
Ground Rent 33%	$	234		$	252		$	398		$	587		$	1,118
Preferred Dividends	$	46,343		$	50,940		$	53,441		$	50,706		$	55,169
Proportionate share of fixed charges of 50 % owned joint ventures accounted for using equity method of accounting	$	—		$	—		$	—		$	—		$	—
Total fixed charges	$	135,044		$	130,403		$	149,146		$	185,718		$	251,238
Capitalized interest during the period	($	12,927	)	($	9,157	)	($	11,478	)	($	9,882	)	($	12,672	)
Preferred Dividends	($	46,343	)	($	50,940	)	($	53,441	)	($	50,706	)	($	55,169	)
Amortization of capitalized interest during the period	$	2,311		$	2,616		$	2,999		$	3,328		$	3,751
Majority-owned subsidiary adjustments	$	21,502		$	21,570		$	5,365		$	5,064		$	7,881
Equity Company Adjustments	($	18,560	)	($	32,769	)	($	52,917	)	($	40,895	)	($	34,873	)
Equity Company Adjustments Distributed Income	$	18,560		$	32,769		$	52,917		$	40,895		$	34,873
Earnings before income taxes and fixed charges	$	183,561		$	186,187		$	325,078		$	390,367		$	459,205
Ratio of earnings to combined fixed charges and preferred dividends		1.36			1.43			2.18			2.10			1.83