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,															June 30,
	2001			2002			2003			2004			2005			2005			2006
Pretax income from continuing operations	$	83,974		$	91,695		$	232,487		$	256,845		$	264,176		$	169,025		$	128,462
Fixed charges:
Interest expense including amortization of deferred costs and capitalized interest	$	88,467		$	79,211		$	95,307		$	134,425		$	194,951		$	89,488		$	119,015
Ground Rent 33%	$	234		$	252		$	398		$	587		$	1,118		$	545		$	642
Preferred Dividends	$	46,343		$	50,940		$	53,441		$	50,706		$	55,169		$	27,583		$	27,584
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		$	117,616		$	147,241
Capitalized interest during the period	$	(12,927	)	$	(9,157	)	$	(11,478	)	$	(9,882	)	$	(12,672	)	$	(4,912	)	$	(9,186	)
Preferred Dividends	$	(46,343	)	$	(50,940	)	$	(53,441	)	$	(50,706	)	$	(55,169	)	$	(27,583	)	$	(27,584	)
Amortization of capitalized interest during the period	$	2,311		$	2,616		$	2,999		$	3,328		$	3,751		$	1,828		$	2,182
Majority-owned subsidiary adjustments	$	21,502		$	21,570		$	5,365		$	5,064		$	7,881		$	2,599		$	4,221
Equity Company Adjustments	$	(18,560	)	$	(32,769	)	$	(52,917	)	$	(40,895	)	$	(34,873	)	$	(14,566	)	$	(10,088	)
Equity Company Adjustments Distributed Income	$	18,560		$	32,769		$	52,917		$	40,895		$	34,873		$	14,566		$	10,088
Earnings before income taxes and fixed charges	$	183,561		$	186,187		$	325,078		$	390,367		$	459,205		$	258,573		$	245,336
Ratio of earnings to combined fixed charges and preferred dividends		1.36			1.43			2.18			2.10			1.83			2.20			1.67